Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bulk against Variational Omni−0.216%7-day average +0.060% · you buy dearer than you sell

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

Long on Variational Omni Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.007%+$1 on $10k

Price spread, last 4 days (all we have)+0.413%+$41 · spread now −0.216%, 7d avg +0.060%

Together, before fees+0.420%+ Points / potential airdropVariational Omni: Active · farm board+$42 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: Bulk is 0.275% cheaper against Variational Omni than usual: you would sell low and buy high, −$28 on $10k if it goes back to its 7-day average of +0.060%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni HYPE	93.882	0.0100	pay 0.0100% / 8h	52m 10s	$32.1M	$53.0M	—
Short	Bulk HYPE-USD	93.680	0.0100	get 0.0013% / 1h	52m 10s	$205K	$7K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Variational Omni. 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 Variational OmnibpFee BulkbpOrdersPrice spread, now −0.216%Rate

Funding earned: $0
Price spread: −0.216% → +0.060%: −$27.54
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$34.54
Costs to cover: 0.070%
Break-even: 70966203456709872.0 days

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Bulk: live order book, 27 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 Variational Omni RFQ quote, 2 min ago	0.47 bp	doesn't fit	2.9 bp −$29	4.3 bp −$432	doesn't fit
Sell Bulk live order book, 27 min ago	0.54 bp	4.0 bp −$4	6.5 bp −$65	14.7 bp −$1,471	41.1 bp −$20.6K

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	−0.0552%	1h	93.903	+0.022%	$199K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0474%	1h	93.863	−0.020%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.972	+0.096%	$1.2M	$3.8M	10x	as long as short
ApeX Omni HYPEUSDT	−0.0160%	1h	93.896	+0.015%	$349K	$1.1M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.006	+0.132%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.092	+0.224%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.058	+0.187%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.048	+0.176%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	94.035	+0.163%	$215K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0014%	4h	94.059	+0.188%	$176K	$526K	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	94.050	+0.179%	$324.6M	$280.9M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0022%	1h	93.990	+0.115%	$703K	$907K	10x	as long as short
Aster HYPEUSDT	+0.0031%	4h	94.058	+0.187%	$8.9M	$35.8M	300x	as long as short
Phemex HYPEUSDT	+0.0070%	8h	93.985	+0.109%	$12.8M	$2.6M	50x	as long as short
Gate HYPE_USDT	+0.0070%	4h	94.054	+0.183%	$44.5M	$57.9M	75x	as long as short
MEXC HYPE_USDT	+0.0072%	4h	94.080	+0.211%	$90.7M	$80.5M	100x	as long as short
edgeX HYPEUSDC	+0.0073%	4h	93.924	+0.045%	$5.1M	$29.7M	30x	as long as short
Binance HYPEUSDT	+0.0076%	4h	94.060	+0.189%	$386.4M	$888.2M	75x	as long as short
Derive HYPE-PERP	+0.0082%	1h	93.978	+0.102%	$16.5M	$6.9M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.101	+0.233%	$19.1M	$59.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.087	+0.218%	$3.1M	$12.2M	20x	as long as short
01 Exchange HYPEUSD	+0.0096%	1h	94.080	+0.211%	$87K	$363K	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.054	+0.183%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.063	+0.193%	$400K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.089	+0.220%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.100	+0.232%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.050	+0.179%	$5.9M	$44.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.084	+0.215%	$10.2M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.060	+0.189%	$115.9M	$317.4M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.073	+0.203%	$47.2M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.089	+0.220%	$228.0M	$102.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.072	+0.202%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.087	+0.218%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPElong	+0.0100%	8h	93.882	long leg	$32.1M	$53.0M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.938	+0.059%	$7.6M	$45.5M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.059	+0.188%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.082	+0.213%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.072	+0.202%	$485K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	94.021	+0.148%	$113K	$578K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.031	+0.158%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.056	+0.185%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.052	+0.181%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USDshort	+0.0100%	1h	93.680	−0.216%	$205K	$7K	10x
Injective HYPE/USDC PERP	+0.0104%	1h	94.170	+0.306%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.034	+0.162%	$18.7M	$42.1M	50x	as long as short
Kalshi KXHYPEPERP	+0.0124%	8h	94.122	+0.255%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.110	+0.243%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0226%	4h	94.235	+0.376%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	94.033	+0.160%	$77K	$142K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0281%	1h	94.144	+0.279%	$7.4M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.099	+0.230%	$2.8M	$6.8M	20x	as long as short
BloFin HYPE-USDT	+0.0293%	4h	94.084	+0.215%	$17.0M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	94.031	+0.158%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0576%	1h	94.165	+0.301%	$21.1M	$29.0M	50x	as long as short
Hyperliquid HYPE	+0.0744%	1h	94.143	+0.278%	$2.05B	$666.1M	10x	as long as short