Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.012%

Price spread now: Backpack against Vest+0.006%7-day average +0.014% · you sell dearer than you buy

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

Long on Vest Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.147%+$15 on $10k

Price spread, last 4 days (all we have)−0.331%−$33 · spread now +0.006%, 7d avg +0.014%

Together, before fees−0.184%+ Points / potential airdropVest: Active · farm board−$18 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Vest HYPE-PERP	93.009	0.0100	pay 0.0013% / 1h	52m 43s	—	$243K	5x
Short	Backpack HYPE_USDC_PERP	93.015	0.0100	get 0.0013% / 1h	52m 43s	$7.3M	$11.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Vest. 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 VestbpFee BackpackbpOrdersPrice spread, now +0.006%Rate

Funding earned: $0
Price spread: +0.006% → +0.014%: −$0.81
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$12.81
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Vest: no order-book sample; Backpack: 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 Vest no order-book sample	—	—	—	—	—
Sell Backpack live order book, 1 min ago	0.05 bp	5.4 bp −$5	7.5 bp −$75	36.1 bp −$3,614	doesn't fit

Vest: 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	−0.0528%	1h	92.732	−0.298%	$193K	$228K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0264%	1h	92.854	−0.167%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.978	−0.034%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.986	−0.025%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0063%	4h	92.951	−0.063%	$158K	$658K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.023	+0.014%	$128K	$29K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	92.955	−0.058%	$1.8M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.006	−0.004%	$22K	$301K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.006	−0.004%	$62K	—	150x	as long as short
Gate HYPE_USDT	+0.0012%	4h	93.011	+0.002%	$44.6M	$53.6M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	+0.0026%	1h	92.888	−0.130%	$210K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0034%	8h	92.978	−0.034%	$12.6M	$2.7M	50x	as long as short
Bybit HYPEUSDT	+0.0037%	8h	93.005	−0.005%	$316.6M	$282.2M	75x	as long as short
01 Exchange HYPEUSD	+0.0064%	1h	93.044	+0.037%	$87K	$362K	20x	as long as short
Ondo Perps HYPE-USD.P	+0.0070%	1h	92.920	−0.096%	$697K	$1.1M	10x	as long as short
Bullet HYPE-USD	+0.0080%	1h	92.962	−0.050%	$112K	$578K	20x	as long as short
Bitget HYPEUSDT	+0.0080%	4h	93.006	−0.004%	$225.2M	$99.0M	75x	as long as short
edgeX HYPEUSDC	+0.0081%	4h	92.806	−0.218%	$4.9M	$29.6M	30x	as long as short
Aster HYPEUSDT	+0.0082%	4h	93.003	−0.007%	$8.7M	$36.2M	300x	as long as short
Lighter HYPE	+0.0096%	1h	92.990	−0.020%	$16.1M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.028	+0.020%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.009	0.000%	$70K	$1.1M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	93.031	+0.023%	$339K	$163K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0099%	8h	93.022	+0.014%	$114.0M	$304.9M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.990	−0.021%	$39K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.915	−0.102%	$7.5M	$45.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.028	+0.020%	$2.03B	$664.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.041	+0.034%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.011	+0.002%	$374.1M	$903.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.942	−0.073%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.018	+0.009%	$87.9M	$79.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.022	+0.014%	$46.2M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.013	+0.004%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERPshort	+0.0100%	1h	93.015	+0.006%	$7.3M	$11.3M	20x
Variational Omni HYPE	+0.0100%	8h	92.709	−0.323%	$28.4M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.766	−0.261%	$7.5M	$46.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.797	−0.228%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.833	−0.190%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERPlong	+0.0100%	1h	93.009	long leg	—	$243K	5x
Polymarket Perps HYPE-USD	+0.0100%	1h	93.009	0.000%	$469K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.998	−0.012%	$79K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.972	−0.040%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.999	−0.011%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.006	−0.004%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.989	−0.022%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.002	−0.008%	$393K	$164K	20x	as long as short
HTX HYPE-USDT	+0.0108%	4h	93.100	+0.098%	$1.4M	$6.3M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.020	+0.012%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	93.085	+0.081%	$20.7M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.750	−0.279%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0264%	1h	92.974	−0.038%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.988	−0.023%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.994	−0.016%	$16.8M	$11.7M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0459%	1h	93.091	+0.088%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	93.074	+0.070%	$3.2M	$6.4M	20x	as long as short