Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0335%/8h= +36.7% APRpaid last 24h +0.055%

Price spread now: Deribit against Gate+0.103%7-day average +0.066% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$360.359% of the position

Long on Gate Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.059%+$6 on $10k

Price spread, last 4 days (all we have)−0.085%−$9 · spread now +0.103%, 7d avg +0.066%

Together, before fees−0.027%−$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Deribit is 0.037% dearer against Gate than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.066%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.059% in total (about 3.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate HYPE_USDT	93.118	0.0070	pay 0.0035% / 4h	3h 13m	$45.4M	$54.7M	75x
Short	Deribit HYPE_USDC-PERPETUAL	93.214	0.0405	get 0.0051% / 1h	13m 17s	$7.5M	$4.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.103%Rate

Funding earned: $70.35
Price spread: +0.103% → +0.066%: $3.75
Slippage, 4 orders: −$13.88
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $38.22
Costs to cover: 0.359%
Break-even: 3.2 days

Slippage from Gate: live order book, 6 min ago; Deribit: live order book, 1 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	0.48 bp	11.0 bp −$11	15.2 bp −$152	28.1 bp −$2,806	52.6 bp −$26.3K
Sell Deribit live order book, 1 min ago	2.63 bp	6.8 bp −$7	12.6 bp −$126	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	−0.1792%	1h	93.043	−0.080%	$194K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0306%	1h	93.027	−0.098%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	93.112	−0.006%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.085	−0.035%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0053%	4h	93.107	−0.012%	$146K	$674K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.159	+0.044%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.114	−0.005%	$22K	$293K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.145	+0.029%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0010%	1h	92.970	−0.159%	$701K	$1.1M	10x	as long as short
Bullet HYPE-USD	+0.0014%	1h	93.132	+0.015%	$111K	$578K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HYPEUSDT	+0.0024%	8h	93.103	−0.016%	$12.6M	$2.7M	50x	as long as short
01 Exchange HYPEUSD	+0.0024%	1h	93.136	+0.019%	$87K	$365K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	93.056	−0.067%	$208K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0029%	8h	93.113	−0.005%	$318.3M	$284.1M	75x	as long as short
Bitget HYPEUSDT	+0.0038%	4h	93.110	−0.009%	$225.3M	$98.8M	75x	as long as short
Popdex HYPEUSDT	+0.0048%	1h	93.104	−0.015%	$76K	$1.1M	50x	as long as short
Gate HYPE_USDTlong	+0.0070%	4h	93.118	long leg	$45.4M	$54.7M	75x
edgeX HYPEUSDC	+0.0094%	4h	93.059	−0.064%	$4.9M	$29.8M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.142	+0.026%	$16.0M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.156	+0.041%	$3.1M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.164	+0.050%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.120	+0.002%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.140	+0.024%	$6.8M	$46.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.165	+0.050%	$2.03B	$669.5M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.138	+0.022%	$8.7M	$36.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.158	+0.043%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.120	+0.002%	$373.8M	$910.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.112	−0.006%	$114.1M	$305.5M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.709	−0.440%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.117	−0.001%	$91.5M	$81.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.132	+0.015%	$46.1M	$18.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.124	+0.006%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.178	+0.064%	$7.3M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.999	−0.128%	$28.6M	$56.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.078	−0.043%	$7.5M	$46.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.266	+0.159%	$342K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.057	−0.066%	$665K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.158	+0.043%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.158	+0.043%	$488K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.121	+0.003%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.109	−0.010%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.182	+0.069%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.115	−0.003%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.300	+0.195%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.088	−0.032%	$18.1M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.139	+0.022%	$394K	$164K	20x	as long as short
Kalshi KXHYPEPERP	+0.0116%	8h	93.127	+0.010%	$1.8M	$5.5M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.220	+0.110%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0196%	1h	93.194	+0.082%	$20.7M	$29.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.410	+0.314%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0266%	1h	93.118	0.000%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	93.145	+0.029%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.113	−0.005%	$16.8M	$11.8M	75x	as long as short
Deribit HYPE_USDC-PERPETUALshort	+0.0405%	1h	93.214	+0.103%	$7.5M	$4.5M	50x
RISEx HYPE/USDC	+0.0598%	1h	93.197	+0.085%	$3.2M	$6.3M	20x	as long as short