Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0314%/8h= −34.4% APRpaid last 24h −0.093%

Price spread now: Orderly against Reya−0.075%66s7-day average +0.017% · you buy dearer than you sell

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

Long on Reya Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.081%−$8 on $10k

Price spread, last 4 days (all we have)−0.063%−$6 · spread now −0.075%, 7d avg +0.017%

Together, before fees−0.145%+ Points / potential airdropReya: Active · farm board−$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Orderly is 0.091% cheaper against Reya than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.017%). Swap the legs. The two prices were read 66 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.081% in total (about -8.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya HYPERUSDPERP	95.108	0.0270	pay 0.0034% / 1h	49m 37s	$85K	$96K	15x
Short	Orderly PERP_HYPE_USDC	95.037	−0.0044	pay 0.0022% / 4h	1h 49m	$148K	$643K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Reya. 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 ReyabpFee OrderlybpOrdersPrice spread, now −0.075%Rate

Funding earned: −$65.94
Price spread: −0.075% → +0.017%: −$9.14
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$87.09
Costs to cover: 0.120%
Break-even: never at this rate

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

Reya and Orderly: 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	−0.1088%	1h	95.235	+0.133%	$215K	$263K	7x	as long as short
Phemex HYPEUSDT	−0.0272%	8h	95.055	−0.056%	$13.0M	$2.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0252%	1h	95.073	−0.037%	$18.5M	$35.2M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0211%	1h	94.920	−0.198%	$689K	$1.2M	10x	as long as short
Lighter HYPE	−0.0184%	1h	94.987	−0.128%	$16.3M	$57.5M	20x	as long as short
Aftermath Perps HYPEUSD	−0.0131%	1h	95.215	+0.112%	$22K	$17K	10x	as long as short
Arcus HYPE-USD	−0.0130%	1h	94.992	−0.122%	$1.1M	$2.4M	10x	as long as short
01 Exchange HYPEUSD	−0.0128%	1h	94.951	−0.165%	$96K	$338K	20x	as long as short
Gate HYPE_USDT	−0.0096%	4h	95.006	−0.107%	$54.7M	$53.2M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.191	+0.087%	$3K	$331	25x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.110	+0.002%	$4.7M	$5.5M	50x	as long as short
Bullet HYPE-USD	−0.0050%	1h	95.085	−0.024%	$113K	$581K	20x	as long as short
Popdex HYPEUSDT	−0.0048%	1h	94.962	−0.154%	$273K	$1.0M	50x	as long as short
Orderly PERP_HYPE_USDCshort	−0.0044%	4h	95.037	−0.075%	$148K	$643K	20x
Aster HYPEUSDT	−0.0043%	4h	95.003	−0.110%	$8.9M	$32.7M	300x	as long as short
OKX HYPE-USDT-SWAP	−0.0014%	8h	94.986	−0.128%	$119.1M	$302.6M	50x	as long as short
Phoenix HYPE	−0.0008%	1h	95.326	+0.229%	$199K	$1.1M	10x	as long as short
SoDEX HYPE-USD	−0.0002%	1h	95.055	−0.056%	$2.1M	$340K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	95.169	+0.064%	$129K	$94K	5x	as long as short
Perpl HYPE	0.0000%	43m	95.106	−0.003%	$24K	$251K	10x	as long as short
Deribit HYPE_USDC-PERPETUAL	0.0000%	1h	95.150	+0.044%	$7.5M	$4.3M	50x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.192	+0.088%	$100K	—	150x	as long as short
Bitget HYPEUSDT	+0.0016%	4h	95.009	−0.104%	$228.4M	$86.8M	75x	as long as short
Bybit HYPEUSDT	+0.0023%	8h	94.990	−0.124%	$319.9M	$265.4M	75x	as long as short
edgeX HYPEUSDC	+0.0072%	4h	95.113	+0.005%	$5.1M	$29.2M	30x	as long as short
Bulk HYPE-USD	+0.0074%	1h	95.269	+0.169%	$232K	$12K	10x	as long as short
Paradex HYPE-USD-PERP	+0.0076%	8h	94.981	−0.134%	$339K	$34K	20x	as long as short
Binance HYPEUSDT	+0.0077%	4h	94.995	−0.119%	$381.9M	$851.6M	75x	as long as short
Bluefin HYPE-PERP	+0.0079%	1h	95.064	−0.046%	$79K	$135K	20x	as long as short
MEXC HYPE_USDT	+0.0082%	4h	94.995	−0.119%	$90.0M	$83.1M	100x	as long as short
StandX HYPE-USD	+0.0086%	1h	95.142	+0.036%	$692K	$2.7M	20x	as long as short
BingX HYPE-USDT	+0.0092%	4h	94.997	−0.117%	—	$49.4M	—	as long as short
Lighter RH HYPE	+0.0096%	1h	94.995	−0.119%	$3.4M	$10.1M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	94.980	−0.135%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.091	−0.017%	$7.4M	$51.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.138	+0.031%	$2.11B	$646.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.029	−0.083%	$10.2M	$13.2M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.021	−0.092%	$47.3M	$17.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.098	−0.011%	$7.8M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.111	+0.003%	$30.0M	$53.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.192	+0.088%	$7.7M	$39.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.135	+0.028%	$347K	$882K	50x	as long as short
Vest HYPE-PERP	+0.0100%	1h	95.174	+0.070%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.135	+0.028%	$504K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.169	+0.064%	$33K	$1.4M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.252	+0.151%	$1.4M	$5.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.974	−0.141%	$18.4M	$39.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.038	−0.073%	$402K	$130K	20x	as long as short
Kalshi KXHYPEPERP	+0.0126%	8h	95.197	+0.094%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.008	−0.105%	$3.2M	$5.5M	20x	as long as short
Reya HYPERUSDPERPlong	+0.0270%	1h	95.108	long leg	$85K	$96K	15x
BloFin HYPE-USDT	+0.0326%	4h	95.132	+0.025%	$17.3M	$11.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.199	+0.096%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.500	+0.412%	$31K	$334K	12x	as long as short