Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:23 UTC−0.0249%/8h= −27.2% APRpaid last 24h −0.090%

Price spread now: Perpl against RISEx−0.026%7-day average −0.005% · you buy dearer than you sell

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

Long on RISEx Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.235%−$24 on $10k

Price spread, last 4 days (all we have)+1.265%+$127 · spread now −0.026%, 7d avg −0.005%

Together, before fees+1.030%+ Points / potential airdropPerpl: Active · farm board+$103 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Perpl is 0.021% cheaper against RISEx than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.005%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx HYPE/USDC	94.446	0.0249	pay 0.0031% / 1h	12m 06s	$3.2M	$6.4M	20x
Short	Perpl HYPE	94.422	0	get 0.0000% / 43m	1m 06s	$19K	$286K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against RISEx. 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 RISExbpFee PerplbpOrdersPrice spread, now −0.026%Rate

Funding earned: −$52.23
Price spread: −0.026% → −0.005%: −$2.1
Slippage, 4 orders: no order book: not counted
Fee RISEx: 3 bp × 2 orders: −$6
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$74.13
Costs to cover: 0.198%
Break-even: never at this rate

Slippage unknown: RISEx: live order book, 2 min ago; Perpl: 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, 2 min ago	1.01 bp	4.0 bp −$4	5.0 bp −$50	doesn't fit	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

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	−0.1672%	1h	94.413	−0.035%	$204K	$266K	7x	as long as short
Bluefin HYPE-PERP	−0.0393%	1h	94.351	−0.101%	$80K	$151K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0215%	1h	94.390	−0.059%	$712K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0186%	1h	94.400	−0.049%	$112K	$575K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0166%	1h	94.421	−0.027%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.428	−0.019%	$88K	$365K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.442	−0.004%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.413	−0.035%	$1.0M	$3.5M	10x	as long as short
Derive HYPE-PERP	−0.0036%	1h	94.320	−0.134%	$16.4M	$7.4M	10x	as long as short
Lighter HYPE	−0.0032%	1h	94.379	−0.071%	$16.4M	$64.6M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0021%	8h	94.361	−0.090%	$317.1M	$288.8M	75x	as long as short
BingX HYPE-USDT	−0.0019%	4h	94.367	−0.084%	—	$52.8M	—	as long as short
Orderly PERP_HYPE_USDC	−0.0008%	4h	94.355	−0.096%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.464	+0.019%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.507	+0.064%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.527	+0.086%	$209K	$1.1M	10x	as long as short
Perpl HYPEshort	0.0000%	43m	94.422	−0.026%	$19K	$286K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.410	−0.038%	$124K	—	150x	as long as short
Polymarket Perps HYPE-USD	+0.0014%	1h	94.443	−0.003%	$498K	$2.8M	20x	as long as short
Bitget HYPEUSDT	+0.0022%	4h	94.351	−0.101%	$226.5M	$100.1M	75x	as long as short
Phemex HYPEUSDT	+0.0035%	8h	94.376	−0.074%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0038%	8h	94.449	+0.003%	$337K	$154K	20x	as long as short
Vest HYPE-PERP	+0.0048%	1h	94.495	+0.051%	—	$190K	5x	as long as short
SoDEX HYPE-USD	+0.0054%	1h	94.375	−0.075%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.420	−0.028%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0065%	8h	94.374	−0.076%	$117.7M	$325.1M	50x	as long as short
edgeX HYPEUSDC	+0.0083%	4h	94.403	−0.045%	$5.0M	$30.8M	30x	as long as short
Gate HYPE_USDT	+0.0090%	4h	94.371	−0.080%	$50.3M	$56.8M	75x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.379	−0.071%	$3.2M	$10.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.416	−0.032%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.400	−0.049%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.412	−0.037%	$7.2M	$52.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.464	+0.019%	$2.08B	$688.5M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.397	−0.052%	$8.8M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.444	−0.002%	$10.2M	$15.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.378	−0.072%	$378.4M	$932.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.307	−0.147%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.374	−0.076%	$89.6M	$84.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.360	−0.091%	$46.9M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.344	−0.108%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.390	−0.059%	$29.6M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.449	+0.003%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.394	−0.055%	$353K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.454	+0.008%	$683K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.493	+0.050%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.512	+0.070%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.342	−0.110%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.364	−0.087%	$399K	$153K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.434	−0.013%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.311%	$31K	$340K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.408	−0.040%	$20.2M	$30.2M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0237%	1h	94.467	+0.022%	$7.4M	$4.3M	50x	as long as short
RISEx HYPE/USDClong	+0.0249%	1h	94.446	long leg	$3.2M	$6.4M	20x
Reya HYPERUSDPERP	+0.0272%	1h	94.398	−0.051%	$83K	$122K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.436	−0.011%	$17.1M	$12.4M	75x	as long as short