Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0094%/8h= +10.3% APRpaid last 24h +0.036%

Price spread now: Bullet against Orderly−0.003%7-day average +0.014% · you buy dearer than you sell

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

Long on Orderly Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.043%+$4 on $10k

Price spread, last 3 days (all we have)+0.025%+$2 · spread now −0.003%, 7d avg +0.014%

Together, before fees+0.068%+$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.014%, 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	93.709	−0.0001	get 0.0000% / 4h	22m 25s	$168K	$586K	20x
Short	Bullet HYPE-USD	93.707	0.0093	get 0.0012% / 1h	22m 25s	$113K	$576K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.003%Rate

Funding earned: $19.76
Price spread: −0.003% → +0.014%: −$1.66
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Bullet: 4 bp × 2 orders: −$8
Net: $4.09
Costs to cover: 0.140%
Break-even: 5.5 days

Slippage unknown: Orderly: no order-book sample; Bullet: live order book, 57 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 Bullet live order book, 57 min ago	0.22 bp	4.6 bp −$5	7.9 bp −$79	doesn't fit	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	−0.0960%	1h	93.526	−0.195%	$198K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0387%	1h	93.637	−0.077%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.581	−0.137%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0082%	1h	93.450	−0.276%	$703K	$910K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.557	−0.162%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.708	−0.001%	$86K	$366K	20x	as long as short
Orderly PERP_HYPE_USDClong	−0.0001%	4h	93.709	long leg	$168K	$586K	20x
dYdX HYPE-USD	0.0000%	1h	93.662	−0.050%	$127K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.712	+0.003%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.737	+0.030%	$26K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0006%	4h	93.699	−0.011%	$8.9M	$36.0M	300x	as long as short
Phoenix HYPE	+0.0009%	1h	93.618	−0.097%	$214K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0017%	8h	93.700	−0.010%	$322.1M	$283.7M	75x	as long as short
Derive HYPE-PERP	+0.0020%	1h	93.662	−0.050%	$16.4M	$7.1M	10x	as long as short
Binance HYPEUSDT	+0.0049%	4h	93.716	+0.007%	$383.0M	$896.4M	75x	as long as short
MEXC HYPE_USDT	+0.0050%	4h	93.633	−0.081%	$87.8M	$81.9M	100x	as long as short
edgeX HYPEUSDC	+0.0062%	4h	93.464	−0.262%	$5.1M	$29.7M	30x	as long as short
Phemex HYPEUSDT	+0.0070%	8h	93.562	−0.157%	$12.7M	$2.6M	50x	as long as short
Gate HYPE_USDT	+0.0076%	4h	93.698	−0.012%	$44.0M	$59.7M	75x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	93.735	+0.028%	$59K	$1.2M	50x	as long as short
Bullet HYPE-USDshort	+0.0093%	1h	93.707	−0.003%	$113K	$576K	20x
Lighter HYPE	+0.0096%	1h	93.662	−0.050%	$18.8M	$60.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.598	−0.118%	$3.0M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.730	+0.022%	$399K	$318K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0099%	8h	93.690	−0.020%	$115.5M	$321.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.674	−0.038%	$340K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.650	−0.063%	$16K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.665	−0.047%	$5.7M	$44.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.657	−0.055%	$10.1M	$14.5M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.625	−0.090%	$204K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.711	+0.002%	$46.4M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.714	+0.005%	$227.0M	$102.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.696	−0.014%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.574	−0.144%	$7.8M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.574	−0.144%	$31.2M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.619	−0.096%	$7.6M	$45.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.485	−0.239%	$358K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.514	−0.208%	$676K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.699	−0.011%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.732	+0.025%	$491K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.699	−0.011%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.570	−0.148%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.548	−0.172%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.748%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.657	−0.055%	$18.4M	$42.8M	50x	as long as short
Kalshi KXHYPEPERP	+0.0134%	8h	93.585	−0.132%	$1.9M	$5.0M	2.3x	as long as short
Hyperliquid HYPE	+0.0150%	1h	93.759	+0.053%	$2.04B	$677.3M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.610	−0.106%	$4.9M	$5.7M	50x	as long as short
BloFin HYPE-USDT	+0.0203%	4h	93.528	−0.193%	$17.1M	$12.6M	75x	as long as short
HTX HYPE-USDT	+0.0206%	4h	93.745	+0.038%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.690	−0.020%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.741	+0.034%	$2.8M	$6.9M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0337% / S −0.0163%	1h	93.733	+0.026%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0550%	1h	93.822	+0.121%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0580%	1h	93.633	−0.082%	$20.9M	$29.5M	50x	as long as short