Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:48 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.022%

Price spread now: Bulk against Perpl−0.069%7-day average +0.033% · you buy dearer than you sell

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

Long on Perpl Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.085%+$9 on $10k

Price spread, last 4 days (all we have)−0.222%−$22 · spread now −0.069%, 7d avg +0.033%

Together, before fees−0.137%+ Points / potential airdropPerpl: Active · farm board−$14 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bulk is 0.101% cheaper against Perpl than usual: you would sell low and buy high (spread −0.069% now, against its 7-day average of +0.033%). If the spread goes back, that is −$10 on $10k: about 3.4 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl HYPE	93.006	0	get 0.0000% / 43m	7m 27s	$22K	$301K	10x
Short	Bulk HYPE-USD	92.942	0.0100	get 0.0013% / 1h	53m 27s	$202K	$13K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Perpl. 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 PerplbpFee BulkbpOrdersPrice spread, now −0.069%Rate

Funding earned: $21
Price spread: −0.069% → +0.033%: −$10.13
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$9.93
Costs to cover: 0.208%
Break-even: 10.3 days

Slippage unknown: Perpl: no order-book sample; Bulk: live order book, just now. 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 Bulk live order book, just now	0.54 bp	4.0 bp −$4	6.5 bp −$65	15.0 bp −$1,500	46.9 bp −$23.4K

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	−0.0528%	1h	92.732	−0.294%	$193K	$228K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0264%	1h	92.854	−0.163%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.935	−0.076%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.919	−0.093%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0063%	4h	92.951	−0.059%	$158K	$658K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.935	−0.076%	$127K	$29K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	92.977	−0.031%	$1.8M	$5.4M	2.3x	as long as short
Perpl HYPElong	0.0000%	43m	93.006	long leg	$22K	$301K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.006	0.000%	$62K	—	150x	as long as short
Gate HYPE_USDT	+0.0020%	4h	92.970	−0.038%	$44.6M	$53.6M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	+0.0026%	1h	92.888	−0.127%	$210K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0030%	8h	92.815	−0.205%	$12.5M	$2.7M	50x	as long as short
Bybit HYPEUSDT	+0.0037%	8h	92.980	−0.028%	$316.5M	$282.2M	75x	as long as short
01 Exchange HYPEUSD	+0.0056%	1h	93.014	+0.009%	$87K	$362K	20x	as long as short
Aster HYPEUSDT	+0.0079%	4h	92.966	−0.043%	$8.7M	$36.2M	300x	as long as short
Bullet HYPE-USD	+0.0080%	1h	92.962	−0.047%	$112K	$578K	20x	as long as short
edgeX HYPEUSDC	+0.0081%	4h	92.806	−0.214%	$4.9M	$29.6M	30x	as long as short
Bitget HYPEUSDT	+0.0082%	4h	92.975	−0.033%	$225.2M	$98.9M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0091%	1h	92.800	−0.221%	$697K	$1.1M	10x	as long as short
Lighter HYPE	+0.0096%	1h	92.935	−0.076%	$16.1M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.942	−0.069%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.982	−0.026%	$70K	$1.1M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	92.956	−0.054%	$339K	$163K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0099%	8h	92.999	−0.007%	$114.0M	$304.7M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.960	−0.049%	$39K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.915	−0.098%	$7.5M	$45.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.041	+0.038%	$2.03B	$664.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.959	−0.051%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.997	−0.009%	$374.0M	$903.6M	75x	as long as short
Bulk HYPE-USDshort	+0.0100%	1h	92.942	−0.069%	$202K	$13K	10x
MEXC HYPE_USDT	+0.0100%	4h	92.986	−0.021%	$88.2M	$79.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.989	−0.018%	$46.2M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.982	−0.026%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.866	−0.150%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.709	−0.319%	$28.4M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.766	−0.258%	$7.5M	$46.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.797	−0.225%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.833	−0.186%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.009	+0.004%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.009	+0.003%	$469K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.998	−0.008%	$79K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.811	−0.210%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.937	−0.074%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.827	−0.192%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.995	−0.012%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.961	−0.048%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.002	−0.004%	$393K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.010	+0.005%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.913	−0.100%	$20.6M	$30.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.760	−0.264%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0264%	1h	92.974	−0.035%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.988	−0.019%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.910	−0.103%	$16.8M	$11.7M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0375%	1h	92.922	−0.090%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	93.028	+0.024%	$3.2M	$6.4M	20x	as long as short