Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0259%/8h= +28.4% APRpaid last 24h +0.056%

Price spread now: Deribit against Orderly+0.127%7-day average +0.047% · you sell dearer than you buy

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

Long on Orderly Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.139%+$14 on $10k

Price spread, last 3 days (all we have)−0.112%−$11 · spread now +0.127%, 7d avg +0.047%

Together, before fees+0.027%+$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Deribit is 0.079% dearer against Orderly than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.047%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.139% in total (about 7.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_HYPE_USDC	93.829	−0.0008	get 0.0004% / 4h	3h 55m	$169K	$594K	20x
Short	Deribit HYPE_USDC-PERPETUAL	93.948	0.0251	get 0.0031% / 1h	55m 33s	$7.5M	$4.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.127%Rate

Funding earned: $54.44
Price spread: +0.127% → +0.047%: $7.94
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $49.39
Costs to cover: 0.130%
Break-even: 0.7 days

Slippage unknown: Orderly: no order-book sample; Deribit: live order book, 4 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 Deribit live order book, 4 min ago	1.75 bp	9.3 bp −$9	16.6 bp −$166	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	−0.1440%	1h	93.842	+0.014%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.706	−0.131%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0322%	1h	93.973	+0.153%	$22K	$22K	10x	as long as short
ApeX Omni HYPEUSDT	−0.0224%	1h	93.928	+0.106%	$340K	$1.1M	50x	as long as short
dYdX HYPE-USD	−0.0179%	1h	93.914	+0.091%	$128K	$30K	5x	as long as short
Gate HYPE_USDT	−0.0128%	4h	93.800	−0.031%	$44.6M	$58.8M	75x	as long as short
Ondo Perps HYPE-USD.P	−0.0125%	1h	93.770	−0.063%	$705K	$925K	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	93.784	−0.048%	$86K	$365K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.831	+0.002%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0075%	1h	93.825	−0.005%	$112K	$579K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0072%	8h	93.780	−0.052%	$322.6M	$283.5M	75x	as long as short
Derive HYPE-PERP	−0.0013%	1h	93.778	−0.054%	$16.4M	$7.2M	10x	as long as short
Orderly PERP_HYPE_USDClong	−0.0008%	4h	93.829	long leg	$169K	$594K	20x
Perpl HYPE	0.0000%	43m	93.879	+0.053%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.860	+0.033%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	93.913	+0.090%	$217K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0011%	4h	93.805	−0.025%	$8.9M	$36.1M	300x	as long as short
Popdex HYPEUSDT	+0.0032%	1h	93.779	−0.053%	$60K	$1.2M	50x	as long as short
Binance HYPEUSDT	+0.0039%	4h	93.808	−0.023%	$383.2M	$897.8M	75x	as long as short
MEXC HYPE_USDT	+0.0042%	4h	93.830	+0.001%	$88.0M	$81.8M	100x	as long as short
edgeX HYPEUSDC	+0.0062%	4h	93.918	+0.095%	$5.1M	$29.7M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0084%	8h	93.769	−0.064%	$115.8M	$321.4M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.868	+0.041%	$18.8M	$58.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.851	+0.023%	$3.1M	$12.0M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.904	+0.080%	$399K	$268K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.860	+0.033%	$341K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.820	−0.010%	$42K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.808	−0.023%	$6.6M	$44.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.930	+0.108%	$2.04B	$680.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.843	+0.015%	$10.1M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.830	+0.001%	$46.5M	$18.5M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.780	−0.052%	$227.2M	$101.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.795	−0.036%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.879	+0.053%	$7.7M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.832	+0.004%	$31.2M	$54.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.944	+0.122%	$7.6M	$45.4M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.836	+0.007%	$678K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.836	+0.007%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.817	−0.013%	$479K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.828	−0.001%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.903	+0.079%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.850	+0.022%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.890	+0.065%	$12.8M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.944	+0.122%	$205K	$6K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.783	−0.049%	$18.4M	$42.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.890	+0.065%	$4.9M	$5.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0163%	8h	93.929	+0.107%	$1.9M	$5.1M	2.3x	as long as short
BloFin HYPE-USDT	+0.0175%	4h	93.897	+0.072%	$17.0M	$12.5M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.150	+0.342%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.849	+0.021%	$2.8M	$6.9M	20x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	93.763	−0.071%	$78K	$143K	15x	as long as short
Deribit HYPE_USDC-PERPETUALshort	+0.0251%	1h	93.948	+0.127%	$7.5M	$4.7M	50x
HTX HYPE-USDT	+0.0310%	4h	94.050	+0.236%	$1.5M	$7.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0157%	1h	93.862	+0.035%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0672%	1h	93.955	+0.134%	$21.0M	$29.5M	50x	as long as short