data as of
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Price arb /

HYPE

all HYPE markets
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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

After costs, if the gap returns to its 7d average, $10k−$32
spread now−0.022%7d average−0.016%fees + slippage, in and out−$32spread needed0.319%
Long on Kraken FuturesShort on Backpack
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongKraken Futures PF_HYPEUSD94.0840.0606pay 0.0076% / 1h53m 28s$16.8M$20.7M50x
ShortBackpack HYPE_USDC_PERP94.0640.0100get 0.0013% / 1h53m 28s$8.2M$8.6M20x

Price spread history

latest
Range statsloading…

How often the spread is this wide

share of time at each level, last 7D

Backtest

opened in the past, held until now, after costs
Backtest 7 daysBacktest 30 daysBacktest 90 daysopens the backtester with this pair and $10,000 a leg

Profit calculator

Spread captured
−$2.16
Funding while held
−$15.18
Slippage, 4 orders
−$11.87
Fee Kraken Futures: 5 bp × 2 orders
−$10
Fee Backpack: 5 bp × 2 orders
−$10
Net
−$49.21
Spread needed to break even
0.319%
Slippage from Kraken Futures: live order book, 2 min ago; Backpack: live order book, 2 min ago.

Cost of waiting

funding view
Funding /8h
−0.0506%
Per $10,000 a day
−$15.18
Average in range /8h
—

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Kraken Futures live order book, 2 min ago3.77 bp12.6 bp −$1316.9 bp −$16923.4 bp −$2,34163.6 bp −$31.8K
Sell Backpack live order book, 2 min ago0.05 bp5.1 bp −$58.4 bp −$8431.5 bp −$3,149doesn't fit

HYPE price on every exchange

against the cheapest. Click to use as the short leg.
Bybit93.920cheapestOKX93.945+0.027%Bitget93.955+0.037%Reya93.958+0.041%Ondo Perps93.980+0.064%Arcus93.988+0.072%Katana Perps93.990+0.075%Extended93.996+0.081%Variational Omni94.000+0.086%Polymarket Perps94.002+0.087%Vest94.005+0.091%Derive94.011+0.097%Nado94.016+0.103%Bluefin94.021+0.108%KuCoin94.026+0.113%dYdX94.027+0.114%Gate94.027+0.114%BingX94.029+0.116%Popdex94.034+0.121%01 Exchange94.036+0.124%Binance94.039+0.126%Aster94.044+0.131%BloFin94.048+0.136%Perpl94.048+0.136%gTrade (Gains Network)94.052+0.140%Hyperliquid94.058+0.147%Pacifica94.058+0.147%SoDEX94.060+0.149%StandX94.062+0.151%Orderly94.062+0.151%MEXC94.064+0.153%
Backpack94.064+0.153%
GMX94.068+0.158%Phemex94.071+0.161%Hibachi94.075+0.165%ApeX Omni94.077+0.167%Bullet94.078+0.168%edgeX94.078+0.168%Lighter RH94.081+0.171%RISEx94.081+0.172%Aevo94.082+0.172%
Kraken Futures94.084+0.175%
Kalshi94.090+0.181%Aftermath Perps94.091+0.182%Paradex94.094+0.185%Deribit94.118+0.211%Coinbase International94.120+0.213%Lighter94.122+0.216%Bulk94.149+0.244%Hotstuff94.154+0.249%SunX94.159+0.254%HTX94.221+0.320%Phoenix94.250+0.351%Injective94.390+0.500%

HYPE on 54 venues

cheapest first. Swap a leg.
Exchangevs long legFunding /8hEveryOIVol 24hMax lev
Bybit HYPEUSDT−0.175%0.0000%8h$326.8M$278.7M75xas long as short
OKX HYPE-USDT-SWAP−0.148%−0.0040%8h$117.8M$301.7M50xas long as short
Bitget HYPEUSDT−0.137%+0.0100%4h$233.3M$92.7M75xas long as short
Reya HYPERUSDPERP−0.134%+0.0220%1h$75K$167K15xas long as short
Ondo Perps HYPE-USD.P−0.111%+0.0100%1h$705K$898K10xas long as short
Arcus HYPE-USD−0.102%+0.0100%1h$1.2M$4.1M10xas long as short
Katana Perps HYPE-USD−0.100%+0.0099%8h$11K$1.6M10xas long as short
Extended HYPE-USD−0.093%+0.0104%1h$18.5M$38.8M50xas long as short
Variational Omni HYPE−0.089%+0.0100%8h$30.4M$51.2M—as long as short
Polymarket Perps HYPE-USD−0.088%+0.0100%1h$465K$2.4M20xas long as short
Show all 54 venues
Exchangevs long legFunding /8hEveryOIVol 24hMax lev
Vest HYPE-PERP−0.084%+0.0100%1h—$407K5xas long as short
Derive HYPE-PERP−0.078%+0.0100%1h$16.7M$7.2M10xas long as short
Nado HYPE-PERP−0.072%+0.0100%1h$5.7M$42.8M10xas long as short
Bluefin HYPE-PERP−0.067%+0.0100%1h$69K$191K20xas long as short
KuCoin HYPEUSDTM−0.062%+0.0100%4h$44.6M$19.6M75xas long as short
dYdX HYPE-USD−0.061%+0.0072%1h$128K$23K5xas long as short
Gate HYPE_USDT−0.061%+0.0066%4h$44.3M$53.4M75xas long as short
BingX HYPE-USDT−0.059%−0.0044%4h—$49.6M—as long as short
Popdex HYPEUSDT−0.054%+0.0096%1h$161K$1.1M50xas long as short
01 Exchange HYPEUSD−0.051%+0.0040%1h$84K$299K20xas long as short
Binance HYPEUSDT−0.049%+0.0100%4h$397.6M$782.7M75xas long as short
Aster HYPEUSDT−0.043%+0.0100%4h$8.9M$32.8M300xas long as short
BloFin HYPE-USDT−0.039%+0.0340%4h$17.8M$11.9M75xas long as short
Perpl HYPE−0.038%0.0000%43m$33K$349K10xas long as short
gTrade (Gains Network) HYPE/USD−0.035%L +0.0002% / S −0.0001%1h$33K—150xas long as short
Hyperliquid HYPE−0.028%+0.0100%1h$2.05B$561.4M10xas long as short
Pacifica HYPE−0.028%+0.0100%1h$11.4M$12.0M20xas long as short
SoDEX HYPE-USD−0.026%+0.0100%1h$2.0M$1.9M10xas long as short
StandX HYPE-USD−0.024%+0.0100%1h$721K$2.0M20xas long as short
Orderly PERP_HYPE_USDC−0.024%−0.0198%4h$171K$414K20xas long as short
MEXC HYPE_USDT−0.022%+0.0100%4h$94.5M$81.5M100xas long as short
Backpack HYPE_USDC_PERPshort−0.022%+0.0100%1h$8.2M$8.6M20x
GMX HYPE/USD [WBTC.b-USDC]−0.017%L +0.0344% / S −0.0160%1h$1.5M—100xas long as short
Phemex HYPEUSDT−0.014%+0.0089%8h$12.7M$2.2M50xas long as short
Hibachi HYPE/USDT-P−0.010%−0.0696%1h$203K$178K7xas long as short
ApeX Omni HYPEUSDT−0.008%+0.0100%1h$429K$951K50xas long as short
Bullet HYPE-USD−0.007%+0.0100%1h$112K$581K20xas long as short
edgeX HYPEUSDC−0.007%+0.0101%4h$5.1M$26.2M30xas long as short
Lighter RH HYPE−0.004%+0.0096%1h$3.1M$11.2M20xas long as short
RISEx HYPE/USDC−0.003%+0.0500%1h$2.5M$7.2M20xas long as short
Aevo HYPE-PERP−0.003%+0.0104%1h$400K$344K20xas long as short
Kraken Futures PF_HYPEUSDlong0.000%+0.0606%1h$16.8M$20.7M50x
Kalshi KXHYPEPERP+0.006%+0.0162%8h$1.7M$4.1M2.3xas long as short
Aftermath Perps HYPEUSD+0.007%+0.0097%1h$22K$34K10xas long as short
Paradex HYPE-USD-PERP+0.010%+0.0098%8h$338K$288K20xas long as short
Deribit HYPE_USDC-PERPETUAL+0.036%+0.0260%1h$7.3M$4.5M50xas long as short
Coinbase International HYPE-PERP-INTX+0.038%+0.0096%1h$5.0M$5.2M50xas long as short
Lighter HYPE+0.040%+0.0096%1h$18.8M$53.1M20xas long as short
Bulk HYPE-USD+0.069%+0.0100%1h$213K$10K10xas long as short
Hotstuff HYPE-PERP+0.074%−0.0080%1h$3K$30725xas long as short
SunX HYPE-USDT+0.079%+0.0100%4h$32K$1.5M20xas long as short
HTX HYPE-USDT+0.145%+0.0323%4h$1.5M$6.5M75xas long as short
Phoenix HYPE+0.176%+0.0357%1h$297K$1.1M10xas long as short
Injective HYPE/USDC PERP+0.325%+0.1001%1h$24K$319K12xas long as short