Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0058%/8h= +6.3% APRpaid last 24h −0.025%

Price spread now: Gate against Phemex−0.122%7-day average −0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs−$76as in the Price arb table

costs, in and out, $10k−$670.672% of the position

Long on Phemex Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.083%−$8 on $10k

Price spread, last 4 days (all we have)+0.159%+$16 · spread now −0.122%, 7d avg −0.030%

Together, before fees+0.076%+$8 on $10k · with fees, hour by hour

Funding pays, the price is against you. Gate is 0.092% cheaper against Phemex than usual: you would sell low and buy high (spread −0.122% now, against its 7-day average of −0.030%). If the spread goes back, that is −$9 on $10k: about 5.3 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.083%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	92.765	0.0022	pay 0.0022% / 8h	4h 28m	$12.5M	$2.7M	50x
Short	Gate HYPE_USDT	92.652	0.0080	get 0.0040% / 4h	28m 58s	$44.5M	$55.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Phemex. 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 PhemexbpFee GatebpOrdersPrice spread, now −0.122%Rate

Funding earned: $12.09
Price spread: −0.122% → −0.030%: −$9.16
Slippage, 4 orders: −$40.2
Fee Phemex: 6 bp × 2 orders: −$12
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$64.27
Costs to cover: 0.672%
Break-even: 44.2 days

Slippage from Phemex: live order book, 5 min ago; Gate: live order book, 5 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 Phemex live order book, 5 min ago	2.22 bp	19.3 bp −$19	34.8 bp −$348	doesn't fit	doesn't fit
Sell Gate live order book, 5 min ago	0.05 bp	12.3 bp −$12	17.3 bp −$173	34.3 bp −$3,430	56.8 bp −$28.4K

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	92.640	−0.135%	$1.0M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0272%	1h	92.644	−0.130%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0201%	1h	92.504	−0.281%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.682	−0.089%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0066%	4h	92.756	−0.010%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	92.768	+0.003%	$87K	$356K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.774	+0.009%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.742	−0.025%	$22K	$307K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.803	+0.041%	$62K	—	150x	as long as short
Phemex HYPEUSDTlong	+0.0022%	8h	92.765	long leg	$12.5M	$2.7M	50x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0023%	1h	92.560	−0.221%	$696K	$1.1M	10x	as long as short
Bullet HYPE-USD	+0.0028%	1h	92.778	+0.014%	$111K	$580K	20x	as long as short
Aster HYPEUSDT	+0.0029%	4h	92.728	−0.040%	$8.7M	$36.3M	300x	as long as short
BingX HYPE-USDT	+0.0036%	4h	92.659	−0.114%	—	$53.4M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.278	−0.525%	$209K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0053%	8h	92.645	−0.129%	$316.5M	$281.7M	75x	as long as short
Gate HYPE_USDTshort	+0.0080%	4h	92.652	−0.122%	$44.5M	$55.1M	75x
OKX HYPE-USDT-SWAP	+0.0084%	8h	92.660	−0.113%	$113.4M	$304.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0093%	8h	92.777	+0.013%	$340K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.754	−0.012%	$16.0M	$62.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.793	+0.030%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.717	−0.052%	$69K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.670	−0.102%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.764	−0.001%	$6.5M	$44.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.732	−0.036%	$2.02B	$666.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.759	−0.006%	$10.0M	$15.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.658	−0.115%	$371.9M	$903.5M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.298	−0.503%	$201K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.666	−0.107%	$87.5M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.667	−0.106%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.624	−0.152%	$224.5M	$98.3M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.699	−0.071%	$7.3M	$11.0M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.569	−0.212%	$28.5M	$57.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.655	−0.118%	$7.5M	$46.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.436	−0.355%	$338K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.617	−0.160%	$663K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.804	+0.042%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.763	−0.002%	$465K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.759	−0.006%	$78K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.762	−0.003%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.777	+0.013%	$31K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.779	+0.015%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.867	+0.110%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.611	−0.166%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.775	+0.011%	$392K	$164K	20x	as long as short
edgeX HYPEUSDC	+0.0109%	4h	92.580	−0.200%	$5.0M	$29.7M	30x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.253%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.740	−0.027%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0247%	8h	92.846	+0.087%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.770	+0.005%	$79K	$137K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.784	+0.021%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0331%	1h	92.847	+0.088%	$20.6M	$30.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.723	−0.045%	$16.6M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0494%	1h	92.873	+0.116%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.782	+0.018%	$3.2M	$6.4M	20x	as long as short