Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0170%/8h= +18.6% APRpaid last 24h +0.033%

Price spread now: Bulk against Gate−0.097%7-day average +0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$300.297% of the position

Long on Gate Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.042%+$4 on $10k

Price spread, last 4 days (all we have)+0.031%+$3 · spread now −0.097%, 7d avg +0.053%

Together, before fees+0.074%+$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bulk is 0.149% cheaper against Gate than usual: you would sell low and buy high (spread −0.097% now, against its 7-day average of +0.053%). If the spread goes back, that is −$15 on $10k: about 2.9 days of funding at the current rate (+$5 a day). At the pace of the last 3 days (+0.042% in total) that is about 12 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate HYPE_USDT	93.438	−0.0070	get 0.0035% / 4h	2h 33m	$44.3M	$54.6M	75x
Short	Bulk HYPE-USD	93.348	0.0100	get 0.0013% / 1h	33m 16s	$203K	$10K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now −0.097%Rate

Funding earned: $35.7
Price spread: −0.097% → +0.053%: −$14.95
Slippage, 4 orders: −$7.66
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$8.91
Costs to cover: 0.297%
Break-even: 8.7 days

Slippage from Gate: live order book, 6 min ago; Bulk: live order book, 36 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, 6 min ago	0.59 bp	11.3 bp −$11	16.6 bp −$166	29.4 bp −$2,939	52.9 bp −$26.5K
Sell Bulk live order book, 36 min ago	0.53 bp	4.4 bp −$4	6.8 bp −$68	11.9 bp −$1,193	21.5 bp −$10.7K

HYPE on 54 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	−0.0904%	1h	93.476	+0.041%	$196K	$231K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.285	−0.164%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0167%	1h	93.383	−0.058%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0117%	1h	93.350	−0.094%	$698K	$986K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.559	+0.129%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0077%	8h	93.417	−0.022%	$12.7M	$2.7M	50x	as long as short
Backpack HYPE_USDC_PERP	−0.0070%	1h	93.514	+0.081%	$7.8M	$10.4M	20x	as long as short
Gate HYPE_USDTlong	−0.0070%	4h	93.438	long leg	$44.3M	$54.6M	75x
01 Exchange HYPEUSD	−0.0064%	1h	93.429	−0.010%	$85K	$353K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0057%	4h	93.410	−0.030%	$156K	$652K	20x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0019%	4h	93.488	+0.053%	$8.9M	$36.2M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.439	+0.001%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.410	−0.030%	$22K	$331K	10x	as long as short
BingX HYPE-USDT	+0.0002%	4h	93.425	−0.014%	—	$53.8M	—	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.440	+0.002%	$26K	—	150x	as long as short
Bybit HYPEUSDT	+0.0002%	8h	93.420	−0.019%	$320.9M	$285.1M	75x	as long as short
MEXC HYPE_USDT	+0.0050%	4h	93.444	+0.006%	$88.0M	$82.7M	100x	as long as short
Binance HYPEUSDT	+0.0054%	4h	93.431	−0.007%	$380.1M	$905.5M	75x	as long as short
edgeX HYPEUSDC	+0.0059%	4h	93.458	+0.021%	$5.1M	$30.0M	30x	as long as short
Bullet HYPE-USD	+0.0059%	1h	93.438	0.000%	$112K	$578K	20x	as long as short
Phoenix HYPE	+0.0060%	1h	93.170	−0.287%	$210K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0065%	8h	93.431	−0.007%	$114.9M	$315.0M	50x	as long as short
Derive HYPE-PERP	+0.0076%	1h	93.401	−0.039%	$16.2M	$7.7M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	93.458	+0.022%	$339K	$165K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.436	−0.002%	$16.4M	$62.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.430	−0.009%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.385	−0.057%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.435	−0.003%	$397K	$177K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.350	−0.094%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.379	−0.063%	$5.7M	$45.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.513	+0.080%	$2.04B	$670.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.451	+0.014%	$10.0M	$14.8M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.413	−0.027%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.432	−0.006%	$226.0M	$100.4M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.411	−0.029%	$31.0M	$54.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.516	+0.083%	$7.5M	$48.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.468	+0.032%	$338K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.511	+0.078%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.501	+0.067%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.438	0.000%	$468K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.428	−0.011%	$79K	$173K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.499	+0.065%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.432	−0.006%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USDshort	+0.0100%	1h	93.348	−0.097%	$203K	$10K	10x
Extended HYPE-USD	+0.0104%	1h	93.416	−0.024%	$18.4M	$44.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.440	+0.002%	$4.9M	$5.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.490	+0.056%	$30K	$339K	12x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.442	+0.004%	$2.7M	$6.7M	20x	as long as short
HTX HYPE-USDT	+0.0218%	4h	93.571	+0.142%	$1.4M	$6.2M	75x	as long as short
Reya HYPERUSDPERP	+0.0254%	1h	93.408	−0.032%	$79K	$142K	15x	as long as short
Kalshi KXHYPEPERP	+0.0266%	8h	93.577	+0.149%	$1.9M	$5.1M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0158%	1h	93.449	+0.011%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0445%	1h	93.531	+0.100%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0682%	1h	93.528	+0.096%	$20.9M	$30.1M	50x	as long as short