Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0179%/8h= −19.6% APRpaid last 24h −0.121%

Price spread now: Orderly against RISEx−0.007%7-day average −0.030% · you buy dearer than you sell

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

Long on RISEx Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.223%−$22 on $10k

Price spread, last 4 days (all we have)−0.025%−$3 · spread now −0.007%, 7d avg −0.030%

Together, before fees−0.249%−$25 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Orderly is 0.023% dearer against RISEx than usual: you sell high and buy low (spread −0.007% now, against its 7-day average of −0.030%): +$2 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 10 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx HYPE/USDC	94.932	0.0133	pay 0.0017% / 1h	48m 30s	$3.2M	$5.5M	20x
Short	Orderly PERP_HYPE_USDC	94.925	−0.0046	pay 0.0023% / 4h	1h 48m	$147K	$643K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against RISEx. 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 RISExbpFee OrderlybpOrdersPrice spread, now −0.007%Rate

Funding earned: −$37.57
Price spread: −0.007% → −0.030%: $2.25
Slippage, 4 orders: no order book: not counted
Fee RISEx: 3 bp × 2 orders: −$6
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$47.32
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: RISEx: live order book, 4 min ago; 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 RISEx live order book, 4 min ago	0.89 bp	3.9 bp −$4	5.5 bp −$55	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

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	−0.1008%	1h	95.093	+0.170%	$220K	$269K	7x	as long as short
Phemex HYPEUSDT	−0.0260%	8h	94.994	+0.065%	$12.9M	$2.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0252%	1h	94.957	+0.026%	$18.5M	$35.2M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0200%	1h	94.910	−0.023%	$689K	$1.2M	10x	as long as short
Lighter HYPE	−0.0184%	1h	94.907	−0.026%	$16.3M	$57.6M	20x	as long as short
01 Exchange HYPEUSD	−0.0136%	1h	94.855	−0.081%	$99K	$342K	20x	as long as short
Arcus HYPE-USD	−0.0130%	1h	94.894	−0.040%	$1.1M	$2.4M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0124%	1h	95.188	+0.270%	$22K	$17K	10x	as long as short
Gate HYPE_USDT	−0.0098%	4h	94.899	−0.035%	$54.7M	$53.2M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.191	+0.273%	$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
ApeX Omni HYPEUSDT	−0.0068%	1h	95.141	+0.220%	$342K	$887K	50x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.020	+0.093%	$4.7M	$5.5M	50x	as long as short
Bullet HYPE-USD	−0.0053%	1h	94.979	+0.049%	$113K	$581K	20x	as long as short
Aster HYPEUSDT	−0.0049%	4h	94.877	−0.057%	$8.9M	$32.7M	300x	as long as short
Popdex HYPEUSDT	−0.0048%	1h	94.899	−0.035%	$273K	$1.0M	50x	as long as short
Orderly PERP_HYPE_USDCshort	−0.0046%	4h	94.925	−0.007%	$147K	$643K	20x
SoDEX HYPE-USD	−0.0018%	1h	94.950	+0.019%	$2.1M	$340K	10x	as long as short
OKX HYPE-USDT-SWAP	−0.0015%	8h	94.890	−0.044%	$118.8M	$302.5M	50x	as long as short
Phoenix HYPE	−0.0008%	1h	95.326	+0.415%	$199K	$1.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.991	+0.062%	$129K	$94K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.998	+0.070%	$24K	$250K	10x	as long as short
Deribit HYPE_USDC-PERPETUAL	0.0000%	1h	95.036	+0.110%	$7.5M	$4.3M	50x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.192	+0.274%	$100K	—	150x	as long as short
Bitget HYPEUSDT	+0.0014%	4h	94.898	−0.036%	$228.1M	$86.8M	75x	as long as short
Bybit HYPEUSDT	+0.0018%	8h	94.890	−0.044%	$319.5M	$265.5M	75x	as long as short
StandX HYPE-USD	+0.0067%	1h	95.057	+0.132%	$691K	$2.7M	20x	as long as short
edgeX HYPEUSDC	+0.0072%	4h	95.113	+0.190%	$5.1M	$29.2M	30x	as long as short
Bluefin HYPE-PERP	+0.0073%	1h	94.979	+0.050%	$79K	$135K	20x	as long as short
Bulk HYPE-USD	+0.0074%	1h	95.269	+0.355%	$232K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0076%	4h	94.901	−0.032%	$89.9M	$83.2M	100x	as long as short
Paradex HYPE-USD-PERP	+0.0076%	8h	94.910	−0.024%	$339K	$30K	20x	as long as short
Binance HYPEUSDT	+0.0077%	4h	94.878	−0.056%	$381.3M	$851.1M	75x	as long as short
BingX HYPE-USDT	+0.0092%	4h	94.902	−0.031%	—	$48.9M	—	as long as short
Lighter RH HYPE	+0.0096%	1h	94.930	−0.002%	$3.4M	$10.1M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	94.860	−0.076%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.915	−0.018%	$7.3M	$51.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.022	+0.095%	$2.10B	$646.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.932	0.000%	$10.2M	$13.2M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.911	−0.022%	$47.2M	$17.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.981	+0.052%	$7.3M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.111	+0.188%	$30.0M	$53.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.192	+0.274%	$7.7M	$39.2M	10x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.976	+0.046%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.934	+0.002%	$504K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.082	+0.158%	$33K	$1.4M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.043	+0.117%	$1.4M	$5.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.864	−0.072%	$18.4M	$39.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.942	+0.011%	$401K	$130K	20x	as long as short
Kalshi KXHYPEPERP	+0.0126%	8h	95.062	+0.137%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDClong	+0.0133%	1h	94.932	long leg	$3.2M	$5.5M	20x
Reya HYPERUSDPERP	+0.0270%	1h	95.108	+0.186%	$85K	$96K	15x	as long as short
BloFin HYPE-USDT	+0.0322%	4h	94.950	+0.019%	$17.4M	$11.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.199	+0.281%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.500	+0.598%	$31K	$334K	12x	as long as short