Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0135%/8h= −14.8% APRpaid last 24h +0.010%

Price spread now: Derive against OKX−0.038%7-day average −0.009% · you buy dearer than you sell

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

Long on OKX Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.048%+$5 on $10k

Price spread, last 3 days (all we have)−0.011%−$1 · spread now −0.038%, 7d avg −0.009%

Together, before fees+0.037%+$4 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 Derive is 0.029% cheaper against OKX than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.009%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX HYPE-USDT-SWAP	93.215	0.0100	pay 0.0100% / 8h	2h 05m	$114.6M	$314.4M	50x
Short	Derive HYPE-PERP	93.179	−0.0035	pay 0.0004% / 1h	5m 49s	$16.3M	$7.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now −0.038%Rate

Funding earned: −$28.31
Price spread: −0.038% → −0.009%: −$2.93
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Derive: 3 bp × 2 orders: −$6
Net: −$47.24
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 3 min ago; Derive: 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 OKX live order book, 3 min ago	0.05 bp	5.7 bp −$6	10.2 bp −$102	17.8 bp −$1,776	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: 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	−0.0848%	1h	93.321	+0.114%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0253%	1h	93.394	+0.192%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0230%	1h	93.210	−0.005%	$700K	$934K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.237	+0.024%	$90K	$358K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.236	+0.023%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0036%	1h	93.202	−0.014%	$111K	$580K	20x	as long as short
Derive HYPE-PERPshort	−0.0035%	1h	93.179	−0.038%	$16.3M	$7.1M	10x
dYdX HYPE-USD	0.0000%	1h	93.280	+0.070%	$127K	$32K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.335	+0.129%	$1.9M	$5.2M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.264	+0.052%	$23K	$334K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.270	+0.059%	$20K	—	150x	as long as short
Aster HYPEUSDT	+0.0011%	4h	93.221	+0.006%	$8.9M	$35.8M	300x	as long as short
Bybit HYPEUSDT	+0.0030%	8h	93.216	+0.001%	$324.6M	$287.1M	75x	as long as short
Gate HYPE_USDT	+0.0030%	4h	93.221	+0.006%	$43.9M	$57.8M	75x	as long as short
Popdex HYPEUSDT	+0.0032%	1h	93.232	+0.018%	$58K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0053%	4h	93.228	+0.014%	$165K	$538K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.345	+0.139%	$215K	$1.2M	10x	as long as short
SoDEX HYPE-USD	+0.0084%	1h	93.220	+0.005%	$2.0M	$2.0M	10x	as long as short
Vest HYPE-PERP	+0.0086%	1h	93.267	+0.056%	—	$454K	5x	as long as short
Bluefin HYPE-PERP	+0.0096%	1h	93.230	+0.016%	$75K	$168K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.270	+0.059%	$18.6M	$60.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.256	+0.044%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.244	+0.032%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.250	+0.038%	$36K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.219	+0.005%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.305	+0.097%	$2.03B	$670.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.264	+0.053%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.220	+0.006%	$384.7M	$889.8M	75x	as long as short
OKX HYPE-USDT-SWAPlong	+0.0100%	8h	93.215	long leg	$114.6M	$314.4M	50x
Arcus HYPE-USD	+0.0100%	1h	93.199	−0.017%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.285	+0.075%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.219	+0.004%	$92.9M	$82.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.229	+0.015%	$46.1M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.238	+0.025%	$226.5M	$102.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.219	+0.004%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.262	+0.050%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.263	+0.051%	$29.1M	$50.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.304	+0.095%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.276	+0.065%	$405K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.340	+0.134%	$675K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.262	+0.050%	$492K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.270	+0.059%	$32K	$1.6M	20x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.274	+0.063%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.208	−0.007%	$18.4M	$41.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.196	−0.021%	$396K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0113%	4h	93.268	+0.057%	$5.1M	$29.4M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.260	+0.048%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.219	+0.004%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.910	+0.746%	$31K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0292%	4h	93.450	+0.252%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.268	+0.056%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0340%	1h	93.350	+0.145%	$7.4M	$4.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.275	+0.064%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.292	+0.083%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.388	+0.186%	$19.2M	$26.3M	50x	as long as short