Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0058%/8h= +6.3% APRpaid last 24h +0.017%

Price spread now: Ondo Perps against Orderly+0.073%7-day average −0.076% · you sell dearer than you buy

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

Long on Orderly Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.042%+$4 on $10k

Price spread, last 3 days (all we have)−0.165%−$16 · spread now +0.073%, 7d avg −0.076%

Together, before fees−0.123%+ Points / potential airdropOndo Perps: Active · farm board−$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Ondo Perps is 0.149% dearer against Orderly than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of −0.076%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_HYPE_USDC	92.922	−0.0051	get 0.0026% / 4h	1h 56m	$155K	$639K	20x
Short	Ondo Perps HYPE-USD.P	92.990	0.0006	get 0.0001% / 1h	56m 30s	$696K	$905K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now +0.073%Rate

Funding earned: $12.12
Price spread: +0.073% → −0.076%: $14.94
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: $16.06
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Ondo Perps: no order-book sample. 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 Ondo Perps no order-book sample	—	—	—	—	—

Orderly and Ondo 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 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	−0.1136%	1h	93.001	+0.085%	$195K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.118	+0.211%	$1.2M	$3.8M	10x	as long as short
Bluefin HYPE-PERP	−0.0443%	1h	92.909	−0.014%	$79K	$170K	20x	as long as short
Bullet HYPE-USD	−0.0107%	1h	93.171	+0.268%	$111K	$578K	20x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	93.260	+0.364%	$85K	$346K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.220	+0.321%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDClong	−0.0051%	4h	92.922	long leg	$155K	$639K	20x
Phemex HYPEUSDT	−0.0015%	8h	93.013	+0.098%	$12.6M	$2.7M	50x	as long as short
Aster HYPEUSDT	−0.0012%	4h	93.123	+0.216%	$8.8M	$35.4M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.190	+0.288%	$128K	$31K	5x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.224	+0.325%	$22K	$321K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.174	+0.271%	$25K	—	150x	as long as short
Ondo Perps HYPE-USD.Pshort	+0.0006%	1h	92.990	+0.073%	$696K	$905K	10x
BingX HYPE-USDT	+0.0008%	4h	93.249	+0.352%	—	$53.2M	—	as long as short
Bybit HYPEUSDT	+0.0015%	8h	93.240	+0.342%	$320.0M	$275.2M	75x	as long as short
Aftermath Perps HYPEUSD	+0.0017%	1h	93.247	+0.350%	$22K	$21K	10x	as long as short
Gate HYPE_USDT	+0.0028%	4h	93.212	+0.312%	$44.4M	$54.1M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.056	+0.144%	$210K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0076%	4h	93.232	+0.334%	$87.8M	$79.8M	100x	as long as short
Binance HYPEUSDT	+0.0077%	4h	93.241	+0.343%	$379.1M	$873.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0077%	8h	93.246	+0.349%	$114.5M	$300.7M	50x	as long as short
edgeX HYPEUSDC	+0.0083%	4h	93.256	+0.359%	$5.0M	$30.1M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.223	+0.324%	$16.3M	$61.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.187	+0.285%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.242	+0.344%	$68K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.301	+0.408%	$339K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.240	+0.342%	$12K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.180	+0.277%	$5.7M	$43.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.294	+0.400%	$2.04B	$659.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.206	+0.306%	$10.0M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	+0.444%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.272	+0.377%	$46.0M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.221	+0.322%	$225.6M	$96.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.982	+0.065%	$7.3M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.219	+0.319%	$31.1M	$54.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.215	+0.316%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.222	+0.323%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.114	+0.207%	$664K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.229	+0.330%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.248	+0.351%	$474K	$2.4M	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.929	+0.008%	$16.1M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.050	+0.138%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.956	+0.037%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.221	+0.322%	$18.3M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.939	+0.019%	$395K	$170K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.070	+0.159%	$4.9M	$5.4M	50x	as long as short
HTX HYPE-USDT	+0.0210%	4h	93.150	+0.245%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0256%	1h	93.204	+0.304%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0276%	8h	93.031	+0.117%	$1.9M	$4.8M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	92.978	+0.060%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0352%	1h	93.043	+0.130%	$7.4M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.352	+0.463%	$3.2M	$6.7M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	92.900	−0.024%	$30K	$338K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0688%	1h	93.030	+0.116%	$20.7M	$29.9M	50x	as long as short