Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0128%/8h= +14.0% APRpaid last 24h +0.022%

Price spread now: OKX against Orderly−0.006%50s7-day average −0.015% · you buy dearer than you sell

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

Long on Orderly Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.111%+$11 on $10k

Price spread, last 3 days (all we have)−0.022%−$2 · spread now −0.006%, 7d avg −0.015%

Together, before fees+0.089%+$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.015%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_HYPE_USDC	93.167	−0.0051	get 0.0025% / 4h	1h 53m	$156K	$639K	20x
Short	OKX HYPE-USDT-SWAP	93.161	0.0077	get 0.0077% / 8h	5h 53m	$114.3M	$300.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.006%Rate

Funding earned: $26.88
Price spread: −0.006% → −0.015%: $0.84
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee OKX: 5 bp × 2 orders: −$10
Net: $11.73
Costs to cover: 0.160%
Break-even: 3.9 days

Slippage unknown: Orderly: no order-book sample; OKX: live order book, 6 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 OKX live order book, 6 min ago	0.05 bp	5.1 bp −$5	8.6 bp −$86	17.9 bp −$1,792	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 54 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	−0.1144%	1h	93.108	−0.064%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.028	−0.149%	$1.2M	$3.8M	10x	as long as short
Bluefin HYPE-PERP	−0.0295%	1h	93.150	−0.018%	$79K	$170K	20x	as long as short
ApeX Omni HYPEUSDT	−0.0172%	1h	93.008	−0.171%	$336K	$1.0M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.079	−0.094%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.194	+0.029%	$85K	$346K	20x	as long as short
Orderly PERP_HYPE_USDClong	−0.0051%	4h	93.167	long leg	$156K	$639K	20x
Ondo Perps HYPE-USD.P	−0.0031%	1h	93.000	−0.179%	$696K	$906K	10x	as long as short
Phemex HYPEUSDT	−0.0014%	8h	93.165	−0.002%	$12.6M	$2.7M	50x	as long as short
Aster HYPEUSDT	−0.0004%	4h	93.155	−0.013%	$8.8M	$35.3M	300x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	93.147	−0.022%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.112	−0.059%	$22K	$321K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.147	−0.022%	$25K	—	150x	as long as short
Bullet HYPE-USD	+0.0008%	1h	93.119	−0.052%	$111K	$578K	20x	as long as short
BingX HYPE-USDT	+0.0008%	4h	93.131	−0.039%	—	$53.1M	—	as long as short
Aftermath Perps HYPEUSD	+0.0014%	1h	93.181	+0.015%	$22K	$21K	10x	as long as short
Bybit HYPEUSDT	+0.0016%	8h	93.148	−0.020%	$320.7M	$275.5M	75x	as long as short
Gate HYPE_USDT	+0.0028%	4h	93.119	−0.052%	$44.4M	$54.2M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.056	−0.119%	$210K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAPshort	+0.0077%	8h	93.161	−0.006%	$114.3M	$300.4M	50x
MEXC HYPE_USDT	+0.0078%	4h	93.126	−0.044%	$87.6M	$79.9M	100x	as long as short
Binance HYPEUSDT	+0.0080%	4h	93.170	+0.003%	$378.4M	$872.0M	75x	as long as short
edgeX HYPEUSDC	+0.0081%	4h	93.009	−0.169%	$5.0M	$29.8M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.134	−0.035%	$16.3M	$61.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.134	−0.035%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.168	+0.001%	$68K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.175	+0.009%	$338K	$162K	20x	as long as short
Derive HYPE-PERP	+0.0099%	1h	93.140	−0.029%	$16.2M	$7.6M	10x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.130	−0.040%	$38K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.128	−0.041%	$5.7M	$43.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.194	+0.029%	$2.04B	$652.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.151	−0.017%	$10.0M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.147	−0.021%	$46.0M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.133	−0.036%	$225.4M	$96.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.112	−0.059%	$7.3M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.170	+0.003%	$31.0M	$54.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.978	−0.203%	$7.5M	$46.3M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.113	−0.058%	$664K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.124	−0.046%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.108	−0.063%	$473K	$2.4M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.191	+0.026%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.181	+0.015%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.998	−0.182%	$202K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.116	−0.055%	$18.3M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.177	+0.011%	$396K	$170K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.070	−0.104%	$4.9M	$5.4M	50x	as long as short
HTX HYPE-USDT	+0.0215%	4h	93.300	+0.143%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0257%	1h	93.086	−0.087%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0273%	8h	93.140	−0.029%	$1.9M	$4.8M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.121	−0.050%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0437%	1h	93.264	+0.104%	$7.4M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.252	+0.091%	$3.2M	$6.7M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	92.930	−0.254%	$30K	$338K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0686%	1h	93.247	+0.086%	$20.7M	$29.9M	50x	as long as short