Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0049%/8h= −5.3% APRpaid last 24h −0.042%

Price spread now: Orderly against Vest−0.080%7-day average +0.001% · you buy dearer than you sell

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

Long on Vest Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.058%+$6 on $10k

Price spread, last 4 days (all we have)+0.129%+$13 · spread now −0.080%, 7d avg +0.001%

Together, before fees+0.187%+ Points / potential airdropVest: Active · farm board+$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Orderly is 0.081% cheaper against Vest than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.001%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.058%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Vest HYPE-PERP	94.506	0.0040	pay 0.0005% / 1h	16m 40s	—	$190K	5x
Short	Orderly PERP_HYPE_USDC	94.431	−0.0009	pay 0.0004% / 4h	16m 40s	$147K	$686K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.080%Rate

Funding earned: −$10.24
Price spread: −0.080% → +0.001%: −$8.07
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$26.31
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: Vest: no order-book sample; Orderly: 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 Vest no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Vest and Orderly: 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	−0.1720%	1h	94.369	−0.145%	$202K	$255K	7x	as long as short
Bluefin HYPE-PERP	−0.0393%	1h	94.426	−0.085%	$80K	$152K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0215%	1h	94.390	−0.123%	$712K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0199%	1h	94.473	−0.035%	$111K	$576K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0153%	1h	94.288	−0.231%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.489	−0.018%	$88K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.433	−0.077%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0061%	1h	94.393	−0.120%	$16.4M	$7.5M	10x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.446	−0.064%	$1.0M	$3.6M	10x	as long as short
Lighter HYPE	−0.0032%	1h	94.444	−0.066%	$16.4M	$64.5M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0019%	8h	94.440	−0.070%	$317.4M	$289.0M	75x	as long as short
BingX HYPE-USDT	−0.0018%	4h	94.454	−0.055%	—	$52.8M	—	as long as short
Orderly PERP_HYPE_USDCshort	−0.0009%	4h	94.431	−0.080%	$147K	$686K	20x
dYdX HYPE-USD	0.0000%	1h	94.464	−0.045%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.530	+0.025%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.117	−0.412%	$208K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.481	−0.026%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.480	−0.028%	$124K	—	150x	as long as short
Polymarket Perps HYPE-USD	+0.0011%	1h	94.480	−0.028%	$498K	$2.8M	20x	as long as short
Bitget HYPEUSDT	+0.0026%	4h	94.429	−0.082%	$226.8M	$100.1M	75x	as long as short
Phemex HYPEUSDT	+0.0035%	8h	94.457	−0.052%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0036%	8h	94.488	−0.019%	$338K	$154K	20x	as long as short
Vest HYPE-PERPlong	+0.0040%	1h	94.506	long leg	—	$190K	5x
SoDEX HYPE-USD	+0.0052%	1h	94.456	−0.053%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.440	−0.070%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	94.451	−0.058%	$117.9M	$325.4M	50x	as long as short
edgeX HYPEUSDC	+0.0091%	4h	94.281	−0.239%	$5.0M	$30.7M	30x	as long as short
Gate HYPE_USDT	+0.0094%	4h	94.449	−0.061%	$50.2M	$56.8M	75x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.448	−0.062%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.448	−0.062%	$81K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.440	−0.070%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.465	−0.043%	$7.2M	$53.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.543	+0.039%	$2.08B	$688.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.478	−0.029%	$8.9M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.477	−0.031%	$10.2M	$15.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.463	−0.046%	$378.8M	$933.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.307	−0.211%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.449	−0.061%	$89.7M	$84.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.442	−0.068%	$46.9M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.397	−0.116%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.079	−0.453%	$29.4M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.361	−0.154%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.316	−0.201%	$370K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.453	−0.056%	$683K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.500	−0.007%	$33K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.543	+0.039%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.425	−0.086%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.420	−0.092%	$399K	$154K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.501	−0.005%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.247%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0194%	1h	94.543	+0.039%	$7.5M	$4.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.495	−0.012%	$20.2M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.490	−0.017%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.437	−0.073%	$85K	$120K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.465	−0.044%	$17.1M	$12.4M	75x	as long as short