Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0017%/8h= +1.9% APRpaid last 24h +0.017%

Price spread now: Bybit against gTrade (Gains Network)−0.038%7-day average — · you buy dearer than you sell

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

Long on gTrade (Gains Network)Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Bybit is 0.038% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.038% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 7.3 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) HYPE/USD	93.963	L +0.0002% / S −0.0002%	pay 0.0000% / 1h	55m 01s	$28K	—	150x
Short	Bybit HYPEUSDT	93.927	0.0020	get 0.0020% / 8h	55m 01s	$324.7M	$280.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee BybitbpOrdersPrice spread, now −0.038%Rate

Funding earned: $3.65
Price spread: −0.038% → 0.000%: −$3.83
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$21.18
Costs to cover: 0.210%
Break-even: 47.6 days

Slippage unknown: gTrade (Gains Network): no order-book sample; Bybit: live order book, 4 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell Bybit live order book, 4 min ago	0.53 bp	6.0 bp −$6	8.2 bp −$82	18.7 bp −$1,872	43.5 bp −$21.7K

gTrade (Gains Network): 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	−0.0520%	1h	93.829	−0.143%	$199K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0484%	1h	93.731	−0.247%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.866	−0.103%	$1.2M	$3.8M	10x	as long as short
ApeX Omni HYPEUSDT	−0.0160%	1h	93.896	−0.071%	$349K	$1.1M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.916	−0.050%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.912	−0.054%	$128K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.940	−0.024%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USDlong	L +0.0002% / S −0.0002%	1h	93.963	long leg	$28K	—	150x
Orderly PERP_HYPE_USDC	+0.0014%	4h	93.940	−0.024%	$176K	$526K	20x	as long as short
Bybit HYPEUSDTshort	+0.0020%	8h	93.927	−0.038%	$324.7M	$280.7M	75x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0020%	1h	93.830	−0.142%	$703K	$903K	10x	as long as short
Aster HYPEUSDT	+0.0027%	4h	93.942	−0.023%	$8.9M	$35.8M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	93.805	−0.168%	$215K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0066%	4h	93.934	−0.031%	$44.5M	$57.9M	75x	as long as short
edgeX HYPEUSDC	+0.0067%	4h	93.855	−0.115%	$5.1M	$29.7M	30x	as long as short
Derive HYPE-PERP	+0.0069%	1h	93.885	−0.083%	$16.4M	$6.9M	10x	as long as short
Phemex HYPEUSDT	+0.0070%	8h	93.934	−0.031%	$12.8M	$2.6M	50x	as long as short
MEXC HYPE_USDT	+0.0070%	4h	93.943	−0.021%	$90.6M	$80.3M	100x	as long as short
Binance HYPEUSDT	+0.0070%	4h	93.941	−0.024%	$385.9M	$886.0M	75x	as long as short
Lighter HYPE	+0.0096%	1h	93.987	+0.026%	$19.0M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.963	0.000%	$3.1M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.941	−0.023%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.941	−0.024%	$400K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.953	−0.010%	$341K	$169K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.940	−0.024%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.941	−0.023%	$5.9M	$44.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.961	−0.002%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.937	−0.028%	$115.3M	$314.9M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.959	−0.004%	$47.3M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.949	−0.015%	$227.7M	$102.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.932	−0.033%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.960	−0.003%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.882	−0.086%	$32.1M	$53.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.906	−0.060%	$7.6M	$45.5M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.925	−0.040%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.961	−0.002%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.962	−0.001%	$485K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.916	−0.050%	$113K	$577K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.946	−0.018%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.991	+0.030%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.938	−0.027%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.680	−0.301%	$205K	$7K	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	93.850	−0.120%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.928	−0.038%	$18.6M	$42.0M	50x	as long as short
01 Exchange HYPEUSD	+0.0104%	1h	93.968	+0.005%	$91K	$355K	20x	as long as short
Kalshi KXHYPEPERP	+0.0120%	8h	93.994	+0.033%	$1.9M	$5.1M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.870	−0.099%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0223%	4h	94.099	+0.145%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	93.933	−0.032%	$77K	$142K	15x	as long as short
BloFin HYPE-USDT	+0.0280%	4h	93.930	−0.035%	$17.0M	$12.3M	75x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.992	+0.030%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0325%	1h	94.035	+0.077%	$7.4M	$4.5M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	93.924	−0.041%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0577%	1h	94.042	+0.084%	$21.0M	$29.0M	50x	as long as short
Hyperliquid HYPE	+0.0641%	1h	93.995	+0.034%	$2.05B	$667.7M	10x	as long as short