Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0130%/8h= −14.2% APRpaid last 24h −0.016%

Price spread now: Bybit against Vest−0.029%57s7-day average −0.025% · you buy dearer than you sell

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

Long on Vest Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.097%+$10 on $10k

Price spread, last 3 days (all we have)−0.104%−$10 · spread now −0.029%, 7d avg −0.025%

Together, before fees−0.007%+ Points / potential airdropVest: Active · farm board−$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.025%, so right now this pair is about funding alone: −$4 a day on $10k at the current rate. Mind the row above: over the last 3 days funding on this pair paid +0.097%, so the current rate has only just turned against you. The two prices were read 57 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	Vest HYPE-PERP	94.102	0.0100	pay 0.0013% / 1h	31m 34s	—	$248K	5x
Short	Bybit HYPEUSDT	94.075	−0.0030	pay 0.0030% / 8h	7h 31m	$323.1M	$280.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Vest. 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 VestbpFee BybitbpOrdersPrice spread, now −0.029%Rate

Funding earned: −$27.27
Price spread: −0.029% → −0.025%: −$0.39
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$40.66
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Vest: no order-book sample; Bybit: live order book, 3 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 Bybit live order book, 3 min ago	0.53 bp	6.8 bp −$7	9.2 bp −$92	17.2 bp −$1,719	39.9 bp −$20.0K

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	−0.1448%	1h	94.283	+0.192%	$200K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.997	−0.112%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0241%	1h	94.179	+0.082%	$22K	$23K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0161%	1h	94.030	−0.077%	$706K	$948K	10x	as long as short
dYdX HYPE-USD	−0.0159%	1h	94.048	−0.057%	$129K	$31K	5x	as long as short
Bullet HYPE-USD	−0.0094%	1h	94.051	−0.054%	$112K	$580K	20x	as long as short
Phemex HYPEUSDT	−0.0089%	8h	94.102	0.000%	$12.8M	$2.6M	50x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.108	+0.006%	$86K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.090	−0.013%	$3K	$331	25x	as long as short
Bybit HYPEUSDTshort	−0.0030%	8h	94.075	−0.029%	$323.1M	$280.7M	75x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0015%	4h	94.053	−0.052%	$160K	$652K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.050	−0.055%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.092	−0.011%	$27K	—	150x	as long as short
Gate HYPE_USDT	+0.0004%	4h	94.089	−0.014%	$44.5M	$59.7M	75x	as long as short
Aster HYPEUSDT	+0.0018%	4h	94.101	−0.001%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	94.342	+0.255%	$219K	$1.2M	10x	as long as short
Binance HYPEUSDT	+0.0048%	4h	94.125	+0.024%	$383.9M	$893.2M	75x	as long as short
MEXC HYPE_USDT	+0.0050%	4h	94.099	−0.003%	$89.4M	$82.5M	100x	as long as short
Derive HYPE-PERP	+0.0056%	1h	94.034	−0.072%	$16.4M	$7.3M	10x	as long as short
edgeX HYPEUSDC	+0.0061%	4h	94.240	+0.146%	$5.1M	$29.9M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0081%	8h	94.100	−0.002%	$116.0M	$318.5M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.146	+0.047%	$19.0M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.111	+0.010%	$3.0M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.098	−0.004%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.068	−0.036%	$400K	$188K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.137	+0.038%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.120	+0.019%	$26K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.993	−0.116%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.191	+0.095%	$2.05B	$677.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.118	+0.017%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.103	+0.001%	$46.6M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.098	−0.004%	$228.2M	$100.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.092	−0.011%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.088	−0.015%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.220	+0.126%	$31.8M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.271	+0.180%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.209	+0.114%	$341K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.205	+0.109%	$682K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.094	−0.009%	$480K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.069	−0.035%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.150	+0.051%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.071	−0.033%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.120	+0.019%	$205K	$4K	10x	as long as short
Vest HYPE-PERPlong	+0.0100%	1h	94.102	long leg	—	$248K	5x
Extended HYPE-USD	+0.0104%	1h	94.082	−0.021%	$18.8M	$44.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.070	−0.034%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.412%	$31K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0206%	4h	94.147	+0.048%	$17.0M	$12.2M	75x	as long as short
Kalshi KXHYPEPERP	+0.0217%	8h	94.109	+0.007%	$1.9M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.145	+0.046%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.064	−0.041%	$79K	$146K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0152%	1h	94.098	−0.004%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0398%	1h	94.165	+0.067%	$7.5M	$4.7M	50x	as long as short
HTX HYPE-USDT	+0.0435%	4h	94.230	+0.136%	$1.5M	$6.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.165	+0.067%	$21.0M	$29.7M	50x	as long as short