Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.014%

Price spread now: Bulk against Bitget−0.449%48s7-day average +0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$260.262% of the position

Long on Bitget Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.039%+$4 on $10k

Price spread, last 4 days (all we have)+0.247%+$25 · spread now −0.449%, 7d avg +0.051%

Together, before fees+0.285%+$29 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: Bulk is 0.500% cheaper against Bitget than usual: you would sell low and buy high, −$50 on $10k if it goes back to its 7-day average of +0.051%. The two prices were read 48 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	Bitget HYPEUSDT	93.701	0.0100	pay 0.0050% / 4h	1h 00m	$227.3M	$102.3M	75x
Short	Bulk HYPE-USD	93.280	0.0100	get 0.0013% / 1h	0m 54s	$204K	$8K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now −0.449%Rate

Funding earned: $0
Price spread: −0.449% → +0.051%: −$50
Slippage, 4 orders: −$7.15
Fee Bitget: 6 bp × 2 orders: −$12
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$76.15
Costs to cover: 0.262%
Break-even: 156465265251212608.0 days

Slippage from Bitget: live order book, 3 min ago; Bulk: live order book, 18 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, 3 min ago	0.05 bp	10.0 bp −$10	13.2 bp −$132	18.7 bp −$1,870	doesn't fit
Sell Bulk live order book, 18 min ago	0.54 bp	4.0 bp −$4	6.5 bp −$65	14.7 bp −$1,471	41.1 bp −$20.6K

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	−0.0489%	1h	93.462	−0.255%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0456%	1h	93.528	−0.185%	$197K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.492	−0.223%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0128%	1h	93.470	−0.247%	$701K	$898K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.571	−0.139%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	93.580	−0.129%	$91K	$357K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.615	−0.092%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.590	−0.118%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.629	−0.077%	$28K	—	150x	as long as short
Popdex HYPEUSDT	+0.0008%	1h	93.561	−0.149%	$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	+0.0014%	4h	93.705	+0.004%	$8.9M	$35.7M	300x	as long as short
Orderly PERP_HYPE_USDC	+0.0015%	4h	93.618	−0.089%	$176K	$524K	20x	as long as short
Bybit HYPEUSDT	+0.0020%	8h	93.692	−0.010%	$324.1M	$280.8M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.456	−0.261%	$214K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0063%	1h	93.569	−0.141%	$111K	$577K	20x	as long as short
Gate HYPE_USDT	+0.0064%	4h	93.692	−0.010%	$44.2M	$59.0M	75x	as long as short
MEXC HYPE_USDT	+0.0064%	4h	93.670	−0.033%	$90.6M	$82.5M	100x	as long as short
Binance HYPEUSDT	+0.0065%	4h	93.698	−0.003%	$384.6M	$883.9M	75x	as long as short
Derive HYPE-PERP	+0.0065%	1h	93.578	−0.132%	$16.3M	$6.9M	10x	as long as short
edgeX HYPEUSDC	+0.0071%	4h	93.562	−0.148%	$5.1M	$29.7M	30x	as long as short
Phemex HYPEUSDT	+0.0091%	8h	93.576	−0.133%	$12.8M	$2.6M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.687	−0.015%	$18.7M	$59.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.668	−0.035%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.612	−0.095%	$398K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.580	−0.130%	$340K	$169K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.580	−0.129%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.537	−0.176%	$5.9M	$44.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.746	+0.048%	$2.04B	$664.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.601	−0.107%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.688	−0.014%	$114.5M	$313.1M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.712	+0.012%	$47.1M	$18.3M	75x	as long as short
Bitget HYPEUSDTlong	+0.0100%	4h	93.701	long leg	$227.3M	$102.3M	75x
BingX HYPE-USDT	+0.0100%	4h	93.697	−0.004%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.715	+0.015%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.352	−0.372%	$30.8M	$51.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.460	−0.257%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.565	−0.145%	$416K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.549	−0.162%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.600	−0.108%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.592	−0.116%	$495K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.627	−0.079%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.619	−0.088%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.628	−0.078%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USDshort	+0.0100%	1h	93.280	−0.449%	$204K	$8K	10x
Extended HYPE-USD	+0.0104%	1h	93.647	−0.058%	$18.3M	$41.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0118%	8h	93.643	−0.062%	$1.9M	$5.1M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.660	−0.044%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0219%	4h	93.740	+0.042%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.770	+0.074%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	93.558	−0.153%	$77K	$155K	15x	as long as short
BloFin HYPE-USDT	+0.0259%	4h	93.600	−0.108%	$16.9M	$12.3M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0262%	1h	93.723	+0.023%	$7.4M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.623	−0.084%	$2.8M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	93.616	−0.091%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0463%	1h	93.746	+0.048%	$21.0M	$28.9M	50x	as long as short