Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:29 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.020%

Price spread now: Perpl against Pacifica−0.021%7-day average −0.003% · you buy dearer than you sell

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

Long on Pacifica Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days−0.054%−$5 on $10k

Price spread, last 3 days (all we have)+0.261%+$26 · spread now −0.021%, 7d avg −0.003%

Together, before fees+0.207%+ Points / potential airdropPacifica: Active · Perpl: Active · farm board+$21 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.003%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica HYPE	93.975	0.0100	pay 0.0013% / 1h	57m 55s	$10.1M	$14.6M	20x
Short	Perpl HYPE	93.955	0	get 0.0000% / 43m	36m 55s	$23K	$329K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Pacifica. 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 PacificabpFee PerplbpOrdersPrice spread, now −0.021%Rate

Funding earned: −$21
Price spread: −0.021% → −0.003%: −$1.78
Slippage, 4 orders: no order book: not counted
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$44.58
Costs to cover: 0.218%
Break-even: never at this rate

Slippage unknown: Pacifica: live order book, 1 min ago; Perpl: 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, 1 min ago	0.11 bp	4.9 bp −$5	doesn't fit	doesn't fit	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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	−0.1416%	1h	93.956	−0.020%	$199K	$229K	7x	as long as short
dYdX HYPE-USD	−0.0717%	1h	93.909	−0.070%	$128K	$30K	5x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.855	−0.128%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0330%	1h	93.987	+0.013%	$22K	$22K	10x	as long as short
Bybit HYPEUSDT	−0.0152%	8h	93.920	−0.059%	$323.2M	$283.7M	75x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	93.967	−0.009%	$86K	$367K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0087%	1h	93.810	−0.176%	$705K	$923K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.955	−0.021%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0017%	1h	93.918	−0.061%	$16.4M	$7.2M	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0008%	4h	93.966	−0.010%	$169K	$594K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPEshort	0.0000%	43m	93.955	−0.021%	$23K	$329K	10x
Bullet HYPE-USD	+0.0001%	1h	93.982	+0.008%	$112K	$579K	20x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.014	+0.042%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	94.114	+0.148%	$218K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0015%	4h	93.953	−0.023%	$8.9M	$36.2M	300x	as long as short
Popdex HYPEUSDT	+0.0016%	1h	93.967	−0.009%	$60K	$1.2M	50x	as long as short
Binance HYPEUSDT	+0.0044%	4h	93.960	−0.016%	$383.8M	$899.0M	75x	as long as short
MEXC HYPE_USDT	+0.0046%	4h	93.961	−0.015%	$88.1M	$81.8M	100x	as long as short
edgeX HYPEUSDC	+0.0053%	4h	93.991	+0.017%	$5.1M	$29.7M	30x	as long as short
Phemex HYPEUSDT	+0.0056%	8h	94.006	+0.033%	$12.8M	$2.6M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0086%	8h	93.929	−0.049%	$116.0M	$322.5M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.032	+0.061%	$18.9M	$58.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.004	+0.031%	$3.1M	$12.0M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.019	+0.047%	$400K	$206K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.001	+0.028%	$341K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.040	+0.069%	$42K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.969	−0.006%	$6.6M	$44.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.070	+0.101%	$2.05B	$680.5M	10x	as long as short
Pacifica HYPElong	+0.0100%	1h	93.975	long leg	$10.1M	$14.6M	20x
Gate HYPE_USDT	+0.0100%	4h	93.954	−0.022%	$44.3M	$58.4M	75x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.982	+0.007%	$46.5M	$18.5M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.968	−0.007%	$227.7M	$101.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.963	−0.013%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.007	+0.034%	$7.7M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.972	−0.003%	$31.4M	$54.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.052	+0.082%	$7.6M	$45.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.033	+0.062%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.016	+0.044%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.997	+0.023%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.990	+0.016%	$472K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.981	+0.006%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.035	+0.064%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.968	−0.007%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.944	−0.033%	$205K	$6K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.940	−0.037%	$18.4M	$42.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.960	−0.016%	$4.9M	$5.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0163%	8h	93.993	+0.019%	$1.9M	$5.0M	2.3x	as long as short
BloFin HYPE-USDT	+0.0188%	4h	93.972	−0.003%	$17.0M	$12.6M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.990	+0.016%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.006	+0.033%	$2.8M	$6.9M	20x	as long as short
HTX HYPE-USDT	+0.0228%	4h	94.085	+0.117%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	93.957	−0.019%	$77K	$142K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0157%	1h	94.011	+0.038%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0377%	1h	94.083	+0.115%	$7.5M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.070	+0.101%	$21.0M	$29.5M	50x	as long as short