Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0146%/8h= +16.0% APRpaid last 24h +0.047%

Price spread now: Bluefin against Gate−0.022%7-day average +0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$500.501% of the position

Long on Gate Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.024%−$2 on $10k

Price spread, last 3 days (all we have)+0.010%+$1 · spread now −0.022%, 7d avg +0.016%

Together, before fees−0.014%−$1 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bluefin is 0.039% cheaper against Gate than usual: you would sell low and buy high (spread −0.022% now, against its 7-day average of +0.016%). If the spread goes back, that is −$4 on $10k: about 21 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate HYPE_USDT	93.602	−0.0062	get 0.0031% / 4h	3h 17m	$44.3M	$60.1M	75x
Short	Bluefin HYPE-PERP	93.581	0.0084	get 0.0011% / 1h	17m 19s	$76K	$170K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against Gate. 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 GatebpFee BluefinbpOrdersPrice spread, now −0.022%Rate

Funding earned: $30.72
Price spread: −0.022% → +0.016%: −$3.87
Slippage, 4 orders: −$28.14
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$23.28
Costs to cover: 0.501%
Break-even: 12.3 days

Slippage from Gate: live order book, 2 min ago; Bluefin: live order book, 57 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 Gate live order book, 2 min ago	0.05 bp	11.9 bp −$12	18.9 bp −$189	34.2 bp −$3,418	57.9 bp −$28.9K
Sell Bluefin live order book, 57 min ago	2.45 bp	13.8 bp −$14	doesn't fit	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	−0.1280%	1h	93.530	−0.077%	$198K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.508	−0.100%	$1.3M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0189%	1h	93.890	+0.307%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0145%	1h	93.580	−0.024%	$710K	$956K	10x	as long as short
dYdX HYPE-USD	−0.0106%	1h	93.615	+0.014%	$128K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0096%	1h	93.616	+0.015%	$85K	$360K	20x	as long as short
Bullet HYPE-USD	−0.0092%	1h	93.591	−0.012%	$113K	$581K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.627	+0.027%	$3K	$331	25x	as long as short
Gate HYPE_USDTlong	−0.0062%	4h	93.602	long leg	$44.3M	$60.1M	75x
Orderly PERP_HYPE_USDC	−0.0027%	4h	93.559	−0.046%	$159K	$645K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0019%	8h	93.592	−0.011%	$321.4M	$280.3M	75x	as long as short
Aster HYPEUSDT	−0.0007%	4h	93.612	+0.011%	$8.9M	$36.1M	300x	as long as short
Perpl HYPE	0.0000%	43m	93.638	+0.039%	$23K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.620	+0.019%	$27K	—	150x	as long as short
Derive HYPE-PERP	+0.0009%	1h	93.545	−0.061%	$16.3M	$7.3M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.678	+0.081%	$218K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0039%	8h	93.651	+0.052%	$12.8M	$2.6M	50x	as long as short
MEXC HYPE_USDT	+0.0042%	4h	93.609	+0.007%	$88.1M	$83.2M	100x	as long as short
Binance HYPEUSDT	+0.0042%	4h	93.618	+0.017%	$381.9M	$894.5M	75x	as long as short
edgeX HYPEUSDC	+0.0057%	4h	93.961	+0.384%	$5.1M	$30.0M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0073%	8h	93.587	−0.016%	$115.6M	$316.1M	50x	as long as short
Bluefin HYPE-PERPshort	+0.0084%	1h	93.581	−0.022%	$76K	$170K	20x
Aevo HYPE-PERP	+0.0088%	1h	93.546	−0.060%	$398K	$180K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.630	+0.030%	$19.1M	$60.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.619	+0.018%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.622	+0.021%	$66K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.644	+0.045%	$340K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.570	−0.034%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.650	+0.051%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.678	+0.081%	$2.04B	$675.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.648	+0.049%	$10.1M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.528	−0.079%	$204K	$12K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.639	+0.040%	$46.6M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.603	+0.001%	$226.9M	$101.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.595	−0.007%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.688	+0.092%	$7.7M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.939	+0.361%	$31.4M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.991	+0.416%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.940	+0.361%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.838	+0.252%	$679K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.652	+0.054%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.656	+0.058%	$473K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.645	+0.046%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.583	−0.020%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.567	−0.038%	$18.7M	$44.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.640	+0.041%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0168%	4h	93.581	−0.022%	$17.0M	$12.1M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.949%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.668	+0.071%	$2.7M	$6.8M	20x	as long as short
Kalshi KXHYPEPERP	+0.0227%	8h	93.706	+0.111%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	93.622	+0.022%	$79K	$142K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0156%	1h	93.614	+0.012%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0367%	4h	93.825	+0.238%	$1.5M	$6.0M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0605%	1h	93.699	+0.104%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0674%	1h	93.681	+0.084%	$20.9M	$29.8M	50x	as long as short