Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0131%/8h= +14.3% APRpaid last 24h −0.018%

Price spread now: Orderly against dYdX−0.104%7-day average −0.010% · you buy dearer than you sell

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

Long on dYdX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.034%−$3 on $10k

Price spread, last 3 days (all we have)+0.102%+$10 · spread now −0.104%, 7d avg −0.010%

Together, before fees+0.069%+$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. Orderly is 0.094% cheaper against dYdX than usual: you would sell low and buy high (spread −0.104% now, against its 7-day average of −0.010%). If the spread goes back, that is −$9 on $10k: about 2.4 days of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX HYPE-USD	94.048	−0.0148	get 0.0019% / 1h	29m 34s	$129K	$31K	5x
Short	Orderly PERP_HYPE_USDC	93.950	−0.0017	pay 0.0009% / 4h	3h 29m	$159K	$645K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.104%Rate

Funding earned: $27.48
Price spread: −0.104% → −0.010%: −$9.42
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $2.06
Costs to cover: 0.160%
Break-even: 6.5 days

Slippage unknown: dYdX: live order book, 44 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 dYdX live order book, 44 min ago	9.10 bp	42.4 bp −$42	57.1 bp −$571	137.7 bp −$13.8K	734.4 bp −$367.2K
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	−0.1432%	1h	94.067	+0.020%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.902	−0.155%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0234%	1h	94.151	+0.110%	$22K	$23K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0158%	1h	93.950	−0.104%	$706K	$956K	10x	as long as short
dYdX HYPE-USDlong	−0.0148%	1h	94.048	long leg	$129K	$31K	5x
Phemex HYPEUSDT	−0.0104%	8h	94.018	−0.032%	$12.8M	$2.6M	50x	as long as short
Bullet HYPE-USD	−0.0098%	1h	93.961	−0.092%	$112K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.032	−0.017%	$85K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.981	−0.071%	$3K	$331	25x	as long as short
Bybit HYPEUSDT	−0.0025%	8h	93.970	−0.083%	$322.7M	$280.8M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDCshort	−0.0017%	4h	93.950	−0.104%	$159K	$645K	20x
Gate HYPE_USDT	−0.0012%	4h	94.003	−0.048%	$44.5M	$59.7M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.035	−0.014%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.001	−0.050%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0015%	4h	94.015	−0.035%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	94.342	+0.313%	$219K	$1.2M	10x	as long as short
Binance HYPEUSDT	+0.0048%	4h	93.981	−0.071%	$383.3M	$893.5M	75x	as long as short
MEXC HYPE_USDT	+0.0048%	4h	93.978	−0.074%	$89.1M	$82.6M	100x	as long as short
Derive HYPE-PERP	+0.0056%	1h	93.935	−0.120%	$16.4M	$7.3M	10x	as long as short
edgeX HYPEUSDC	+0.0068%	4h	94.068	+0.021%	$5.1M	$30.0M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0079%	8h	94.002	−0.049%	$115.9M	$318.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.012	−0.039%	$19.2M	$59.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.998	−0.053%	$3.0M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.024	−0.025%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.963	−0.090%	$400K	$188K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.016	−0.034%	$341K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.060	+0.013%	$26K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.951	−0.103%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.082	+0.036%	$2.05B	$677.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.993	−0.058%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.999	−0.052%	$46.6M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.007	−0.044%	$228.0M	$100.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.010	−0.040%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.012	−0.038%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.030	−0.019%	$31.5M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.088	+0.043%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.209	+0.171%	$341K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.018	−0.032%	$680K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.026	−0.023%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.984	−0.068%	$480K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.963	−0.090%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.052	+0.004%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.975	−0.078%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.120	+0.077%	$205K	$4K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.003	−0.047%	$18.8M	$44.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.030	−0.019%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0193%	4h	94.099	+0.054%	$17.0M	$12.2M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	88.460	−5.942%	$29K	$338K	12x	as long as short
Kalshi KXHYPEPERP	+0.0222%	8h	94.102	+0.057%	$1.9M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.070	+0.023%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	93.952	−0.103%	$79K	$146K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0152%	1h	93.999	−0.052%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0409%	1h	94.076	+0.030%	$7.5M	$4.7M	50x	as long as short
HTX HYPE-USDT	+0.0420%	4h	94.200	+0.162%	$1.5M	$6.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.076	+0.030%	$21.0M	$29.7M	50x	as long as short