Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0180%/8h= +19.7% APRpaid last 24h +0.054%

Price spread now: Variational Omni against Hotstuff−0.135%46s7-day average — · you buy dearer than you sell

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

Long on Hotstuff Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 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 · Variational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. Variational Omni is 0.135% cheaper against Hotstuff than usual: you would sell low and buy high (spread −0.135% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$13 on $10k: about 2.5 days of funding at the current rate (+$5 a day). The two prices were read 46 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	Hotstuff HYPE-PERP	94.046	−0.0080	get 0.0010% / 1h	9m 44s	$3K	$331	25x
Short	Variational Omni HYPE	93.920	0.0100	get 0.0100% / 8h	7h 09m	$31.4M	$53.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.135%Rate

Funding earned: $37.8
Price spread: −0.135% → 0.000%: −$13.45
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $19.35
Costs to cover: 0.050%
Break-even: 3.4 days

Slippage unknown: Hotstuff: no order-book sample; Variational Omni: RFQ quote, 4 min ago. 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 Variational Omni RFQ quote, 4 min ago	0.43 bp	doesn't fit	5.5 bp −$55	21.9 bp −$2,195	doesn't fit

Hotstuff: 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	−0.1184%	1h	93.935	−0.118%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.925	−0.129%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0203%	1h	93.970	−0.080%	$22K	$21K	10x	as long as short
Phemex HYPEUSDT	−0.0107%	8h	93.975	−0.075%	$12.8M	$2.6M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0102%	1h	93.870	−0.187%	$710K	$959K	10x	as long as short
dYdX HYPE-USD	−0.0089%	1h	94.078	+0.034%	$129K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.058	+0.013%	$86K	$359K	20x	as long as short
Hotstuff HYPE-PERPlong	−0.0080%	1h	94.046	long leg	$3K	$331	25x
Bullet HYPE-USD	−0.0049%	1h	94.042	−0.005%	$113K	$581K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0028%	4h	94.005	−0.044%	$160K	$643K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0016%	4h	94.023	−0.024%	$44.5M	$60.3M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.054	+0.008%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.059	+0.014%	$26K	—	150x	as long as short
Bybit HYPEUSDT	+0.0010%	8h	94.011	−0.037%	$323.6M	$279.8M	75x	as long as short
Aster HYPEUSDT	+0.0012%	4h	94.014	−0.034%	$8.9M	$36.1M	300x	as long as short
Derive HYPE-PERP	+0.0017%	1h	93.978	−0.072%	$16.4M	$7.3M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	94.071	+0.027%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0050%	4h	94.028	−0.019%	$88.5M	$83.3M	100x	as long as short
Binance HYPEUSDT	+0.0053%	4h	94.042	−0.005%	$383.9M	$894.3M	75x	as long as short
edgeX HYPEUSDC	+0.0058%	4h	93.999	−0.050%	$5.1M	$30.1M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0074%	8h	94.035	−0.012%	$116.2M	$315.6M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.066	+0.021%	$19.0M	$60.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.042	−0.004%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.054	+0.009%	$65K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.023	−0.024%	$400K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.073	+0.028%	$342K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.050	+0.004%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.013	−0.035%	$6.6M	$44.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.086	+0.043%	$2.05B	$668.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.080	+0.036%	$10.2M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.528	−0.550%	$204K	$12K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.042	−0.004%	$46.7M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.044	−0.002%	$227.8M	$100.3M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.029	−0.018%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.984	−0.066%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	93.920	−0.135%	$31.4M	$53.7M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.053	+0.007%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.061	+0.016%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.959	−0.093%	$671K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.062	+0.017%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.073	+0.029%	$475K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.014	−0.034%	$76K	$170K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.102	+0.060%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.980	−0.070%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.004	−0.045%	$18.4M	$45.2M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.080	+0.036%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.472%	$31K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0208%	4h	93.959	−0.093%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.085	+0.041%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0238%	8h	94.124	+0.083%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	94.043	−0.003%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0158%	1h	94.058	+0.013%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0372%	4h	94.230	+0.196%	$1.5M	$5.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0431%	1h	94.085	+0.041%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.047	+0.001%	$21.0M	$29.8M	50x	as long as short