Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0149%/8h= −16.3% APRpaid last 24h −0.068%

Price spread now: Variational Omni against RISEx−0.064%7-day average −0.028% · you buy dearer than you sell

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

Long on RISEx Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.150%−$15 on $10k

Price spread, last 7 days+0.068%+$7 · spread now −0.064%, 7d avg −0.028%

Together, before fees−0.082%+ Points / potential airdropVariational Omni: Active · farm board−$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Variational Omni is 0.036% cheaper against RISEx than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.028%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx HYPE/USDC	94.451	0.0249	pay 0.0031% / 1h	15m 38s	$3.2M	$6.4M	20x
Short	Variational Omni HYPE	94.390	0.0100	get 0.0100% / 8h	15m 38s	$29.6M	$54.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.064%Rate

Funding earned: −$31.23
Price spread: −0.064% → −0.028%: −$3.55
Slippage, 4 orders: no order book: not counted
Fee RISEx: 3 bp × 2 orders: −$6
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$40.78
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: RISEx: live order book, 3 min ago; Variational Omni: RFQ quote, 4 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 RISEx live order book, 3 min ago	0.79 bp	3.8 bp −$4	5.9 bp −$59	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	0.45 bp	doesn't fit	6.4 bp −$64	24.1 bp −$2,412	doesn't fit

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	−0.1720%	1h	94.369	−0.086%	$202K	$255K	7x	as long as short
Bluefin HYPE-PERP	−0.0393%	1h	94.400	−0.053%	$80K	$152K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0214%	1h	94.390	−0.064%	$712K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0190%	1h	94.444	−0.007%	$112K	$576K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0153%	1h	94.328	−0.130%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.444	−0.007%	$88K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.424	−0.028%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0061%	1h	94.393	−0.061%	$16.4M	$7.5M	10x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.413	−0.040%	$1.0M	$3.6M	10x	as long as short
Lighter HYPE	−0.0032%	1h	94.436	−0.015%	$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	−0.0019%	8h	94.413	−0.040%	$317.3M	$289.0M	75x	as long as short
BingX HYPE-USDT	−0.0018%	4h	94.431	−0.021%	—	$52.8M	—	as long as short
Orderly PERP_HYPE_USDC	−0.0008%	4h	94.400	−0.053%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.464	+0.014%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.523	+0.077%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.117	−0.353%	$208K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.478	+0.029%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.444	−0.007%	$124K	—	150x	as long as short
Polymarket Perps HYPE-USD	+0.0012%	1h	94.478	+0.029%	$498K	$2.8M	20x	as long as short
Bitget HYPEUSDT	+0.0026%	4h	94.416	−0.037%	$226.8M	$100.1M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0035%	8h	94.452	+0.002%	$337K	$154K	20x	as long as short
Phemex HYPEUSDT	+0.0036%	8h	94.457	+0.007%	$12.9M	$2.9M	50x	as long as short
Vest HYPE-PERP	+0.0042%	1h	94.514	+0.067%	—	$190K	5x	as long as short
SoDEX HYPE-USD	+0.0052%	1h	94.409	−0.044%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.470	+0.021%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	94.437	−0.014%	$117.7M	$325.5M	50x	as long as short
edgeX HYPEUSDC	+0.0083%	4h	94.437	−0.015%	$5.0M	$30.8M	30x	as long as short
Gate HYPE_USDT	+0.0094%	4h	94.422	−0.030%	$50.3M	$56.8M	75x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.438	−0.013%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.419	−0.033%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.430	−0.022%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.455	+0.005%	$7.2M	$53.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.518	+0.071%	$2.08B	$688.1M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.438	−0.013%	$8.8M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.456	+0.006%	$10.2M	$15.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.430	−0.022%	$378.6M	$932.9M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.307	−0.152%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.433	−0.019%	$89.6M	$84.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.426	−0.026%	$46.9M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.366	−0.089%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	94.390	−0.064%	$29.6M	$54.7M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.361	−0.095%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.316	−0.142%	$370K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.453	+0.003%	$683K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.473	+0.024%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.570	+0.127%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.407	−0.046%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.399	−0.055%	$399K	$154K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.459	+0.009%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0152%	1h	94.497	+0.049%	$7.5M	$4.3M	50x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.307%	$31K	$340K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.452	+0.002%	$20.2M	$30.2M	50x	as long as short
RISEx HYPE/USDClong	+0.0249%	1h	94.451	long leg	$3.2M	$6.4M	20x
Reya HYPERUSDPERP	+0.0272%	1h	94.437	−0.014%	$85K	$120K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.465	+0.015%	$17.1M	$12.4M	75x	as long as short