Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0085%/8h= +9.3% APRpaid last 24h +0.012%

Price spread now: Bybit against Ondo Perps+0.075%47s7-day average −0.016% · you sell dearer than you buy

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

Long on Ondo Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.060%+$6 on $10k

Price spread, last 7 days+0.165%+$16 · spread now +0.075%, 7d avg −0.016%

Together, before fees+0.225%+ Points / potential airdropOndo Perps: Active · farm board+$22 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Bybit is 0.090% dearer against Ondo Perps than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.016%. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps HYPE-USD.P	93.540	−0.0067	get 0.0008% / 1h	26m 52s	$703K	$909K	10x
Short	Bybit HYPEUSDT	93.610	0.0018	get 0.0018% / 8h	26m 52s	$321.7M	$283.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Ondo Perps. 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 Ondo PerpsbpFee BybitbpOrdersPrice spread, now +0.075%Rate

Funding earned: $17.84
Price spread: +0.075% → −0.016%: $9.04
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $10.88
Costs to cover: 0.160%
Break-even: 2.7 days

Slippage unknown: Ondo Perps: no order-book sample; Bybit: live order book, 2 min ago. 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Bybit live order book, 2 min ago	0.53 bp	6.7 bp −$7	9.1 bp −$91	19.2 bp −$1,919	41.4 bp −$20.7K

Ondo Perps: 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	−0.0872%	1h	93.521	−0.021%	$198K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0369%	1h	93.718	+0.190%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.497	−0.046%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.593	+0.057%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.Plong	−0.0067%	1h	93.540	long leg	$703K	$909K	10x
01 Exchange HYPEUSD	−0.0040%	1h	93.573	+0.035%	$86K	$366K	20x	as long as short
Derive HYPE-PERP	−0.0017%	1h	93.529	−0.012%	$16.3M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.663	+0.131%	$127K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.575	+0.038%	$23K	$329K	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0002%	4h	93.617	+0.082%	$166K	$583K	20x	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 −0.0003%	1h	93.620	+0.086%	$26K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	93.687	+0.157%	$214K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0015%	4h	93.608	+0.073%	$8.9M	$36.0M	300x	as long as short
Bybit HYPEUSDTshort	+0.0018%	8h	93.610	+0.075%	$321.7M	$283.3M	75x
MEXC HYPE_USDT	+0.0056%	4h	93.627	+0.093%	$87.7M	$81.8M	100x	as long as short
Binance HYPEUSDT	+0.0057%	4h	93.618	+0.083%	$382.6M	$895.6M	75x	as long as short
edgeX HYPEUSDC	+0.0064%	4h	93.635	+0.102%	$5.1M	$29.7M	30x	as long as short
Phemex HYPEUSDT	+0.0072%	8h	93.625	+0.091%	$12.8M	$2.6M	50x	as long as short
Gate HYPE_USDT	+0.0084%	4h	93.619	+0.084%	$44.5M	$59.1M	75x	as long as short
Bullet HYPE-USD	+0.0090%	1h	93.576	+0.038%	$112K	$577K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.652	+0.120%	$18.8M	$60.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.620	+0.086%	$3.0M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.589	+0.052%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.592	+0.056%	$398K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.596	+0.060%	$340K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.550	+0.011%	$43K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.576	+0.038%	$5.7M	$44.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.613	+0.078%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.605	+0.069%	$115.2M	$320.2M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.625	+0.091%	$204K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.637	+0.104%	$46.4M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.620	+0.086%	$226.8M	$102.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.612	+0.077%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.639	+0.106%	$7.8M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.564	+0.026%	$31.2M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.632	+0.098%	$7.6M	$45.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.646	+0.113%	$346K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.649	+0.117%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.639	+0.106%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.604	+0.068%	$490K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.590	+0.053%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.615	+0.080%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.587	+0.050%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.930%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.588	+0.051%	$18.3M	$42.8M	50x	as long as short
Kalshi KXHYPEPERP	+0.0132%	8h	93.661	+0.129%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.670	+0.139%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0213%	4h	93.771	+0.247%	$1.5M	$7.8M	75x	as long as short
Hyperliquid HYPE	+0.0221%	1h	93.657	+0.125%	$2.03B	$676.4M	10x	as long as short
BloFin HYPE-USDT	+0.0229%	4h	93.600	+0.064%	$17.1M	$12.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.595	+0.058%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.644	+0.111%	$2.8M	$6.9M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0337% / S −0.0163%	1h	93.615	+0.080%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0466%	1h	93.693	+0.164%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0579%	1h	93.674	+0.143%	$20.9M	$29.5M	50x	as long as short