Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0078%/8h= +8.6% APRpaid last 24h −0.001%

Price spread now: Gate against Bybit−0.038%7-day average +0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as in the Funding arb table

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

costs, in and out, $10k−$360.357% of the position

Long on Bybit Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.018%−$2 on $10k

Price spread, last 7 days+0.037%+$4 · spread now −0.038%, 7d avg +0.005%

Together, before fees+0.019%+$2 on $10k · with fees, hour by hour

Funding pays, the price is against you. Gate is 0.042% cheaper against Bybit than usual: you would sell low and buy high (spread −0.038% now, against its 7-day average of +0.005%). If the spread goes back, that is −$4 on $10k: about 43 hours of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HYPEUSDT	93.107	0.0022	pay 0.0022% / 8h	2h 40m	$316.3M	$283.8M	75x
Short	Gate HYPE_USDT	93.072	0.0100	get 0.0050% / 4h	2h 40m	$46.4M	$54.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.038%Rate

Funding earned: $16.46
Price spread: −0.038% → +0.005%: −$4.21
Slippage, 4 orders: −$9.71
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$23.46
Costs to cover: 0.357%
Break-even: 17.0 days

Slippage from Bybit: live order book, 4 min ago; Gate: 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 Bybit live order book, 4 min ago	0.54 bp	6.6 bp −$7	7.9 bp −$79	16.6 bp −$1,655	53.3 bp −$26.7K
Sell Gate live order book, 3 min ago	0.05 bp	11.9 bp −$12	14.2 bp −$142	31.3 bp −$3,131	53.6 bp −$26.8K

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	−0.1760%	1h	93.205	+0.106%	$196K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0367%	1h	93.431	+0.348%	$22K	$21K	10x	as long as short
Bullet HYPE-USD	−0.0081%	1h	93.186	+0.084%	$111K	$578K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.095	−0.013%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0024%	4h	93.178	+0.076%	$146K	$663K	20x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.132	+0.027%	$87K	$366K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.128	+0.022%	$128K	$29K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.214	+0.115%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.239	+0.142%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.196	+0.095%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus HYPE-USD	+0.0011%	1h	93.077	−0.032%	$1.0M	$3.9M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0014%	1h	93.040	−0.072%	$701K	$1.2M	10x	as long as short
Bitget HYPEUSDT	+0.0014%	4h	93.083	−0.026%	$225.1M	$98.9M	75x	as long as short
Bybit HYPEUSDTlong	+0.0022%	8h	93.107	long leg	$316.3M	$283.8M	75x
Phoenix HYPE	+0.0026%	1h	93.305	+0.213%	$209K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0036%	8h	93.209	+0.110%	$12.6M	$2.7M	50x	as long as short
edgeX HYPEUSDC	+0.0084%	4h	93.341	+0.251%	$5.0M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.131	+0.025%	$339K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.108	+0.002%	$16.1M	$63.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.097	−0.011%	$3.1M	$11.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.111	+0.004%	$76K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.120	+0.014%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.112	+0.005%	$8.0M	$48.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.141	+0.037%	$2.03B	$669.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.120	+0.014%	$8.7M	$36.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.127	+0.021%	$10.0M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.122	+0.016%	$373.1M	$913.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.145	+0.041%	$114.2M	$308.8M	50x	as long as short
Gate HYPE_USDTshort	+0.0100%	4h	93.072	−0.038%	$46.4M	$54.1M	75x
MEXC HYPE_USDT	+0.0100%	4h	93.100	−0.008%	$90.3M	$80.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.100	−0.008%	$46.0M	$18.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.086	−0.023%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.181	+0.079%	$7.3M	$10.8M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.140	+0.035%	$28.5M	$56.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.468	+0.388%	$7.5M	$47.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.345	+0.256%	$342K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.273	+0.178%	$667K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.298	+0.205%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.237	+0.140%	$501K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.189	+0.088%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.164	+0.061%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.218	+0.119%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.190	+0.089%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.350	+0.261%	$1.4M	$6.4M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.344	+0.255%	$215K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.054	−0.057%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.179	+0.077%	$394K	$161K	20x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.190	+0.089%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.260	+0.164%	$4.8M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0268%	1h	93.204	+0.104%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.209	+0.110%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.200	+0.100%	$16.8M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0342%	1h	93.264	+0.169%	$20.8M	$29.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0415%	1h	93.276	+0.182%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.185	+0.083%	$3.2M	$6.2M	20x	as long as short