Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: Variational Omni against StandX−0.123%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 StandX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)0.000%$0 on $10k

Price spread, last 7 days+0.127%+$13 · spread now −0.123%, 7d avg −0.028%

Together, before fees+0.127%+ Points / potential airdropStandX: Active · Variational Omni: Active · farm board+$13 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 0.096% cheaper against StandX than usual: you would sell low and buy high, −$10 on $10k if it goes back to its 7-day average of −0.028%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	StandX HYPE-USD	93.464	0.0100	pay 0.0013% / 1h	2m 38s	$667K	$2.6M	20x
Short	Variational Omni HYPE	93.349	0.0100	get 0.0100% / 8h	6h 02m	$31.1M	$54.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against StandX. 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 StandXbpFee Variational OmnibpOrdersPrice spread, now −0.123%Rate

Funding earned: $0
Price spread: −0.123% → −0.028%: −$9.58
Slippage, 4 orders: no order book: not counted
Fee StandX: 4 bp × 2 orders: −$8
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$17.58
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: StandX: live order book, 1 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 StandX live order book, 1 min ago	1.34 bp	5.3 bp −$5	5.4 bp −$54	12.5 bp −$1,246	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	0.42 bp	doesn't fit	5.3 bp −$53	22.1 bp −$2,215	doesn't fit

HYPE on 54 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	−0.1120%	1h	93.340	−0.132%	$196K	$227K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.203	−0.279%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.404	−0.064%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0065%	8h	93.311	−0.164%	$12.6M	$2.7M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0063%	1h	93.280	−0.197%	$699K	$905K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0052%	4h	93.366	−0.105%	$156K	$640K	20x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.399	−0.070%	$85K	$347K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0020%	1h	93.466	+0.002%	$22K	$21K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.383	−0.086%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.381	−0.089%	$22K	$321K	10x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0002%	4h	93.337	−0.136%	$8.8M	$35.7M	300x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.385	−0.085%	$26K	—	150x	as long as short
BingX HYPE-USDT	+0.0011%	4h	93.315	−0.159%	—	$53.2M	—	as long as short
Bybit HYPEUSDT	+0.0014%	8h	93.300	−0.175%	$320.1M	$276.6M	75x	as long as short
Gate HYPE_USDT	+0.0016%	4h	93.314	−0.160%	$44.4M	$55.5M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0017%	1h	93.292	−0.184%	$7.4M	$10.4M	20x	as long as short
Phoenix HYPE	+0.0060%	1h	93.424	−0.043%	$210K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0076%	1h	93.388	−0.081%	$112K	$578K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	93.314	−0.160%	$114.6M	$301.8M	50x	as long as short
MEXC HYPE_USDT	+0.0080%	4h	93.323	−0.151%	$88.1M	$83.5M	100x	as long as short
Binance HYPEUSDT	+0.0080%	4h	93.314	−0.160%	$379.6M	$880.3M	75x	as long as short
edgeX HYPEUSDC	+0.0085%	4h	93.295	−0.181%	$5.0M	$30.0M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.352	−0.120%	$16.3M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.327	−0.147%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.394	−0.075%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.353	−0.119%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.320	−0.154%	$16K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.415	−0.053%	$5.7M	$43.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.436	−0.030%	$2.04B	$657.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.339	−0.134%	$10.0M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	−0.138%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.343	−0.129%	$46.2M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.315	−0.159%	$225.8M	$97.1M	75x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	93.349	−0.123%	$31.1M	$54.4M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.360	−0.112%	$7.5M	$46.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.340	−0.133%	$337K	$1.0M	50x	as long as short
StandX HYPE-USDlong	+0.0100%	1h	93.464	long leg	$667K	$2.6M	20x
Vest HYPE-PERP	+0.0100%	1h	93.447	−0.018%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.411	−0.057%	$475K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.340	−0.133%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.351	−0.120%	$16.2M	$7.7M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.496	+0.034%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.393	−0.076%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.291	−0.185%	$18.3M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.381	−0.089%	$397K	$172K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.410	−0.058%	$4.9M	$5.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	94.180	+0.766%	$31K	$339K	12x	as long as short
HTX HYPE-USDT	+0.0196%	4h	93.510	+0.049%	$1.4M	$5.9M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.404	−0.064%	$3.2M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0256%	1h	93.365	−0.106%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0279%	8h	93.454	−0.011%	$1.9M	$4.8M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.383	−0.086%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0392%	1h	93.471	+0.007%	$7.4M	$4.4M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0682%	1h	93.459	−0.006%	$20.8M	$29.9M	50x	as long as short