Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0121%/8h= −13.2% APRpaid last 24h +0.001%

Price spread now: Derive against Bitget−0.116%50s7-day average −0.008% · you buy dearer than you sell

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

Long on Bitget Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.058%+$6 on $10k

Price spread, last 3 days (all we have)+0.132%+$13 · spread now −0.116%, 7d avg −0.008%

Together, before fees+0.190%+$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Derive is 0.107% cheaper against Bitget than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.008%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.058%, so the current rate has only just turned against you. The two prices were read 50 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	93.623	0.0100	pay 0.0050% / 4h	2h 17m	$227.4M	$102.4M	75x
Short	Derive HYPE-PERP	93.515	−0.0021	pay 0.0003% / 1h	17m 29s	$16.4M	$7.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now −0.116%Rate

Funding earned: −$25.34
Price spread: −0.116% → −0.008%: −$10.73
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Derive: 3 bp × 2 orders: −$6
Net: −$54.07
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 2 min ago; Derive: 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 Bitget live order book, 2 min ago	0.05 bp	6.5 bp −$7	10.8 bp −$108	doesn't fit	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: 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	−0.0984%	1h	93.593	−0.032%	$198K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0283%	1h	93.650	+0.028%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0234%	1h	93.590	−0.035%	$703K	$934K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.603	−0.021%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.621	−0.002%	$90K	$347K	20x	as long as short
Bullet HYPE-USD	−0.0024%	1h	93.600	−0.024%	$112K	$582K	20x	as long as short
Derive HYPE-PERPshort	−0.0021%	1h	93.515	−0.116%	$16.4M	$7.0M	10x
dYdX HYPE-USD	0.0000%	1h	93.645	+0.023%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.597	−0.028%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.649	+0.027%	$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	93.606	−0.018%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0032%	4h	93.602	−0.022%	$44.1M	$57.2M	75x	as long as short
Bybit HYPEUSDT	+0.0035%	8h	93.610	−0.014%	$326.0M	$287.0M	75x	as long as short
Popdex HYPEUSDT	+0.0056%	1h	93.601	−0.023%	$59K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0060%	4h	93.625	+0.002%	$176K	$538K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.603	−0.021%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.659	+0.039%	$18.6M	$59.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.644	+0.022%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.626	+0.003%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.620	−0.003%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.615	−0.009%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.711	+0.094%	$2.04B	$670.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.638	+0.016%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.609	−0.015%	$386.2M	$889.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.589	−0.036%	$115.0M	$316.0M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.581	−0.045%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.690	+0.071%	$205K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.599	−0.026%	$93.8M	$82.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.615	−0.009%	$46.5M	$18.7M	75x	as long as short
Bitget HYPEUSDTlong	+0.0100%	4h	93.623	long leg	$227.4M	$102.4M	75x
BingX HYPE-USDT	+0.0100%	4h	93.609	−0.015%	—	$54.3M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.598	−0.027%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.660	+0.039%	$29.2M	$50.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.579	−0.047%	$7.5M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.678	+0.059%	$407K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.594	−0.031%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.638	+0.016%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.646	+0.025%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.578	−0.048%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.628	+0.005%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.564	−0.063%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.601	−0.023%	$12.8M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.604	−0.021%	$18.3M	$41.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.545	−0.083%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0107%	4h	93.571	−0.056%	$5.1M	$29.7M	30x	as long as short
Kalshi KXHYPEPERP	+0.0122%	8h	93.639	+0.017%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.680	+0.061%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.614	−0.009%	$78K	$158K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0273%	1h	93.682	+0.063%	$7.4M	$4.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.520	−0.110%	$30K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0299%	4h	93.730	+0.114%	$1.5M	$7.6M	75x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.565	−0.062%	$17.0M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0346% / S −0.0171%	1h	93.654	+0.034%	$1.5M	—	100x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.674	+0.054%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0572%	1h	93.682	+0.063%	$19.2M	$26.0M	50x	as long as short