Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:20 UTC+0.0072%/8h= +7.9% APRpaid last 24h +0.004%

Price spread now: Perpl against 01 Exchange−0.007%7-day average −0.011% · you buy dearer than you sell

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

Long on 01 Exchange Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.049%−$5 on $10k

Price spread, last 3 days (all we have)+0.355%+$35 · spread now −0.007%, 7d avg −0.011%

Together, before fees+0.306%+ Points / potential airdropPerpl: Active · farm board+$31 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.011%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	01 Exchange HYPEUSD	93.549	−0.0072	get 0.0009% / 1h	14m 04s	$90K	$346K	20x
Short	Perpl HYPE	93.542	0	get 0.0000% / 43m	1m 04s	$23K	$337K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against 01 Exchange. 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 01 ExchangebpFee PerplbpOrdersPrice spread, now −0.007%Rate

Funding earned: $15.12
Price spread: −0.007% → −0.011%: $0.42
Slippage, 4 orders: no order book: not counted
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$5.26
Costs to cover: 0.208%
Break-even: 9.4 days

Slippage unknown: 01 Exchange: live order book, 10 min ago; 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 01 Exchange live order book, 10 min ago	0.05 bp	6.3 bp −$6	11.1 bp −$111	doesn't fit	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	−0.0936%	1h	93.570	+0.022%	$198K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0264%	1h	93.630	+0.087%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0233%	1h	93.500	−0.052%	$702K	$932K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.537	−0.013%	$3K	$331	25x	as long as short
01 Exchange HYPEUSDlong	−0.0072%	1h	93.549	long leg	$90K	$346K	20x
Bullet HYPE-USD	−0.0028%	1h	93.543	−0.007%	$111K	$582K	20x	as long as short
Derive HYPE-PERP	−0.0021%	1h	93.489	−0.064%	$16.4M	$7.0M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.645	+0.102%	$127K	$32K	5x	as long as short
Perpl HYPEshort	0.0000%	43m	93.542	−0.007%	$23K	$337K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.564	+0.016%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0020%	4h	93.536	−0.014%	$8.9M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0028%	4h	93.530	−0.020%	$44.0M	$57.5M	75x	as long as short
Bybit HYPEUSDT	+0.0035%	8h	93.516	−0.035%	$325.7M	$287.0M	75x	as long as short
Popdex HYPEUSDT	+0.0048%	1h	93.533	−0.017%	$58K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0059%	4h	93.542	−0.007%	$177K	$520K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.603	+0.058%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.585	+0.038%	$18.6M	$59.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.569	+0.021%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.564	+0.016%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.570	+0.022%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.531	−0.020%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.644	+0.102%	$2.04B	$670.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.568	+0.020%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.530	−0.020%	$386.1M	$888.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.512	−0.040%	$114.9M	$315.7M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.520	−0.031%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.690	+0.150%	$205K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.533	−0.017%	$93.6M	$82.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.531	−0.019%	$46.4M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.554	+0.005%	$227.3M	$102.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.526	−0.025%	—	$54.3M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.569	+0.021%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.561	+0.013%	$29.2M	$50.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.632	+0.089%	$7.5M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.601	+0.056%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.588	+0.042%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.578	+0.031%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.574	+0.027%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.530	−0.020%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.612	+0.067%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.531	−0.019%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.521	−0.030%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.516	−0.035%	$18.3M	$41.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.505	−0.047%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0107%	4h	93.591	+0.045%	$5.1M	$29.7M	30x	as long as short
Kalshi KXHYPEPERP	+0.0117%	8h	93.630	+0.087%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.570	+0.022%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.529	−0.021%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.910	+0.386%	$31K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0296%	4h	93.740	+0.204%	$1.5M	$7.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0327%	1h	93.655	+0.113%	$7.4M	$4.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.532	−0.018%	$17.0M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0346% / S −0.0171%	1h	93.576	+0.029%	$1.5M	—	100x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.605	+0.060%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.635	+0.092%	$19.2M	$26.0M	50x	as long as short