Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0291%/8h= +31.8% APRpaid last 24h +0.087%

Price spread now: Reya against Orderly+0.011%7-day average −0.017% · you sell dearer than you buy

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

Long on Orderly Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.074%+$7 on $10k

Price spread, last 4 days (all we have)−0.036%−$4 · spread now +0.011%, 7d avg −0.017%

Together, before fees+0.038%+ Points / potential airdropReya: Active · farm board+$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Reya is 0.028% dearer against Orderly than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.017%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.074% in total (about 7.8% 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	93.559	−0.0020	get 0.0010% / 4h	1h 45m	$145K	$685K	20x
Short	Reya HYPERUSDPERP	93.569	0.0271	get 0.0034% / 1h	45m 56s	$77K	$130K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Orderly. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 ReyabpOrdersPrice spread, now +0.011%Rate

Funding earned: $61.03
Price spread: +0.011% → −0.017%: $2.79
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Reya: 3 bp × 2 orders: −$6
Net: $51.82
Costs to cover: 0.120%
Break-even: 1.1 days

Slippage unknown: Orderly: no order-book sample; Reya: 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 Reya no order-book sample	—	—	—	—	—

Orderly and Reya: 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	−0.1096%	1h	93.581	+0.023%	$198K	$242K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0234%	1h	93.764	+0.219%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0125%	1h	93.570	+0.012%	$705K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.621	+0.066%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0071%	1h	93.591	+0.034%	$111K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.625	+0.071%	$86K	$370K	20x	as long as short
Bluefin HYPE-PERP	−0.0035%	1h	93.576	+0.018%	$79K	$156K	20x	as long as short
Orderly PERP_HYPE_USDClong	−0.0020%	4h	93.559	long leg	$145K	$685K	20x
dYdX HYPE-USD	0.0000%	1h	93.698	+0.148%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.652	+0.099%	$21K	$287K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.634	+0.080%	$63K	—	150x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.552	−0.007%	—	$53.7M	—	as long as short
Bybit HYPEUSDT	+0.0008%	8h	93.550	−0.010%	$316.0M	$287.9M	75x	as long as short
Phoenix HYPE	+0.0017%	1h	93.687	+0.137%	$209K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	93.575	+0.017%	$225.3M	$99.5M	75x	as long as short
Phemex HYPEUSDT	+0.0074%	8h	93.592	+0.035%	$12.8M	$2.8M	50x	as long as short
edgeX HYPEUSDC	+0.0082%	4h	93.648	+0.095%	$5.0M	$30.6M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0082%	8h	93.656	+0.104%	$335K	$161K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.600	+0.044%	$1.0M	$4.0M	10x	as long as short
Derive HYPE-PERP	+0.0092%	1h	93.549	−0.010%	$16.3M	$7.4M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.596	+0.039%	$16.1M	$63.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.597	+0.041%	$3.1M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.607	+0.051%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.630	+0.076%	$22K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.617	+0.061%	$7.4M	$50.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.659	+0.107%	$2.05B	$682.9M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.577	+0.019%	$8.8M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.667	+0.115%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.571	+0.013%	$375.0M	$930.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.560	+0.001%	$115.6M	$316.0M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.558	−0.001%	$48.4M	$55.0M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.572	+0.014%	$90.0M	$83.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.564	+0.005%	$46.2M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.592	+0.035%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.670	+0.118%	$28.6M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.726	+0.178%	$7.6M	$48.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.674	+0.123%	$347K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.649	+0.096%	$678K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.677	+0.126%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.633	+0.079%	$470K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.702	+0.153%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.563	+0.004%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.783	+0.239%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.731	+0.184%	$216K	$15K	10x	as long as short
Kalshi KXHYPEPERP	+0.0102%	8h	93.619	+0.064%	$1.8M	$5.6M	2.3x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.550	−0.009%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.581	+0.024%	$396K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.610	+0.055%	$4.7M	$6.1M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.640	+0.087%	$30K	$339K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0252%	1h	93.679	+0.128%	$7.4M	$4.2M	50x	as long as short
Reya HYPERUSDPERPshort	+0.0271%	1h	93.569	+0.011%	$77K	$130K	15x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	93.625	+0.071%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.653	+0.100%	$17.0M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0415%	1h	93.648	+0.095%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.647	+0.095%	$3.2M	$6.4M	20x	as long as short