HYPE

Alert

Spread before costs (cost unknown: a leg has no order-book sample)−0.181%

7d average—if it closes, per $10,000$18funding while held, a day+$9.34

Long on Orderly Short on Aftermath Perps

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_HYPE_USDC	93.327	−0.0006	get 0.0003% / 4h	3h 24m	$170K	$381K	20x
Short	Aftermath Perps HYPEUSD	93.158	0.0305	get 0.0038% / 1h	24m 11s	$22K	$34K	10x

Price spread history

latest

Range statsloading…

How often the spread is this wide

share of time at each level, last 7D

Backtest

opened in the past, held until now, after costs

Backtest 7 days Backtest 30 days Backtest 90 daysopens the backtester with this pair and $10,000 a leg

Profit calculator

Position, each leg$Hold forhoursFee OrderlybpFee Aftermath PerpsbpOrdersClose when spread is

Spread captured: −$18.09
Funding while held: $9.34
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Net: −$23.74
Spread needed to break even: 0.150%

Slippage unknown: Orderly: no order-book sample; Aftermath Perps: no order-book sample. Net counts fees only.

Cost of waiting

funding view

Funding /8h: +0.0311%
Per $10,000 a day: +$9.34
Average in range /8h: —

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 Aftermath Perps no order-book sample	—	—	—	—	—

Orderly and Aftermath 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 price on every exchange

against the cheapest. Click to use as the short leg.

Arcus93.158cheapest

Aftermath Perps93.158+0.000%

dYdX93.172+0.015%Variational Omni93.176+0.020%Hibachi93.189+0.033%BloFin93.212+0.058%Pacifica93.218+0.064%Nado93.221+0.068%Vest93.227+0.074%Perpl93.228+0.075%Paradex93.230+0.077%Katana Perps93.230+0.077%Ondo Perps93.240+0.088%Phoenix93.244+0.092%Popdex93.245+0.093%GMX93.246+0.095%Kalshi93.259+0.108%Reya93.261+0.111%Aevo93.266+0.116%Polymarket Perps93.268+0.118%Bullet93.269+0.119%StandX93.269+0.119%gTrade (Gains Network)93.274+0.124%Bluefin93.275+0.126%01 Exchange93.279+0.130%Bulk93.279+0.130%Derive93.282+0.133%Hotstuff93.291+0.143%RISEx93.293+0.145%Aster93.299+0.152%KuCoin93.301+0.154%Extended93.325+0.179%

Orderly93.327+0.181%

Bybit93.360+0.217%Coinbase International93.360+0.217%Phemex93.366+0.223%SoDEX93.375+0.233%edgeX93.378+0.236%Gate93.381+0.239%Binance93.386+0.245%OKX93.386+0.245%BingX93.389+0.248%SunX93.394+0.253%Bitget93.399+0.259%Deribit93.399+0.259%MEXC93.407+0.267%ApeX Omni93.408+0.268%Kraken Futures93.436+0.298%Lighter RH93.459+0.323%Lighter93.468+0.333%Backpack93.471+0.336%Hyperliquid93.473+0.338%HTX93.600+0.474%Injective93.640+0.517%

HYPE on 54 venues

cheapest first. Swap a leg.

Exchange	vs long leg	Funding /8h	Every	OI	Vol 24h	Max lev
Arcus HYPE-USD	−0.181%	+0.0100%	1h	$1.2M	$4.2M	10x	as long as short
Aftermath Perps HYPEUSDshort	−0.181%	+0.0305%	1h	$22K	$34K	10x
dYdX HYPE-USD	−0.166%	+0.0044%	1h	$127K	$26K	5x	as long as short
Variational Omni HYPE	−0.161%	+0.0100%	8h	$29.0M	$51.0M	—	as long as short
Hibachi HYPE/USDT-P	−0.148%	+0.0184%	1h	$195K	$232K	7x	as long as short
BloFin HYPE-USDT	−0.123%	+0.0340%	4h	$17.3M	$12.0M	75x	as long as short
Pacifica HYPE	−0.117%	+0.0100%	1h	$11.3M	$12.4M	20x	as long as short
Nado HYPE-PERP	−0.113%	+0.0100%	1h	$5.5M	$43.0M	10x	as long as short
Vest HYPE-PERP	−0.107%	+0.0100%	1h	—	$407K	5x	as long as short
Perpl HYPE	−0.106%	+0.0112%	43m	$31K	$350K	10x	as long as short

Show all 54 venues

Exchange	vs long leg	Funding /8h	Every	OI	Vol 24h	Max lev
Paradex HYPE-USD-PERP	−0.104%	+0.0124%	8h	$338K	$287K	20x	as long as short
Katana Perps HYPE-USD	−0.104%	+0.0100%	8h	$38K	$1.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.093%	+0.0100%	1h	$701K	$989K	10x	as long as short
Phoenix HYPE	−0.089%	+0.0386%	1h	$294K	$1.0M	10x	as long as short
Popdex HYPEUSDT	−0.088%	+0.0096%	1h	$134K	$1.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	−0.086%	L +0.0355% / S −0.0175%	1h	$1.5M	—	100x	as long as short
Kalshi KXHYPEPERP	−0.073%	+0.0124%	8h	$1.7M	$4.8M	2.3x	as long as short
Reya HYPERUSDPERP	−0.070%	+0.0230%	1h	$73K	$159K	15x	as long as short
Aevo HYPE-PERP	−0.065%	+0.0104%	1h	$397K	$340K	20x	as long as short
Polymarket Perps HYPE-USD	−0.063%	+0.0100%	1h	$458K	$2.4M	20x	as long as short
Bullet HYPE-USD	−0.063%	+0.0100%	1h	$112K	$579K	20x	as long as short
StandX HYPE-USD	−0.062%	+0.0100%	1h	$672K	$2.2M	20x	as long as short
gTrade (Gains Network) HYPE/USD	−0.057%	L +0.0002% / S −0.0001%	1h	$55K	—	150x	as long as short
Bluefin HYPE-PERP	−0.056%	+0.4084%	1h	$73K	$188K	20x	as long as short
01 Exchange HYPEUSD	−0.051%	+0.0160%	1h	$91K	$320K	20x	as long as short
Bulk HYPE-USD	−0.051%	+0.0100%	1h	$204K	$17K	10x	as long as short
Derive HYPE-PERP	−0.048%	+0.0100%	1h	$16.4M	$7.3M	10x	as long as short
Hotstuff HYPE-PERP	−0.039%	−0.0080%	1h	$3K	$307	25x	as long as short
RISEx HYPE/USDC	−0.036%	+0.0620%	1h	$2.5M	$7.4M	20x	as long as short
Aster HYPEUSDT	−0.030%	+0.0100%	4h	$8.9M	$35.5M	300x	as long as short
KuCoin HYPEUSDTM	−0.028%	+0.0100%	4h	$45.2M	$20.0M	75x	as long as short
Extended HYPE-USD	−0.003%	+0.0104%	1h	$18.2M	$42.4M	50x	as long as short
Orderly PERP_HYPE_USDClong	0.000%	−0.0006%	4h	$170K	$381K	20x
Bybit HYPEUSDT	+0.035%	+0.0100%	8h	$326.8M	$286.1M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.035%	+0.0152%	1h	$5.0M	$5.5M	50x	as long as short
Phemex HYPEUSDT	+0.042%	+0.0100%	8h	$12.6M	$2.4M	50x	as long as short
SoDEX HYPE-USD	+0.051%	+0.0100%	1h	$2.0M	$2.0M	10x	as long as short
edgeX HYPEUSDC	+0.055%	+0.0109%	4h	$5.1M	$28.8M	30x	as long as short
Gate HYPE_USDT	+0.058%	+0.0100%	4h	$44.2M	$54.6M	75x	as long as short
Binance HYPEUSDT	+0.063%	+0.0100%	4h	$392.1M	$852.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.063%	+0.0086%	8h	$114.7M	$315.6M	50x	as long as short
BingX HYPE-USDT	+0.066%	+0.0100%	4h	—	$52.9M	—	as long as short
SunX HYPE-USDT	+0.072%	+0.0100%	4h	$32K	$1.6M	20x	as long as short
Bitget HYPEUSDT	+0.077%	+0.0100%	4h	$229.1M	$101.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.077%	+0.0350%	1h	$7.4M	$4.8M	50x	as long as short
MEXC HYPE_USDT	+0.086%	+0.0100%	4h	$90.6M	$88.1M	100x	as long as short
ApeX Omni HYPEUSDT	+0.087%	+0.0100%	1h	$429K	$929K	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.117%	+0.0408%	1h	$16.4M	$20.7M	50x	as long as short
Lighter RH HYPE	+0.141%	+0.0096%	1h	$3.1M	$12.1M	20x	as long as short
Lighter HYPE	+0.151%	+0.0176%	1h	$18.4M	$57.7M	20x	as long as short
Backpack HYPE_USDC_PERP	+0.154%	+0.0100%	1h	$8.3M	$9.9M	20x	as long as short
Hyperliquid HYPE	+0.156%	+0.0246%	1h	$2.03B	$615.6M	10x	as long as short
HTX HYPE-USDT	+0.293%	+0.0846%	4h	$1.5M	$7.1M	75x	as long as short
Injective HYPE/USDC PERP	+0.335%	+0.0356%	1h	$24K	$256K	12x	as long as short