Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0106%/8h= +11.6% APRpaid last 24h −0.008%

Price spread now: Bitget against Bullet+0.001%7-day average −0.048% · 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−$27as in the Price arb table

costs, in and out, $10k−$310.314% of the position

Long on Bullet Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.019%−$2 on $10k

Price spread, last 3 days (all we have)−0.654%−$65 · spread now +0.001%, 7d avg −0.048%

Together, before fees−0.674%−$67 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Bitget is 0.049% dearer against Bullet than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.048%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet HYPE-USD	93.292	−0.0006	get 0.0001% / 1h	57m 51s	$112K	$583K	20x
Short	Bitget HYPEUSDT	93.293	0.0100	get 0.0050% / 4h	2h 57m	$226.7M	$103.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Bullet. 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 BulletbpFee BitgetbpOrdersPrice spread, now +0.001%Rate

Funding earned: $22.31
Price spread: +0.001% → −0.048%: $4.91
Slippage, 4 orders: −$11.43
Fee Bullet: 4 bp × 2 orders: −$8
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$4.22
Costs to cover: 0.314%
Break-even: 8.3 days

Slippage from Bullet: live order book, 31 min ago; Bitget: live order book, 1 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 Bullet live order book, 31 min ago	0.54 bp	7.7 bp −$8	12.0 bp −$120	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	0.05 bp	8.0 bp −$8	12.2 bp −$122	19.2 bp −$1,918	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
Hibachi HYPE/USDT-P	−0.1368%	1h	93.352	+0.064%	$197K	$240K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0154%	1h	93.290	−0.002%	$700K	$952K	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	93.310	+0.020%	$89K	$342K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.371	+0.085%	$3K	$331	25x	as long as short
Aftermath Perps HYPEUSD	−0.0068%	1h	93.398	+0.114%	$22K	$22K	10x	as long as short
Popdex HYPEUSDT	−0.0008%	1h	93.301	+0.010%	$56K	$1.2M	50x	as long as short
Bullet HYPE-USDlong	−0.0006%	1h	93.292	long leg	$112K	$583K	20x
Gate HYPE_USDT	−0.0006%	4h	93.282	−0.010%	$44.1M	$56.1M	75x	as long as short
SoDEX HYPE-USD	−0.0003%	1h	93.247	−0.048%	$2.0M	$2.0M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.425	+0.143%	$127K	$33K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kalshi KXHYPEPERP	0.0000%	8h	93.452	+0.172%	$1.9M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.356	+0.069%	$24K	$343K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.311	+0.020%	$20K	—	150x	as long as short
Aster HYPEUSDT	+0.0008%	4h	93.275	−0.018%	$8.9M	$36.6M	300x	as long as short
Bybit HYPEUSDT	+0.0041%	8h	93.256	−0.038%	$325.1M	$289.5M	75x	as long as short
Bluefin HYPE-PERP	+0.0057%	1h	93.273	−0.020%	$76K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0058%	1h	93.225	−0.072%	$16.4M	$7.1M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0078%	4h	93.298	+0.007%	$180K	$537K	20x	as long as short
Phoenix HYPE	+0.0094%	1h	93.444	+0.163%	$216K	$1.1M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.315	+0.025%	$18.6M	$58.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.281	−0.012%	$3.1M	$12.3M	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.360	+0.073%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.332	+0.043%	$6.0M	$44.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.343	+0.055%	$2.03B	$673.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.360	+0.073%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.277	−0.016%	$386.1M	$893.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.271	−0.022%	$114.6M	$317.4M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.320	+0.030%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.386	+0.101%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.276	−0.017%	$92.3M	$81.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.269	−0.024%	$46.2M	$19.6M	75x	as long as short
Bitget HYPEUSDTshort	+0.0100%	4h	93.293	+0.001%	$226.7M	$103.1M	75x
BingX HYPE-USDT	+0.0100%	4h	93.270	−0.023%	—	$54.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.286	−0.006%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.466	+0.187%	$28.9M	$50.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.411	+0.128%	$7.5M	$46.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.411	+0.128%	$406K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.419	+0.136%	$675K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.365	+0.078%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.330	+0.041%	$503K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.337	+0.049%	$32K	$1.6M	20x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.290	−0.002%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0101%	8h	93.361	+0.075%	$339K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.269	−0.025%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.282	−0.010%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0113%	4h	93.404	+0.120%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.380	+0.095%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0244%	1h	93.293	+0.002%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.340	+0.052%	$30K	$231K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0286%	1h	93.359	+0.072%	$7.4M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0165%	1h	93.317	+0.027%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.363	+0.076%	$17.2M	$12.7M	75x	as long as short
HTX HYPE-USDT	+0.0441%	4h	93.450	+0.170%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.370	+0.084%	$2.7M	$6.9M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.388	+0.103%	$18.7M	$24.8M	50x	as long as short