Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:48 UTC+0.0100%/8h= +10.9% APRpaid last 24h −0.012%

Price spread now: Gate against Perpl+0.047%45s7-day average −0.035% · you sell dearer than you buy

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

Long on Perpl Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.062%+$6 on $10k

Price spread, last 4 days (all we have)−0.471%−$47 · spread now +0.047%, 7d avg −0.035%

Together, before fees−0.409%+ Points / potential airdropPerpl: Active · farm board−$41 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Gate is 0.082% dearer against Perpl than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.035%. The two prices were read 45 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	Perpl HYPE	92.755	0	get 0.0000% / 43m	18m 39s	$22K	$302K	10x
Short	Gate HYPE_USDT	92.799	0.0100	get 0.0050% / 4h	4m 39s	$44.5M	$55.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.047%Rate

Funding earned: $21
Price spread: +0.047% → −0.035%: $8.23
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $0.43
Costs to cover: 0.288%
Break-even: 6.9 days

Slippage unknown: Perpl: no order-book sample; Gate: 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 Perpl no order-book sample	—	—	—	—	—
Sell Gate live order book, 4 min ago	0.65 bp	10.1 bp −$10	14.3 bp −$143	34.0 bp −$3,395	57.6 bp −$28.8K

Perpl: 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
Arcus HYPE-USD	−0.0948%	1h	92.765	+0.010%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0344%	1h	92.733	−0.024%	$194K	$227K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0260%	1h	92.749	−0.007%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.797	+0.045%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	92.758	+0.003%	$157K	$660K	20x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	92.841	+0.092%	$86K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.787	+0.034%	$127K	$29K	5x	as long as short
Perpl HYPElong	0.0000%	43m	92.755	long leg	$22K	$302K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.807	+0.055%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0028%	8h	92.773	+0.019%	$12.5M	$2.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet HYPE-USD	+0.0029%	1h	92.771	+0.017%	$111K	$579K	20x	as long as short
Ondo Perps HYPE-USD.P	+0.0034%	1h	92.710	−0.049%	$697K	$1.1M	10x	as long as short
BingX HYPE-USDT	+0.0036%	4h	92.811	+0.060%	—	$53.5M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.755	−0.001%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0046%	8h	92.800	+0.048%	$316.7M	$281.0M	75x	as long as short
Aster HYPEUSDT	+0.0059%	4h	92.776	+0.022%	$8.7M	$36.1M	300x	as long as short
Bitget HYPEUSDT	+0.0092%	4h	92.809	+0.058%	$224.6M	$98.6M	75x	as long as short
edgeX HYPEUSDC	+0.0092%	4h	92.729	−0.028%	$4.9M	$29.5M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	92.818	+0.067%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.811	+0.060%	$16.1M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.813	+0.062%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.823	+0.073%	$69K	$1.1M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0096%	8h	92.811	+0.060%	$113.8M	$303.7M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.790	+0.037%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.772	+0.018%	$7.2M	$45.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.847	+0.099%	$2.02B	$663.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.838	+0.089%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.808	+0.057%	$372.9M	$901.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	+0.048%	$202K	$13K	10x	as long as short
Gate HYPE_USDTshort	+0.0100%	4h	92.799	+0.047%	$44.5M	$55.4M	75x
MEXC HYPE_USDT	+0.0100%	4h	92.803	+0.051%	$88.1M	$81.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.794	+0.042%	$46.1M	$18.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.775	+0.021%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.689	−0.072%	$28.5M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.776	+0.022%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.721	−0.037%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.694	−0.066%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.818	+0.067%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.806	+0.054%	$468K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.778	+0.024%	$79K	$169K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.759	+0.004%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.753	−0.003%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.779	+0.025%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.883	+0.137%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.784	+0.031%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.786	+0.033%	$392K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.264%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.820	+0.070%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0229%	8h	92.832	+0.082%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0263%	1h	92.769	+0.014%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.795	+0.043%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0331%	1h	92.849	+0.100%	$20.6M	$30.4M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.780	+0.026%	$16.8M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0407%	1h	92.882	+0.136%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.883	+0.138%	$3.2M	$6.4M	20x	as long as short