Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0110%/8h= +12.0% APRpaid last 24h +0.049%

Price spread now: Aevo against Orderly+0.028%7-day average +0.010% · you sell dearer than you buy

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

Long on Orderly Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days+0.175%+$17 on $10k

Price spread, last 4 days (all we have)−0.065%−$7 · spread now +0.028%, 7d avg +0.010%

Together, before fees+0.109%+$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.010%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_HYPE_USDC	94.548	−0.0006	get 0.0003% / 4h	3h 38m	$147K	$682K	20x
Short	Aevo HYPE-PERP	94.574	0.0104	get 0.0013% / 1h	38m 12s	$400K	$153K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Orderly. 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 OrderlybpFee AevobpOrdersPrice spread, now +0.028%Rate

Funding earned: $23.05
Price spread: +0.028% → +0.010%: $1.77
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Aevo: 8 bp × 2 orders: −$16
Net: $2.82
Costs to cover: 0.220%
Break-even: 6.1 days

Slippage unknown: Orderly: no order-book sample; Aevo: live order book, 61 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 Orderly no order-book sample	—	—	—	—	—
Sell Aevo live order book, 61 min ago	35.01 bp	46.7 bp −$47	48.1 bp −$481	89.7 bp −$8,973	doesn't fit

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	−0.1016%	1h	94.453	−0.101%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0626%	1h	94.563	+0.016%	$80K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0311%	1h	94.702	+0.163%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0197%	1h	94.571	+0.024%	$112K	$578K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0143%	1h	94.450	−0.104%	$704K	$1.3M	10x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.556	+0.008%	$1.0M	$3.5M	10x	as long as short
Gate HYPE_USDT	−0.0090%	4h	94.569	+0.022%	$51.4M	$54.9M	75x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	94.609	+0.065%	$90K	$367K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.532	−0.017%	$3K	$331	25x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.557	+0.009%	$19.0M	$35.3M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HYPEUSDT	−0.0023%	8h	94.564	+0.017%	$12.9M	$2.9M	50x	as long as short
Orderly PERP_HYPE_USDClong	−0.0006%	4h	94.548	long leg	$147K	$682K	20x
dYdX HYPE-USD	0.0000%	1h	94.566	+0.019%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.629	+0.086%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.552	+0.005%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.610	+0.066%	$95K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.747	+0.210%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0015%	8h	94.570	+0.023%	$318.2M	$296.5M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.560	+0.013%	$4.7M	$6.4M	50x	as long as short
Bitget HYPEUSDT	+0.0020%	4h	94.589	+0.043%	$227.2M	$99.7M	75x	as long as short
Derive HYPE-PERP	+0.0045%	1h	94.501	−0.050%	$16.3M	$7.5M	10x	as long as short
Vest HYPE-PERP	+0.0047%	1h	94.640	+0.098%	—	$190K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0050%	8h	94.564	+0.017%	$338K	$154K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0053%	8h	94.570	+0.023%	$117.9M	$329.6M	50x	as long as short
SoDEX HYPE-USD	+0.0082%	1h	94.588	+0.042%	$2.1M	$2.0M	10x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	94.574	+0.027%	$5.0M	$30.8M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.576	+0.030%	$16.2M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.573	+0.026%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.583	+0.037%	$148K	$1.3M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.540	−0.008%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.531	−0.017%	$7.3M	$52.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.695	+0.155%	$2.08B	$685.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.521	−0.029%	$9.7M	$37.6M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.594	+0.049%	$10.2M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.591	+0.045%	$380.9M	$939.4M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.564	+0.017%	$220K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.600	+0.055%	$93.8M	$85.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.568	+0.021%	$47.2M	$19.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.580	+0.034%	—	$53.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.553	+0.005%	$7.6M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.549	+0.001%	$30.0M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.786	+0.252%	$7.7M	$44.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.537	−0.012%	$345K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.575	+0.029%	$693K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.648	+0.106%	$499K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.659	+0.117%	$33K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.675	+0.134%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.564	+0.017%	$18.4M	$43.4M	50x	as long as short
Aevo HYPE-PERPshort	+0.0104%	1h	94.574	+0.028%	$400K	$153K	20x
RISEx HYPE/USDC	+0.0133%	1h	94.604	+0.059%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	94.530	−0.019%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0215%	1h	94.673	+0.132%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.564	+0.017%	$85K	$118K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	94.626	+0.083%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.502	−0.049%	$17.2M	$12.6M	75x	as long as short