Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0626%/8h= −68.5% APRpaid last 24h −0.065%

Price spread now: Bybit against Hyperliquid−0.074%7-day average −0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$210.212% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.128%−$13 on $10k

Price spread, last 7 days+0.064%+$6 · spread now −0.074%, 7d avg −0.027%

Together, before fees−0.064%+ Points / potential airdropHyperliquid: Season 2 · farm board−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$19 a day on $10k at the current rate, and Bybit is 0.048% cheaper against Hyperliquid than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.027%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.128% in total (about -6.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid HYPE	93.980	0.0644	pay 0.0081% / 1h	55m 55s	$2.05B	$667.7M	10x
Short	Bybit HYPEUSDT	93.910	0.0018	get 0.0018% / 8h	55m 55s	$324.8M	$280.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Hyperliquid. 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 HyperliquidbpFee BybitbpOrdersPrice spread, now −0.074%Rate

Funding earned: −$131.38
Price spread: −0.074% → −0.027%: −$4.79
Slippage, 4 orders: −$1.24
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$157.41
Costs to cover: 0.212%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 8 min ago; Bybit: live order book, 3 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 Hyperliquid live order book, 8 min ago	0.05 bp	4.6 bp −$5	6.9 bp −$69	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.53 bp	6.0 bp −$6	8.2 bp −$82	18.7 bp −$1,872	43.5 bp −$21.7K

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	−0.0520%	1h	93.829	−0.161%	$199K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0486%	1h	93.686	−0.313%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.847	−0.142%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.892	−0.094%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.912	−0.072%	$128K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.920	−0.064%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.951	−0.031%	$28K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0003%	1h	93.830	−0.160%	$703K	$903K	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0014%	4h	93.930	−0.053%	$176K	$526K	20x	as long as short
Bybit HYPEUSDTshort	+0.0018%	8h	93.910	−0.074%	$324.8M	$280.5M	75x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0024%	4h	93.937	−0.046%	$8.9M	$35.8M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	93.805	−0.186%	$215K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0064%	4h	93.914	−0.070%	$44.5M	$57.9M	75x	as long as short
MEXC HYPE_USDT	+0.0066%	4h	93.928	−0.055%	$90.6M	$80.3M	100x	as long as short
Derive HYPE-PERP	+0.0069%	1h	93.859	−0.129%	$16.4M	$6.9M	10x	as long as short
Binance HYPEUSDT	+0.0070%	4h	93.930	−0.053%	$385.6M	$885.6M	75x	as long as short
Phemex HYPEUSDT	+0.0070%	8h	93.916	−0.068%	$12.8M	$2.6M	50x	as long as short
edgeX HYPEUSDC	+0.0078%	4h	93.744	−0.251%	$5.1M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.980	0.000%	$19.0M	$58.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.965	−0.016%	$3.1M	$12.2M	20x	as long as short
01 Exchange HYPEUSD	+0.0096%	1h	93.968	−0.013%	$91K	$355K	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.925	−0.059%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.859	−0.129%	$399K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.929	−0.054%	$341K	$169K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.920	−0.064%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.919	−0.064%	$5.9M	$44.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.953	−0.029%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.905	−0.080%	$115.2M	$314.8M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.940	−0.043%	$47.3M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.924	−0.060%	$227.7M	$102.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.922	−0.062%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.942	−0.040%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.552	−0.455%	$30.9M	$51.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.616	−0.387%	$7.5M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.759	−0.235%	$393K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.862	−0.126%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.914	−0.071%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.946	−0.036%	$484K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.901	−0.084%	$112K	$577K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.929	−0.054%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.976	−0.004%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.937	−0.046%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.680	−0.319%	$205K	$7K	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	93.750	−0.245%	$30K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.900	−0.086%	$18.6M	$42.0M	50x	as long as short
Kalshi KXHYPEPERP	+0.0120%	8h	93.978	−0.002%	$1.9M	$5.1M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.870	−0.117%	$4.9M	$5.7M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0218%	1h	94.020	+0.043%	$7.4M	$4.5M	50x	as long as short
HTX HYPE-USDT	+0.0222%	4h	94.088	+0.115%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	93.916	−0.068%	$77K	$142K	15x	as long as short
BloFin HYPE-USDT	+0.0266%	4h	93.898	−0.087%	$17.0M	$12.3M	75x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.981	+0.001%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	93.897	−0.089%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0577%	1h	94.049	+0.073%	$21.0M	$29.0M	50x	as long as short
Hyperliquid HYPElong	+0.0644%	1h	93.980	long leg	$2.05B	$667.7M	10x