Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0036%/8h= −3.9% APRpaid last 24h −0.036%

Price spread now: Gate against Backpack−0.019%7-day average −0.247% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$8as in the Price arb table

costs, in and out, $10k−$310.310% of the position

Long on Backpack Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.136%−$14 on $10k

Price spread, last 7 days+0.683%+$68 · spread now −0.019%, 7d avg −0.247%

Together, before fees+0.547%+$55 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.228% dearer against Backpack than usual: you sell high and buy low (spread −0.019% now, against its 7-day average of −0.247%): +$23 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 21 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack HYPE_USDC_PERP	93.580	0.0100	pay 0.0013% / 1h	2m 55s	$7.9M	$10.6M	20x
Short	Gate HYPE_USDT	93.562	0.0064	get 0.0032% / 4h	1h 02m	$44.1M	$59.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Backpack. 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 BackpackbpFee GatebpOrdersPrice spread, now −0.019%Rate

Funding earned: −$7.56
Price spread: −0.019% → −0.247%: $22.83
Slippage, 4 orders: −$5.98
Fee Backpack: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$15.72
Costs to cover: 0.310%
Break-even: never at this rate

Slippage from Backpack: live order book, 1 min ago; Gate: live order book, 1 min ago.

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 Backpack live order book, 1 min ago	0.05 bp	5.1 bp −$5	6.7 bp −$67	102.7 bp −$10.3K	doesn't fit
Sell Gate live order book, 1 min ago	0.05 bp	9.1 bp −$9	14.0 bp −$140	27.3 bp −$2,728	48.6 bp −$24.3K

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
Aftermath Perps HYPEUSD	−0.0488%	1h	93.406	−0.186%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0440%	1h	93.547	−0.036%	$198K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.529	−0.054%	$1.2M	$3.9M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0126%	1h	93.560	−0.021%	$699K	$899K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.591	+0.012%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.578	−0.002%	$91K	$358K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.615	+0.037%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.604	+0.026%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.593	+0.014%	$27K	—	150x	as long as short
Popdex HYPEUSDT	+0.0008%	1h	93.563	−0.018%	$62K	$1.2M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0011%	4h	93.596	+0.017%	$8.9M	$35.7M	300x	as long as short
Orderly PERP_HYPE_USDC	+0.0016%	4h	93.572	−0.009%	$176K	$524K	20x	as long as short
Bybit HYPEUSDT	+0.0020%	8h	93.540	−0.043%	$323.7M	$280.8M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.456	−0.133%	$214K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0061%	1h	93.532	−0.051%	$16.3M	$7.0M	10x	as long as short
MEXC HYPE_USDT	+0.0062%	4h	93.551	−0.031%	$90.5M	$82.5M	100x	as long as short
Bullet HYPE-USD	+0.0064%	1h	93.564	−0.017%	$111K	$577K	20x	as long as short
Gate HYPE_USDTshort	+0.0064%	4h	93.562	−0.019%	$44.1M	$59.0M	75x
edgeX HYPEUSDC	+0.0065%	4h	93.415	−0.177%	$5.1M	$29.6M	30x	as long as short
Binance HYPEUSDT	+0.0065%	4h	93.556	−0.026%	$384.0M	$884.8M	75x	as long as short
Phemex HYPEUSDT	+0.0091%	8h	93.559	−0.022%	$12.7M	$2.6M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.626	+0.049%	$18.6M	$59.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.604	+0.026%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.578	−0.002%	$398K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.614	+0.037%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.600	+0.021%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.599	+0.021%	$5.9M	$44.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.613	+0.035%	$2.04B	$664.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.641	+0.065%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.555	−0.027%	$114.4M	$312.5M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.584	+0.004%	$47.1M	$18.5M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.556	−0.026%	$226.9M	$102.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.550	−0.032%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERPlong	+0.0100%	1h	93.580	long leg	$7.9M	$10.6M	20x
Variational Omni HYPE	+0.0100%	8h	93.352	−0.243%	$30.8M	$51.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.460	−0.128%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.209	−0.396%	$415K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.564	−0.017%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.601	+0.022%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.590	+0.011%	$495K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.565	−0.016%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.659	+0.084%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.564	−0.017%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.280	−0.321%	$204K	$8K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.541	−0.041%	$18.3M	$41.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0120%	8h	93.658	+0.083%	$1.9M	$5.1M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.600	+0.021%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0220%	4h	93.731	+0.161%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.490	−0.096%	$30K	$338K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0241%	1h	93.656	+0.081%	$7.4M	$4.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	93.556	−0.025%	$77K	$155K	15x	as long as short
BloFin HYPE-USDT	+0.0261%	4h	93.563	−0.018%	$16.9M	$12.4M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.644	+0.068%	$2.8M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	93.580	+0.001%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0464%	1h	93.691	+0.119%	$21.0M	$28.9M	50x	as long as short