Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0010%/8h= −1.1% APRpaid last 24h +0.007%

Price spread now: Bullet against Bitget−0.018%7-day average +0.045% · 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−$42as in the Price arb table

costs, in and out, $10k−$350.352% of the position

Long on Bitget Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.021%+$2 on $10k

Price spread, last 3 days (all we have)+0.286%+$29 · spread now −0.018%, 7d avg +0.045%

Together, before fees+0.307%+$31 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Bullet is 0.063% cheaper against Bitget than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.045%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget HYPEUSDT	93.969	0.0100	pay 0.0050% / 4h	9m 20s	$227.6M	$102.3M	75x
Short	Bullet HYPE-USD	93.952	0.0090	get 0.0011% / 1h	9m 20s	$113K	$578K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.018%Rate

Funding earned: −$2.07
Price spread: −0.018% → +0.045%: −$6.31
Slippage, 4 orders: −$15.24
Fee Bitget: 6 bp × 2 orders: −$12
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$43.62
Costs to cover: 0.352%
Break-even: never at this rate

Slippage from Bitget: live order book, 5 min ago; Bullet: live order book, 5 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, 5 min ago	0.21 bp	9.0 bp −$9	12.0 bp −$120	doesn't fit	doesn't fit
Sell Bullet live order book, 5 min ago	0.27 bp	10.0 bp −$10	14.3 bp −$143	doesn't fit	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	−0.1280%	1h	93.773	−0.208%	$198K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0393%	1h	93.880	−0.095%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.783	−0.198%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0111%	1h	93.820	−0.159%	$705K	$917K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.927	−0.045%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.894	−0.080%	$86K	$368K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0003%	4h	93.943	−0.028%	$170K	$590K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.941	−0.029%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.934	−0.037%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.976	+0.007%	$27K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	+0.0009%	1h	93.919	−0.053%	$217K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0011%	1h	93.894	−0.080%	$16.4M	$7.1M	10x	as long as short
Aster HYPEUSDT	+0.0015%	4h	93.940	−0.031%	$8.9M	$36.1M	300x	as long as short
Bybit HYPEUSDT	+0.0021%	8h	93.934	−0.037%	$323.2M	$284.0M	75x	as long as short
Phemex HYPEUSDT	+0.0041%	8h	93.840	−0.137%	$12.8M	$2.6M	50x	as long as short
Binance HYPEUSDT	+0.0051%	4h	93.952	−0.018%	$384.0M	$898.3M	75x	as long as short
MEXC HYPE_USDT	+0.0054%	4h	93.940	−0.031%	$88.4M	$82.2M	100x	as long as short
edgeX HYPEUSDC	+0.0061%	4h	93.800	−0.179%	$5.1M	$29.6M	30x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.892	−0.082%	$60K	$1.2M	50x	as long as short
Gate HYPE_USDT	+0.0072%	4h	93.948	−0.022%	$44.1M	$59.9M	75x	as long as short
Bullet HYPE-USDshort	+0.0090%	1h	93.952	−0.018%	$113K	$578K	20x
OKX HYPE-USDT-SWAP	+0.0090%	8h	93.950	−0.020%	$115.9M	$323.0M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.942	−0.029%	$18.9M	$60.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.940	−0.031%	$3.1M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.965	−0.004%	$400K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.922	−0.050%	$341K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.870	−0.105%	$38K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.912	−0.060%	$5.7M	$44.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.997	+0.030%	$2.04B	$679.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.906	−0.067%	$10.1M	$14.5M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.889	−0.085%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.891	−0.083%	$46.5M	$18.6M	75x	as long as short
Bitget HYPEUSDTlong	+0.0100%	4h	93.969	long leg	$227.6M	$102.3M	75x
BingX HYPE-USDT	+0.0100%	4h	93.940	−0.031%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.927	−0.045%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.811	−0.168%	$31.2M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.855	−0.121%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.859	−0.117%	$359K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.889	−0.085%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.946	−0.024%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.965	−0.004%	$472K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.965	−0.004%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.977	+0.009%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.891	−0.083%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.469%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.862	−0.114%	$18.3M	$42.8M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.010	+0.044%	$4.9M	$5.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0154%	8h	93.929	−0.043%	$1.9M	$5.0M	2.3x	as long as short
HTX HYPE-USDT	+0.0192%	4h	94.063	+0.100%	$1.5M	$7.8M	75x	as long as short
BloFin HYPE-USDT	+0.0212%	4h	93.801	−0.179%	$16.9M	$12.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.932	−0.040%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.936	−0.035%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0303%	1h	94.001	+0.034%	$7.5M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0163%	1h	93.975	+0.006%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0577%	1h	94.004	+0.038%	$21.0M	$29.5M	50x	as long as short