Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0158%/8h= +17.3% APRpaid last 24h +0.014%

Price spread now: Bitget against dYdX+0.110%53s7-day average −0.017% · you sell dearer than you buy

Net, funding: paid 7d − costs−$67as 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−$730.731% of the position

Long on dYdX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.064%+$6 on $10k

Price spread, last 4 days (all we have)−0.026%−$3 · spread now +0.110%, 7d avg −0.017%

Together, before fees+0.038%+$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Bitget is 0.127% dearer against dYdX than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of −0.017%. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX HYPE-USD	94.004	−0.0058	get 0.0007% / 1h	42m 50s	$128K	$29K	5x
Short	Bitget HYPEUSDT	94.108	0.0100	get 0.0050% / 4h	3h 42m	$228.3M	$101.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against dYdX. 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 dYdXbpFee BitgetbpOrdersPrice spread, now +0.110%Rate

Funding earned: $33.1
Price spread: +0.110% → −0.017%: $12.73
Slippage, 4 orders: −$51.14
Fee dYdX: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$27.31
Costs to cover: 0.731%
Break-even: 12.8 days

Slippage from dYdX: live order book, 31 min ago; Bitget: live order book, 1 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 dYdX live order book, 31 min ago	9.10 bp	42.4 bp −$42	57.1 bp −$571	137.7 bp −$13.8K	734.4 bp −$367.2K
Sell Bitget live order book, 1 min ago	0.05 bp	8.9 bp −$9	14.1 bp −$141	doesn't fit	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	−0.1456%	1h	93.806	−0.212%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.883	−0.129%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0285%	1h	93.932	−0.077%	$22K	$23K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0196%	1h	93.880	−0.132%	$703K	$926K	10x	as long as short
Phemex HYPEUSDT	−0.0167%	8h	94.025	+0.022%	$12.8M	$2.6M	50x	as long as short
Bullet HYPE-USD	−0.0115%	1h	93.988	−0.017%	$112K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0096%	1h	94.024	+0.021%	$85K	$361K	20x	as long as short
Gate HYPE_USDT	−0.0090%	4h	94.076	+0.076%	$44.5M	$59.3M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.986	−0.020%	$3K	$331	25x	as long as short
dYdX HYPE-USDlong	−0.0058%	1h	94.004	long leg	$128K	$29K	5x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0048%	8h	94.040	+0.038%	$323.3M	$281.4M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0011%	4h	94.008	+0.004%	$169K	$593K	20x	as long as short
Derive HYPE-PERP	−0.0008%	1h	93.973	−0.034%	$16.4M	$7.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	93.988	−0.018%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.032	+0.029%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0012%	4h	94.081	+0.081%	$8.9M	$36.1M	300x	as long as short
Bluefin HYPE-PERP	+0.0028%	1h	94.025	+0.022%	$76K	$171K	20x	as long as short
Phoenix HYPE	+0.0034%	1h	93.915	−0.095%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0040%	4h	94.088	+0.089%	$89.0M	$82.2M	100x	as long as short
Binance HYPEUSDT	+0.0041%	4h	94.076	+0.076%	$383.8M	$894.7M	75x	as long as short
edgeX HYPEUSDC	+0.0051%	4h	93.859	−0.155%	$5.1M	$29.9M	30x	as long as short
Popdex HYPEUSDT	+0.0072%	1h	94.001	−0.004%	$61K	$1.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0081%	8h	94.055	+0.054%	$116.0M	$319.6M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	94.062	+0.061%	$400K	$193K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.087	+0.088%	$18.9M	$58.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.059	+0.058%	$3.1M	$12.0M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.056	+0.055%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.020	+0.017%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.993	−0.013%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.118	+0.121%	$2.05B	$677.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.020	+0.017%	$10.1M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.816	−0.200%	$204K	$5K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.096	+0.097%	$46.6M	$18.3M	75x	as long as short
Bitget HYPEUSDTshort	+0.0100%	4h	94.108	+0.110%	$228.3M	$101.0M	75x
BingX HYPE-USDT	+0.0100%	4h	94.064	+0.063%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.080	+0.080%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.820	−0.196%	$31.3M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.912	−0.098%	$7.6M	$45.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.865	−0.148%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.913	−0.097%	$679K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.011	+0.007%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.015	+0.011%	$480K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.098	+0.100%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.035	+0.032%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.064	+0.063%	$18.9M	$43.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.000	−0.005%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0164%	4h	94.031	+0.028%	$17.0M	$12.3M	75x	as long as short
Kalshi KXHYPEPERP	+0.0184%	8h	94.067	+0.067%	$1.9M	$5.1M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.260	+0.272%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.042	+0.040%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	93.986	−0.020%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0157%	1h	94.051	+0.050%	$1.5M	—	100x	as long as short
HTX HYPE-USDT	+0.0391%	4h	94.200	+0.208%	$1.5M	$6.3M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0654%	1h	94.160	+0.165%	$7.5M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.148	+0.153%	$21.0M	$29.7M	50x	as long as short