Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0392%/8h= −43.0% APRpaid last 24h −0.083%

Price spread now: Orderly against Deribit−0.117%7-day average −0.052% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.145%−$14 on $10k

Price spread, last 4 days (all we have)+0.119%+$12 · spread now −0.117%, 7d avg −0.052%

Together, before fees−0.026%−$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Orderly is 0.065% cheaper against Deribit than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.052%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.145% in total (about -7.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit HYPE_USDC-PERPETUAL	92.939	0.0331	pay 0.0041% / 1h	27m 43s	$7.5M	$4.5M	50x
Short	Orderly PERP_HYPE_USDC	92.830	−0.0061	pay 0.0031% / 4h	3h 27m	$145K	$681K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Deribit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee DeribitbpFee OrderlybpOrdersPrice spread, now −0.117%Rate

Funding earned: −$82.41
Price spread: −0.117% → −0.052%: −$6.53
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$101.93
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, 1 min ago; Orderly: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Deribit live order book, 1 min ago	0.59 bp	4.8 bp −$5	10.4 bp −$104	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

HYPE on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hibachi HYPE/USDT-P	−0.1568%	1h	92.719	−0.236%	$193K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0304%	1h	92.866	−0.078%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.829	−0.118%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.866	−0.079%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDCshort	−0.0061%	4h	92.830	−0.117%	$145K	$681K	20x
dYdX HYPE-USD	0.0000%	1h	92.906	−0.036%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.868	−0.077%	$22K	$295K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.865	−0.080%	$62K	—	150x	as long as short
Bullet HYPE-USD	+0.0016%	1h	92.810	−0.139%	$111K	$577K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	92.857	−0.088%	$210K	$1.2M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0030%	1h	92.810	−0.139%	$699K	$1.1M	10x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.860	−0.085%	$315.7M	$282.7M	75x	as long as short
01 Exchange HYPEUSD	+0.0040%	1h	92.857	−0.088%	$86K	$363K	20x	as long as short
Phemex HYPEUSDT	+0.0049%	8h	92.905	−0.037%	$12.5M	$2.7M	50x	as long as short
Bitget HYPEUSDT	+0.0054%	4h	92.871	−0.073%	$224.9M	$99.2M	75x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	92.845	−0.101%	$70K	$1.1M	50x	as long as short
Lighter HYPE	+0.0096%	1h	92.879	−0.064%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.878	−0.066%	$3.1M	$11.6M	20x	as long as short
edgeX HYPEUSDC	+0.0097%	4h	92.935	−0.004%	$4.9M	$29.6M	30x	as long as short
Gate HYPE_USDT	+0.0098%	4h	92.852	−0.094%	$45.0M	$54.3M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	92.881	−0.063%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.860	−0.085%	$34K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.858	−0.087%	$7.4M	$46.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.904	−0.038%	$2.02B	$666.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	92.863	−0.082%	$8.7M	$36.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	92.871	−0.073%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.859	−0.086%	$373.4M	$906.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.856	−0.089%	$113.9M	$304.1M	50x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.863	−0.082%	$91.4M	$81.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.861	−0.084%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.863	−0.082%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.891	−0.052%	$7.2M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.959	+0.021%	$28.6M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.003	+0.069%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.975	+0.039%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.879	−0.065%	$668K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.905	−0.037%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.881	−0.062%	$471K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.833	−0.114%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.832	−0.115%	$16.0M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.913	−0.028%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.879	−0.065%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.000	+0.066%	$1.4M	$6.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.770	−0.182%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.831	−0.117%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.847	−0.099%	$393K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.910	−0.031%	$4.7M	$5.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0161%	8h	92.927	−0.013%	$1.8M	$5.4M	2.3x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.934	−0.005%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.790	−0.160%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0265%	1h	92.837	−0.110%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.857	−0.088%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0331%	1h	92.939	long leg	$7.5M	$4.5M	50x
BloFin HYPE-USDT	+0.0340%	4h	92.881	−0.062%	$16.8M	$11.6M	75x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.910	−0.031%	$3.2M	$6.4M	20x	as long as short