Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0117%/8h= +12.9% APRpaid last 24h +0.053%

Price spread now: Backpack against Orderly+0.065%7-day average +0.020% · you sell dearer than you buy

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

Long on Orderly Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.218%+$22 on $10k

Price spread, last 4 days (all we have)−0.039%−$4 · spread now +0.065%, 7d avg +0.020%

Together, before fees+0.179%+$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Backpack is 0.044% dearer against Orderly than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.020%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_HYPE_USDC	94.111	−0.0017	get 0.0009% / 4h	2h 17m	$147K	$674K	20x
Short	Backpack HYPE_USDC_PERP	94.172	0.0100	get 0.0013% / 1h	17m 13s	$7.2M	$10.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now +0.065%Rate

Funding earned: $24.65
Price spread: +0.065% → +0.020%: $4.44
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: $13.09
Costs to cover: 0.160%
Break-even: 3.3 days

Slippage unknown: Orderly: no order-book sample; Backpack: 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 Orderly no order-book sample	—	—	—	—	—
Sell Backpack live order book, 2 min ago	0.05 bp	5.1 bp −$5	7.2 bp −$72	162.5 bp −$16.2K	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	−0.1360%	1h	94.017	−0.100%	$199K	$239K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0415%	1h	93.714	−0.422%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.140	+0.031%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0031%	1h	94.130	+0.020%	$112K	$580K	20x	as long as short
Orderly PERP_HYPE_USDClong	−0.0017%	4h	94.111	long leg	$147K	$674K	20x
dYdX HYPE-USD	0.0000%	1h	94.094	−0.018%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	94.181	+0.074%	$87K	$371K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.170	+0.063%	$23K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.147	+0.039%	$63K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	94.142	+0.033%	$1.0M	$3.9M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDT	+0.0016%	4h	94.132	+0.022%	$227.1M	$99.3M	75x	as long as short
Phemex HYPEUSDT	+0.0021%	8h	94.154	+0.046%	$12.8M	$2.8M	50x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	94.120	+0.010%	$319.5M	$283.8M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	94.174	+0.067%	$209K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0052%	1h	94.070	−0.044%	$704K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	93.626	−0.515%	$5.0M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	94.184	+0.077%	$342K	$158K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.172	+0.065%	$16.3M	$63.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.172	+0.065%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.169	+0.062%	$72K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.130	+0.020%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.110	−0.001%	$7.6M	$48.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.222	+0.118%	$2.06B	$674.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.181	+0.074%	$8.8M	$36.6M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.150	+0.041%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.165	+0.057%	$378.0M	$918.5M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.130	+0.020%	$116.3M	$314.9M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.358	−0.800%	$216K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.151	+0.043%	$47.5M	$54.7M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.150	+0.041%	$90.6M	$81.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.149	+0.040%	$46.5M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.131	+0.021%	—	$53.6M	—	as long as short
Backpack HYPE_USDC_PERPshort	+0.0100%	1h	94.172	+0.065%	$7.2M	$10.7M	20x
Variational Omni HYPE	+0.0100%	8h	93.699	−0.438%	$28.6M	$56.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.979	−0.140%	$7.7M	$48.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.939	−0.183%	$345K	$993K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.019	−0.098%	$673K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.198	+0.093%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.177	+0.070%	$482K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.127	+0.017%	$80K	$165K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	94.113	+0.002%	$16.2M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.183	+0.077%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.155	+0.047%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.298	+0.199%	$1.4M	$6.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.090	−0.023%	$18.3M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.131	+0.022%	$398K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0119%	8h	94.118	+0.007%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	94.310	+0.211%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.160	+0.052%	$4.7M	$6.0M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0260%	1h	94.201	+0.096%	$7.5M	$4.1M	50x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.133	+0.024%	$81K	$127K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	94.148	+0.039%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0338%	1h	94.242	+0.139%	$21.1M	$29.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.137	+0.028%	$16.8M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	94.230	+0.126%	$3.2M	$6.3M	20x	as long as short