Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0058%/8h= −6.4% APRpaid last 24h −0.039%

Price spread now: Gate against Bluefin+0.056%7-day average −0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$460.463% of the position

Long on Bluefin Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.025%+$2 on $10k

Price spread, last 3 days (all we have)−0.008%−$1 · spread now +0.056%, 7d avg −0.016%

Together, before fees+0.016%+$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.072% dearer against Bluefin than usual: you sell high and buy low (spread +0.056% now, against its 7-day average of −0.016%): +$7 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin HYPE-PERP	92.985	0.0100	pay 0.0013% / 1h	53m 23s	$75K	$167K	20x
Short	Gate HYPE_USDT	93.037	0.0042	get 0.0021% / 4h	1h 53m	$44.0M	$56.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Bluefin. 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 BluefinbpFee GatebpOrdersPrice spread, now +0.056%Rate

Funding earned: −$12.18
Price spread: +0.056% → −0.016%: $7.16
Slippage, 4 orders: −$24.28
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$51.3
Costs to cover: 0.463%
Break-even: never at this rate

Slippage from Bluefin: live order book, 31 min ago; Gate: 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 Bluefin live order book, 31 min ago	1.92 bp	13.0 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 5 min ago	0.22 bp	12.5 bp −$12	15.6 bp −$156	29.6 bp −$2,963	55.4 bp −$27.7K

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	−0.0295%	1h	93.171	+0.200%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	92.986	+0.001%	$1.2M	$4.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.204	+0.236%	$3K	$331	25x	as long as short
Hibachi HYPE/USDT-P	−0.0040%	1h	93.170	+0.199%	$197K	$231K	7x	as long as short
Derive HYPE-PERP	−0.0017%	1h	92.906	−0.085%	$16.3M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.117	+0.142%	$127K	$32K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	93.050	+0.070%	$90K	$361K	20x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.186	+0.216%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.052	+0.072%	$23K	$331K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.051	+0.071%	$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	+0.0007%	4h	93.046	+0.066%	$8.9M	$35.9M	300x	as long as short
Ondo Perps HYPE-USD.P	+0.0020%	1h	93.160	+0.188%	$699K	$928K	10x	as long as short
Bybit HYPEUSDT	+0.0030%	8h	92.990	+0.005%	$323.7M	$286.7M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.222	+0.255%	$216K	$1.2M	10x	as long as short
Popdex HYPEUSDT	+0.0040%	1h	93.028	+0.046%	$56K	$1.2M	50x	as long as short
Gate HYPE_USDTshort	+0.0042%	4h	93.037	+0.056%	$44.0M	$56.7M	75x
Orderly PERP_HYPE_USDC	+0.0043%	4h	93.008	+0.025%	$165K	$515K	20x	as long as short
Bullet HYPE-USD	+0.0090%	1h	93.006	+0.022%	$112K	$579K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.107	+0.131%	$18.5M	$58.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.076	+0.098%	$3.0M	$12.0M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.069	+0.090%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.060	+0.081%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.061	+0.082%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.075	+0.097%	$2.02B	$668.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.078	+0.100%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.006	+0.023%	$383.5M	$891.5M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.899	−0.092%	$114.2M	$313.8M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.271	+0.308%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.007	+0.024%	$91.1M	$81.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.022	+0.040%	$47.0M	$19.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.920	−0.070%	$225.4M	$102.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.020	+0.038%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.104	+0.128%	$7.8M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.107	+0.131%	$29.0M	$50.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.245	+0.280%	$7.5M	$44.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.221	+0.254%	$412K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.257	+0.293%	$674K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.084	+0.106%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.047	+0.067%	$491K	$2.6M	20x	as long as short
Bluefin HYPE-PERPlong	+0.0100%	1h	92.985	long leg	$75K	$167K	20x
SunX HYPE-USDT	+0.0100%	4h	93.053	+0.073%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.928	−0.061%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	92.920	−0.070%	$12.7M	$2.6M	50x	as long as short
edgeX HYPEUSDC	+0.0103%	4h	93.179	+0.209%	$5.1M	$29.4M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.908	−0.083%	$18.3M	$41.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.924	−0.066%	$395K	$318K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	92.980	−0.005%	$4.9M	$5.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	92.990	+0.005%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.003	+0.019%	$77K	$158K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.087	+0.109%	$2.7M	$6.8M	20x	as long as short
HTX HYPE-USDT	+0.0297%	4h	93.200	+0.231%	$1.5M	$7.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0320%	1h	93.026	+0.044%	$7.4M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0158%	1h	93.034	+0.053%	$1.5M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.007	+0.024%	$17.0M	$12.4M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0467%	1h	93.036	+0.055%	$20.7M	$28.4M	50x	as long as short