Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0291%/8h= +31.9% APRpaid last 24h +0.017%

Price spread now: GRVT against Bullet−0.088%66s7-day average +0.005% · 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—prices read too far apart to compare

costs, in and out, $10k−$230.230% of the position

Long on Bullet Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.021%+$2 on $10k

Price spread, last 4 days (all we have)−0.404%−$40 · spread now −0.088%, 7d avg +0.005%

Together, before fees−0.383%+ Points / potential airdropGRVT: Active · farm board−$38 on $10k · with fees, hour by hour

Funding pays, the price is against you. GRVT is 0.093% cheaper against Bullet than usual: you would sell low and buy high (spread −0.088% now, against its 7-day average of +0.005%). If the spread goes back, that is −$9 on $10k: about 26 hours of funding at the current rate (+$9 a day). At the pace of the last 4 days (+0.021% in total) that is about 16 days. The two prices were read 66 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.021% in total (about 2.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet HYPE-USD	94.506	−0.0191	get 0.0024% / 1h	1m 50s	$112K	$575K	20x
Short	GRVT HYPE_USDT_Perp	94.422	0.0100	get 0.0050% / 4h	1m 50s	$7.6M	$45.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.088%Rate

Funding earned: $61.18
Price spread: −0.088% → +0.005%: −$9.31
Slippage, 4 orders: −$6.02
Fee Bullet: 4 bp × 2 orders: −$8
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: $28.85
Costs to cover: 0.230%
Break-even: 3.7 days

Slippage from Bullet: live order book, 37 min ago; GRVT: 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, 37 min ago	0.21 bp	8.8 bp −$9	14.9 bp −$149	doesn't fit	doesn't fit
Sell GRVT live order book, 2 min ago	0.05 bp	4.6 bp −$5	6.0 bp −$60	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
Hibachi HYPE/USDT-P	−0.1528%	1h	94.486	−0.021%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0381%	1h	94.477	−0.031%	$80K	$152K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0200%	1h	94.460	−0.049%	$712K	$1.2M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0195%	1h	94.485	−0.022%	$22K	$20K	10x	as long as short
Bullet HYPE-USDlong	−0.0191%	1h	94.506	long leg	$112K	$575K	20x
01 Exchange HYPEUSD	−0.0104%	1h	94.536	+0.032%	$88K	$363K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.518	+0.013%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.506	0.000%	$1.0M	$3.5M	10x	as long as short
Bybit HYPEUSDT	−0.0017%	8h	94.511	+0.005%	$317.9M	$288.4M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0007%	4h	94.487	−0.020%	$147K	$686K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Derive HYPE-PERP	−0.0001%	1h	94.468	−0.040%	$16.3M	$7.3M	10x	as long as short
Lighter HYPE	0.0000%	1h	94.523	+0.018%	$16.4M	$64.8M	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.542	+0.038%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.598	+0.097%	$1.9M	$5.5M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.443	−0.067%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.545	+0.041%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.541	+0.037%	$124K	—	150x	as long as short
Bitget HYPEUSDT	+0.0016%	4h	94.503	−0.003%	$227.0M	$100.4M	75x	as long as short
Polymarket Perps HYPE-USD	+0.0023%	1h	94.540	+0.036%	$498K	$2.8M	20x	as long as short
Phemex HYPEUSDT	+0.0043%	8h	94.512	+0.006%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0045%	8h	94.549	+0.045%	$338K	$154K	20x	as long as short
SoDEX HYPE-USD	+0.0049%	1h	94.522	+0.017%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.550	+0.047%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	94.500	−0.006%	$117.9M	$325.6M	50x	as long as short
Vest HYPE-PERP	+0.0073%	1h	94.575	+0.073%	—	$190K	5x	as long as short
Gate HYPE_USDT	+0.0080%	4h	94.509	+0.003%	$50.6M	$57.0M	75x	as long as short
edgeX HYPEUSDC	+0.0087%	4h	94.396	−0.117%	$5.0M	$30.7M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.522	+0.017%	$3.2M	$10.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.505	−0.001%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.500	−0.006%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.495	−0.012%	$7.2M	$52.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.610	+0.110%	$2.08B	$688.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.524	+0.019%	$8.9M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.552	+0.049%	$10.2M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.517	+0.012%	$379.1M	$932.5M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.428	−0.083%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.536	+0.032%	$92.4M	$84.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.508	+0.002%	$47.0M	$18.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.513	+0.007%	—	$52.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.496	−0.011%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.362	−0.152%	$29.6M	$54.9M	—	as long as short
GRVT HYPE_USDT_Perpshort	+0.0100%	4h	94.422	−0.088%	$7.6M	$45.0M	10x
ApeX Omni HYPEUSDT	+0.0100%	1h	94.416	−0.095%	$350K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.472	−0.036%	$683K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.619	+0.120%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.620	+0.121%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.492	−0.014%	$18.4M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.508	+0.002%	$400K	$153K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.564	+0.061%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.450	−0.059%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0215%	1h	94.607	+0.107%	$7.5M	$4.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0222%	1h	94.551	+0.048%	$20.3M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.538	+0.034%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.501	−0.006%	$83K	$121K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.486	−0.021%	$17.2M	$12.4M	75x	as long as short