Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:07 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.020%

Price spread now: ApeX Omni against Perpl−0.005%65s7-day average −0.011% · you buy dearer than you sell

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

Long on Perpl Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.151%+$15 on $10k

Price spread, last 4 days (all we have)−0.265%−$26 · spread now −0.005%, 7d avg −0.011%

Together, before fees−0.114%+ Points / potential airdropPerpl: Active · farm board−$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.011%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate. The two prices were read 65 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	Perpl HYPE	94.320	0	get 0.0000% / 43m	40m 55s	$19K	$285K	10x
Short	ApeX Omni HYPEUSDT	94.315	0.0100	get 0.0013% / 1h	25m 55s	$344K	$1.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Perpl. 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 PerplbpFee ApeX OmnibpOrdersPrice spread, now −0.005%Rate

Funding earned: $21
Price spread: −0.005% → −0.011%: $0.62
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$2.18
Costs to cover: 0.238%
Break-even: 7.7 days

Slippage unknown: Perpl: no order-book sample; ApeX Omni: live order book, 3 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 Perpl no order-book sample	—	—	—	—	—
Sell ApeX Omni live order book, 3 min ago	2.76 bp	9.2 bp −$9	12.1 bp −$121	doesn't fit	doesn't fit

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	−0.0792%	1h	94.302	−0.019%	$210K	$267K	7x	as long as short
Bluefin HYPE-PERP	−0.0598%	1h	94.267	−0.056%	$80K	$149K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0285%	1h	94.397	+0.082%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0260%	1h	94.294	−0.027%	$112K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0186%	1h	94.300	−0.021%	$702K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	94.325	+0.005%	$90K	$365K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.287	−0.035%	$1.0M	$3.4M	10x	as long as short
Gate HYPE_USDT	−0.0102%	4h	94.415	+0.101%	$51.6M	$55.4M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.344	+0.026%	$3K	$331	25x	as long as short
Kraken Futures PF_HYPEUSD	−0.0048%	1h	94.294	−0.027%	$18.8M	$35.5M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0032%	8h	94.430	+0.117%	$318.4M	$293.4M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0009%	4h	94.295	−0.026%	$146K	$677K	20x	as long as short
Phemex HYPEUSDT	−0.0001%	8h	94.316	−0.004%	$12.9M	$2.9M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.385	+0.070%	$129K	$92K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.349	+0.031%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPElong	0.0000%	43m	94.320	long leg	$19K	$285K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.257	−0.066%	$113K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.404	+0.089%	$210K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0010%	1h	94.160	−0.169%	$16.3M	$7.5M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.440	+0.127%	$4.7M	$5.9M	50x	as long as short
Bitget HYPEUSDT	+0.0030%	4h	94.365	+0.048%	$227.0M	$97.9M	75x	as long as short
Vest HYPE-PERP	+0.0038%	1h	94.390	+0.075%	—	$190K	5x	as long as short
Backpack HYPE_USDC_PERP	+0.0038%	1h	94.261	−0.062%	$7.5M	$10.4M	20x	as long as short
SoDEX HYPE-USD	+0.0038%	1h	94.308	−0.013%	$2.1M	$2.0M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0040%	8h	94.317	−0.003%	$337K	$39K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0044%	8h	94.433	+0.120%	$117.8M	$327.3M	50x	as long as short
edgeX HYPEUSDC	+0.0081%	4h	94.269	−0.054%	$5.0M	$31.0M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.298	−0.023%	$16.2M	$62.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.298	−0.023%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.319	−0.001%	$149K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.320	0.000%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.288	−0.033%	$7.2M	$51.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.394	+0.079%	$2.07B	$689.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.414	+0.100%	$9.6M	$38.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.334	+0.015%	$10.2M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.427	+0.114%	$379.8M	$930.9M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.213	−0.113%	$219K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.406	+0.091%	$93.1M	$86.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.373	+0.056%	$47.1M	$19.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.423	+0.109%	—	$53.0M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	94.329	+0.010%	$29.9M	$56.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.308	−0.013%	$7.6M	$44.7M	10x	as long as short
ApeX Omni HYPEUSDTshort	+0.0100%	1h	94.315	−0.005%	$344K	$1.0M	50x
StandX HYPE-USD	+0.0100%	1h	94.356	+0.038%	$688K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.406	+0.091%	$498K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.326	+0.006%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.442	+0.129%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.358	+0.040%	$18.2M	$43.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.405	+0.090%	$399K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.331	+0.011%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.901%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0195%	1h	94.388	+0.072%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.297	−0.024%	$83K	$105K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	94.354	+0.036%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.344	+0.026%	$17.3M	$12.5M	75x	as long as short