Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.091%

Price spread now: Injective against Gate+0.550%54s7-day average +0.194% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Gate Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+2.364%+$236 on $10k

Price spread, last 3 days (all we have)−0.718%−$72 · spread now +0.550%, 7d avg +0.194%

Together, before fees+1.646%+$165 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Injective is 0.355% dearer against Gate than usual: you sell high and buy low: +$36 more if the spread goes back to its 7-day average of +0.194%. The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate HYPE_USDT	93.894	0.0072	pay 0.0036% / 4h	10m 21s	$44.1M	$59.9M	75x
Short	Injective HYPE/USDC PERP	94.410	0.0104	get 0.0013% / 1h	10m 21s	$31K	$338K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.550%Rate

Funding earned: $6.63
Price spread: +0.550% → +0.194%: $35.51
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $27.12
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: Gate: live order book, 4 min ago; Injective: live order book, 4 min ago. 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 Gate live order book, 4 min ago	0.69 bp	11.0 bp −$11	17.9 bp −$179	34.6 bp −$3,457	59.4 bp −$29.7K
Sell Injective live order book, 4 min ago	32.41 bp	doesn't fit	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	−0.1256%	1h	93.812	−0.088%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0400%	1h	93.863	−0.033%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.832	−0.066%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0108%	1h	93.780	−0.121%	$705K	$916K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.868	−0.028%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.933	+0.042%	$86K	$368K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0003%	4h	93.918	+0.026%	$170K	$590K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.857	−0.039%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.939	+0.048%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.933	+0.042%	$27K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	+0.0009%	1h	93.919	+0.027%	$217K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0011%	1h	93.847	−0.050%	$16.4M	$7.1M	10x	as long as short
Aster HYPEUSDT	+0.0015%	4h	93.927	+0.035%	$8.9M	$36.1M	300x	as long as short
Bybit HYPEUSDT	+0.0021%	8h	93.890	−0.004%	$323.1M	$284.0M	75x	as long as short
Phemex HYPEUSDT	+0.0041%	8h	93.840	−0.058%	$12.8M	$2.6M	50x	as long as short
MEXC HYPE_USDT	+0.0052%	4h	93.920	+0.028%	$88.4M	$82.2M	100x	as long as short
Binance HYPEUSDT	+0.0054%	4h	93.900	+0.006%	$383.4M	$898.3M	75x	as long as short
edgeX HYPEUSDC	+0.0061%	4h	93.800	−0.100%	$5.1M	$29.6M	30x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.933	+0.042%	$60K	$1.2M	50x	as long as short
Gate HYPE_USDTlong	+0.0072%	4h	93.894	long leg	$44.1M	$59.9M	75x
Bullet HYPE-USD	+0.0087%	1h	93.899	+0.005%	$113K	$578K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0092%	8h	93.892	−0.002%	$115.9M	$322.8M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.946	+0.055%	$18.9M	$60.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.924	+0.032%	$3.1M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.890	−0.004%	$399K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.955	+0.065%	$341K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.890	−0.004%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.863	−0.032%	$5.7M	$44.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.998	+0.111%	$2.04B	$681.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.923	+0.031%	$10.1M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.820	−0.079%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.947	+0.056%	$46.5M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.910	+0.017%	$227.4M	$102.3M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.897	+0.003%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.847	−0.050%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.811	−0.088%	$31.2M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.848	−0.049%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.859	−0.037%	$359K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.889	−0.005%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.943	+0.052%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.957	+0.067%	$472K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.909	+0.016%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.977	+0.088%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.891	−0.003%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERPshort	+0.0104%	1h	94.410	+0.550%	$31K	$338K	12x
Extended HYPE-USD	+0.0104%	1h	93.880	−0.015%	$18.3M	$42.8M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.010	+0.124%	$4.9M	$5.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0154%	8h	93.929	+0.037%	$1.9M	$5.0M	2.3x	as long as short
HTX HYPE-USDT	+0.0192%	4h	94.063	+0.180%	$1.5M	$7.8M	75x	as long as short
BloFin HYPE-USDT	+0.0212%	4h	93.801	−0.099%	$16.9M	$12.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.882	−0.013%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.988	+0.100%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0303%	1h	94.001	+0.114%	$7.5M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0163%	1h	93.924	+0.031%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0577%	1h	94.004	+0.118%	$21.0M	$29.5M	50x	as long as short