Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:29 UTC−0.0064%/8h= −7.0% APRpaid last 24h −0.005%

Price spread now: 01 Exchange against Perpl−0.030%7-day average +0.012% · you buy dearer than you sell

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

Long on Perpl Short on 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.047%+$5 on $10k

Price spread, last 3 days (all we have)−0.165%−$16 · spread now −0.030%, 7d avg +0.012%

Together, before fees−0.117%+ Points / potential airdropPerpl: Active · farm board−$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and 01 Exchange is 0.043% cheaper against Perpl than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.012%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl HYPE	93.700	0	get 0.0000% / 43m	17m 09s	$23K	$329K	10x
Short	01 Exchange HYPEUSD	93.671	−0.0064	pay 0.0008% / 1h	21m 09s	$86K	$367K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now −0.030%Rate

Funding earned: −$13.44
Price spread: −0.030% → +0.012%: −$4.26
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$38.5
Costs to cover: 0.208%
Break-even: never at this rate

Slippage unknown: Perpl: no order-book sample; 01 Exchange: live order book, 58 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 01 Exchange live order book, 58 min ago	0.11 bp	6.4 bp −$6	9.1 bp −$91	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	−0.0992%	1h	93.602	−0.105%	$198K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0396%	1h	93.644	−0.059%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.559	−0.150%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0089%	1h	93.680	−0.021%	$704K	$912K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.557	−0.152%	$3K	$331	25x	as long as short
01 Exchange HYPEUSDshort	−0.0064%	1h	93.671	−0.030%	$86K	$367K	20x
Orderly PERP_HYPE_USDC	−0.0001%	4h	93.700	+0.001%	$168K	$586K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.737	+0.041%	$128K	$30K	5x	as long as short
Perpl HYPElong	0.0000%	43m	93.700	long leg	$23K	$329K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.727	+0.029%	$26K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0006%	4h	93.725	+0.027%	$8.9M	$36.0M	300x	as long as short
Phoenix HYPE	+0.0009%	1h	93.610	−0.096%	$214K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0017%	8h	93.714	+0.015%	$322.2M	$283.7M	75x	as long as short
Derive HYPE-PERP	+0.0030%	1h	93.653	−0.050%	$16.4M	$7.1M	10x	as long as short
MEXC HYPE_USDT	+0.0048%	4h	93.729	+0.031%	$88.4M	$81.9M	100x	as long as short
Binance HYPEUSDT	+0.0049%	4h	93.730	+0.033%	$382.7M	$896.5M	75x	as long as short
Phemex HYPEUSDT	+0.0067%	8h	93.708	+0.009%	$12.8M	$2.6M	50x	as long as short
edgeX HYPEUSDC	+0.0070%	4h	93.483	−0.231%	$5.1M	$29.7M	30x	as long as short
Gate HYPE_USDT	+0.0074%	4h	93.718	+0.020%	$44.0M	$59.7M	75x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	93.688	−0.012%	$59K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.776	+0.081%	$18.9M	$60.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.722	+0.024%	$3.0M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.710	+0.011%	$399K	$318K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0098%	8h	93.722	+0.024%	$115.5M	$321.4M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.683	−0.018%	$340K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.680	−0.021%	$15K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.645	−0.058%	$5.7M	$44.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.708	+0.010%	$10.1M	$14.5M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.625	−0.080%	$204K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.706	+0.007%	$46.4M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.747	+0.051%	$227.1M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.729	+0.031%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.762	+0.067%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.672	−0.029%	$31.1M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.549	−0.161%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.489	−0.225%	$358K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.514	−0.198%	$676K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.717	+0.019%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.706	+0.007%	$491K	$2.4M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.698	−0.001%	$113K	$576K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.698	−0.002%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.748	+0.052%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.698	−0.002%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.758%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.680	−0.021%	$18.4M	$42.8M	50x	as long as short
Hyperliquid HYPE	+0.0132%	1h	93.770	+0.075%	$2.04B	$677.4M	10x	as long as short
Kalshi KXHYPEPERP	+0.0138%	8h	93.775	+0.081%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.790	+0.097%	$4.9M	$5.7M	50x	as long as short
BloFin HYPE-USDT	+0.0197%	4h	93.704	+0.005%	$17.0M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0204%	4h	93.848	+0.158%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.694	−0.006%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.716	+0.017%	$2.8M	$6.9M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0163%	1h	93.725	+0.027%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0433%	1h	93.798	+0.105%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0579%	1h	93.795	+0.102%	$20.9M	$29.5M	50x	as long as short