Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.1308%/8h= +143.2% APRpaid last 24h +0.196%

Price spread now: Gate against Hibachi−0.147%7-day average +0.043% · you buy dearer than you sell

Net, funding: paid 7d − costs+$80as in the Funding arb table

Net, price: spread back to 7d avg − costs−$97as in the Price arb table

costs, in and out, $10k−$780.776% of the position

Long on Hibachi Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+1.575%+$157 on $10k

Price spread, last 4 days (all we have)−0.500%−$50 · spread now −0.147%, 7d avg +0.043%

Together, before fees+1.075%+ Points / potential airdropHibachi: Active · farm board+$107 on $10k · with fees, hour by hour

Funding pays, the price is against you. Gate is 0.191% cheaper against Hibachi than usual: you would sell low and buy high (spread −0.147% now, against its 7-day average of +0.043%). If the spread goes back, that is −$19 on $10k: about 12 hours of funding at the current rate (+$39 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi HYPE/USDT-P	93.481	−0.1264	get 0.0158% / 1h	40m 22s	$196K	$226K	7x
Short	Gate HYPE_USDT	93.343	0.0044	get 0.0022% / 4h	1h 40m	$44.5M	$54.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Hibachi. 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 HibachibpFee GatebpOrdersPrice spread, now −0.147%Rate

Funding earned: $274.68
Price spread: −0.147% → +0.043%: −$19.06
Slippage, 4 orders: −$53.6
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $178.02
Costs to cover: 0.776%
Break-even: 2.5 days

Slippage from Hibachi: live order book, 24 min ago; Gate: live order book, 4 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 Hibachi live order book, 24 min ago	12.16 bp	33.4 bp −$33	53.7 bp −$537	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	0.11 bp	9.0 bp −$9	16.4 bp −$164	32.9 bp −$3,289	55.0 bp −$27.5K

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-Plong	−0.1264%	1h	93.481	long leg	$196K	$226K	7x
Arcus HYPE-USD	−0.0899%	1h	93.229	−0.269%	$1.2M	$3.8M	10x	as long as short
Bluefin HYPE-PERP	−0.0184%	1h	93.318	−0.174%	$79K	$170K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.351	−0.139%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0067%	8h	93.304	−0.189%	$12.6M	$2.7M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0058%	1h	93.260	−0.236%	$700K	$980K	10x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.402	−0.084%	$85K	$346K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0046%	4h	93.328	−0.163%	$155K	$630K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0036%	1h	93.409	−0.076%	$22K	$21K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.361	−0.128%	$128K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.394	−0.092%	$23K	$322K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.364	−0.125%	$62K	—	150x	as long as short
Aster HYPEUSDT	+0.0016%	4h	93.335	−0.155%	$8.8M	$35.6M	300x	as long as short
Bullet HYPE-USD	+0.0021%	1h	93.334	−0.157%	$111K	$578K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	93.549	+0.073%	$213K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0026%	4h	93.344	−0.146%	—	$53.1M	—	as long as short
Bybit HYPEUSDT	+0.0034%	8h	93.328	−0.163%	$321.8M	$277.0M	75x	as long as short
Gate HYPE_USDTshort	+0.0044%	4h	93.343	−0.147%	$44.5M	$54.7M	75x
OKX HYPE-USDT-SWAP	+0.0078%	8h	93.330	−0.161%	$114.1M	$301.9M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.370	−0.118%	$16.3M	$61.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.341	−0.149%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.397	−0.089%	$69K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.380	−0.108%	$339K	$162K	20x	as long as short
Binance HYPEUSDT	+0.0097%	4h	93.343	−0.147%	$378.8M	$877.0M	75x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.410	−0.076%	$17K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.335	−0.155%	$5.8M	$43.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.436	−0.048%	$2.04B	$655.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.384	−0.103%	$10.0M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.580	+0.106%	$204K	$10K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.345	−0.145%	$89.9M	$80.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.396	−0.091%	$45.9M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.344	−0.146%	$225.7M	$96.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.319	−0.173%	$7.4M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.317	−0.175%	$31.1M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.553	+0.077%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.487	+0.007%	$340K	$999K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.585	+0.112%	$668K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.403	−0.083%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.372	−0.116%	$472K	$2.5M	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.332	−0.159%	$16.2M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.428	−0.056%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.332	−0.159%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.316	−0.176%	$18.4M	$43.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.333	−0.158%	$397K	$163K	20x	as long as short
edgeX HYPEUSDC	+0.0116%	4h	93.476	−0.004%	$5.1M	$29.6M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.440	−0.043%	$4.9M	$5.4M	50x	as long as short
HTX HYPE-USDT	+0.0200%	4h	93.500	+0.021%	$1.4M	$6.0M	75x	as long as short
Reya HYPERUSDPERP	+0.0257%	1h	93.331	−0.160%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0279%	8h	93.417	−0.068%	$1.9M	$5.1M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.364	−0.124%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.300	−0.193%	$16.9M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0393%	1h	93.426	−0.058%	$7.4M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.450	−0.033%	$3.2M	$6.5M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.200	−0.300%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0685%	1h	93.408	−0.078%	$20.7M	$30.1M	50x	as long as short