Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.005%

Price spread now: OKX against dYdX−0.103%7-day average −0.017% · you buy dearer than you sell

Net, funding: paid 7d − costs−$87as in the Funding arb table

Net, price: spread back to 7d avg − costs−$103as in the Price arb table

costs, in and out, $10k−$950.946% of the position

Long on dYdX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.078%+$8 on $10k

Price spread, last 4 days (all we have)+0.162%+$16 · spread now −0.103%, 7d avg −0.017%

Together, before fees+0.240%+$24 on $10k · with fees, hour by hour

Funding pays, the price is against you. OKX is 0.087% cheaper against dYdX than usual: you would sell low and buy high (spread −0.103% now, against its 7-day average of −0.017%). If the spread goes back, that is −$9 on $10k: about 2.9 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.078% in total) that is about 7.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX HYPE-USD	93.698	0	get 0.0000% / 1h	46m 36s	$128K	$29K	5x
Short	OKX HYPE-USDT-SWAP	93.601	0.0100	get 0.0100% / 8h	1h 46m	$115.7M	$316.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against dYdX. 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 dYdXbpFee OKXbpOrdersPrice spread, now −0.103%Rate

Funding earned: $21
Price spread: −0.103% → −0.017%: −$8.66
Slippage, 4 orders: −$74.57
Fee dYdX: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$82.24
Costs to cover: 0.946%
Break-even: 34.4 days

Slippage from dYdX: live order book, 62 min ago; OKX: live order book, 2 min ago.

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 dYdX live order book, 62 min ago	36.06 bp	41.1 bp −$41	48.2 bp −$482	123.1 bp −$12.3K	1048.6 bp −$524.3K
Sell OKX live order book, 2 min ago	0.05 bp	6.4 bp −$6	8.5 bp −$85	18.3 bp −$1,833	doesn't fit

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	−0.1096%	1h	93.581	−0.125%	$198K	$242K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0245%	1h	93.775	+0.082%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0125%	1h	93.570	−0.136%	$705K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.621	−0.082%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0068%	1h	93.624	−0.079%	$111K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.625	−0.078%	$86K	$370K	20x	as long as short
Bluefin HYPE-PERP	−0.0028%	1h	93.625	−0.078%	$79K	$156K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0020%	4h	93.597	−0.108%	$145K	$685K	20x	as long as short
dYdX HYPE-USDlong	0.0000%	1h	93.698	long leg	$128K	$29K	5x
Perpl HYPE	0.0000%	43m	93.652	−0.049%	$21K	$287K	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 −0.0002%	1h	93.654	−0.047%	$63K	—	150x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.627	−0.076%	—	$53.7M	—	as long as short
Bybit HYPEUSDT	+0.0008%	8h	93.610	−0.094%	$316.2M	$287.9M	75x	as long as short
Phoenix HYPE	+0.0017%	1h	93.687	−0.011%	$209K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	93.591	−0.114%	$225.4M	$99.5M	75x	as long as short
Phemex HYPEUSDT	+0.0072%	8h	93.666	−0.034%	$12.8M	$2.8M	50x	as long as short
edgeX HYPEUSDC	+0.0082%	4h	93.648	−0.053%	$5.0M	$30.6M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0082%	8h	93.656	−0.044%	$335K	$161K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.600	−0.104%	$1.0M	$4.0M	10x	as long as short
Derive HYPE-PERP	+0.0092%	1h	93.579	−0.127%	$16.3M	$7.4M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.620	−0.083%	$16.1M	$63.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.642	−0.060%	$3.1M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.607	−0.097%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.630	−0.072%	$22K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.606	−0.098%	$7.4M	$50.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.702	+0.005%	$2.05B	$682.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.624	−0.079%	$8.9M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.667	−0.033%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.605	−0.099%	$375.1M	$930.5M	75x	as long as short
OKX HYPE-USDT-SWAPshort	+0.0100%	8h	93.601	−0.103%	$115.7M	$316.0M	50x
Gate HYPE_USDT	+0.0100%	4h	93.620	−0.083%	$48.4M	$55.0M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.635	−0.067%	$90.0M	$83.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.628	−0.074%	$46.3M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.657	−0.044%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.670	−0.030%	$28.6M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.726	+0.030%	$7.6M	$48.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.674	−0.025%	$347K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.649	−0.052%	$678K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.677	−0.022%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.633	−0.069%	$470K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.741	+0.046%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.628	−0.074%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.791	+0.100%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.731	+0.036%	$216K	$15K	10x	as long as short
Kalshi KXHYPEPERP	+0.0104%	8h	93.729	+0.033%	$1.8M	$5.6M	2.3x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.597	−0.107%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.623	−0.080%	$396K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.680	−0.019%	$4.7M	$6.1M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.640	−0.062%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.569	−0.137%	$77K	$130K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0305%	1h	93.727	+0.031%	$7.4M	$4.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	93.662	−0.038%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.653	−0.048%	$17.0M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0415%	1h	93.717	+0.020%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.647	−0.054%	$3.2M	$6.4M	20x	as long as short