Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.005%

Price spread now: Nado against KuCoin+0.052%7-day average +0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$300.302% of the position

Long on KuCoin Short on Nado

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.010%−$1 on $10k

Price spread, last 7 days−0.034%−$3 · spread now +0.052%, 7d avg +0.002%

Together, before fees−0.044%+ Points / potential airdropNado: Active · farm board−$4 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Nado is 0.049% dearer against KuCoin than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.002%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin HYPEUSDTM	94.091	0.0100	pay 0.0050% / 4h	58m 29s	$46.9M	$18.6M	75x
Short	Nado HYPE-PERP	94.139	0.0100	get 0.0012% / 1h	58m 29s	$7.3M	$50.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.052%Rate

Funding earned: $0
Price spread: +0.052% → +0.002%: $4.93
Slippage, 4 orders: −$11.18
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$25.25
Costs to cover: 0.302%
Break-even: never at this rate

Slippage from KuCoin: live order book, 11 min ago; Nado: live order book, 6 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, 11 min ago	0.05 bp	12.1 bp −$12	16.6 bp −$166	doesn't fit	doesn't fit
Sell Nado live order book, 6 min ago	0.05 bp	3.6 bp −$4	6.1 bp −$61	28.9 bp −$2,893	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-P	−0.1096%	1h	94.080	−0.011%	$201K	$235K	7x	as long as short
Bluefin HYPE-PERP	−0.0490%	1h	94.090	−0.001%	$80K	$155K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0341%	1h	94.090	−0.001%	$709K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0287%	1h	94.113	+0.024%	$111K	$578K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0174%	1h	94.230	+0.148%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0144%	1h	94.154	+0.067%	$87K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.103	+0.013%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.128	+0.039%	$1.0M	$3.5M	10x	as long as short
Bybit HYPEUSDT	−0.0011%	8h	94.118	+0.029%	$317.0M	$289.7M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0008%	4h	94.094	+0.003%	$146K	$685K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	−0.0006%	4h	94.132	+0.044%	—	$53.5M	—	as long as short
dYdX HYPE-USD	0.0000%	1h	94.176	+0.090%	$129K	$26K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.231	+0.149%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.157	+0.070%	$19K	$287K	10x	as long as short
Derive HYPE-PERP	+0.0001%	1h	94.110	+0.020%	$16.4M	$7.5M	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.140	+0.052%	$117K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	94.254	+0.173%	$208K	$1.1M	10x	as long as short
Lighter HYPE	+0.0040%	1h	94.079	−0.013%	$16.2M	$63.8M	20x	as long as short
Bitget HYPEUSDT	+0.0042%	4h	94.133	+0.045%	$226.5M	$100.0M	75x	as long as short
Phemex HYPEUSDT	+0.0058%	8h	94.167	+0.081%	$12.8M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0059%	8h	94.139	+0.051%	$336K	$156K	20x	as long as short
SoDEX HYPE-USD	+0.0061%	1h	94.121	+0.032%	$2.0M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.210	+0.126%	$4.7M	$6.2M	50x	as long as short
edgeX HYPEUSDC	+0.0082%	4h	94.140	+0.052%	$5.0M	$30.8M	30x	as long as short
Polymarket Perps HYPE-USD	+0.0088%	1h	94.156	+0.069%	$495K	$2.8M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0089%	8h	94.145	+0.057%	$117.4M	$322.4M	50x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.103	+0.013%	$3.2M	$10.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.143	+0.055%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.180	+0.095%	$14K	$1.7M	10x	as long as short
Nado HYPE-PERPshort	+0.0100%	1h	94.139	+0.052%	$7.3M	$50.8M	10x
Hyperliquid HYPE	+0.0100%	1h	94.232	+0.150%	$2.07B	$689.2M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.148	+0.061%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.143	+0.055%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.142	+0.054%	$376.7M	$932.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.065	−0.028%	$217K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.108	+0.018%	$49.5M	$55.9M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.125	+0.036%	$90.7M	$81.6M	100x	as long as short
KuCoin HYPEUSDTMlong	+0.0100%	4h	94.091	long leg	$46.9M	$18.6M	75x
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.127	+0.038%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.059	−0.034%	$29.1M	$55.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.167	+0.081%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.120	+0.031%	$362K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.157	+0.070%	$681K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.182	+0.097%	—	$243K	5x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.180	+0.095%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.261	+0.181%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.113	+0.024%	$18.3M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.145	+0.057%	$398K	$159K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0021%	1h	94.157	+0.070%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.550	+0.488%	$31K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.183	+0.097%	$20.2M	$30.3M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0228%	1h	94.211	+0.128%	$7.4M	$4.3M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.174	+0.088%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.125	+0.036%	$82K	$134K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.136	+0.048%	$17.0M	$12.4M	75x	as long as short