Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0041%/8h= −4.4% APRpaid last 24h −0.021%

Price spread now: Orderly against gTrade (Gains Network)−0.050%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 Orderly

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

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Orderly is 0.050% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (−$5 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) HYPE/USD	93.668	L +0.0002% / S −0.0002%	pay 0.0000% / 1h	56m 29s	$62K	—	150x
Short	Orderly PERP_HYPE_USDC	93.621	−0.0038	pay 0.0019% / 4h	2h 56m	$146K	$663K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.050%Rate

Funding earned: −$8.53
Price spread: −0.050% → 0.000%: −$4.96
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$29.49
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: gTrade (Gains Network): no order-book sample; Orderly: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—

gTrade (Gains Network) and Orderly: 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	−0.1896%	1h	93.498	−0.181%	$197K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0356%	1h	93.413	−0.271%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.476	−0.204%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0061%	1h	93.617	−0.054%	$112K	$578K	20x	as long as short
Orderly PERP_HYPE_USDCshort	−0.0038%	4h	93.621	−0.050%	$146K	$663K	20x
01 Exchange HYPEUSD	−0.0032%	1h	93.535	−0.141%	$88K	$366K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.608	−0.064%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.556	−0.119%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USDlong	L +0.0002% / S −0.0002%	1h	93.668	long leg	$62K	—	150x
Arcus HYPE-USD	+0.0011%	1h	93.514	−0.164%	$1.0M	$3.9M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HYPEUSDT	+0.0017%	8h	93.599	−0.073%	$12.6M	$2.7M	50x	as long as short
Bitget HYPEUSDT	+0.0024%	4h	93.510	−0.168%	$226.2M	$99.2M	75x	as long as short
Bybit HYPEUSDT	+0.0026%	8h	93.505	−0.173%	$318.1M	$283.8M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.546	−0.130%	$209K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0061%	1h	93.560	−0.115%	$705K	$1.2M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.581	−0.092%	$341K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.594	−0.079%	$16.1M	$62.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.590	−0.083%	$3.1M	$11.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.524	−0.153%	$77K	$1.1M	50x	as long as short
edgeX HYPEUSDC	+0.0097%	4h	93.351	−0.338%	$5.0M	$29.9M	30x	as long as short
Gate HYPE_USDT	+0.0098%	4h	93.540	−0.136%	$46.3M	$53.7M	75x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.510	−0.168%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.544	−0.131%	$7.0M	$47.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.584	−0.089%	$2.04B	$667.1M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.575	−0.099%	$8.7M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.574	−0.100%	$10.1M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.558	−0.117%	$375.2M	$910.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.500	−0.179%	$114.9M	$308.1M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.328	−0.362%	$203K	$3K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.546	−0.130%	$92.2M	$80.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.610	−0.061%	$46.2M	$18.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.536	−0.140%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.674	+0.007%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.379	−0.308%	$28.8M	$56.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.423	−0.261%	$7.5M	$47.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.617	−0.054%	$343K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.612	−0.059%	$669K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.585	−0.088%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.548	−0.128%	$490K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.618	−0.053%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.619	−0.052%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.673	+0.006%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.641	−0.028%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.800	+0.141%	$1.4M	$6.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.504	−0.175%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.645	−0.024%	$396K	$161K	20x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.410	−0.275%	$30K	$339K	12x	as long as short
Kalshi KXHYPEPERP	+0.0141%	8h	93.635	−0.035%	$1.8M	$5.6M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.700	+0.035%	$4.8M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0267%	1h	93.508	−0.171%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.654	−0.014%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0340%	1h	93.718	+0.053%	$20.9M	$29.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.642	−0.027%	$16.9M	$11.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0455%	1h	93.735	+0.072%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.602	−0.069%	$3.2M	$6.3M	20x	as long as short