Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0053%/8h= +5.8% APRpaid last 24h −0.018%

Price spread now: Gate against Derive+0.031%7-day average +0.009% · you sell dearer than you buy

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

Long on Derive Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.066%−$7 on $10k

Price spread, last 3 days (all we have)+0.015%+$2 · spread now +0.031%, 7d avg +0.009%

Together, before fees−0.050%−$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Gate is 0.022% dearer against Derive than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.009%. Mind the row above: over the last 7 days funding on this pair cost −0.066%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive HYPE-PERP	93.562	−0.0021	get 0.0003% / 1h	16m 48s	$16.4M	$7.0M	10x
Short	Gate HYPE_USDT	93.591	0.0032	get 0.0016% / 4h	2h 16m	$44.1M	$57.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Derive. 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 DerivebpFee GatebpOrdersPrice spread, now +0.031%Rate

Funding earned: $11.06
Price spread: +0.031% → +0.009%: $2.25
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$7.69
Costs to cover: 0.210%
Break-even: 11.9 days

Slippage unknown: Derive: no order-book sample; Gate: live order book, 2 min ago. 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 Derive no order-book sample	—	—	—	—	—
Sell Gate live order book, 2 min ago	0.05 bp	7.7 bp −$8	13.5 bp −$135	29.0 bp −$2,896	51.6 bp −$25.8K

Derive: 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
Hibachi HYPE/USDT-P	−0.0984%	1h	93.593	+0.033%	$198K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0283%	1h	93.650	+0.094%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0234%	1h	93.590	+0.030%	$703K	$934K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.603	+0.044%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.621	+0.063%	$90K	$347K	20x	as long as short
Bullet HYPE-USD	−0.0024%	1h	93.600	+0.041%	$112K	$582K	20x	as long as short
Derive HYPE-PERPlong	−0.0021%	1h	93.562	long leg	$16.4M	$7.0M	10x
dYdX HYPE-USD	0.0000%	1h	93.645	+0.089%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.597	+0.037%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.649	+0.093%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0021%	4h	93.598	+0.039%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDTshort	+0.0032%	4h	93.591	+0.031%	$44.1M	$57.2M	75x
Bybit HYPEUSDT	+0.0035%	8h	93.590	+0.030%	$326.0M	$287.0M	75x	as long as short
Popdex HYPEUSDT	+0.0056%	1h	93.601	+0.042%	$59K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0060%	4h	93.625	+0.067%	$176K	$538K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.603	+0.044%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.655	+0.099%	$18.6M	$59.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.640	+0.083%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.626	+0.068%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.620	+0.062%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.615	+0.057%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.712	+0.160%	$2.04B	$670.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.638	+0.081%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.596	+0.037%	$386.2M	$889.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.585	+0.025%	$115.0M	$315.9M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.581	+0.020%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.690	+0.137%	$205K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.599	+0.040%	$93.8M	$82.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.611	+0.052%	$46.4M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.606	+0.047%	$227.4M	$102.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.588	+0.028%	—	$54.3M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.646	+0.090%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.660	+0.105%	$29.2M	$50.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.579	+0.018%	$7.5M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.678	+0.124%	$407K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.594	+0.034%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.638	+0.081%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.646	+0.090%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.608	+0.049%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.690	+0.137%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.603	+0.044%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.657	+0.102%	$12.8M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.576	+0.015%	$18.3M	$41.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.614	+0.056%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0107%	4h	93.571	+0.009%	$5.1M	$29.7M	30x	as long as short
Kalshi KXHYPEPERP	+0.0122%	8h	93.675	+0.121%	$1.9M	$5.3M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0177%	1h	93.717	+0.166%	$7.4M	$4.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.680	+0.126%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.614	+0.056%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.910	+0.372%	$31K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0300%	4h	93.800	+0.254%	$1.5M	$7.6M	75x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.599	+0.040%	$17.0M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0346% / S −0.0171%	1h	93.654	+0.099%	$1.5M	—	100x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.674	+0.119%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0572%	1h	93.724	+0.174%	$19.2M	$26.0M	50x	as long as short