Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.014%

Price spread now: Bitget against Bulk+0.016%7-day average −0.051% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$260.262% of the position

Long on Bulk Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.039%−$4 on $10k

Price spread, last 4 days (all we have)+0.186%+$19 · spread now +0.016%, 7d avg −0.051%

Together, before fees+0.148%+$15 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.067% dearer against Bulk than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.051%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk HYPE-USD	93.680	0.0100	pay 0.0013% / 1h	0m 43s	$205K	$7K	10x
Short	Bitget HYPEUSDT	93.695	0.0100	get 0.0050% / 4h	1h 00m	$227.2M	$102.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Bulk. 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 BulkbpFee BitgetbpOrdersPrice spread, now +0.016%Rate

Funding earned: $0
Price spread: +0.016% → −0.051%: $6.67
Slippage, 4 orders: −$7.15
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$19.49
Costs to cover: 0.262%
Break-even: never at this rate

Slippage from Bulk: live order book, 18 min ago; Bitget: live order book, 3 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 Bulk live order book, 18 min ago	0.54 bp	4.8 bp −$5	7.1 bp −$71	11.1 bp −$1,109	36.6 bp −$18.3K
Sell Bitget live order book, 3 min ago	0.05 bp	7.4 bp −$7	12.0 bp −$120	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
Aftermath Perps HYPEUSD	−0.0489%	1h	93.462	−0.233%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0456%	1h	93.528	−0.162%	$197K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.619	−0.065%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0130%	1h	93.490	−0.203%	$701K	$897K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.683	+0.003%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	93.734	+0.058%	$91K	$356K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.721	+0.044%	$128K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.590	−0.096%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.629	−0.054%	$28K	—	150x	as long as short
Popdex HYPEUSDT	+0.0008%	1h	93.561	−0.127%	$62K	$1.2M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	+0.0015%	4h	93.618	−0.066%	$176K	$524K	20x	as long as short
Aster HYPEUSDT	+0.0015%	4h	93.691	+0.012%	$8.9M	$35.7M	300x	as long as short
Bybit HYPEUSDT	+0.0020%	8h	93.670	−0.011%	$324.1M	$280.8M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.456	−0.239%	$214K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0062%	4h	93.696	+0.017%	$44.2M	$59.0M	75x	as long as short
Bullet HYPE-USD	+0.0063%	1h	93.569	−0.119%	$111K	$577K	20x	as long as short
Binance HYPEUSDT	+0.0064%	4h	93.672	−0.009%	$384.5M	$883.9M	75x	as long as short
MEXC HYPE_USDT	+0.0064%	4h	93.671	−0.010%	$90.6M	$82.5M	100x	as long as short
Derive HYPE-PERP	+0.0065%	1h	93.578	−0.109%	$16.3M	$6.9M	10x	as long as short
edgeX HYPEUSDC	+0.0071%	4h	93.562	−0.126%	$5.1M	$29.7M	30x	as long as short
Phemex HYPEUSDT	+0.0091%	8h	93.576	−0.111%	$12.8M	$2.6M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.734	+0.058%	$18.6M	$59.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.717	+0.039%	$3.1M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.612	−0.073%	$398K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.686	+0.006%	$340K	$169K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.700	+0.021%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.537	−0.153%	$5.9M	$44.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.746	+0.070%	$2.04B	$664.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.711	+0.033%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.685	+0.005%	$114.5M	$313.0M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.712	+0.034%	$47.1M	$18.3M	75x	as long as short
Bitget HYPEUSDTshort	+0.0100%	4h	93.695	+0.016%	$227.2M	$102.2M	75x
BingX HYPE-USDT	+0.0100%	4h	93.694	+0.015%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.715	+0.037%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.352	−0.350%	$30.8M	$51.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.460	−0.235%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.565	−0.123%	$416K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.549	−0.140%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.600	−0.086%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.592	−0.094%	$495K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.627	−0.057%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.619	−0.065%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.628	−0.056%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USDlong	+0.0100%	1h	93.680	long leg	$205K	$7K	10x
Extended HYPE-USD	+0.0104%	1h	93.679	−0.001%	$18.3M	$41.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0118%	8h	93.643	−0.039%	$1.9M	$5.1M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.660	−0.021%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0219%	4h	93.740	+0.064%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.770	+0.096%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	93.558	−0.131%	$77K	$155K	15x	as long as short
BloFin HYPE-USDT	+0.0259%	4h	93.600	−0.085%	$16.9M	$12.3M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0262%	1h	93.723	+0.046%	$7.4M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.761	+0.086%	$2.8M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	93.616	−0.068%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0463%	1h	93.746	+0.071%	$21.0M	$28.9M	50x	as long as short