Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.024%

Price spread now: Bullet against Gate+0.032%7-day average +0.046% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$380.383% of the position

Long on Gate Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.024%+$2 on $10k

Price spread, last 3 days (all we have)+0.289%+$29 · spread now +0.032%, 7d avg +0.046%

Together, before fees+0.313%+$31 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate HYPE_USDT	93.257	0.0056	pay 0.0028% / 4h	1h 40m	$43.7M	$57.8M	75x
Short	Bullet HYPE-USD	93.287	0.0060	get 0.0007% / 1h	40m 04s	$112K	$578K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now +0.032%Rate

Funding earned: $0.82
Price spread: +0.032% → +0.046%: −$1.33
Slippage, 4 orders: −$15.3
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$38.8
Costs to cover: 0.383%
Break-even: 336.9 days

Slippage from Gate: live order book, 4 min ago; Bullet: live order book, 44 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, 4 min ago	0.16 bp	11.7 bp −$12	14.4 bp −$144	31.0 bp −$3,102	51.5 bp −$25.7K
Sell Bullet live order book, 44 min ago	0.48 bp	9.9 bp −$10	14.5 bp −$145	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
Aftermath Perps HYPEUSD	−0.0360%	1h	93.275	+0.019%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0160%	1h	93.252	−0.005%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.266	+0.010%	$1.2M	$4.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.329	+0.077%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0068%	1h	93.270	+0.014%	$700K	$924K	10x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	93.312	+0.059%	$90K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.344	+0.094%	$127K	$32K	5x	as long as short
Popdex HYPEUSDT	0.0000%	1h	93.291	+0.036%	$58K	$1.2M	50x	as long as short
Perpl HYPE	0.0000%	43m	93.313	+0.060%	$23K	$331K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.323	+0.071%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0014%	4h	93.279	+0.024%	$8.9M	$36.0M	300x	as long as short
Derive HYPE-PERP	+0.0016%	1h	93.235	−0.024%	$16.3M	$7.1M	10x	as long as short
Bybit HYPEUSDT	+0.0029%	8h	93.220	−0.040%	$323.7M	$286.8M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.374	+0.125%	$214K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0035%	4h	93.273	+0.017%	$171K	$519K	20x	as long as short
Gate HYPE_USDTlong	+0.0056%	4h	93.257	long leg	$43.7M	$57.8M	75x
Bullet HYPE-USDshort	+0.0060%	1h	93.287	+0.032%	$112K	$578K	20x
Binance HYPEUSDT	+0.0096%	4h	93.241	−0.017%	$383.3M	$892.1M	75x	as long as short
Lighter HYPE	+0.0096%	1h	93.322	+0.070%	$18.5M	$58.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.290	+0.035%	$3.1M	$12.1M	20x	as long as short
MEXC HYPE_USDT	+0.0096%	4h	93.239	−0.019%	$90.4M	$81.6M	100x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.305	+0.052%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.290	+0.035%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.285	+0.030%	$5.9M	$44.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.297	+0.043%	$2.03B	$672.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.329	+0.077%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.230	−0.029%	$113.9M	$313.8M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.390	+0.143%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.287	+0.032%	$47.2M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.238	−0.020%	$226.1M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.260	+0.003%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.279	+0.024%	$7.9M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.354	+0.104%	$29.0M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.228	−0.031%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.375	+0.127%	$413K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.385	+0.137%	$675K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.341	+0.090%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.326	+0.074%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.268	+0.012%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.347	+0.097%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.261	+0.004%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.316	+0.063%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.218	−0.042%	$18.2M	$42.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.236	−0.022%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0104%	4h	93.291	+0.037%	$5.1M	$29.5M	30x	as long as short
Kalshi KXHYPEPERP	+0.0109%	8h	93.426	+0.181%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.350	+0.100%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.340	+0.089%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.296	+0.042%	$78K	$158K	15x	as long as short
HTX HYPE-USDT	+0.0265%	4h	93.464	+0.222%	$1.5M	$7.7M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.363	+0.113%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0307%	1h	93.359	+0.109%	$7.4M	$4.6M	50x	as long as short
BloFin HYPE-USDT	+0.0337%	4h	93.319	+0.066%	$16.9M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0159%	1h	93.326	+0.074%	$1.5M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.372	+0.123%	$20.9M	$28.8M	50x	as long as short