Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:33 UTC−0.0013%/8h= −1.4% APRpaid last 24h +0.010%

Price spread now: OKX against Perpl+0.015%115s7-day average −0.032% · you sell dearer than you buy

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

Long on Perpl Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.099%+$10 on $10k

Price spread, last 4 days (all we have)−0.433%−$43 · spread now +0.015%, 7d avg −0.032%

Together, before fees−0.334%+ Points / potential airdropPerpl: Active · farm board−$33 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.047% dearer against Perpl than usual: you sell high and buy low (spread +0.015% now, against its 7-day average of −0.032%): +$5 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 12 days. Mind the row above: over the last 7 days funding on this pair paid +0.099%, so the current rate has only just turned against you. The two prices were read 115 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	95.139	0	get 0.0000% / 43m	32m 26s	$24K	$251K	10x
Short	OKX HYPE-USDT-SWAP	95.154	−0.0013	pay 0.0013% / 8h	5h 51m	$119.2M	$302.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.015%Rate

Funding earned: −$2.71
Price spread: +0.015% → −0.032%: $4.71
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee OKX: 5 bp × 2 orders: −$10
Net: −$21.79
Costs to cover: 0.238%
Break-even: never at this rate

Slippage unknown: Perpl: no order-book sample; OKX: live order book, 6 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 OKX live order book, 6 min ago	0.05 bp	5.5 bp −$6	6.0 bp −$60	16.0 bp −$1,600	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 54 exchanges

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	−0.1128%	1h	95.252	+0.118%	$215K	$263K	7x	as long as short
Phemex HYPEUSDT	−0.0274%	8h	95.208	+0.072%	$13.0M	$2.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0251%	1h	95.177	+0.039%	$18.5M	$35.2M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0183%	1h	95.090	−0.052%	$689K	$1.3M	10x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.142	+0.003%	$1.1M	$2.4M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0125%	1h	95.236	+0.101%	$22K	$17K	10x	as long as short
Lighter HYPE	−0.0120%	1h	95.103	−0.038%	$16.3M	$57.5M	20x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	95.163	+0.025%	$95K	$339K	20x	as long as short
Bullet HYPE-USD	−0.0087%	1h	95.180	+0.042%	$114K	$581K	20x	as long as short
Gate HYPE_USDT	−0.0086%	4h	95.127	−0.013%	$54.7M	$53.1M	75x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hotstuff HYPE-PERP	−0.0080%	1h	95.191	+0.054%	$3K	$331	25x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.130	−0.010%	$4.7M	$5.6M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0043%	4h	95.115	−0.026%	$148K	$643K	20x	as long as short
Aster HYPEUSDT	−0.0040%	4h	95.132	−0.008%	$9.0M	$32.8M	300x	as long as short
Popdex HYPEUSDT	−0.0024%	1h	95.173	+0.035%	$274K	$1.0M	50x	as long as short
OKX HYPE-USDT-SWAPshort	−0.0013%	8h	95.154	+0.015%	$119.2M	$302.8M	50x
Phoenix HYPE	−0.0008%	1h	95.326	+0.196%	$199K	$1.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	95.169	+0.031%	$129K	$94K	5x	as long as short
Perpl HYPElong	0.0000%	43m	95.139	long leg	$24K	$251K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.192	+0.055%	$100K	—	150x	as long as short
Bitget HYPEUSDT	+0.0018%	4h	95.167	+0.029%	$228.7M	$86.8M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0023%	1h	95.251	+0.117%	$7.5M	$4.3M	50x	as long as short
Bybit HYPEUSDT	+0.0024%	8h	95.170	+0.032%	$320.5M	$265.9M	75x	as long as short
SoDEX HYPE-USD	+0.0025%	1h	95.155	+0.016%	$2.1M	$373K	10x	as long as short
Bulk HYPE-USD	+0.0074%	1h	95.269	+0.136%	$232K	$12K	10x	as long as short
Paradex HYPE-USD-PERP	+0.0075%	8h	95.125	−0.015%	$339K	$35K	20x	as long as short
edgeX HYPEUSDC	+0.0078%	4h	95.131	−0.008%	$5.1M	$29.2M	30x	as long as short
Bluefin HYPE-PERP	+0.0079%	1h	95.172	+0.034%	$79K	$135K	20x	as long as short
MEXC HYPE_USDT	+0.0086%	4h	95.132	−0.008%	$90.2M	$83.1M	100x	as long as short
Binance HYPEUSDT	+0.0086%	4h	95.161	+0.023%	$382.6M	$852.4M	75x	as long as short
StandX HYPE-USD	+0.0091%	1h	95.125	−0.015%	$692K	$2.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.125	−0.015%	$3.3M	$10.0M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.110	−0.031%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.105	−0.036%	$7.4M	$51.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.267	+0.134%	$2.11B	$645.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.158	+0.019%	$10.3M	$13.3M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.105	−0.036%	$48.1M	$17.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	95.159	+0.020%	—	$49.3M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.206	+0.070%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.251	+0.117%	$30.0M	$53.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.192	+0.055%	$7.7M	$39.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.135	−0.005%	$347K	$882K	50x	as long as short
Vest HYPE-PERP	+0.0100%	1h	95.200	+0.064%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.189	+0.052%	$504K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.245	+0.111%	$33K	$1.4M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.284	+0.152%	$1.4M	$5.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.133	−0.006%	$18.4M	$39.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.173	+0.035%	$402K	$130K	20x	as long as short
Kalshi KXHYPEPERP	+0.0124%	8h	95.233	+0.098%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.199	+0.063%	$3.2M	$5.5M	20x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	95.128	−0.012%	$85K	$96K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.199	+0.063%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0336%	4h	95.165	+0.027%	$17.3M	$11.5M	75x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.500	+0.379%	$31K	$334K	12x	as long as short