Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: Variational Omni against SoDEX−0.049%7-day average −0.025% · you buy dearer than you sell

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

Long on SoDEX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.002%$0 on $10k

Price spread, last 4 days (all we have)+0.050%+$5 · spread now −0.049%, 7d avg −0.025%

Together, before fees+0.052%+ Points / potential airdropVariational Omni: Active · farm board+$5 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.023% cheaper against SoDEX than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.025%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX HYPE-USD	92.733	0.0100	pay 0.0013% / 1h	17m 14s	$2.0M	$2.0M	10x
Short	Variational Omni HYPE	92.688	0.0100	get 0.0100% / 8h	4h 17m	$28.6M	$57.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against SoDEX. 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 SoDEXbpFee Variational OmnibpOrdersPrice spread, now −0.049%Rate

Funding earned: $0
Price spread: −0.049% → −0.025%: −$2.33
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$10.33
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: SoDEX: live order book, 2 min ago; Variational Omni: RFQ quote, 2 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 SoDEX live order book, 2 min ago	0.05 bp	6.8 bp −$7	12.1 bp −$121	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	0.44 bp	doesn't fit	6.0 bp −$60	23.7 bp −$2,366	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
Arcus HYPE-USD	−0.0948%	1h	92.676	−0.061%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0264%	1h	92.678	−0.059%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0241%	1h	92.707	−0.028%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.687	−0.050%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	92.703	−0.032%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	92.757	+0.026%	$86K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.770	+0.040%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.733	0.000%	$22K	$304K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.751	+0.019%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0025%	8h	92.731	−0.002%	$12.5M	$2.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0035%	1h	92.660	−0.079%	$697K	$1.1M	10x	as long as short
BingX HYPE-USDT	+0.0038%	4h	92.731	−0.002%	—	$53.4M	—	as long as short
Aster HYPEUSDT	+0.0042%	4h	92.728	−0.005%	$8.7M	$36.2M	300x	as long as short
Phoenix HYPE	+0.0043%	1h	92.817	+0.091%	$210K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0045%	1h	92.730	−0.003%	$110K	$578K	20x	as long as short
Bybit HYPEUSDT	+0.0046%	8h	92.720	−0.014%	$316.6M	$281.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0089%	8h	92.735	+0.002%	$113.6M	$303.9M	50x	as long as short
Gate HYPE_USDT	+0.0090%	4h	92.721	−0.013%	$44.5M	$55.3M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	92.757	+0.026%	$338K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.746	+0.014%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.755	+0.024%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.741	+0.009%	$69K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.730	−0.003%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.723	−0.010%	$7.1M	$45.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.776	+0.046%	$2.02B	$663.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.769	+0.039%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.742	+0.010%	$372.6M	$902.7M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.741	+0.009%	$87.4M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.738	+0.005%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.741	+0.009%	$224.5M	$98.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.728	−0.005%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	92.688	−0.049%	$28.6M	$57.4M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.808	+0.081%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.760	+0.029%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.701	−0.035%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.781	+0.051%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.747	+0.015%	$465K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.717	−0.017%	$78K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.718	−0.016%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.733	0.000%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USDlong	+0.0100%	1h	92.733	long leg	$2.0M	$2.0M	10x
HTX HYPE-USDT	+0.0100%	4h	92.896	+0.176%	$1.4M	$6.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.701	−0.034%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.708	−0.027%	$18.1M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.733	0.000%	$392K	$164K	20x	as long as short
edgeX HYPEUSDC	+0.0110%	4h	92.754	+0.022%	$5.0M	$29.6M	30x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.288%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.750	+0.018%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0237%	8h	92.792	+0.064%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.718	−0.017%	$79K	$132K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.744	+0.012%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0332%	1h	92.797	+0.069%	$20.6M	$30.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.733	0.000%	$16.7M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0375%	1h	92.824	+0.098%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.806	+0.079%	$3.2M	$6.4M	20x	as long as short