Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0232%/8h= −25.4% APRpaid last 24h −0.075%

Price spread now: Bybit against Reya+0.008%7-day average — · you sell dearer than you buy

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

Long on Reya Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$7 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya HYPERUSDPERP	95.152	0.0268	pay 0.0033% / 1h	32m 14s	$86K	$90K	15x
Short	Bybit HYPEUSDT	95.160	0.0035	get 0.0035% / 8h	4h 32m	$321.8M	$261.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Reya. 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 ReyabpFee BybitbpOrdersPrice spread, now +0.008%Rate

Funding earned: −$48.73
Price spread: +0.008% → 0.000%: $0.85
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$64.88
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Bybit: live order book, 5 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 Reya no order-book sample	—	—	—	—	—
Sell Bybit live order book, 5 min ago	0.52 bp	8.1 bp −$8	9.6 bp −$96	17.0 bp −$1,695	36.7 bp −$18.3K

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 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
Kraken Futures PF_HYPEUSD	−0.0281%	1h	95.187	+0.037%	$18.2M	$31.8M	50x	as long as short
Phemex HYPEUSDT	−0.0251%	8h	95.225	+0.077%	$13.0M	$2.2M	50x	as long as short
Bluefin HYPE-PERP	−0.0193%	1h	95.149	−0.003%	$79K	$131K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0130%	1h	95.260	+0.114%	$679K	$1.2M	10x	as long as short
Aster HYPEUSDT	−0.0100%	4h	95.148	−0.004%	$8.9M	$34.0M	300x	as long as short
Orderly PERP_HYPE_USDC	−0.0077%	4h	95.133	−0.020%	$147K	$639K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0071%	1h	95.233	+0.085%	$22K	$17K	10x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0064%	1h	95.200	+0.050%	$4.8M	$5.3M	50x	as long as short
Gate HYPE_USDT	−0.0062%	4h	95.172	+0.021%	$56.4M	$53.0M	75x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	95.199	+0.049%	$102K	$351K	20x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX HYPE-USDT-SWAP	−0.0049%	8h	95.161	+0.010%	$118.9M	$302.9M	50x	as long as short
Lighter HYPE	−0.0032%	1h	95.157	+0.006%	$16.6M	$55.6M	20x	as long as short
Bitget HYPEUSDT	−0.0024%	4h	95.181	+0.031%	$230.2M	$86.5M	75x	as long as short
Phoenix HYPE	−0.0017%	1h	95.395	+0.255%	$197K	$1.1M	10x	as long as short
Bullet HYPE-USD	−0.0006%	1h	95.183	+0.033%	$113K	$583K	20x	as long as short
Perpl HYPE	0.0000%	43m	95.174	+0.023%	$24K	$248K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.207	+0.057%	$100K	—	150x	as long as short
Backpack HYPE_USDC_PERP	+0.0020%	1h	95.149	−0.003%	$6.8M	$12.3M	20x	as long as short
edgeX HYPEUSDC	+0.0026%	4h	95.267	+0.121%	$5.1M	$28.2M	30x	as long as short
Derive HYPE-PERP	+0.0028%	1h	95.113	−0.041%	$16.4M	$6.4M	10x	as long as short
Bybit HYPEUSDTshort	+0.0035%	8h	95.160	+0.008%	$321.8M	$261.5M	75x
BingX HYPE-USDT	+0.0036%	4h	95.176	+0.025%	—	$51.1M	—	as long as short
dYdX HYPE-USD	+0.0038%	1h	95.209	+0.060%	$128K	$96K	5x	as long as short
MEXC HYPE_USDT	+0.0038%	4h	95.190	+0.040%	$89.0M	$83.5M	100x	as long as short
Binance HYPEUSDT	+0.0039%	4h	95.155	+0.004%	$384.6M	$843.8M	75x	as long as short
KuCoin HYPEUSDTM	+0.0074%	4h	95.172	+0.021%	$47.7M	$17.7M	75x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	95.154	+0.002%	$402K	$115K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	95.145	−0.007%	$340K	$30K	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.160	+0.008%	$3.3M	$9.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	95.183	+0.033%	$292K	$1.0M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	95.160	+0.008%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.302	+0.158%	$6.8M	$49.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.260	+0.114%	$2.11B	$631.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.167	+0.016%	$10.2M	$12.8M	20x	as long as short
Arcus HYPE-USD	+0.0100%	1h	95.179	+0.028%	$1.1M	$2.8M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.309	+0.165%	$229K	$20K	10x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.168	+0.017%	$30.0M	$52.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.341	+0.199%	$7.7M	$41.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.280	+0.135%	$324K	$918K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.322	+0.179%	$694K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	95.267	+0.121%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.184	+0.034%	$492K	$2.3M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.220	+0.072%	$33K	$1.3M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	95.165	+0.014%	$2.1M	$332K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.294	+0.149%	$1.4M	$5.1M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.131	−0.023%	$18.2M	$36.8M	50x	as long as short
Kalshi KXHYPEPERP	+0.0133%	8h	95.242	+0.095%	$1.8M	$5.0M	2.3x	as long as short
RISEx HYPE/USDC	+0.0138%	1h	95.199	+0.049%	$3.1M	$5.1M	20x	as long as short
BloFin HYPE-USDT	+0.0158%	4h	95.214	+0.065%	$17.5M	$11.3M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0191%	1h	95.251	+0.104%	$7.6M	$4.3M	50x	as long as short
Reya HYPERUSDPERPlong	+0.0268%	1h	95.152	long leg	$86K	$90K	15x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0327% / S −0.0152%	1h	95.211	+0.062%	$1.4M	—	100x	as long as short
Hibachi HYPE/USDT-P	+0.0872%	1h	95.265	+0.119%	$215K	$291K	7x	as long as short
Injective HYPE/USDC PERP	+0.1234%	1h	95.420	+0.282%	$31K	$334K	12x	as long as short