Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0026%/8h= −2.8% APRpaid last 24h −0.017%

Price spread now: gTrade (Gains Network) against Bybit+0.038%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Bybit Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. gTrade (Gains Network) is 0.038% dearer against Bybit than usual: you sell high and buy low (spread +0.038% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 4.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HYPEUSDT	93.140	0.0026	pay 0.0026% / 8h	1h 35m	$323.2M	$286.9M	75x
Short	gTrade (Gains Network) HYPE/USD	93.175	L +0.0002% / S −0.0001%	get 0.0000% / 1h	35m 10s	$20K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against Bybit. 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 BybitbpFee gTrade (Gains Network)bpOrdersPrice spread, now +0.038%Rate

Funding earned: −$5.38
Price spread: +0.038% → 0.000%: $3.76
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$22.62
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 4 min ago; gTrade (Gains Network): no order-book sample. Net counts fees only.

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 Bybit live order book, 4 min ago	0.54 bp	6.0 bp −$6	7.5 bp −$75	15.6 bp −$1,564	62.6 bp −$31.3K
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

gTrade (Gains Network): no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0375%	1h	93.139	−0.001%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0192%	1h	93.147	+0.008%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.060	−0.086%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0107%	1h	93.070	−0.075%	$698K	$923K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.118	−0.024%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	93.101	−0.042%	$90K	$362K	20x	as long as short
Popdex HYPEUSDT	−0.0008%	1h	93.106	−0.037%	$57K	$1.2M	50x	as long as short
Aster HYPEUSDT	−0.0001%	4h	93.136	−0.005%	$8.9M	$36.0M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.036	−0.111%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.124	−0.017%	$23K	$331K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USDshort	L +0.0002% / S −0.0001%	1h	93.175	+0.038%	$20K	—	150x
Bybit HYPEUSDTlong	+0.0026%	8h	93.140	long leg	$323.2M	$286.9M	75x
Orderly PERP_HYPE_USDC	+0.0031%	4h	93.136	−0.004%	$172K	$520K	20x	as long as short
Bullet HYPE-USD	+0.0031%	1h	93.119	−0.022%	$111K	$579K	20x	as long as short
Derive HYPE-PERP	+0.0031%	1h	93.113	−0.030%	$16.3M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.106	−0.037%	$214K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0042%	4h	93.149	+0.010%	$43.9M	$58.0M	75x	as long as short
Binance HYPEUSDT	+0.0083%	4h	93.132	−0.009%	$382.9M	$893.1M	75x	as long as short
MEXC HYPE_USDT	+0.0088%	4h	93.151	+0.012%	$89.9M	$81.8M	100x	as long as short
Lighter HYPE	+0.0096%	1h	93.199	+0.063%	$18.5M	$58.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.173	+0.035%	$3.1M	$12.1M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	93.065	−0.081%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.140	0.000%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.106	−0.037%	$5.9M	$44.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.167	+0.029%	$2.02B	$670.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.111	−0.031%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.133	−0.008%	$113.8M	$313.7M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.390	+0.268%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.160	+0.021%	$47.2M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.155	+0.016%	$225.8M	$102.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.147	+0.008%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.173	+0.035%	$7.8M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.034	−0.113%	$29.0M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.137	−0.003%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.246	+0.114%	$412K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.047	−0.100%	$673K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.145	+0.005%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.147	+0.008%	$492K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.162	+0.024%	$75K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.174	+0.037%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.135	−0.005%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.160	+0.021%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.125	−0.016%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.134	−0.007%	$396K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0105%	8h	93.240	+0.107%	$1.9M	$5.3M	2.3x	as long as short
edgeX HYPEUSDC	+0.0110%	4h	93.120	−0.022%	$5.1M	$29.6M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.150	+0.011%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	92.970	−0.183%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.141	+0.002%	$78K	$158K	15x	as long as short
HTX HYPE-USDT	+0.0256%	4h	93.300	+0.172%	$1.5M	$7.7M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.159	+0.021%	$2.8M	$6.8M	20x	as long as short
BloFin HYPE-USDT	+0.0323%	4h	93.167	+0.029%	$16.9M	$12.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0158%	1h	93.168	+0.030%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0437%	1h	93.252	+0.120%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0466%	1h	93.257	+0.126%	$20.8M	$28.9M	50x	as long as short