Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0189%/8h= −20.7% APRpaid last 24h −0.106%

Price spread now: Orderly against Injective−1.098%58s7-day average −0.172% · you buy dearer than you sell

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

Long on Injective Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−2.424%−$242 on $10k

Price spread, last 3 days (all we have)+1.309%+$131 · spread now −1.098%, 7d avg −0.172%

Together, before fees−1.116%−$112 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Orderly is 0.926% cheaper against Injective than usual: you would sell low and buy high (−$93 if the spread goes back to its 7-day average of −0.172%). Swap the legs. The two prices were read 58 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	Injective HYPE/USDC PERP	94.180	0.0137	pay 0.0017% / 1h	0m 20s	$31K	$339K	12x
Short	Orderly PERP_HYPE_USDC	93.146	−0.0052	pay 0.0026% / 4h	2h 00m	$155K	$640K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Injective. 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 InjectivebpFee OrderlybpOrdersPrice spread, now −1.098%Rate

Funding earned: −$39.71
Price spread: −1.098% → −0.172%: −$92.61
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$138.34
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Injective: live order book, 4 min ago; 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 Injective live order book, 4 min ago	44.26 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

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 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	−0.1128%	1h	93.234	−1.005%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.115	−1.131%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.229	−1.010%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0065%	1h	93.220	−1.019%	$698K	$904K	10x	as long as short
Phemex HYPEUSDT	−0.0052%	8h	93.290	−0.945%	$12.6M	$2.7M	50x	as long as short
Orderly PERP_HYPE_USDCshort	−0.0052%	4h	93.146	−1.098%	$155K	$640K	20x
01 Exchange HYPEUSD	−0.0040%	1h	93.227	−1.012%	$84K	$346K	20x	as long as short
Aster HYPEUSDT	−0.0003%	4h	93.221	−1.019%	$8.8M	$35.5M	300x	as long as short
Aftermath Perps HYPEUSD	−0.0003%	1h	93.396	−0.832%	$22K	$21K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.294	−0.941%	$128K	$31K	5x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.200	−1.041%	$22K	$321K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.171	−1.072%	$25K	—	150x	as long as short
BingX HYPE-USDT	+0.0012%	4h	93.157	−1.086%	—	$53.2M	—	as long as short
Gate HYPE_USDT	+0.0014%	4h	93.148	−1.096%	$44.3M	$55.9M	75x	as long as short
Bybit HYPEUSDT	+0.0016%	8h	93.133	−1.112%	$319.5M	$276.0M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0021%	1h	93.223	−1.016%	$7.4M	$10.4M	20x	as long as short
Phoenix HYPE	+0.0060%	1h	93.424	−0.803%	$210K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	93.163	−1.080%	$114.5M	$300.8M	50x	as long as short
MEXC HYPE_USDT	+0.0078%	4h	93.154	−1.089%	$88.0M	$83.5M	100x	as long as short
Bullet HYPE-USD	+0.0079%	1h	93.155	−1.089%	$112K	$578K	20x	as long as short
Binance HYPEUSDT	+0.0079%	4h	93.166	−1.077%	$379.0M	$874.9M	75x	as long as short
edgeX HYPEUSDC	+0.0083%	4h	93.380	−0.849%	$5.0M	$30.0M	30x	as long as short
Bluefin HYPE-PERP	+0.0085%	1h	93.109	−1.137%	$79K	$170K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.252	−0.986%	$16.3M	$62.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.242	−0.996%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.234	−1.004%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.271	−0.965%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.250	−0.987%	$12K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.222	−1.017%	$5.7M	$43.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.335	−0.897%	$2.04B	$658.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.254	−0.983%	$10.0M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	−0.897%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.230	−1.009%	$46.1M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.151	−1.093%	$225.4M	$96.9M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.219	−1.021%	$31.1M	$54.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.419	−0.808%	$7.5M	$46.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.390	−0.839%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.362	−0.869%	$666K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.272	−0.964%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.235	−1.003%	$474K	$2.4M	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.137	−1.107%	$16.2M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.253	−0.984%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.237	−1.001%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.201	−1.040%	$18.3M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.154	−1.090%	$396K	$172K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.350	−0.881%	$4.9M	$5.4M	50x	as long as short
Injective HYPE/USDC PERPlong	+0.0137%	1h	94.180	long leg	$31K	$339K	12x
HTX HYPE-USDT	+0.0201%	4h	93.450	−0.775%	$1.4M	$5.9M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.314	−0.919%	$3.2M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0256%	1h	93.150	−1.094%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0278%	8h	93.306	−0.928%	$1.9M	$4.9M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.178	−1.064%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0415%	1h	93.349	−0.882%	$7.4M	$4.4M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0683%	1h	93.331	−0.902%	$20.8M	$30.0M	50x	as long as short