Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:14 UTC+0.0002%/8h= +0.2% APRpaid last 24h −0.007%

Price spread now: gTrade (Gains Network) against Perpl−0.012%7-day average — · you buy dearer than you sell

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

Long on Perpl Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropPerpl: Active · farm boardneeds both histories

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl HYPE	93.772	0	get 0.0000% / 43m	1m 15s	$22K	$290K	10x
Short	gTrade (Gains Network) HYPE/USD	93.760	L +0.0002% / S −0.0002%	get 0.0000% / 1h	21m 15s	$62K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against Perpl. 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 PerplbpFee gTrade (Gains Network)bpOrdersPrice spread, now −0.012%Rate

Funding earned: $0.46
Price spread: −0.012% → 0.000%: −$1.25
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$24.59
Costs to cover: 0.238%
Break-even: 380.2 days

Slippage unknown: Perpl: no order-book sample; gTrade (Gains Network): no order-book sample. 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 Perpl no order-book sample	—	—	—	—	—
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

Perpl and gTrade (Gains Network): no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1392%	1h	93.393	−0.404%	$197K	$238K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0396%	1h	93.328	−0.473%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.513	−0.276%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0049%	1h	93.749	−0.024%	$111K	$581K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0019%	4h	93.684	−0.094%	$146K	$672K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.560	−0.226%	$128K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	93.791	+0.021%	$88K	$365K	20x	as long as short
Perpl HYPElong	0.0000%	43m	93.772	long leg	$22K	$290K	10x
gTrade (Gains Network) HYPE/USDshort	L +0.0002% / S −0.0002%	1h	93.760	−0.012%	$62K	—	150x
Arcus HYPE-USD	+0.0011%	1h	93.637	−0.144%	$1.0M	$3.9M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDT	+0.0012%	4h	93.689	−0.088%	$226.0M	$98.9M	75x	as long as short
Bybit HYPEUSDT	+0.0018%	8h	93.700	−0.076%	$318.1M	$282.4M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.624	−0.158%	$208K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0032%	1h	93.620	−0.162%	$704K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0046%	8h	93.732	−0.042%	$12.8M	$2.8M	50x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	93.211	−0.598%	$5.0M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	93.566	−0.219%	$340K	$157K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.529	−0.259%	$16.1M	$63.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.554	−0.232%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.758	−0.015%	$73K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.690	−0.087%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.731	−0.044%	$8.0M	$48.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.793	+0.023%	$2.04B	$667.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.716	−0.060%	$8.7M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.590	−0.194%	$10.1M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.729	−0.046%	$375.9M	$912.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.704	−0.072%	$115.5M	$311.7M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.358	−0.441%	$216K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.762	−0.010%	$47.2M	$54.5M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.772	0.000%	$90.5M	$81.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.729	−0.046%	$46.4M	$18.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.746	−0.027%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.524	−0.264%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.070	−0.749%	$28.4M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.275	−0.530%	$7.5M	$47.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.227	−0.581%	$342K	$997K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.427	−0.368%	$668K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.723	−0.052%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.730	−0.044%	$486K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.721	−0.054%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.698	−0.078%	$16.2M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.593	−0.191%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.717	−0.058%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.849	+0.082%	$1.4M	$6.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.678	−0.100%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.716	−0.059%	$396K	$158K	20x	as long as short
Kalshi KXHYPEPERP	+0.0108%	8h	93.470	−0.322%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.620	−0.162%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.800	+0.030%	$4.6M	$5.8M	50x	as long as short
Reya HYPERUSDPERP	+0.0269%	1h	93.767	−0.005%	$80K	$127K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	93.765	−0.007%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0340%	1h	93.796	+0.025%	$20.9M	$29.4M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.312	−0.490%	$16.8M	$11.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0486%	1h	93.802	+0.032%	$7.5M	$4.1M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.742	−0.032%	$3.2M	$6.2M	20x	as long as short