Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.1444%/8h= +158.1% APRpaid last 24h +0.209%

Price spread now: KuCoin against Hibachi+0.005%47s7-day average +0.059% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$760.761% of the position

Long on Hibachi Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+1.626%+$163 on $10k

Price spread, last 3 days (all we have)−0.084%−$8 · spread now +0.005%, 7d avg +0.059%

Together, before fees+1.542%+ Points / potential airdropHibachi: Active · farm board+$154 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.054% cheaper against Hibachi than usual: you would sell low and buy high (spread +0.005% now, against its 7-day average of +0.059%). If the spread goes back, that is −$5 on $10k: about 3 hours of funding at the current rate (+$43 a day). The two prices were read 47 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	Hibachi HYPE/USDT-P	94.009	−0.1344	get 0.0168% / 1h	21m 47s	$199K	$228K	7x
Short	KuCoin HYPEUSDTM	94.014	0.0100	get 0.0050% / 4h	3h 21m	$46.8M	$18.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Hibachi. 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 HibachibpFee KuCoinbpOrdersPrice spread, now +0.005%Rate

Funding earned: $303.24
Price spread: +0.005% → +0.059%: −$5.41
Slippage, 4 orders: −$55.07
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $221.76
Costs to cover: 0.761%
Break-even: 1.9 days

Slippage from Hibachi: live order book, 52 min ago; KuCoin: 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 Hibachi live order book, 52 min ago	12.88 bp	40.5 bp −$40	66.0 bp −$660	doesn't fit	doesn't fit
Sell KuCoin live order book, 2 min ago	0.69 bp	8.5 bp −$8	13.6 bp −$136	doesn't fit	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-Plong	−0.1344%	1h	94.009	long leg	$199K	$228K	7x
Arcus HYPE-USD	−0.0625%	1h	93.858	−0.161%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0209%	1h	94.143	+0.142%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0144%	1h	93.940	−0.073%	$710K	$959K	10x	as long as short
dYdX HYPE-USD	−0.0117%	1h	94.038	+0.031%	$129K	$31K	5x	as long as short
Bullet HYPE-USD	−0.0105%	1h	94.021	+0.013%	$113K	$581K	20x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	94.024	+0.016%	$86K	$360K	20x	as long as short
Phemex HYPEUSDT	−0.0081%	8h	94.038	+0.031%	$12.8M	$2.6M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.063	+0.057%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0021%	4h	94.000	−0.010%	$159K	$645K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0020%	8h	93.940	−0.073%	$322.8M	$280.2M	75x	as long as short
Gate HYPE_USDT	−0.0012%	4h	93.985	−0.026%	$44.5M	$59.9M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.054	+0.048%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.060	+0.054%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0013%	4h	93.992	−0.019%	$8.9M	$36.1M	300x	as long as short
Derive HYPE-PERP	+0.0031%	1h	93.972	−0.040%	$16.4M	$7.3M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	94.222	+0.227%	$219K	$1.2M	10x	as long as short
Binance HYPEUSDT	+0.0048%	4h	93.974	−0.037%	$383.3M	$893.7M	75x	as long as short
MEXC HYPE_USDT	+0.0050%	4h	93.953	−0.060%	$89.1M	$82.8M	100x	as long as short
edgeX HYPEUSDC	+0.0059%	4h	94.143	+0.143%	$5.1M	$29.9M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0075%	8h	93.935	−0.079%	$116.0M	$317.9M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.018	+0.009%	$19.1M	$59.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.017	+0.008%	$3.0M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.029	+0.021%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.000	−0.010%	$400K	$180K	20x	as long as short
Bluefin HYPE-PERP	+0.0098%	1h	94.036	+0.029%	$76K	$171K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.037	+0.030%	$342K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.080	+0.075%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.046	+0.039%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.089	+0.085%	$2.05B	$672.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.003	−0.006%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTMshort	+0.0100%	4h	94.014	+0.005%	$46.8M	$18.2M	75x
Bitget HYPEUSDT	+0.0100%	4h	93.954	−0.059%	$227.8M	$101.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.941	−0.072%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.998	−0.012%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.149	+0.149%	$31.5M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.199	+0.202%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.088	+0.084%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.072	+0.067%	$680K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.073	+0.068%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.050	+0.044%	$480K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.107	+0.104%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.004	−0.005%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.151	+0.151%	$205K	$2K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.968	−0.044%	$18.8M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.040	+0.033%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.020	+0.012%	$31K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0211%	4h	94.060	+0.054%	$17.0M	$12.2M	75x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.094	+0.090%	$2.7M	$6.8M	20x	as long as short
Kalshi KXHYPEPERP	+0.0228%	8h	94.127	+0.125%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	94.015	+0.006%	$79K	$142K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0282%	1h	94.105	+0.102%	$7.5M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0155%	1h	94.051	+0.044%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0391%	4h	94.200	+0.203%	$1.5M	$6.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.093	+0.089%	$21.0M	$29.7M	50x	as long as short