Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:40 UTC−0.0054%/8h= −5.9% APRpaid last 24h −0.012%

Price spread now: Perpl against Bitget−0.020%7-day average +0.033% · you buy dearer than you sell

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

Long on Bitget Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days−0.082%−$8 on $10k

Price spread, last 4 days (all we have)+0.252%+$25 · spread now −0.020%, 7d avg +0.033%

Together, before fees+0.170%+ Points / potential airdropPerpl: Active · farm board+$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Perpl is 0.053% cheaper against Bitget than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.033%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget HYPEUSDT	94.385	0.0054	pay 0.0027% / 4h	1h 08m	$227.3M	$99.7M	75x
Short	Perpl HYPE	94.366	0	get 0.0000% / 43m	14m 09s	$19K	$287K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.020%Rate

Funding earned: −$11.34
Price spread: −0.020% → +0.033%: −$5.3
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$42.44
Costs to cover: 0.258%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 1 min ago; Perpl: 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, 1 min ago	0.05 bp	9.7 bp −$10	12.7 bp −$127	doesn't fit	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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	−0.1136%	1h	94.129	−0.271%	$200K	$236K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0155%	1h	94.267	−0.125%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0092%	1h	94.180	−0.217%	$710K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.313	−0.076%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0068%	1h	94.353	−0.034%	$111K	$578K	20x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	94.338	−0.050%	$87K	$367K	20x	as long as short
Bluefin HYPE-PERP	−0.0031%	1h	94.364	−0.022%	$80K	$155K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0013%	4h	94.345	−0.042%	$146K	$686K	20x	as long as short
Bybit HYPEUSDT	−0.0005%	8h	94.360	−0.026%	$317.9M	$289.2M	75x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.312	−0.078%	$129K	$26K	5x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kalshi KXHYPEPERP	0.0000%	8h	94.435	+0.053%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPEshort	0.0000%	43m	94.366	−0.020%	$19K	$287K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.370	−0.016%	$117K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	94.223	−0.172%	$207K	$1.1M	10x	as long as short
Bitget HYPEUSDTlong	+0.0054%	4h	94.385	long leg	$227.3M	$99.7M	75x
Phemex HYPEUSDT	+0.0056%	8h	94.373	−0.013%	$12.9M	$2.8M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0071%	8h	94.371	−0.015%	$337K	$156K	20x	as long as short
edgeX HYPEUSDC	+0.0083%	4h	94.173	−0.224%	$5.0M	$30.6M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.298	−0.092%	$1.0M	$3.5M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0096%	8h	94.381	−0.004%	$116.5M	$320.3M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.388	+0.004%	$16.3M	$64.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.391	+0.006%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.315	−0.074%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.280	−0.111%	$13K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.320	−0.068%	$7.4M	$50.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.489	+0.110%	$2.08B	$687.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.394	+0.010%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.346	−0.041%	$10.2M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.386	+0.001%	$377.7M	$931.4M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.183	−0.214%	$217K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.392	+0.007%	$49.4M	$57.0M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.387	+0.002%	$90.0M	$85.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.368	−0.018%	$47.0M	$18.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.374	−0.012%	—	$53.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.375	−0.011%	$7.5M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.138	−0.262%	$29.1M	$55.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.189	−0.208%	$7.6M	$46.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.149	−0.250%	$362K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.193	−0.203%	$681K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.376	−0.010%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.375	−0.011%	$496K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.388	+0.003%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.389	+0.004%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.500	+0.122%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.342	−0.046%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.367	−0.019%	$399K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.350	−0.037%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	94.411	+0.028%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.090	−0.313%	$30K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0237%	1h	94.461	+0.081%	$7.5M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.332	−0.056%	$83K	$134K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.227	−0.167%	$16.9M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0412%	1h	94.436	+0.054%	$20.2M	$30.3M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.350	−0.037%	$3.2M	$6.4M	20x	as long as short