Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0217%/8h= −23.8% APRpaid last 24h −0.092%

Price spread now: Gate against Injective−0.104%84s7-day average −0.192% · you buy dearer than you sell

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

Long on Injective Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−2.351%−$235 on $10k

Price spread, last 3 days (all we have)+0.291%+$29 · spread now −0.104%, 7d avg −0.192%

Together, before fees−2.060%−$206 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.088% dearer against Injective than usual: you sell high and buy low (spread −0.104% now, against its 7-day average of −0.192%): +$9 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 32 hours. At the pace of the last 7 days (−2.351% in total) that is about 6 hours. The two prices were read 84 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	Injective HYPE/USDC PERP	93.150	0.0137	pay 0.0017% / 1h	55m 49s	$30K	$338K	12x
Short	Gate HYPE_USDT	93.053	−0.0080	pay 0.0040% / 4h	2h 55m	$44.0M	$53.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpFee GatebpOrdersPrice spread, now −0.104%Rate

Funding earned: −$45.61
Price spread: −0.104% → −0.192%: $8.8
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$51.84
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Injective: live order book, 13 min ago; Gate: live order book, 3 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 Injective live order book, 13 min ago	36.64 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	0.75 bp	13.2 bp −$13	18.6 bp −$186	35.5 bp −$3,555	55.7 bp −$27.9K

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	−0.1072%	1h	93.170	+0.022%	$196K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	92.960	−0.204%	$1.2M	$3.9M	10x	as long as short
Backpack HYPE_USDC_PERP	−0.0203%	1h	92.991	−0.171%	$7.8M	$10.6M	20x	as long as short
Aftermath Perps HYPEUSD	−0.0184%	1h	93.447	+0.319%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.069	−0.087%	$85K	$360K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.171	+0.023%	$3K	$331	25x	as long as short
Gate HYPE_USDTshort	−0.0080%	4h	93.053	−0.104%	$44.0M	$53.5M	75x
Bluefin HYPE-PERP	−0.0061%	1h	93.080	−0.075%	$79K	$173K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0045%	4h	93.028	−0.131%	$158K	$648K	20x	as long as short
Aster HYPEUSDT	−0.0031%	4h	93.050	−0.108%	$8.9M	$36.2M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	−0.0022%	1h	93.030	−0.129%	$702K	$959K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.099	−0.055%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.105	−0.048%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.065	−0.092%	$25K	—	150x	as long as short
BingX HYPE-USDT	+0.0016%	4h	93.075	−0.081%	—	$54.1M	—	as long as short
Derive HYPE-PERP	+0.0029%	1h	93.013	−0.148%	$16.2M	$7.6M	10x	as long as short
Bybit HYPEUSDT	+0.0029%	8h	93.030	−0.129%	$319.2M	$280.7M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.318	+0.180%	$212K	$1.2M	10x	as long as short
Binance HYPEUSDT	+0.0036%	4h	93.008	−0.152%	$378.2M	$901.7M	75x	as long as short
MEXC HYPE_USDT	+0.0040%	4h	93.039	−0.119%	$85.7M	$81.4M	100x	as long as short
Bullet HYPE-USD	+0.0041%	1h	93.023	−0.136%	$112K	$579K	20x	as long as short
edgeX HYPEUSDC	+0.0061%	4h	93.333	+0.197%	$5.1M	$29.6M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0068%	8h	93.030	−0.129%	$114.7M	$313.3M	50x	as long as short
Phemex HYPEUSDT	+0.0079%	8h	93.112	−0.041%	$12.6M	$2.7M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.071	−0.085%	$396K	$177K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.025	−0.134%	$18.6M	$58.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.029	−0.130%	$3.0M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.060	−0.097%	$64K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	93.077	−0.079%	$338K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.070	−0.086%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.072	−0.083%	$6.5M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.120	−0.032%	$2.03B	$673.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.059	−0.097%	$10.0M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.081	−0.074%	$45.9M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.999	−0.162%	$225.0M	$100.7M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.991	−0.171%	$30.4M	$54.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.339	+0.203%	$7.5M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.352	+0.217%	$338K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.280	+0.140%	$666K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.159	+0.010%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.107	−0.046%	$473K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.127	−0.025%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.066	−0.090%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.250	+0.107%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.069	−0.087%	$18.3M	$44.7M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.100	−0.054%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERPlong	+0.0137%	1h	93.150	long leg	$30K	$338K	12x
BloFin HYPE-USDT	+0.0168%	4h	93.171	+0.023%	$17.0M	$12.0M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.112	−0.041%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0252%	8h	93.203	+0.057%	$1.9M	$5.2M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0253%	1h	93.075	−0.081%	$79K	$143K	15x	as long as short
HTX HYPE-USDT	+0.0321%	4h	93.251	+0.108%	$1.5M	$6.1M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0158%	1h	93.068	−0.088%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0599%	1h	93.180	+0.032%	$7.4M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0685%	1h	93.143	−0.008%	$20.8M	$29.9M	50x	as long as short