Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0057%/8h= +6.2% APRpaid last 24h +0.004%

Price spread now: Orderly against Hotstuff+0.063%7-day average — · you sell dearer than you buy

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

Long on Hotstuff Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Orderly is 0.063% dearer against Hotstuff than usual: you sell high and buy low: +$6 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff HYPE-PERP	94.882	−0.0080	get 0.0010% / 1h	18m 47s	$3K	$331	25x
Short	Orderly PERP_HYPE_USDC	94.942	−0.0023	pay 0.0012% / 4h	2h 18m	$147K	$646K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Hotstuff. 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 HotstuffbpFee OrderlybpOrdersPrice spread, now +0.063%Rate

Funding earned: $11.91
Price spread: +0.063% → 0.000%: $6.32
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Orderly: 3 bp × 2 orders: −$6
Net: $7.23
Costs to cover: 0.110%
Break-even: 2.7 days

Slippage unknown: Hotstuff: no order-book sample; 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 Hotstuff no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Hotstuff and 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 54 exchanges

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	−0.1408%	1h	94.803	−0.083%	$211K	$262K	7x	as long as short
Bluefin HYPE-PERP	−0.0570%	1h	95.002	+0.126%	$79K	$139K	20x	as long as short
Kraken Futures PF_HYPEUSD	−0.0376%	1h	94.984	+0.107%	$18.6M	$35.5M	50x	as long as short
Bullet HYPE-USD	−0.0344%	1h	94.970	+0.093%	$113K	$581K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0250%	1h	94.960	+0.082%	$691K	$1.3M	10x	as long as short
Phemex HYPEUSDT	−0.0182%	8h	94.939	+0.060%	$13.0M	$2.8M	50x	as long as short
Arcus HYPE-USD	−0.0159%	1h	94.887	+0.005%	$1.1M	$2.6M	10x	as long as short
01 Exchange HYPEUSD	−0.0152%	1h	95.001	+0.125%	$92K	$349K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0147%	1h	94.960	+0.083%	$22K	$17K	10x	as long as short
Vest HYPE-PERP	−0.0090%	1h	95.010	+0.135%	—	$80K	5x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hotstuff HYPE-PERPlong	−0.0080%	1h	94.882	long leg	$3K	$331	25x
Gate HYPE_USDT	−0.0072%	4h	94.983	+0.106%	$54.2M	$54.6M	75x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0024%	1h	94.990	+0.114%	$4.7M	$5.6M	50x	as long as short
Orderly PERP_HYPE_USDCshort	−0.0023%	4h	94.942	+0.063%	$147K	$646K	20x
SoDEX HYPE-USD	−0.0011%	1h	94.979	+0.102%	$2.1M	$378K	10x	as long as short
Aster HYPEUSDT	−0.0001%	4h	94.971	+0.093%	$9.0M	$34.3M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.928	+0.048%	$130K	$92K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.955	+0.077%	$23K	$263K	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0001%	8h	94.976	+0.099%	$118.8M	$312.6M	50x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.990	+0.114%	$99K	—	150x	as long as short
BingX HYPE-USDT	+0.0002%	4h	94.982	+0.105%	—	$49.3M	—	as long as short
Phoenix HYPE	+0.0017%	1h	94.881	−0.001%	$200K	$1.0M	10x	as long as short
Bulk HYPE-USD	+0.0031%	1h	95.069	+0.197%	$231K	$12K	10x	as long as short
Bybit HYPEUSDT	+0.0033%	8h	95.000	+0.124%	$320.3M	$272.4M	75x	as long as short
Bitget HYPEUSDT	+0.0034%	4h	94.999	+0.123%	$228.2M	$89.7M	75x	as long as short
Lighter HYPE	+0.0040%	1h	94.977	+0.100%	$16.2M	$61.1M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0061%	8h	94.902	+0.021%	$339K	$36K	20x	as long as short
Polymarket Perps HYPE-USD	+0.0088%	1h	94.997	+0.121%	$499K	$2.5M	20x	as long as short
edgeX HYPEUSDC	+0.0093%	4h	94.934	+0.054%	$5.0M	$29.9M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.989	+0.113%	$3.2M	$10.0M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.979	+0.102%	$270K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	94.920	+0.040%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.892	+0.011%	$7.3M	$53.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.094	+0.223%	$2.11B	$656.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.917	+0.037%	$10.2M	$13.6M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.998	+0.122%	$381.7M	$877.6M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.988	+0.112%	$89.2M	$87.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.990	+0.114%	$47.2M	$17.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.058	+0.185%	$7.8M	$10.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.906	+0.025%	$29.8M	$54.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.825	−0.061%	$7.7M	$41.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.974	+0.097%	$348K	$965K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.957	+0.079%	$691K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.947	+0.069%	$33K	$1.4M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.103	+0.233%	$1.4M	$6.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.933	+0.053%	$18.2M	$40.9M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.936	+0.056%	$401K	$130K	20x	as long as short
Kalshi KXHYPEPERP	+0.0107%	8h	95.010	+0.135%	$1.8M	$5.2M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0118%	1h	95.074	+0.202%	$7.5M	$4.3M	50x	as long as short
RISEx HYPE/USDC	+0.0166%	1h	94.939	+0.060%	$3.2M	$5.9M	20x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.884	+0.002%	$85K	$99K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.011	+0.136%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.975	+0.098%	$17.3M	$11.8M	75x	as long as short
Injective HYPE/USDC PERP	+0.0850%	1h	95.480	+0.630%	$31K	$335K	12x	as long as short