Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0067%/8h= +7.4% APRpaid last 24h +0.015%

Price spread now: Variational Omni against Derive+0.106%7-day average +0.004% · you sell dearer than you buy

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

Long on Derive Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.020%+$2 on $10k

Price spread, last 3 days (all we have)−0.131%−$13 · spread now +0.106%, 7d avg +0.004%

Together, before fees−0.111%+ Points / potential airdropVariational Omni: Active · farm board−$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Variational Omni is 0.103% dearer against Derive than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive HYPE-PERP	92.935	0.0033	pay 0.0004% / 1h	30m 39s	$16.2M	$7.1M	10x
Short	Variational Omni HYPE	93.034	0.0100	get 0.0100% / 8h	1h 30m	$29.0M	$50.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.106%Rate

Funding earned: $14.15
Price spread: +0.106% → +0.004%: $10.29
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $18.44
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Derive: no order-book sample; Variational Omni: RFQ quote, 4 min ago. 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 Variational Omni RFQ quote, 4 min ago	0.41 bp	doesn't fit	8.1 bp −$81	29.9 bp −$2,993	doesn't fit

Derive: 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
Aftermath Perps HYPEUSD	−0.0392%	1h	93.095	+0.172%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0240%	1h	93.053	+0.127%	$196K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	92.986	+0.055%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0125%	1h	92.950	+0.016%	$698K	$924K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.046	+0.119%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.033	+0.105%	$90K	$362K	20x	as long as short
Popdex HYPEUSDT	−0.0016%	1h	93.026	+0.098%	$57K	$1.2M	50x	as long as short
Aster HYPEUSDT	−0.0005%	4h	92.911	−0.026%	$8.8M	$36.0M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.933	−0.002%	$126K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.063	+0.138%	$23K	$331K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.044	+0.117%	$20K	—	150x	as long as short
Bybit HYPEUSDT	+0.0024%	8h	92.920	−0.017%	$322.5M	$287.2M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0027%	4h	92.974	+0.042%	$171K	$518K	20x	as long as short
Bullet HYPE-USD	+0.0028%	1h	93.009	+0.080%	$111K	$579K	20x	as long as short
Derive HYPE-PERPlong	+0.0033%	1h	92.935	long leg	$16.2M	$7.1M	10x
Phoenix HYPE	+0.0034%	1h	93.118	+0.197%	$214K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0040%	4h	92.889	−0.050%	$43.7M	$58.4M	75x	as long as short
Binance HYPEUSDT	+0.0070%	4h	92.909	−0.028%	$381.7M	$894.5M	75x	as long as short
MEXC HYPE_USDT	+0.0072%	4h	92.911	−0.026%	$89.9M	$81.9M	100x	as long as short
edgeX HYPEUSDC	+0.0086%	4h	93.085	+0.161%	$5.1M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.944	+0.009%	$18.5M	$58.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.941	+0.006%	$3.1M	$12.1M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	92.925	−0.011%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.050	+0.123%	$34K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.025	+0.097%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.916	−0.021%	$2.02B	$671.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.941	+0.006%	$9.9M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.919	−0.018%	$113.6M	$313.4M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.390	+0.489%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.907	−0.030%	$46.9M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.875	−0.065%	$225.1M	$103.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.878	−0.062%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.955	+0.021%	$7.8M	$11.1M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	93.034	+0.106%	$29.0M	$50.5M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.144	+0.225%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.095	+0.172%	$412K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.031	+0.103%	$673K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.044	+0.117%	$492K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.964	+0.031%	$75K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.038	+0.110%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.948	+0.014%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	92.967	+0.034%	$12.7M	$2.6M	50x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.058	+0.132%	—	$454K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.859	−0.082%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.013	+0.083%	$396K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0109%	8h	93.103	+0.180%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.020	+0.091%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	92.950	+0.016%	$30K	$338K	12x	as long as short
HTX HYPE-USDT	+0.0245%	4h	93.158	+0.240%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	92.999	+0.068%	$77K	$158K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.081	+0.156%	$2.7M	$6.8M	20x	as long as short
BloFin HYPE-USDT	+0.0293%	4h	92.998	+0.067%	$16.9M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0158%	1h	93.040	+0.113%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0460%	1h	93.068	+0.143%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0467%	1h	93.057	+0.131%	$20.8M	$28.9M	50x	as long as short