Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0118%/8h= +13.0% APRpaid last 24h +0.058%

Price spread now: Deribit against OKX+0.081%7-day average +0.064% · you sell dearer than you buy

Net, funding: paid 7d − costs−$22as in the Funding arb table

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

costs, in and out, $10k−$260.262% of the position

Long on OKX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.039%+$4 on $10k

Price spread, last 4 days (all we have)−0.172%−$17 · spread now +0.081%, 7d avg +0.064%

Together, before fees−0.133%−$13 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.064%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX HYPE-USDT-SWAP	94.210	0.0046	pay 0.0046% / 8h	7h 30m	$117.5M	$327.0M	50x
Short	Deribit HYPE_USDC-PERPETUAL	94.286	0.0164	get 0.0021% / 1h	30m 16s	$7.5M	$4.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against OKX. 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 OKXbpFee DeribitbpOrdersPrice spread, now +0.081%Rate

Funding earned: $24.84
Price spread: +0.081% → +0.064%: $1.64
Slippage, 4 orders: −$9.15
Fee OKX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $0.34
Costs to cover: 0.262%
Break-even: 6.9 days

Slippage from OKX: live order book, 4 min ago; Deribit: live order book, 4 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 OKX live order book, 4 min ago	0.05 bp	6.4 bp −$6	8.9 bp −$89	21.9 bp −$2,194	doesn't fit
Sell Deribit live order book, 4 min ago	1.59 bp	6.1 bp −$6	13.8 bp −$138	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-P	−0.0816%	1h	94.297	+0.093%	$210K	$267K	7x	as long as short
Bluefin HYPE-PERP	−0.0613%	1h	94.161	−0.052%	$79K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0294%	1h	94.498	+0.306%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0263%	1h	94.207	−0.003%	$112K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0188%	1h	94.230	+0.021%	$701K	$1.3M	10x	as long as short
Gate HYPE_USDT	−0.0114%	4h	94.199	−0.012%	$51.4M	$55.3M	75x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.223	+0.014%	$89K	$366K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.235	+0.027%	$1.0M	$3.4M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.253	+0.046%	$3K	$331	25x	as long as short
Kraken Futures PF_HYPEUSD	−0.0048%	1h	94.202	−0.009%	$18.8M	$35.4M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0040%	8h	94.210	0.000%	$317.3M	$294.5M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0010%	4h	94.183	−0.029%	$147K	$678K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.298	+0.094%	$129K	$92K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.352	+0.151%	$1.8M	$5.5M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.232	+0.023%	$19K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.247	+0.040%	$113K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.289	+0.084%	$209K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0010%	1h	94.234	+0.026%	$16.3M	$7.5M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.230	+0.021%	$4.7M	$5.9M	50x	as long as short
Bitget HYPEUSDT	+0.0030%	4h	94.187	−0.024%	$226.6M	$98.5M	75x	as long as short
Vest HYPE-PERP	+0.0038%	1h	94.294	+0.089%	—	$190K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0043%	8h	94.295	+0.090%	$337K	$39K	20x	as long as short
OKX HYPE-USDT-SWAPlong	+0.0046%	8h	94.210	long leg	$117.5M	$327.0M	50x
Backpack HYPE_USDC_PERP	+0.0057%	1h	94.263	+0.056%	$7.5M	$10.4M	20x	as long as short
SoDEX HYPE-USD	+0.0059%	1h	94.305	+0.101%	$2.1M	$2.0M	10x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	94.360	+0.159%	$5.0M	$30.9M	30x	as long as short
Phemex HYPEUSDT	+0.0082%	8h	94.264	+0.057%	$12.9M	$2.9M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.201	−0.009%	$16.2M	$62.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.200	−0.011%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.232	+0.023%	$148K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.250	+0.042%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.238	+0.030%	$7.2M	$51.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.302	+0.098%	$2.07B	$689.1M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.186	−0.025%	$9.5M	$38.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.289	+0.084%	$10.1M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.210	0.000%	$379.4M	$933.5M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.564	+0.376%	$220K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.219	+0.010%	$92.9M	$86.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.223	+0.014%	$47.0M	$19.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.206	−0.004%	—	$53.6M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	94.329	+0.127%	$29.9M	$56.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.643	+0.460%	$7.6M	$44.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.293	+0.088%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.294	+0.089%	$693K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.316	+0.113%	$497K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.334	+0.132%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.400	+0.202%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.169	−0.043%	$18.3M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.279	+0.073%	$399K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.294	+0.089%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+1.019%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUALshort	+0.0164%	1h	94.286	+0.081%	$7.5M	$4.4M	50x
Reya HYPERUSDPERP	+0.0271%	1h	94.166	−0.047%	$82K	$105K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	94.269	+0.062%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.295	+0.090%	$17.2M	$12.5M	75x	as long as short