Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0156%/8h= −17.1% APRpaid last 24h −0.030%

Price spread now: Orderly against Derive+0.053%57s7-day average +0.027% · you sell dearer than you buy

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

Long on Derive Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.147%−$15 on $10k

Price spread, last 3 days (all we have)−0.022%−$2 · spread now +0.053%, 7d avg +0.027%

Together, before fees−0.170%−$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Orderly is 0.026% dearer against Derive than usual: you sell high and buy low (spread +0.053% now, against its 7-day average of +0.027%): +$3 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 13 hours. At the pace of the last 7 days (−0.147% in total) that is about 29 hours. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive HYPE-PERP	93.787	0.0100	pay 0.0013% / 1h	22m 24s	$16.3M	$7.7M	10x
Short	Orderly PERP_HYPE_USDC	93.836	−0.0056	pay 0.0028% / 4h	2h 22m	$157K	$646K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

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

latest

Price spreadloading…

Funding on every exchange

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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 DerivebpFee OrderlybpOrdersPrice spread, now +0.053%Rate

Funding earned: −$32.74
Price spread: +0.053% → +0.027%: $2.58
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$42.16
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; 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 Derive no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Derive and 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 54 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	−0.1000%	1h	93.698	−0.094%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.765	−0.023%	$1.2M	$3.8M	10x	as long as short
Phemex HYPEUSDT	−0.0138%	8h	93.853	+0.071%	$12.7M	$2.7M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0129%	1h	93.822	+0.038%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.875	+0.094%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0076%	1h	93.850	+0.068%	$703K	$924K	10x	as long as short
Orderly PERP_HYPE_USDCshort	−0.0056%	4h	93.836	+0.053%	$157K	$646K	20x
01 Exchange HYPEUSD	−0.0048%	1h	93.912	+0.134%	$85K	$350K	20x	as long as short
Backpack HYPE_USDC_PERP	−0.0035%	1h	93.796	+0.010%	$7.8M	$10.3M	20x	as long as short
Gate HYPE_USDT	−0.0028%	4h	93.882	+0.102%	$44.5M	$55.1M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0002%	4h	93.885	+0.105%	$8.9M	$35.8M	300x	as long as short
BingX HYPE-USDT	−0.0001%	4h	93.884	+0.104%	—	$53.6M	—	as long as short
dYdX HYPE-USD	0.0000%	1h	93.844	+0.062%	$129K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.908	+0.129%	$22K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.891	+0.112%	$26K	—	150x	as long as short
Bybit HYPEUSDT	+0.0003%	8h	93.855	+0.073%	$322.3M	$281.0M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.922	+0.144%	$213K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0068%	4h	93.896	+0.117%	$87.9M	$82.9M	100x	as long as short
OKX HYPE-USDT-SWAP	+0.0069%	8h	93.863	+0.082%	$115.4M	$308.4M	50x	as long as short
Binance HYPEUSDT	+0.0069%	4h	93.892	+0.112%	$382.2M	$891.5M	75x	as long as short
Bullet HYPE-USD	+0.0073%	1h	93.895	+0.116%	$112K	$577K	20x	as long as short
edgeX HYPEUSDC	+0.0079%	4h	93.907	+0.128%	$5.1M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.934	+0.157%	$341K	$164K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.912	+0.134%	$16.4M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.909	+0.131%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.887	+0.107%	$67K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.812	+0.028%	$399K	$175K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.890	+0.110%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.913	+0.135%	$5.8M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.005	+0.233%	$2.05B	$665.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.917	+0.139%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.925	+0.148%	$46.5M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.901	+0.122%	$227.5M	$98.4M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.910	+0.131%	$31.1M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.947	+0.171%	$7.6M	$47.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.891	+0.111%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.836	+0.053%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.945	+0.169%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.937	+0.160%	$474K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.774	−0.013%	$79K	$171K	20x	as long as short
Derive HYPE-PERPlong	+0.0100%	1h	93.787	long leg	$16.3M	$7.7M	10x
SunX HYPE-USDT	+0.0100%	4h	93.947	+0.171%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.798	+0.012%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.880	+0.100%	$204K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.848	+0.066%	$18.3M	$44.2M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.920	+0.142%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.800	+0.014%	$30K	$339K	12x	as long as short
HTX HYPE-USDT	+0.0205%	4h	93.976	+0.202%	$1.4M	$5.9M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.962	+0.187%	$3.2M	$7.0M	20x	as long as short
Reya HYPERUSDPERP	+0.0255%	1h	93.910	+0.132%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0276%	8h	93.905	+0.126%	$1.9M	$4.9M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0156%	1h	93.901	+0.122%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0389%	1h	93.897	+0.118%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0679%	1h	93.902	+0.123%	$21.0M	$29.8M	50x	as long as short