Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:33 UTC+0.0116%/8h= +12.7% APRpaid last 24h +0.021%

Price spread now: Perpl against Ondo Perps+0.066%107s7-day average +0.095% · you sell dearer than you buy

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

Long on Ondo Perps Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days−0.003%$0 on $10k

Price spread, last 4 days (all we have)+0.431%+$43 · spread now +0.066%, 7d avg +0.095%

Together, before fees+0.427%+ Points / potential airdropOndo Perps: Active · Perpl: Active · farm board+$43 on $10k · with fees, hour by hour

Funding pays, the price is against you. Perpl is 0.029% cheaper against Ondo Perps than usual: you would sell low and buy high (spread +0.066% now, against its 7-day average of +0.095%). If the spread goes back, that is −$3 on $10k: about 20 hours of funding at the current rate (+$3 a day). The two prices were read 107 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	95.220	−0.0116	get 0.0015% / 1h	56m 34s	$690K	$1.3M	10x
Short	Perpl HYPE	95.283	0	get 0.0000% / 43m	37m 34s	$24K	$254K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now +0.066%Rate

Funding earned: $24.36
Price spread: +0.066% → +0.095%: −$2.94
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: $2.62
Costs to cover: 0.188%
Break-even: 6.2 days

Slippage unknown: Ondo Perps: no order-book sample; 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Perpl no order-book sample	—	—	—	—	—

Ondo Perps and 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 54 exchanges

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	−0.1304%	1h	95.234	+0.014%	$213K	$261K	7x	as long as short
Phemex HYPEUSDT	−0.0288%	8h	95.237	+0.018%	$13.0M	$2.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0251%	1h	95.302	+0.086%	$18.6M	$35.3M	50x	as long as short
Bullet HYPE-USD	−0.0201%	1h	95.266	+0.049%	$114K	$582K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0141%	1h	95.213	−0.007%	$22K	$17K	10x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.262	+0.044%	$1.1M	$2.4M	10x	as long as short
Ondo Perps HYPE-USD.Plong	−0.0116%	1h	95.220	long leg	$690K	$1.3M	10x
Hotstuff HYPE-PERP	−0.0080%	1h	95.191	−0.030%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0070%	4h	95.268	+0.050%	$54.7M	$53.0M	75x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.250	+0.032%	$4.7M	$5.6M	50x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange HYPEUSD	−0.0048%	1h	95.280	+0.063%	$92K	$346K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0039%	4h	95.252	+0.034%	$148K	$643K	20x	as long as short
Aster HYPEUSDT	−0.0026%	4h	95.273	+0.056%	$9.0M	$33.0M	300x	as long as short
OKX HYPE-USDT-SWAP	−0.0009%	8h	95.245	+0.026%	$119.3M	$304.1M	50x	as long as short
Lighter HYPE	−0.0008%	1h	95.260	+0.042%	$16.3M	$57.4M	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	95.259	+0.041%	$129K	$94K	5x	as long as short
Perpl HYPEshort	0.0000%	43m	95.283	+0.066%	$24K	$254K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.309	+0.093%	$100K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	95.204	−0.017%	$201K	$945K	10x	as long as short
Bitget HYPEUSDT	+0.0020%	4h	95.258	+0.040%	$228.9M	$87.0M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0033%	1h	95.363	+0.150%	$7.5M	$4.3M	50x	as long as short
Bybit HYPEUSDT	+0.0034%	8h	95.280	+0.063%	$321.1M	$266.8M	75x	as long as short
Popdex HYPEUSDT	+0.0056%	1h	95.271	+0.054%	$274K	$1.0M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0074%	8h	95.266	+0.048%	$340K	$35K	20x	as long as short
Bulk HYPE-USD	+0.0074%	1h	95.269	+0.051%	$232K	$12K	10x	as long as short
Vest HYPE-PERP	+0.0075%	1h	95.332	+0.117%	—	$80K	5x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	95.110	−0.116%	$5.1M	$29.5M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.287	+0.070%	$3.3M	$9.9M	20x	as long as short
MEXC HYPE_USDT	+0.0098%	4h	95.267	+0.049%	$90.8M	$83.0M	100x	as long as short
Binance HYPEUSDT	+0.0098%	4h	95.270	+0.053%	$382.8M	$857.4M	75x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.230	+0.011%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.278	+0.061%	$7.3M	$52.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.295	+0.079%	$10.3M	$13.3M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.271	+0.054%	$48.1M	$17.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	95.280	+0.063%	—	$48.6M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.328	+0.113%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.143	−0.081%	$30.0M	$53.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.256	+0.038%	$7.7M	$39.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.191	−0.030%	$347K	$883K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.243	+0.024%	$693K	$2.8M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.298	+0.082%	$504K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	95.280	+0.063%	$79K	$136K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.369	+0.156%	$33K	$1.4M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	95.280	+0.063%	$2.1M	$373K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.401	+0.190%	$1.4M	$5.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.244	+0.025%	$18.4M	$39.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.269	+0.051%	$403K	$130K	20x	as long as short
Kalshi KXHYPEPERP	+0.0122%	8h	95.361	+0.148%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.301	+0.085%	$3.2M	$5.5M	20x	as long as short
Hyperliquid HYPE	+0.0146%	1h	95.368	+0.155%	$2.11B	$650.1M	10x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	95.248	+0.029%	$85K	$100K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	95.307	+0.092%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0339%	4h	95.279	+0.062%	$17.3M	$11.5M	75x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.400	+0.189%	$31K	$334K	12x	as long as short