Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0193%/8h= −21.1% APRpaid last 24h −0.015%

Price spread now: Ondo Perps against Bitget−0.131%7-day average +0.006% · you buy dearer than you sell

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

Long on Bitget Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.056%−$6 on $10k

Price spread, last 7 days−0.210%−$21 · spread now −0.131%, 7d avg +0.006%

Together, before fees−0.266%+ Points / potential airdropOndo Perps: Active · farm board−$27 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Ondo Perps is 0.137% cheaper against Bitget than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.006%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.056% in total (about -2.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget HYPEUSDT	93.683	0.0100	pay 0.0050% / 4h	2h 31m	$226.6M	$100.3M	75x
Short	Ondo Perps HYPE-USD.P	93.560	−0.0093	pay 0.0012% / 1h	31m 57s	$698K	$988K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now −0.131%Rate

Funding earned: −$40.49
Price spread: −0.131% → +0.006%: −$13.74
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$71.23
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 2 min ago; Ondo Perps: 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	9.1 bp −$9	14.2 bp −$142	doesn't fit	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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 54 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	−0.0888%	1h	93.443	−0.256%	$196K	$231K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.522	−0.172%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0171%	1h	93.413	−0.288%	$22K	$21K	10x	as long as short
Phemex HYPEUSDT	−0.0117%	8h	93.596	−0.093%	$12.7M	$2.7M	50x	as long as short
Ondo Perps HYPE-USD.Pshort	−0.0093%	1h	93.560	−0.131%	$698K	$988K	10x
Hotstuff HYPE-PERP	−0.0080%	1h	93.482	−0.215%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.662	−0.022%	$86K	$351K	20x	as long as short
Backpack HYPE_USDC_PERP	−0.0059%	1h	93.619	−0.068%	$7.8M	$10.4M	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0057%	4h	93.648	−0.037%	$156K	$652K	20x	as long as short
Gate HYPE_USDT	−0.0056%	4h	93.633	−0.053%	$44.4M	$54.6M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0024%	4h	93.633	−0.053%	$8.9M	$36.2M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.622	−0.065%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.612	−0.076%	$22K	$331K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.686	+0.004%	$26K	—	150x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.635	−0.051%	—	$53.8M	—	as long as short
Bybit HYPEUSDT	+0.0006%	8h	93.640	−0.046%	$321.7M	$284.4M	75x	as long as short
MEXC HYPE_USDT	+0.0054%	4h	93.674	−0.010%	$88.1M	$82.7M	100x	as long as short
Binance HYPEUSDT	+0.0054%	4h	93.676	−0.007%	$381.1M	$904.2M	75x	as long as short
edgeX HYPEUSDC	+0.0059%	4h	93.458	−0.241%	$5.1M	$30.0M	30x	as long as short
Phoenix HYPE	+0.0060%	1h	93.170	−0.548%	$210K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0060%	1h	93.676	−0.008%	$112K	$578K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0065%	8h	93.670	−0.014%	$115.2M	$315.4M	50x	as long as short
Derive HYPE-PERP	+0.0079%	1h	93.626	−0.061%	$16.2M	$7.7M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	93.646	−0.040%	$340K	$165K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.647	−0.039%	$16.4M	$62.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.650	−0.035%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.655	−0.030%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.675	−0.008%	$398K	$177K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.590	−0.099%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.641	−0.045%	$5.7M	$45.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.745	+0.066%	$2.05B	$670.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.619	−0.069%	$10.1M	$14.8M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.675	−0.009%	$46.2M	$18.4M	75x	as long as short
Bitget HYPEUSDTlong	+0.0100%	4h	93.683	long leg	$226.6M	$100.3M	75x
Variational Omni HYPE	+0.0100%	8h	93.411	−0.291%	$31.0M	$54.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.516	−0.178%	$7.5M	$48.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.468	−0.229%	$338K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.477	−0.220%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.666	−0.018%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.708	+0.027%	$469K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.649	−0.036%	$79K	$172K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.748	+0.069%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.644	−0.042%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.348	−0.358%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.648	−0.038%	$18.4M	$44.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.740	+0.061%	$4.9M	$5.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.490	−0.206%	$30K	$339K	12x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.676	−0.007%	$2.7M	$6.7M	20x	as long as short
HTX HYPE-USDT	+0.0218%	4h	93.815	+0.141%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0254%	1h	93.667	−0.017%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0266%	8h	93.514	−0.180%	$1.9M	$5.1M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0158%	1h	93.691	+0.008%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0519%	1h	93.752	+0.074%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0680%	1h	93.731	+0.051%	$20.9M	$30.1M	50x	as long as short