Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:12 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.020%

Price spread now: Perpl against Variational Omni+0.134%7-day average +0.033% · you sell dearer than you buy

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

Long on Variational Omni Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.079%−$8 on $10k

Price spread, last 3 days (all we have)+0.035%+$3 · spread now +0.134%, 7d avg +0.033%

Together, before fees−0.044%+ Points / potential airdropVariational Omni: Active · Perpl: Active · farm board−$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Perpl is 0.101% dearer against Variational Omni than usual: you sell high and buy low (spread +0.134% now, against its 7-day average of +0.033%): +$10 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.4 days.

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 08m	$31.4M	$53.7M	—
Short	Perpl HYPE	94.046	0	get 0.0000% / 43m	30m 43s	$23K	$327K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PerplbpOrdersPrice spread, now +0.134%Rate

Funding earned: −$21
Price spread: +0.134% → +0.033%: $10.1
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$24.7
Costs to cover: 0.138%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, just now; Perpl: no order-book sample. 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, just now	0.70 bp	doesn't fit	5.2 bp −$52	23.4 bp −$2,344	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1168%	1h	93.966	+0.049%	$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	−0.0210%	1h	93.984	+0.069%	$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
Phemex HYPEUSDT	−0.0095%	8h	93.940	+0.022%	$12.8M	$2.6M	50x	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	94.018	+0.105%	$86K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.036	+0.124%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0048%	1h	93.989	+0.074%	$113K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0029%	4h	93.938	+0.020%	$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	−0.0012%	4h	93.896	−0.025%	$44.4M	$60.3M	75x	as long as short
Perpl HYPEshort	0.0000%	43m	94.046	+0.134%	$23K	$327K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.010	+0.096%	$27K	—	150x	as long as short
Derive HYPE-PERP	+0.0009%	1h	93.925	+0.006%	$16.4M	$7.3M	10x	as long as short
Aster HYPEUSDT	+0.0012%	4h	93.908	−0.012%	$8.9M	$36.0M	300x	as long as short
Bybit HYPEUSDT	+0.0015%	8h	93.877	−0.045%	$323.1M	$279.7M	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	93.899	−0.022%	$88.4M	$83.3M	100x	as long as short
Binance HYPEUSDT	+0.0056%	4h	93.891	−0.031%	$383.3M	$894.4M	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	93.881	−0.041%	$116.1M	$314.8M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.924	+0.005%	$18.9M	$60.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.905	−0.015%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.017	+0.104%	$65K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.969	+0.052%	$400K	$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	94.030	+0.118%	$31K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.020	+0.108%	$6.6M	$44.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.954	+0.037%	$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	93.896	−0.025%	$46.6M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.883	−0.039%	$227.3M	$100.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.888	−0.034%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.871	−0.052%	$7.9M	$10.5M	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	93.959	+0.042%	$671K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.050	+0.139%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.049	+0.138%	$475K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.926	+0.007%	$76K	$170K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.049	+0.138%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.955	+0.038%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.869	−0.053%	$18.4M	$45.2M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.970	+0.054%	$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	94.083	+0.174%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	93.976	+0.060%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0158%	1h	94.009	+0.095%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0366%	4h	94.211	+0.310%	$1.5M	$5.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0431%	1h	94.060	+0.150%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0672%	1h	94.012	+0.099%	$21.0M	$29.8M	50x	as long as short