Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0066%/8h= −7.2% APRpaid last 24h −0.005%

Price spread now: dYdX against OKX+0.056%7-day average +0.017% · you sell dearer than you buy

Net, funding: paid 7d − costs−$80as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$730.726% of the position

Long on OKX Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.078%−$8 on $10k

Price spread, last 4 days (all we have)−0.111%−$11 · spread now +0.056%, 7d avg +0.017%

Together, before fees−0.189%−$19 on $10k · with fees, hour by hour

The price spread pays, funding is against you. dYdX is 0.039% dearer against OKX than usual: you sell high and buy low (spread +0.056% now, against its 7-day average of +0.017%): +$4 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 47 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX HYPE-USDT-SWAP	94.411	0.0066	pay 0.0066% / 8h	12m 44s	$117.8M	$325.2M	50x
Short	dYdX HYPE-USD	94.464	0	get 0.0000% / 1h	12m 44s	$130K	$94K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.056%Rate

Funding earned: −$13.76
Price spread: +0.056% → +0.017%: $3.89
Slippage, 4 orders: −$52.56
Fee OKX: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$82.43
Costs to cover: 0.726%
Break-even: never at this rate

Slippage from OKX: live order book, 1 min ago; dYdX: live order book, 26 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, 1 min ago	0.05 bp	5.2 bp −$5	7.1 bp −$71	16.0 bp −$1,598	doesn't fit
Sell dYdX live order book, 26 min ago	25.49 bp	30.5 bp −$31	109.8 bp −$1,098	172.4 bp −$17.2K	411.7 bp −$205.9K

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	−0.1672%	1h	94.413	+0.002%	$204K	$266K	7x	as long as short
Bluefin HYPE-PERP	−0.0392%	1h	94.433	+0.023%	$80K	$151K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0215%	1h	94.390	−0.022%	$712K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0182%	1h	94.462	+0.054%	$111K	$575K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0162%	1h	94.403	−0.008%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.470	+0.062%	$88K	$365K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.424	+0.014%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0045%	1h	94.391	−0.021%	$16.4M	$7.4M	10x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.413	+0.002%	$1.0M	$3.5M	10x	as long as short
Lighter HYPE	−0.0032%	1h	94.434	+0.024%	$16.4M	$64.6M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0019%	8h	94.410	−0.001%	$317.3M	$289.0M	75x	as long as short
BingX HYPE-USDT	−0.0018%	4h	94.424	+0.014%	—	$52.8M	—	as long as short
Orderly PERP_HYPE_USDC	−0.0009%	4h	94.433	+0.023%	$147K	$686K	20x	as long as short
dYdX HYPE-USDshort	0.0000%	1h	94.464	+0.056%	$130K	$94K	5x
Kalshi KXHYPEPERP	0.0000%	8h	94.539	+0.136%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.527	+0.123%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.464	+0.056%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.481	+0.074%	$124K	—	150x	as long as short
Polymarket Perps HYPE-USD	+0.0014%	1h	94.475	+0.068%	$498K	$2.8M	20x	as long as short
Bitget HYPEUSDT	+0.0022%	4h	94.399	−0.013%	$226.6M	$100.1M	75x	as long as short
Phemex HYPEUSDT	+0.0035%	8h	94.445	+0.036%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0038%	8h	94.449	+0.040%	$337K	$154K	20x	as long as short
Vest HYPE-PERP	+0.0046%	1h	94.519	+0.114%	—	$190K	5x	as long as short
SoDEX HYPE-USD	+0.0056%	1h	94.458	+0.050%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.470	+0.062%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAPlong	+0.0066%	8h	94.411	long leg	$117.8M	$325.2M	50x
edgeX HYPEUSDC	+0.0083%	4h	94.403	−0.008%	$5.0M	$30.8M	30x	as long as short
Gate HYPE_USDT	+0.0090%	4h	94.415	+0.004%	$50.3M	$56.8M	75x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.441	+0.032%	$3.2M	$10.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.446	+0.037%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.400	−0.012%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.434	+0.025%	$7.2M	$52.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.528	+0.124%	$2.08B	$688.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.432	+0.023%	$8.8M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.444	+0.035%	$10.2M	$15.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.428	+0.018%	$378.6M	$932.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.307	−0.110%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.428	+0.018%	$89.6M	$84.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.413	+0.002%	$46.9M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.431	+0.021%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.390	−0.022%	$29.6M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.449	+0.040%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.394	−0.018%	$353K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.412	+0.001%	$682K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.508	+0.103%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.560	+0.158%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.388	−0.024%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.418	+0.008%	$399K	$153K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.452	+0.044%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.348%	$31K	$340K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.496	+0.090%	$20.2M	$30.2M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0247%	1h	94.545	+0.142%	$7.4M	$4.3M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.446	+0.037%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.435	+0.025%	$83K	$122K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.436	+0.026%	$17.1M	$12.4M	75x	as long as short