Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0118%/8h= −12.9% APRpaid last 24h −0.030%

Price spread now: Orderly against Nado−0.054%7-day average +0.002% · you buy dearer than you sell

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

Long on Nado Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.039%−$4 on $10k

Price spread, last 3 days (all we have)+0.072%+$7 · spread now −0.054%, 7d avg +0.002%

Together, before fees+0.034%+ Points / potential airdropNado: Active · farm board+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Orderly is 0.056% cheaper against Nado than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.002%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado HYPE-PERP	94.177	0.0100	pay 0.0012% / 1h	27m 48s	$6.6M	$44.8M	10x
Short	Orderly PERP_HYPE_USDC	94.126	−0.0018	pay 0.0009% / 4h	3h 27m	$160K	$645K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Nado. 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 NadobpFee OrderlybpOrdersPrice spread, now −0.054%Rate

Funding earned: −$24.7
Price spread: −0.054% → +0.002%: −$5.6
Slippage, 4 orders: no order book: not counted
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$43.3
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Nado: live order book, 1 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 Nado live order book, 1 min ago	0.05 bp	4.2 bp −$4	8.9 bp −$89	30.2 bp −$3,024	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 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	−0.1384%	1h	93.990	−0.198%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	94.084	−0.098%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0228%	1h	94.132	−0.047%	$22K	$21K	10x	as long as short
Phemex HYPEUSDT	−0.0155%	8h	94.112	−0.068%	$12.8M	$2.6M	50x	as long as short
dYdX HYPE-USD	−0.0143%	1h	94.131	−0.048%	$129K	$31K	5x	as long as short
Ondo Perps HYPE-USD.P	−0.0142%	1h	93.950	−0.241%	$706K	$956K	10x	as long as short
Bullet HYPE-USD	−0.0100%	1h	94.166	−0.011%	$113K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.137	−0.042%	$86K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.164	−0.013%	$3K	$331	25x	as long as short
Bybit HYPEUSDT	−0.0019%	8h	94.096	−0.085%	$323.2M	$280.6M	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_USDCshort	−0.0018%	4h	94.126	−0.054%	$160K	$645K	20x
Perpl HYPE	0.0000%	43m	94.187	+0.011%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.174	−0.003%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0017%	4h	94.127	−0.052%	$8.9M	$36.1M	300x	as long as short
Gate HYPE_USDT	+0.0018%	4h	94.113	−0.067%	$44.5M	$59.8M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	94.121	−0.059%	$219K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0040%	1h	94.109	−0.072%	$16.5M	$7.3M	10x	as long as short
Binance HYPEUSDT	+0.0048%	4h	94.125	−0.055%	$383.9M	$893.4M	75x	as long as short
MEXC HYPE_USDT	+0.0048%	4h	94.121	−0.059%	$89.3M	$82.7M	100x	as long as short
edgeX HYPEUSDC	+0.0068%	4h	94.068	−0.116%	$5.1M	$30.0M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0078%	8h	94.117	−0.063%	$116.1M	$318.6M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.162	−0.015%	$19.2M	$59.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.159	−0.019%	$3.0M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.132	−0.047%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.134	−0.045%	$400K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.241	+0.069%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.110	−0.071%	$26K	$1.6M	10x	as long as short
Nado HYPE-PERPlong	+0.0100%	1h	94.177	long leg	$6.6M	$44.8M	10x
Hyperliquid HYPE	+0.0100%	1h	94.217	+0.043%	$2.05B	$677.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.190	+0.015%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.120	−0.060%	$46.6M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.116	−0.064%	$228.2M	$100.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.114	−0.066%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.133	−0.046%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.030	−0.155%	$31.5M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.088	−0.094%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.209	+0.035%	$341K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.984	−0.204%	$680K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.159	−0.019%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.187	+0.011%	$481K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.151	−0.027%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.206	+0.031%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.153	−0.025%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.151	−0.027%	$205K	$2K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.097	−0.084%	$18.8M	$44.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.030	−0.156%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0192%	4h	94.018	−0.168%	$17.0M	$12.2M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.333%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.187	+0.011%	$2.8M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0224%	8h	94.173	−0.004%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.165	−0.013%	$79K	$142K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0155%	1h	94.194	+0.018%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0419%	1h	94.253	+0.081%	$7.5M	$4.7M	50x	as long as short
HTX HYPE-USDT	+0.0421%	4h	94.350	+0.184%	$1.5M	$6.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0670%	1h	94.248	+0.076%	$21.0M	$29.7M	50x	as long as short