Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0363%/8h= +39.7% APRpaid last 24h +0.018%

Price spread now: Deribit against Variational Omni+0.072%7-day average +0.071% · you sell dearer than you buy

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

Long on Variational Omni Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.010%−$1 on $10k

Price spread, last 3 days (all we have)+0.061%+$6 · spread now +0.072%, 7d avg +0.071%

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

The price spread sits at its 7-day average of +0.071%, so right now this pair is about funding alone: +$11 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.010% in total (about -1.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni HYPE	93.920	0.0100	pay 0.0100% / 8h	7h 07m	$31.4M	$53.7M	—
Short	Deribit HYPE_USDC-PERPETUAL	93.987	0.0463	get 0.0058% / 1h	7m 49s	$7.5M	$4.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.072%Rate

Funding earned: $76.23
Price spread: +0.072% → +0.071%: $0.11
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $69.34
Costs to cover: 0.070%
Break-even: 0.6 days

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Deribit: live order book, 1 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, 1 min ago	0.70 bp	doesn't fit	5.2 bp −$52	23.4 bp −$2,344	doesn't fit
Sell Deribit live order book, 1 min ago	1.91 bp	9.6 bp −$10	13.7 bp −$137	doesn't fit	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	−0.1152%	1h	93.929	+0.010%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.778	−0.151%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0208%	1h	93.964	+0.047%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0099%	1h	93.860	−0.063%	$710K	$958K	10x	as long as short
dYdX HYPE-USD	−0.0087%	1h	93.911	−0.009%	$129K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.900	−0.021%	$86K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.953	+0.036%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0051%	8h	93.922	+0.003%	$12.8M	$2.6M	50x	as long as short
Bullet HYPE-USD	−0.0047%	1h	93.896	−0.025%	$113K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0031%	4h	93.868	−0.055%	$159K	$643K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0020%	4h	93.869	−0.054%	$44.4M	$60.3M	75x	as long as short
Perpl HYPE	0.0000%	43m	93.935	+0.017%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.921	+0.002%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0012%	4h	93.854	−0.070%	$8.9M	$36.0M	300x	as long as short
Derive HYPE-PERP	+0.0015%	1h	93.844	−0.080%	$16.4M	$7.6M	10x	as long as short
Bybit HYPEUSDT	+0.0016%	8h	93.872	−0.051%	$323.1M	$279.6M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	94.071	+0.161%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0052%	4h	93.875	−0.047%	$88.3M	$83.3M	100x	as long as short
Binance HYPEUSDT	+0.0056%	4h	93.883	−0.039%	$383.3M	$894.0M	75x	as long as short
edgeX HYPEUSDC	+0.0065%	4h	93.937	+0.019%	$5.1M	$29.6M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0073%	8h	93.890	−0.031%	$116.0M	$315.0M	50x	as long as short
Bluefin HYPE-PERP	+0.0095%	1h	93.845	−0.079%	$76K	$170K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.907	−0.013%	$18.9M	$60.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.908	−0.012%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.896	−0.025%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.874	−0.049%	$399K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.928	+0.009%	$341K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.890	−0.031%	$31K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.891	−0.031%	$6.6M	$44.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.958	+0.041%	$2.05B	$668.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.912	−0.008%	$10.1M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.528	−0.416%	$204K	$12K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.912	−0.008%	$46.6M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.897	−0.024%	$227.4M	$100.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.874	−0.048%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.807	−0.120%	$7.9M	$10.6M	20x	as long as short
Variational Omni HYPElong	+0.0100%	8h	93.920	long leg	$31.4M	$53.7M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.053	+0.142%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.946	+0.028%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.033	+0.121%	$671K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.947	+0.029%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.931	+0.012%	$474K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.936	+0.018%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.892	−0.029%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.850	−0.074%	$18.4M	$45.1M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.900	−0.021%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.607%	$31K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0212%	4h	94.058	+0.147%	$17.1M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.927	+0.008%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0241%	8h	93.988	+0.073%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	93.904	−0.016%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0156%	1h	93.913	−0.007%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0367%	4h	94.100	+0.192%	$1.5M	$5.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUALshort	+0.0463%	1h	93.987	+0.072%	$7.5M	$4.6M	50x
Kraken Futures PF_HYPEUSD	+0.0672%	1h	93.973	+0.057%	$21.0M	$29.8M	50x	as long as short