Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0307%/8h= −33.6% APRpaid last 24h −0.062%

Price spread now: Gate against Deribit−0.089%7-day average −0.066% · you buy dearer than you sell

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$350.348% of the position

Long on Deribit Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.059%−$6 on $10k

Price spread, last 4 days (all we have)+0.099%+$10 · spread now −0.089%, 7d avg −0.066%

Together, before fees+0.040%+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Gate is 0.024% cheaper against Deribit than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.066%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.059% in total (about -3.1% 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	92.882	0.0407	pay 0.0051% / 1h	4m 30s	$7.5M	$4.5M	50x
Short	Gate HYPE_USDT	92.799	0.0100	get 0.0050% / 4h	4m 30s	$44.5M	$55.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.089%Rate

Funding earned: −$64.47
Price spread: −0.089% → −0.066%: −$2.37
Slippage, 4 orders: −$12.81
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$101.65
Costs to cover: 0.348%
Break-even: never at this rate

Slippage from Deribit: live order book, 5 min ago; Gate: 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, 5 min ago	0.59 bp	6.9 bp −$7	11.1 bp −$111	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	0.65 bp	10.1 bp −$10	14.3 bp −$143	34.0 bp −$3,395	57.6 bp −$28.8K

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
Arcus HYPE-USD	−0.0948%	1h	92.765	−0.126%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0368%	1h	92.692	−0.204%	$194K	$227K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0267%	1h	92.787	−0.102%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.797	−0.092%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	92.758	−0.134%	$157K	$660K	20x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	92.841	−0.044%	$86K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.787	−0.103%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.825	−0.062%	$22K	$302K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.886	+0.004%	$62K	—	150x	as long as short
Bullet HYPE-USD	+0.0027%	1h	92.815	−0.072%	$111K	$579K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HYPEUSDT	+0.0028%	8h	92.773	−0.117%	$12.5M	$2.7M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0034%	1h	92.710	−0.185%	$697K	$1.1M	10x	as long as short
BingX HYPE-USDT	+0.0036%	4h	92.811	−0.076%	—	$53.5M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.755	−0.137%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0045%	8h	92.810	−0.078%	$316.7M	$281.0M	75x	as long as short
Aster HYPEUSDT	+0.0059%	4h	92.807	−0.081%	$8.7M	$36.1M	300x	as long as short
Bitget HYPEUSDT	+0.0092%	4h	92.835	−0.051%	$224.7M	$98.6M	75x	as long as short
edgeX HYPEUSDC	+0.0092%	4h	92.729	−0.164%	$4.9M	$29.5M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	92.818	−0.069%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.811	−0.077%	$16.1M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.813	−0.074%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.823	−0.064%	$69K	$1.1M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0096%	8h	92.836	−0.050%	$113.8M	$303.7M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.790	−0.099%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.788	−0.101%	$7.3M	$45.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.878	−0.004%	$2.02B	$663.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.838	−0.047%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.830	−0.056%	$373.0M	$901.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	−0.088%	$202K	$13K	10x	as long as short
Gate HYPE_USDTshort	+0.0100%	4h	92.799	−0.089%	$44.5M	$55.4M	75x
MEXC HYPE_USDT	+0.0100%	4h	92.843	−0.042%	$88.3M	$81.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.839	−0.046%	$46.1M	$18.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.775	−0.115%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.689	−0.208%	$28.5M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.776	−0.114%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.721	−0.173%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.694	−0.202%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.856	−0.028%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.870	−0.013%	$468K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.778	−0.112%	$79K	$169K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.759	−0.132%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.753	−0.139%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.779	−0.111%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.883	+0.001%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.784	−0.105%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.786	−0.103%	$392K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.127%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.820	−0.067%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0229%	8h	92.832	−0.054%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0263%	1h	92.841	−0.044%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.795	−0.093%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0331%	1h	92.849	−0.036%	$20.6M	$30.4M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.780	−0.110%	$16.8M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0407%	1h	92.882	long leg	$7.5M	$4.5M	50x
RISEx HYPE/USDC	+0.0687%	1h	92.883	+0.001%	$3.2M	$6.4M	20x	as long as short