Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0160%/8h= −17.6% APRpaid last 24h −0.026%

Price spread now: Orderly against OKX+0.063%7-day average +0.013% · you sell dearer than you buy

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

Long on OKX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.107%−$11 on $10k

Price spread, last 4 days (all we have)−0.048%−$5 · spread now +0.063%, 7d avg +0.013%

Together, before fees−0.155%−$15 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Orderly is 0.050% dearer against OKX than usual: you sell high and buy low (spread +0.063% now, against its 7-day average of +0.013%): +$5 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 25 hours. At the pace of the last 7 days (−0.107% in total) that is about 3.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX HYPE-USDT-SWAP	92.644	0.0100	pay 0.0100% / 8h	3h 22m	$113.7M	$302.9M	50x
Short	Orderly PERP_HYPE_USDC	92.702	−0.0060	pay 0.0030% / 4h	3h 22m	$145K	$681K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.063%Rate

Funding earned: −$33.69
Price spread: +0.063% → +0.013%: $5.01
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$44.68
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: OKX: 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 OKX live order book, 1 min ago	0.05 bp	5.4 bp −$5	7.9 bp −$79	18.9 bp −$1,887	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	−0.1696%	1h	92.615	−0.032%	$193K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0309%	1h	92.806	+0.175%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.682	+0.041%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.789	+0.157%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDCshort	−0.0060%	4h	92.702	+0.063%	$145K	$681K	20x
Bullet HYPE-USD	−0.0002%	1h	92.701	+0.062%	$112K	$577K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.661	+0.019%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.733	+0.096%	$22K	$293K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.738	+0.101%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0009%	1h	92.670	+0.028%	$698K	$1.1M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange HYPEUSD	+0.0024%	1h	92.721	+0.083%	$87K	$364K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	92.921	+0.299%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.630	−0.015%	$314.9M	$282.9M	75x	as long as short
Popdex HYPEUSDT	+0.0048%	1h	92.711	+0.072%	$70K	$1.1M	50x	as long as short
Bitget HYPEUSDT	+0.0048%	4h	92.629	−0.016%	$224.3M	$98.8M	75x	as long as short
Phemex HYPEUSDT	+0.0055%	8h	92.716	+0.078%	$12.5M	$2.7M	50x	as long as short
Gate HYPE_USDT	+0.0078%	4h	92.651	+0.008%	$45.0M	$54.4M	75x	as long as short
edgeX HYPEUSDC	+0.0092%	4h	92.837	+0.208%	$4.9M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.653	+0.010%	$16.0M	$62.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.664	+0.022%	$3.1M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	92.674	+0.032%	$338K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.690	+0.050%	$34K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.721	+0.084%	$7.4M	$46.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.677	+0.036%	$2.02B	$665.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	92.650	+0.006%	$8.7M	$36.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	92.669	+0.027%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.639	−0.005%	$372.6M	$905.3M	75x	as long as short
OKX HYPE-USDT-SWAPlong	+0.0100%	8h	92.644	long leg	$113.7M	$302.9M	50x
Bulk HYPE-USD	+0.0100%	1h	92.709	+0.070%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.638	−0.006%	$91.0M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.660	+0.017%	$46.0M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.659	+0.016%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.716	+0.078%	$7.2M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.768	+0.134%	$28.5M	$57.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.808	+0.177%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.846	+0.218%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.783	+0.150%	$668K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.771	+0.137%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.746	+0.110%	$481K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.704	+0.065%	$78K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.703	+0.064%	$16.0M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.740	+0.104%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.706	+0.067%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.900	+0.276%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.639	−0.005%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.698	+0.059%	$392K	$164K	20x	as long as short
Kalshi KXHYPEPERP	+0.0132%	8h	92.786	+0.153%	$1.8M	$5.4M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.730	+0.093%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.773	+0.140%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.640	−0.004%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0266%	1h	92.698	+0.058%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.739	+0.103%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0332%	1h	92.799	+0.167%	$7.5M	$4.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.682	+0.041%	$16.7M	$11.6M	75x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.790	+0.157%	$3.1M	$6.4M	20x	as long as short