Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0401%/8h= −43.9% APRpaid last 24h −0.049%

Price spread now: Bitget against Deribit−0.147%48s7-day average −0.064% · you buy dearer than you sell

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$310.310% of the position

Long on Deribit Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.049%−$5 on $10k

Price spread, last 4 days (all we have)+0.107%+$11 · spread now −0.147%, 7d avg −0.064%

Together, before fees+0.059%+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Bitget is 0.083% cheaper against Deribit than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.064%). Swap the legs. The two prices were read 48 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 7 days it paid -0.049% in total (about -2.5% 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	Deribit HYPE_USDC-PERPETUAL	93.276	0.0415	pay 0.0052% / 1h	40m 23s	$7.5M	$4.0M	50x
Short	Bitget HYPEUSDT	93.139	0.0014	get 0.0007% / 4h	2h 40m	$225.3M	$98.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Deribit. 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 DeribitbpFee BitgetbpOrdersPrice spread, now −0.147%Rate

Funding earned: −$84.21
Price spread: −0.147% → −0.064%: −$8.33
Slippage, 4 orders: −$11.95
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$123.49
Costs to cover: 0.310%
Break-even: never at this rate

Slippage from Deribit: live order book, 4 min ago; Bitget: live order book, 4 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 Deribit live order book, 4 min ago	0.86 bp	5.0 bp −$5	11.6 bp −$116	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	0.27 bp	10.2 bp −$10	14.9 bp −$149	19.2 bp −$1,924	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	−0.1736%	1h	93.110	−0.178%	$196K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0365%	1h	93.359	+0.089%	$22K	$21K	10x	as long as short
Bullet HYPE-USD	−0.0087%	1h	93.138	−0.148%	$111K	$578K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.095	−0.194%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0024%	4h	93.177	−0.106%	$146K	$663K	20x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.132	−0.154%	$87K	$366K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.128	−0.159%	$128K	$29K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.214	−0.066%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.139	−0.147%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.200	−0.081%	$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	−0.213%	$1.0M	$3.9M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0014%	1h	93.040	−0.253%	$701K	$1.2M	10x	as long as short
Bitget HYPEUSDTshort	+0.0014%	4h	93.139	−0.147%	$225.3M	$98.9M	75x
Bybit HYPEUSDT	+0.0022%	8h	93.190	−0.092%	$316.5M	$283.8M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.305	+0.031%	$209K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0036%	8h	93.209	−0.072%	$12.6M	$2.7M	50x	as long as short
edgeX HYPEUSDC	+0.0084%	4h	93.341	+0.069%	$5.0M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.131	−0.156%	$339K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.108	−0.180%	$16.1M	$63.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.097	−0.192%	$3.1M	$11.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.111	−0.177%	$76K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.120	−0.167%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.112	−0.176%	$8.0M	$48.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.176	−0.107%	$2.03B	$669.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.149	−0.137%	$8.7M	$36.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.127	−0.160%	$10.0M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.150	−0.136%	$373.2M	$913.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.199	−0.083%	$114.2M	$308.9M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.141	−0.145%	$46.4M	$54.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.150	−0.135%	$90.3M	$80.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.145	−0.140%	$46.0M	$18.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.175	−0.108%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.181	−0.102%	$7.3M	$10.8M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.140	−0.146%	$28.5M	$56.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.468	+0.206%	$7.5M	$47.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.345	+0.074%	$342K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.273	−0.003%	$667K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.208	−0.073%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.168	−0.116%	$501K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.197	−0.085%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.164	−0.120%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.218	−0.062%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.190	−0.092%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.350	+0.079%	$1.4M	$6.4M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.344	+0.073%	$215K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.054	−0.238%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.183	−0.100%	$394K	$161K	20x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.190	−0.092%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.260	−0.017%	$4.8M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0268%	1h	93.141	−0.144%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.168	−0.116%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.200	−0.081%	$16.8M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0342%	1h	93.264	−0.013%	$20.8M	$29.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0415%	1h	93.276	long leg	$7.5M	$4.0M	50x
RISEx HYPE/USDC	+0.0527%	1h	93.185	−0.098%	$3.2M	$6.2M	20x	as long as short