Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h −0.017%

Price spread now: Derive against Pacifica+0.036%7-day average −0.052% · you sell dearer than you buy

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

Long on Pacifica Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.066%+$7 on $10k

Price spread, last 3 days (all we have)−0.107%−$11 · spread now +0.036%, 7d avg −0.052%

Together, before fees−0.041%+ Points / potential airdropPacifica: Active · farm board−$4 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Derive is 0.088% dearer against Pacifica than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of −0.052%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica HYPE	93.889	0.0100	pay 0.0013% / 1h	25m 41s	$10.1M	$14.7M	20x
Short	Derive HYPE-PERP	93.923	0.0100	get 0.0012% / 1h	25m 41s	$16.3M	$7.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Pacifica. 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 PacificabpFee DerivebpOrdersPrice spread, now +0.036%Rate

Funding earned: −$0.09
Price spread: +0.036% → −0.052%: $8.78
Slippage, 4 orders: no order book: not counted
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Derive: 3 bp × 2 orders: −$6
Net: −$5.3
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Pacifica: live order book, 3 min ago; Derive: 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 Pacifica live order book, 3 min ago	0.05 bp	4.5 bp −$5	doesn't fit	doesn't fit	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: 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	−0.0920%	1h	93.818	−0.075%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.740	−0.158%	$1.2M	$3.8M	10x	as long as short
Phemex HYPEUSDT	−0.0142%	8h	93.889	0.000%	$12.7M	$2.7M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0134%	1h	93.748	−0.150%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.874	−0.016%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0077%	1h	93.860	−0.031%	$703K	$929K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0057%	4h	93.919	+0.032%	$157K	$646K	20x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.884	−0.005%	$85K	$350K	20x	as long as short
Backpack HYPE_USDC_PERP	−0.0042%	1h	93.896	+0.008%	$7.8M	$10.3M	20x	as long as short
Gate HYPE_USDT	−0.0028%	4h	93.865	−0.025%	$44.4M	$55.0M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	−0.0002%	4h	93.865	−0.025%	—	$53.7M	—	as long as short
Aster HYPEUSDT	−0.0001%	4h	93.912	+0.025%	$8.9M	$35.9M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.860	−0.031%	$129K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.962	+0.078%	$22K	$326K	10x	as long as short
Bybit HYPEUSDT	+0.0002%	8h	93.860	−0.031%	$322.3M	$281.1M	75x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.969	+0.085%	$26K	—	150x	as long as short
Phoenix HYPE	+0.0060%	1h	93.904	+0.016%	$211K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0066%	4h	93.854	−0.037%	$87.8M	$82.9M	100x	as long as short
OKX HYPE-USDT-SWAP	+0.0068%	8h	93.882	−0.007%	$115.3M	$308.8M	50x	as long as short
Binance HYPEUSDT	+0.0068%	4h	93.861	−0.029%	$382.0M	$893.9M	75x	as long as short
edgeX HYPEUSDC	+0.0071%	4h	93.800	−0.094%	$5.1M	$29.9M	30x	as long as short
Bullet HYPE-USD	+0.0072%	1h	93.934	+0.048%	$112K	$578K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.905	+0.017%	$341K	$164K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.856	−0.034%	$16.4M	$62.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.852	−0.039%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.928	+0.042%	$67K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.961	+0.077%	$400K	$177K	20x	as long as short
Derive HYPE-PERPshort	+0.0100%	1h	93.923	+0.036%	$16.3M	$7.7M	10x
Katana Perps HYPE-USD	+0.0100%	8h	93.860	−0.031%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.904	+0.017%	$5.8M	$45.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.929	+0.043%	$2.05B	$672.7M	10x	as long as short
Pacifica HYPElong	+0.0100%	1h	93.889	long leg	$10.1M	$14.7M	20x
KuCoin HYPEUSDTM	+0.0100%	4h	93.886	−0.003%	$46.5M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.870	−0.020%	$227.5M	$98.6M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.910	+0.022%	$31.1M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.824	−0.069%	$7.6M	$47.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.834	−0.058%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.938	+0.053%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.981	+0.099%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.974	+0.091%	$475K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.920	+0.033%	$80K	$172K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.020	+0.140%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.936	+0.050%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.880	−0.009%	$204K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.836	−0.056%	$18.3M	$44.3M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.920	+0.033%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.920	+0.033%	$31K	$339K	12x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.936	+0.051%	$3.2M	$7.0M	20x	as long as short
HTX HYPE-USDT	+0.0218%	4h	94.100	+0.225%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0255%	1h	93.947	+0.062%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0273%	8h	94.001	+0.120%	$1.9M	$4.9M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0156%	1h	93.969	+0.086%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0442%	1h	94.042	+0.163%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0678%	1h	94.030	+0.150%	$21.0M	$29.8M	50x	as long as short