Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.018%

Price spread now: Backpack against Bitget+0.016%7-day average +0.247% · you sell dearer than you buy

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$230.233% of the position

Long on Bitget Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.129%+$13 on $10k

Price spread, last 7 days−0.478%−$48 · spread now +0.016%, 7d avg +0.247%

Together, before fees−0.349%−$35 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.231% cheaper against Bitget than usual: you would sell low and buy high, −$23 on $10k if it goes back to its 7-day average of +0.247%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget HYPEUSDT	93.583	0.0100	pay 0.0050% / 4h	2h 18m	$227.3M	$102.4M	75x
Short	Backpack HYPE_USDC_PERP	93.598	0.0100	get 0.0013% / 1h	18m 07s	$7.9M	$11.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bitget. 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 BitgetbpFee BackpackbpOrdersPrice spread, now +0.016%Rate

Funding earned: $0
Price spread: +0.016% → +0.247%: −$23.08
Slippage, 4 orders: −$1.27
Fee Bitget: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$46.35
Costs to cover: 0.233%
Break-even: never at this rate

Slippage from Bitget: live order book, 1 min ago; Backpack: 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 Bitget live order book, 1 min ago	0.05 bp	6.5 bp −$7	10.8 bp −$108	doesn't fit	doesn't fit
Sell Backpack live order book, 1 min ago	0.05 bp	5.1 bp −$5	7.5 bp −$75	108.8 bp −$10.9K	doesn't fit

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	−0.1000%	1h	93.552	−0.033%	$198K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0283%	1h	93.648	+0.070%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0234%	1h	93.550	−0.035%	$703K	$934K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.550	−0.035%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.562	−0.022%	$90K	$345K	20x	as long as short
Bullet HYPE-USD	−0.0023%	1h	93.559	−0.026%	$112K	$582K	20x	as long as short
Derive HYPE-PERP	−0.0021%	1h	93.515	−0.073%	$16.4M	$7.0M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.645	+0.066%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.549	−0.037%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.592	+0.009%	$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	+0.0021%	4h	93.548	−0.037%	$8.9M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0030%	4h	93.561	−0.024%	$44.1M	$57.2M	75x	as long as short
Bybit HYPEUSDT	+0.0035%	8h	93.551	−0.034%	$325.8M	$287.1M	75x	as long as short
Popdex HYPEUSDT	+0.0056%	1h	93.540	−0.046%	$59K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0060%	4h	93.584	+0.001%	$175K	$537K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.733	+0.160%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.613	+0.032%	$18.6M	$59.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.597	+0.015%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.564	−0.020%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.580	−0.003%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.538	−0.048%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.674	+0.097%	$2.04B	$670.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.575	−0.009%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.563	−0.021%	$386.0M	$888.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.558	−0.027%	$115.0M	$315.8M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.522	−0.065%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.690	+0.114%	$205K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.563	−0.021%	$93.6M	$82.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.566	−0.018%	$46.4M	$18.7M	75x	as long as short
Bitget HYPEUSDTlong	+0.0100%	4h	93.583	long leg	$227.3M	$102.4M	75x
BingX HYPE-USDT	+0.0100%	4h	93.572	−0.012%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERPshort	+0.0100%	1h	93.598	+0.016%	$7.9M	$11.7M	20x
Variational Omni HYPE	+0.0100%	8h	93.660	+0.082%	$29.2M	$50.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.753	+0.182%	$7.5M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.678	+0.102%	$407K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.633	+0.053%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.596	+0.014%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.585	+0.002%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.578	−0.005%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.628	+0.048%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.564	−0.020%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.601	+0.019%	$12.8M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.549	−0.036%	$18.3M	$41.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.545	−0.040%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0104%	4h	93.646	+0.067%	$5.1M	$29.7M	30x	as long as short
Kalshi KXHYPEPERP	+0.0122%	8h	93.639	+0.060%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.680	+0.104%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.539	−0.047%	$78K	$158K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0273%	1h	93.682	+0.106%	$7.4M	$4.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.520	−0.067%	$30K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0299%	4h	93.730	+0.157%	$1.5M	$7.6M	75x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.565	−0.019%	$17.0M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0346% / S −0.0171%	1h	93.597	+0.015%	$1.5M	—	100x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.615	+0.034%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0572%	1h	93.682	+0.106%	$19.2M	$26.0M	50x	as long as short