Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:31 UTC+0.1880%/8h= +205.9% APRpaid last 24h +0.240%

Price spread now: Perpl against Hibachi+0.049%7-day average +0.079% · you sell dearer than you buy

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

Long on Hibachi Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+1.557%+$156 on $10k

Price spread, last 4 days (all we have)+0.039%+$4 · spread now +0.049%, 7d avg +0.079%

Together, before fees+1.597%+ Points / potential airdropHibachi: Active · Perpl: Active · farm board+$160 on $10k · with fees, hour by hour

Funding pays, the price is against you. Perpl is 0.030% cheaper against Hibachi than usual: you would sell low and buy high (spread +0.049% now, against its 7-day average of +0.079%). If the spread goes back, that is −$3 on $10k: about 1 hour of funding at the current rate (+$56 a day). At the pace of the last 7 days (+1.557% in total) that is about 3 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi HYPE/USDT-P	93.511	−0.1880	get 0.0235% / 1h	50m 09s	$197K	$232K	7x
Short	Perpl HYPE	93.556	0	get 0.0000% / 43m	30m 09s	$22K	$290K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Hibachi. 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 HibachibpFee PerplbpOrdersPrice spread, now +0.049%Rate

Funding earned: $394.8
Price spread: +0.049% → +0.079%: −$2.99
Slippage, 4 orders: no order book: not counted
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: $369.01
Costs to cover: 0.228%
Break-even: 0.5 days

Slippage unknown: Hibachi: live order book, 64 min ago; Perpl: 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 Hibachi live order book, 64 min ago	9.25 bp	43.2 bp −$43	60.9 bp −$609	doesn't fit	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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-Plong	−0.1880%	1h	93.511	long leg	$197K	$232K	7x
Aftermath Perps HYPEUSD	−0.0373%	1h	93.547	+0.039%	$22K	$21K	10x	as long as short
Bullet HYPE-USD	−0.0082%	1h	93.541	+0.033%	$112K	$578K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.613	+0.109%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0033%	4h	93.512	+0.001%	$146K	$663K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0024%	1h	93.580	+0.074%	$704K	$1.2M	10x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.615	+0.112%	$88K	$365K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.608	+0.104%	$128K	$29K	5x	as long as short
Perpl HYPEshort	0.0000%	43m	93.556	+0.049%	$22K	$290K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.557	+0.049%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus HYPE-USD	+0.0011%	1h	93.574	+0.068%	$1.0M	$3.9M	10x	as long as short
Phemex HYPEUSDT	+0.0018%	8h	93.489	−0.023%	$12.6M	$2.7M	50x	as long as short
Bitget HYPEUSDT	+0.0020%	4h	93.479	−0.034%	$226.2M	$99.1M	75x	as long as short
Bybit HYPEUSDT	+0.0024%	8h	93.480	−0.033%	$317.9M	$283.6M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.701	+0.204%	$210K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0083%	4h	93.497	−0.014%	$5.0M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.636	+0.134%	$341K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.495	−0.016%	$16.1M	$63.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.494	−0.018%	$3.1M	$11.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.600	+0.096%	$77K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.580	+0.074%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.597	+0.093%	$7.6M	$48.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.527	+0.018%	$2.04B	$666.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.508	−0.003%	$8.7M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.628	+0.126%	$10.1M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.486	−0.026%	$374.8M	$911.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.488	−0.024%	$114.6M	$309.2M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.614	+0.111%	$204K	$3K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.476	−0.037%	$46.4M	$54.0M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.489	−0.023%	$92.0M	$80.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.530	+0.021%	$46.8M	$18.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.485	−0.027%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.516	+0.006%	$7.3M	$10.8M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.649	+0.148%	$28.7M	$56.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.576	+0.070%	$7.5M	$47.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.516	+0.006%	$343K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.661	+0.161%	$670K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.647	+0.146%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.602	+0.098%	$490K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.493	−0.019%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.486	−0.027%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.580	+0.074%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.463	−0.051%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.650	+0.149%	$1.4M	$6.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.454	−0.060%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.526	+0.016%	$395K	$161K	20x	as long as short
Kalshi KXHYPEPERP	+0.0120%	8h	93.666	+0.166%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.570	+0.064%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.550	+0.042%	$4.8M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0268%	1h	93.544	+0.035%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.548	+0.040%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.673	+0.174%	$16.9M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0341%	1h	93.526	+0.017%	$20.8M	$29.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0381%	1h	93.572	+0.066%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.666	+0.166%	$3.2M	$6.3M	20x	as long as short