Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.1940%/8h= +212.4% APRpaid last 24h +0.222%

Price spread now: OKX against Hibachi+0.275%7-day average +0.045% · you sell dearer than you buy

Net, funding: paid 7d − costs+$93as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$690.688% of the position

Long on Hibachi Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+1.618%+$162 on $10k

Price spread, last 4 days (all we have)−0.515%−$51 · spread now +0.275%, 7d avg +0.045%

Together, before fees+1.104%+ Points / potential airdropHibachi: Active · farm board+$110 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$58 a day on $10k at the current rate, and OKX is 0.230% dearer against Hibachi than usual: you sell high and buy low: +$23 more if the spread goes back to its 7-day average of +0.045%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi HYPE/USDT-P	93.067	−0.1840	get 0.0230% / 1h	6m 50s	$194K	$230K	7x
Short	OKX HYPE-USDT-SWAP	93.323	0.0100	get 0.0100% / 8h	3h 06m	$114.4M	$306.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.275%Rate

Funding earned: $407.4
Price spread: +0.275% → +0.045%: $22.97
Slippage, 4 orders: −$49.84
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: $361.54
Costs to cover: 0.688%
Break-even: 0.8 days

Slippage from Hibachi: live order book, 47 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 Hibachi live order book, 47 min ago	9.25 bp	43.2 bp −$43	60.9 bp −$609	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	0.05 bp	5.1 bp −$5	6.7 bp −$67	17.3 bp −$1,730	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	−0.1840%	1h	93.067	long leg	$194K	$230K	7x
Aftermath Perps HYPEUSD	−0.0321%	1h	93.108	+0.043%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	93.227	+0.171%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.241	+0.187%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0049%	4h	93.218	+0.162%	$146K	$670K	20x	as long as short
Bullet HYPE-USD	−0.0007%	1h	93.186	+0.127%	$111K	$578K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.247	+0.193%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.250	+0.196%	$22K	$293K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.237	+0.182%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0003%	1h	93.050	−0.019%	$700K	$1.1M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange HYPEUSD	+0.0016%	1h	93.283	+0.232%	$87K	$365K	20x	as long as short
Phemex HYPEUSDT	+0.0022%	8h	93.195	+0.137%	$12.6M	$2.7M	50x	as long as short
Phoenix HYPE	+0.0026%	1h	93.132	+0.069%	$209K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0030%	8h	93.310	+0.261%	$318.0M	$284.4M	75x	as long as short
Bitget HYPEUSDT	+0.0032%	4h	93.264	+0.211%	$225.6M	$98.8M	75x	as long as short
Popdex HYPEUSDT	+0.0056%	1h	93.257	+0.204%	$76K	$1.1M	50x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.063	−0.005%	$4.9M	$29.8M	30x	as long as short
Gate HYPE_USDT	+0.0086%	4h	93.298	+0.248%	$45.7M	$55.0M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.285	+0.234%	$339K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.251	+0.197%	$16.1M	$62.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.264	+0.211%	$3.1M	$11.7M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.230	+0.175%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.250	+0.197%	$6.9M	$46.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.301	+0.251%	$2.03B	$664.5M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.306	+0.257%	$8.7M	$36.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.279	+0.227%	$10.1M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.307	+0.258%	$374.4M	$909.6M	75x	as long as short
OKX HYPE-USDT-SWAPshort	+0.0100%	8h	93.323	+0.275%	$114.4M	$306.2M	50x
Bulk HYPE-USD	+0.0100%	1h	93.125	+0.062%	$203K	$3K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.298	+0.248%	$91.9M	$81.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.252	+0.198%	$46.2M	$18.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.291	+0.240%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.278	+0.226%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.028	−0.043%	$28.6M	$56.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.054	−0.014%	$7.5M	$46.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.080	+0.014%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.136	+0.074%	$666K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.279	+0.228%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.271	+0.219%	$489K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.243	+0.189%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.222	+0.167%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.288	+0.237%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.243	+0.189%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.379	+0.335%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.263	+0.210%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.245	+0.191%	$394K	$164K	20x	as long as short
Kalshi KXHYPEPERP	+0.0128%	8h	93.316	+0.267%	$1.8M	$5.5M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.260	+0.207%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0196%	1h	93.325	+0.277%	$20.8M	$29.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.410	+0.368%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0267%	1h	93.211	+0.155%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.231	+0.176%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.196	+0.138%	$16.8M	$11.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0458%	1h	93.324	+0.276%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	93.319	+0.270%	$3.2M	$6.2M	20x	as long as short