Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.1460%/8h= −159.9% APRpaid last 24h −0.209%

Price spread now: Hibachi against KuCoin−0.081%47s7-day average −0.059% · you buy dearer than you sell

Net, funding: paid 7d − costs−$242as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$800.797% of the position

Long on KuCoin Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days−1.626%−$163 on $10k

Price spread, last 3 days (all we have)+0.160%+$16 · spread now −0.081%, 7d avg −0.059%

Together, before fees−1.466%+ Points / potential airdropHibachi: Active · farm board−$147 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$44 a day on $10k at the current rate, and Hibachi is 0.022% cheaper against KuCoin than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.059%). Swap the legs. The two prices were read 47 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	KuCoin HYPEUSDTM	94.160	0.0100	pay 0.0050% / 4h	3h 22m	$46.9M	$18.2M	75x
Short	Hibachi HYPE/USDT-P	94.084	−0.1360	pay 0.0170% / 1h	22m 36s	$199K	$228K	7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi against KuCoin. 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 KuCoinbpFee HibachibpOrdersPrice spread, now −0.081%Rate

Funding earned: −$306.6
Price spread: −0.081% → −0.059%: −$2.17
Slippage, 4 orders: −$58.74
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$388.51
Costs to cover: 0.797%
Break-even: never at this rate

Slippage from KuCoin: live order book, 6 min ago; Hibachi: live order book, 51 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 KuCoin live order book, 6 min ago	0.05 bp	11.9 bp −$12	15.9 bp −$159	doesn't fit	doesn't fit
Sell Hibachi live order book, 51 min ago	12.88 bp	17.4 bp −$17	31.7 bp −$317	doesn't fit	doesn't fit

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-Pshort	−0.1360%	1h	94.084	−0.081%	$199K	$228K	7x
Arcus HYPE-USD	−0.0625%	1h	93.973	−0.199%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0216%	1h	94.151	−0.010%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0141%	1h	94.020	−0.149%	$711K	$960K	10x	as long as short
dYdX HYPE-USD	−0.0120%	1h	94.123	−0.039%	$129K	$31K	5x	as long as short
Bullet HYPE-USD	−0.0110%	1h	94.087	−0.078%	$113K	$581K	20x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	94.024	−0.144%	$86K	$360K	20x	as long as short
Phemex HYPEUSDT	−0.0086%	8h	94.070	−0.096%	$12.8M	$2.6M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.063	−0.103%	$3K	$331	25x	as long as short
Bybit HYPEUSDT	−0.0020%	8h	94.007	−0.162%	$323.0M	$280.2M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0020%	4h	94.034	−0.134%	$159K	$645K	20x	as long as short
Gate HYPE_USDT	−0.0012%	4h	94.070	−0.096%	$44.6M	$59.8M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.050	−0.117%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.107	−0.056%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0017%	4h	94.112	−0.051%	$8.9M	$36.1M	300x	as long as short
Derive HYPE-PERP	+0.0031%	1h	94.024	−0.144%	$16.4M	$7.3M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	94.222	+0.066%	$219K	$1.2M	10x	as long as short
Binance HYPEUSDT	+0.0051%	4h	94.054	−0.113%	$383.7M	$893.3M	75x	as long as short
MEXC HYPE_USDT	+0.0052%	4h	94.143	−0.018%	$89.3M	$82.8M	100x	as long as short
edgeX HYPEUSDC	+0.0059%	4h	94.143	−0.018%	$5.1M	$29.9M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0075%	8h	94.019	−0.150%	$116.1M	$318.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.155	−0.005%	$19.2M	$59.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.081	−0.084%	$3.0M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.029	−0.139%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.061	−0.105%	$400K	$180K	20x	as long as short
Bluefin HYPE-PERP	+0.0097%	1h	94.073	−0.092%	$76K	$171K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.126	−0.036%	$342K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.080	−0.085%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.089	−0.075%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.151	−0.010%	$2.05B	$671.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.104	−0.059%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTMlong	+0.0100%	4h	94.160	long leg	$46.9M	$18.2M	75x
Bitget HYPEUSDT	+0.0100%	4h	94.080	−0.085%	$228.0M	$101.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.072	−0.093%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.093	−0.071%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.149	−0.011%	$31.5M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.199	+0.041%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.088	−0.076%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.161	+0.001%	$681K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.116	−0.047%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.090	−0.074%	$480K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.168	+0.008%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.077	−0.088%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.151	−0.010%	$205K	$2K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.032	−0.136%	$18.8M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.110	−0.053%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.020	−0.149%	$31K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0211%	4h	94.060	−0.106%	$17.0M	$12.2M	75x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.094	−0.071%	$2.7M	$6.8M	20x	as long as short
Kalshi KXHYPEPERP	+0.0228%	8h	94.132	−0.030%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.069	−0.097%	$79K	$142K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0155%	1h	94.102	−0.062%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0334%	1h	94.164	+0.004%	$7.5M	$4.6M	50x	as long as short
HTX HYPE-USDT	+0.0399%	4h	94.266	+0.113%	$1.5M	$6.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.172	+0.013%	$21.0M	$29.7M	50x	as long as short