Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.008%

Price spread now: Vest against Derive+0.060%50s7-day average +0.018% · you sell dearer than you buy

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

Long on Derive Short on Vest

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.095%−$9 on $10k

Price spread, last 4 days (all we have)−0.023%−$2 · spread now +0.060%, 7d avg +0.018%

Together, before fees−0.118%+ Points / potential airdropVest: Active · farm board−$12 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Vest is 0.042% dearer against Derive than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.018%. The two prices were read 50 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	92.744	0.0100	pay 0.0013% / 1h	20m 23s	$16.1M	$7.5M	10x
Short	Vest HYPE-PERP	92.800	0.0100	get 0.0013% / 1h	20m 23s	—	$243K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Vest 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 VestbpOrdersPrice spread, now +0.060%Rate

Funding earned: $0
Price spread: +0.060% → +0.018%: $4.22
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Vest: 1 bp × 2 orders: −$2
Net: −$3.78
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; Vest: 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 Vest no order-book sample	—	—	—	—	—

Derive and Vest: 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
Arcus HYPE-USD	−0.0948%	1h	92.714	−0.033%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0240%	1h	92.701	−0.047%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0234%	1h	92.688	−0.060%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.779	+0.037%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0063%	4h	92.738	−0.007%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	92.797	+0.057%	$86K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.770	+0.028%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.763	+0.020%	$22K	$304K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.782	+0.040%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0022%	8h	92.718	−0.029%	$12.5M	$2.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet HYPE-USD	+0.0031%	1h	92.761	+0.018%	$111K	$579K	20x	as long as short
Ondo Perps HYPE-USD.P	+0.0038%	1h	92.690	−0.059%	$697K	$1.1M	10x	as long as short
BingX HYPE-USDT	+0.0040%	4h	92.762	+0.019%	—	$53.4M	—	as long as short
Aster HYPEUSDT	+0.0042%	4h	92.785	+0.044%	$8.7M	$36.2M	300x	as long as short
Phoenix HYPE	+0.0043%	1h	92.652	−0.100%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0049%	8h	92.743	−0.002%	$316.7M	$281.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0088%	8h	92.768	+0.025%	$113.7M	$304.2M	50x	as long as short
Gate HYPE_USDT	+0.0090%	4h	92.747	+0.003%	$44.5M	$55.3M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	92.811	+0.072%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.794	+0.053%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.805	+0.065%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.762	+0.019%	$69K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.740	−0.005%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.788	+0.047%	$7.1M	$45.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.791	+0.050%	$2.02B	$663.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.825	+0.087%	$10.0M	$15.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.768	+0.026%	$372.6M	$903.7M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.761	+0.018%	$87.5M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.786	+0.045%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.752	+0.008%	$224.5M	$98.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.769	+0.026%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.688	−0.061%	$28.6M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.707	−0.040%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.679	−0.071%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.729	−0.017%	$665K	$2.7M	20x	as long as short
Vest HYPE-PERPshort	+0.0100%	1h	92.800	+0.060%	—	$243K	5x
Polymarket Perps HYPE-USD	+0.0100%	1h	92.781	+0.039%	$466K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.741	−0.004%	$79K	$170K	20x	as long as short
Derive HYPE-PERPlong	+0.0100%	1h	92.744	long leg	$16.1M	$7.5M	10x
SunX HYPE-USDT	+0.0100%	4h	92.714	−0.033%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.778	+0.036%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.900	+0.168%	$1.4M	$6.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.701	−0.047%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.774	+0.032%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.768	+0.025%	$392K	$164K	20x	as long as short
edgeX HYPEUSDC	+0.0116%	4h	92.666	−0.084%	$5.0M	$29.5M	30x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.276%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.780	+0.038%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0240%	8h	92.796	+0.056%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.740	−0.005%	$79K	$132K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.774	+0.032%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0331%	1h	92.840	+0.103%	$20.6M	$30.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.771	+0.029%	$16.7M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0472%	1h	92.865	+0.130%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.852	+0.116%	$3.2M	$6.4M	20x	as long as short