Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0033%/8h= +3.6% APRpaid last 24h +0.071%

Price spread now: RISEx against Variational Omni+0.139%49s7-day average +0.029% · you sell dearer than you buy

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

Long on Variational Omni Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.147%+$15 on $10k

Price spread, last 7 days−0.109%−$11 · spread now +0.139%, 7d avg +0.029%

Together, before fees+0.038%+ Points / potential airdropVariational Omni: Active · farm board+$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and RISEx is 0.110% dearer against Variational Omni than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.029%. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni HYPE	94.971	0.0100	pay 0.0100% / 8h	5h 07m	$29.7M	$52.8M	—
Short	RISEx HYPE/USDC	95.103	0.0133	get 0.0017% / 1h	7m 49s	$3.1M	$5.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now +0.139%Rate

Funding earned: $6.96
Price spread: +0.139% → +0.029%: $10.98
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee RISEx: 3 bp × 2 orders: −$6
Net: $11.94
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; RISEx: live order book, 4 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, 4 min ago	0.43 bp	doesn't fit	4.1 bp −$41	14.3 bp −$1,435	doesn't fit
Sell RISEx live order book, 4 min ago	1.16 bp	4.2 bp −$4	5.9 bp −$59	doesn't fit	doesn't fit

HYPE on 55 exchanges

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
Phemex HYPEUSDT	−0.0274%	8h	95.130	+0.168%	$13.0M	$2.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0252%	1h	95.072	+0.107%	$18.4M	$34.9M	50x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.142	+0.180%	$1.1M	$2.7M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0126%	1h	95.172	+0.212%	$22K	$17K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0106%	1h	94.950	−0.022%	$680K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	95.104	+0.140%	$100K	$349K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.054	+0.088%	$3K	$421	25x	as long as short
Aster HYPEUSDT	−0.0079%	4h	95.040	+0.073%	$9.7M	$34.3M	300x	as long as short
Orderly PERP_HYPE_USDC	−0.0064%	4h	95.052	+0.086%	$148K	$642K	20x	as long as short
Gate HYPE_USDT	−0.0062%	4h	95.038	+0.071%	$55.6M	$54.0M	75x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin HYPE-PERP	−0.0060%	1h	95.070	+0.104%	$79K	$132K	20x	as long as short
Bullet HYPE-USD	−0.0058%	1h	95.079	+0.114%	$113K	$583K	20x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.110	+0.147%	$4.8M	$5.5M	50x	as long as short
OKX HYPE-USDT-SWAP	−0.0031%	8h	95.036	+0.069%	$119.1M	$303.1M	50x	as long as short
Bitget HYPEUSDT	−0.0024%	4h	95.087	+0.122%	$230.3M	$86.2M	75x	as long as short
Phoenix HYPE	−0.0008%	1h	95.181	+0.221%	$198K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	95.022	+0.054%	$24K	$251K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.100	+0.136%	$99K	—	150x	as long as short
Derive HYPE-PERP	+0.0014%	1h	95.000	+0.031%	$16.4M	$7.0M	10x	as long as short
Lighter HYPE	+0.0016%	1h	95.060	+0.094%	$16.6M	$58.9M	20x	as long as short
Bybit HYPEUSDT	+0.0033%	8h	95.060	+0.094%	$320.8M	$262.9M	75x	as long as short
Binance HYPEUSDT	+0.0045%	4h	95.048	+0.081%	$382.5M	$849.2M	75x	as long as short
MEXC HYPE_USDT	+0.0046%	4h	95.049	+0.082%	$90.4M	$84.8M	100x	as long as short
edgeX HYPEUSDC	+0.0046%	4h	95.146	+0.184%	$5.1M	$27.9M	30x	as long as short
BingX HYPE-USDT	+0.0052%	4h	95.045	+0.078%	—	$49.1M	—	as long as short
Popdex HYPEUSDT	+0.0056%	1h	95.081	+0.116%	$274K	$999K	50x	as long as short
dYdX HYPE-USD	+0.0066%	1h	95.118	+0.155%	$128K	$96K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0089%	8h	95.129	+0.167%	$339K	$30K	20x	as long as short
ApeX Omni HYPEUSDT	+0.0092%	1h	95.188	+0.229%	$324K	$926K	50x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.087	+0.122%	$3.2M	$10.4M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	95.066	+0.100%	$402K	$125K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.100	+0.136%	$40K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.115	+0.152%	$7.3M	$50.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.142	+0.180%	$10.3M	$13.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.233	+0.276%	$229K	$20K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.033	+0.066%	$47.5M	$17.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.029	+0.061%	$6.9M	$12.3M	20x	as long as short
Variational Omni HYPElong	+0.0100%	8h	94.971	long leg	$29.7M	$52.8M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.037	+0.070%	$7.7M	$40.4M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.079	+0.114%	$692K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	95.148	+0.186%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.120	+0.157%	$504K	$2.4M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.147	+0.186%	$32K	$1.4M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	95.058	+0.092%	$2.1M	$335K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.184	+0.225%	$1.4M	$5.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.017	+0.049%	$18.3M	$38.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0121%	8h	95.202	+0.243%	$1.8M	$5.0M	2.3x	as long as short
RISEx HYPE/USDCshort	+0.0133%	1h	95.103	+0.139%	$3.1M	$5.2M	20x
Deribit HYPE_USDC-PERPETUAL	+0.0139%	1h	95.151	+0.190%	$7.5M	$4.2M	50x	as long as short
Hyperliquid HYPE	+0.0150%	1h	95.170	+0.210%	$2.11B	$643.8M	10x	as long as short
BloFin HYPE-USDT	+0.0194%	4h	95.035	+0.068%	$17.5M	$11.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0268%	1h	95.028	+0.061%	$85K	$90K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	95.052	+0.086%	$1.4M	—	100x	as long as short
Hibachi HYPE/USDT-P	+0.0704%	1h	95.101	+0.137%	$216K	$278K	7x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.600	+0.663%	$31K	$334K	12x	as long as short