Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:46 UTC+0.0248%/8h= +27.1% APRpaid last 24h +0.039%

Price spread now: Reya against Perpl+0.034%7-day average −0.026% · you sell dearer than you buy

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

Long on Perpl Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.069%+$7 on $10k

Price spread, last 3 days (all we have)−0.075%−$7 · spread now +0.034%, 7d avg −0.026%

Together, before fees−0.006%+ Points / potential airdropPerpl: Active · Reya: Active · farm board−$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Reya is 0.060% dearer against Perpl than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.026%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.069% in total (about 7.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl HYPE	93.394	0	get 0.0000% / 43m	19m 33s	$23K	$330K	10x
Short	Reya HYPERUSDPERP	93.426	0.0248	get 0.0031% / 1h	6m 33s	$77K	$159K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now +0.034%Rate

Funding earned: $51.98
Price spread: +0.034% → −0.026%: $5.98
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Reya: 3 bp × 2 orders: −$6
Net: $38.15
Costs to cover: 0.198%
Break-even: 1.9 days

Slippage unknown: Perpl: no order-book sample; Reya: 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 Perpl no order-book sample	—	—	—	—	—
Sell Reya no order-book sample	—	—	—	—	—

Perpl and Reya: 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
Aftermath Perps HYPEUSD	−0.0476%	1h	93.219	−0.188%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0416%	1h	93.238	−0.168%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.355	−0.042%	$1.2M	$3.9M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0129%	1h	93.160	−0.251%	$699K	$894K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.346	−0.052%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.463	+0.073%	$91K	$358K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.390	−0.005%	$127K	$32K	5x	as long as short
Perpl HYPElong	0.0000%	43m	93.394	long leg	$23K	$330K	10x
Aster HYPEUSDT	+0.0002%	4h	93.405	+0.012%	$8.9M	$35.7M	300x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.272	−0.132%	$27K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex HYPEUSDT	+0.0008%	1h	93.431	+0.039%	$58K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0016%	4h	93.253	−0.151%	$176K	$524K	20x	as long as short
Bybit HYPEUSDT	+0.0020%	8h	93.404	+0.010%	$323.6M	$282.3M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.306	−0.095%	$214K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0047%	1h	93.248	−0.157%	$111K	$577K	20x	as long as short
MEXC HYPE_USDT	+0.0060%	4h	93.432	+0.040%	$90.3M	$82.4M	100x	as long as short
Binance HYPEUSDT	+0.0061%	4h	93.431	+0.039%	$383.5M	$886.3M	75x	as long as short
Derive HYPE-PERP	+0.0061%	1h	93.213	−0.194%	$16.3M	$7.0M	10x	as long as short
Gate HYPE_USDT	+0.0062%	4h	93.411	+0.018%	$44.1M	$58.8M	75x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.250	−0.154%	$5.1M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.455	+0.065%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.421	+0.028%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.250	−0.154%	$397K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.417	+0.025%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.390	−0.005%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.430	+0.039%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.448	+0.058%	$2.03B	$661.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.431	+0.039%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.420	+0.027%	$114.2M	$312.6M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.392	−0.003%	$47.0M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.439	+0.048%	$226.7M	$102.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.415	+0.022%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.331	−0.068%	$7.8M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.212	−0.195%	$30.8M	$51.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.317	−0.083%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.303	−0.098%	$415K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.230	−0.176%	$674K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.422	+0.030%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.448	+0.057%	$494K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.255	−0.149%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.270	−0.133%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.255	−0.149%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.234	−0.172%	$12.7M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.280	−0.122%	$204K	$8K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.411	+0.018%	$18.2M	$41.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0118%	8h	93.272	−0.131%	$1.9M	$5.2M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.280	−0.122%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0220%	4h	93.369	−0.027%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.530	+0.145%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0243%	4h	93.225	−0.181%	$16.9M	$12.4M	75x	as long as short
Reya HYPERUSDPERPshort	+0.0248%	1h	93.426	+0.034%	$77K	$159K	15x
RISEx HYPE/USDC	+0.0280%	1h	93.477	+0.089%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.271	−0.132%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0372%	1h	93.352	−0.045%	$7.4M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.387	−0.008%	$20.9M	$28.9M	50x	as long as short