Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0020%/8h= −2.2% APRpaid last 24h −0.023%

Price spread now: Gate against Bullet−0.073%7-day average −0.045% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$370.374% of the position

Long on Bullet Short on Gate

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.025%−$2 on $10k

Price spread, last 3 days (all we have)−0.178%−$18 · spread now −0.073%, 7d avg −0.045%

Together, before fees−0.202%−$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Gate is 0.028% cheaper against Bullet than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.045%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet HYPE-USD	93.709	0.0100	pay 0.0013% / 1h	31m 53s	$112K	$578K	20x
Short	Gate HYPE_USDT	93.640	0.0080	get 0.0040% / 4h	31m 53s	$44.5M	$59.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.073%Rate

Funding earned: −$4.2
Price spread: −0.073% → −0.045%: −$2.82
Slippage, 4 orders: −$14.36
Fee Bullet: 4 bp × 2 orders: −$8
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$44.38
Costs to cover: 0.374%
Break-even: never at this rate

Slippage from Bullet: live order book, 47 min ago; Gate: live order book, 2 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, 47 min ago	0.22 bp	8.9 bp −$9	15.0 bp −$150	doesn't fit	doesn't fit
Sell Gate live order book, 2 min ago	0.69 bp	11.8 bp −$12	15.0 bp −$150	32.9 bp −$3,292	53.9 bp −$26.9K

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	−0.0776%	1h	93.755	+0.049%	$198K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0363%	1h	93.966	+0.275%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.606	−0.109%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.743	+0.037%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0042%	1h	93.640	−0.073%	$704K	$910K	10x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.671	−0.040%	$87K	$366K	20x	as long as short
Derive HYPE-PERP	−0.0020%	1h	93.663	−0.049%	$16.4M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.677	−0.034%	$127K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.702	−0.007%	$23K	$328K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.770	+0.066%	$26K	—	150x	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	+0.0003%	4h	93.733	+0.026%	$163K	$578K	20x	as long as short
Phoenix HYPE	+0.0009%	1h	94.133	+0.453%	$215K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0019%	8h	93.540	−0.180%	$321.6M	$283.0M	75x	as long as short
Aster HYPEUSDT	+0.0025%	4h	93.663	−0.048%	$8.9M	$36.0M	300x	as long as short
Binance HYPEUSDT	+0.0059%	4h	93.656	−0.057%	$383.2M	$894.8M	75x	as long as short
MEXC HYPE_USDT	+0.0062%	4h	93.660	−0.052%	$87.2M	$81.6M	100x	as long as short
Phemex HYPEUSDT	+0.0067%	8h	93.736	+0.029%	$12.8M	$2.6M	50x	as long as short
Gate HYPE_USDTshort	+0.0080%	4h	93.640	−0.073%	$44.5M	$59.1M	75x
edgeX HYPEUSDC	+0.0081%	4h	94.027	+0.339%	$5.1M	$29.8M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.772	+0.067%	$18.9M	$59.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.753	+0.047%	$3.0M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.694	−0.016%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.697	−0.013%	$399K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.674	−0.037%	$340K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.690	−0.020%	$43K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.694	−0.016%	$5.7M	$44.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.723	+0.015%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.535	−0.185%	$115.4M	$319.6M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.662	−0.050%	$46.5M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.570	−0.148%	$226.5M	$102.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.639	−0.074%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.752	+0.046%	$7.8M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.974	+0.283%	$31.3M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.053	+0.368%	$7.6M	$45.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.935	+0.242%	$341K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.862	+0.164%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.749	+0.043%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.712	+0.004%	$491K	$2.5M	20x	as long as short
Bullet HYPE-USDlong	+0.0100%	1h	93.709	long leg	$112K	$578K	20x
Bluefin HYPE-PERP	+0.0100%	1h	93.737	+0.030%	$76K	$170K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.763	+0.058%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.718	+0.010%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.120	+0.439%	$205K	$7K	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.749%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.614	−0.101%	$18.5M	$42.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0133%	8h	93.734	+0.027%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.750	+0.044%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0219%	4h	93.850	+0.151%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.689	−0.021%	$77K	$142K	15x	as long as short
BloFin HYPE-USDT	+0.0255%	4h	93.716	+0.008%	$17.0M	$12.6M	75x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.747	+0.041%	$2.8M	$6.9M	20x	as long as short
Hyperliquid HYPE	+0.0314%	1h	93.704	−0.005%	$2.04B	$675.8M	10x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0337% / S −0.0163%	1h	93.755	+0.050%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0347%	1h	93.821	+0.120%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0578%	1h	93.811	+0.109%	$20.9M	$29.3M	50x	as long as short