Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:40 UTC−0.0093%/8h= −10.2% APRpaid last 24h +0.002%

Price spread now: Perpl against OKX−0.035%7-day average +0.032% · you buy dearer than you sell

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

Long on OKX Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days−0.088%−$9 on $10k

Price spread, last 4 days (all we have)+0.240%+$24 · spread now −0.035%, 7d avg +0.032%

Together, before fees+0.152%+ Points / potential airdropPerpl: Active · farm board+$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Perpl is 0.067% cheaper against OKX than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.032%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX HYPE-USDT-SWAP	94.221	0.0093	pay 0.0093% / 8h	1h 03m	$116.9M	$321.5M	50x
Short	Perpl HYPE	94.188	0	get 0.0000% / 43m	9m 15s	$19K	$287K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.035%Rate

Funding earned: −$19.51
Price spread: −0.035% → +0.032%: −$6.71
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$50.02
Costs to cover: 0.238%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 6 min ago; Perpl: 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, 6 min ago	0.05 bp	5.8 bp −$6	8.4 bp −$84	15.9 bp −$1,591	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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	−0.1088%	1h	94.070	−0.161%	$201K	$235K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0165%	1h	94.260	+0.041%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0106%	1h	94.100	−0.128%	$710K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.200	−0.022%	$3K	$331	25x	as long as short
Bluefin HYPE-PERP	−0.0078%	1h	94.127	−0.100%	$80K	$155K	20x	as long as short
Bullet HYPE-USD	−0.0074%	1h	94.175	−0.049%	$111K	$578K	20x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	94.196	−0.027%	$87K	$366K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0009%	4h	94.144	−0.082%	$146K	$685K	20x	as long as short
Bybit HYPEUSDT	−0.0008%	8h	94.220	−0.001%	$317.4M	$289.5M	75x	as long as short
BingX HYPE-USDT	−0.0004%	4h	94.212	−0.010%	—	$53.5M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	94.178	−0.045%	$129K	$26K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.262	+0.044%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPEshort	0.0000%	43m	94.188	−0.035%	$19K	$287K	10x
Derive HYPE-PERP	+0.0001%	1h	94.110	−0.118%	$16.4M	$7.5M	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.180	−0.044%	$117K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	94.230	+0.010%	$206K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0048%	4h	94.200	−0.022%	$226.6M	$100.1M	75x	as long as short
Phemex HYPEUSDT	+0.0056%	8h	94.221	0.000%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0064%	8h	94.226	+0.005%	$337K	$156K	20x	as long as short
edgeX HYPEUSDC	+0.0081%	4h	94.163	−0.062%	$5.0M	$30.7M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.170	−0.054%	$1.0M	$3.5M	10x	as long as short
OKX HYPE-USDT-SWAPlong	+0.0093%	8h	94.221	long leg	$116.9M	$321.5M	50x
Lighter HYPE	+0.0096%	1h	94.235	+0.015%	$16.3M	$64.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.215	−0.006%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.175	−0.049%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.210	−0.012%	$15K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.174	−0.049%	$7.3M	$50.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.274	+0.056%	$2.07B	$688.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.208	−0.013%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.226	+0.005%	$10.2M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.233	+0.013%	$377.1M	$931.9M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.183	−0.040%	$217K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.170	−0.054%	$49.4M	$57.2M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.238	+0.018%	$89.6M	$85.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.175	−0.049%	$46.9M	$18.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.197	−0.025%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.239	+0.019%	$29.1M	$55.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.188	−0.034%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.175	−0.049%	$347K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.172	−0.052%	$681K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.238	+0.018%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.198	−0.024%	$495K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.219	−0.002%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.184	−0.039%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.322	+0.107%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.142	−0.084%	$18.3M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.192	−0.031%	$398K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.190	−0.033%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0023%	1h	94.226	+0.006%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.150	−0.075%	$30K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0228%	1h	94.269	+0.051%	$7.4M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.152	−0.074%	$82K	$134K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.215	−0.006%	$17.0M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0413%	1h	94.264	+0.046%	$20.2M	$30.3M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.218	−0.003%	$3.2M	$6.4M	20x	as long as short