Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0599%/8h= −65.6% APRpaid last 24h −0.054%

Price spread now: Bitget against RISEx−0.078%7-day average −0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$250.245% of the position

Long on RISEx Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.160%−$16 on $10k

Price spread, last 7 days+0.075%+$7 · spread now −0.078%, 7d avg −0.009%

Together, before fees−0.086%−$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and Bitget is 0.069% cheaper against RISEx than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.009%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.160% in total (about -16.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx HYPE/USDC	92.962	0.0687	pay 0.0086% / 1h	1m 05s	$3.2M	$6.4M	20x
Short	Bitget HYPEUSDT	92.890	0.0088	get 0.0044% / 4h	1m 05s	$224.8M	$98.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against RISEx. 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 RISExbpFee BitgetbpOrdersPrice spread, now −0.078%Rate

Funding earned: −$125.73
Price spread: −0.078% → −0.009%: −$6.85
Slippage, 4 orders: −$6.54
Fee RISEx: 3 bp × 2 orders: −$6
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$157.13
Costs to cover: 0.245%
Break-even: never at this rate

Slippage from RISEx: live order book, 3 min ago; Bitget: live order book, 3 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 RISEx live order book, 3 min ago	0.75 bp	4.2 bp −$4	6.6 bp −$66	doesn't fit	doesn't fit
Sell Bitget live order book, 3 min ago	0.43 bp	7.9 bp −$8	12.1 bp −$121	doesn't fit	doesn't fit

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	92.859	−0.111%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0424%	1h	92.753	−0.226%	$194K	$225K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0277%	1h	92.822	−0.151%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.875	−0.094%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0063%	4h	92.856	−0.114%	$157K	$653K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.865	−0.105%	$127K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	92.919	−0.047%	$86K	$361K	20x	as long as short
Perpl HYPE	0.0000%	43m	92.890	−0.078%	$22K	$302K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.898	−0.069%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0026%	8h	92.875	−0.094%	$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	+0.0031%	1h	92.850	−0.120%	$111K	$579K	20x	as long as short
BingX HYPE-USDT	+0.0036%	4h	92.879	−0.090%	—	$53.5M	—	as long as short
Ondo Perps HYPE-USD.P	+0.0042%	1h	92.810	−0.164%	$698K	$1.1M	10x	as long as short
Phoenix HYPE	+0.0043%	1h	92.755	−0.223%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0045%	8h	92.880	−0.088%	$316.8M	$281.2M	75x	as long as short
Aster HYPEUSDT	+0.0068%	4h	92.888	−0.080%	$8.7M	$36.1M	300x	as long as short
Bitget HYPEUSDTshort	+0.0088%	4h	92.890	−0.078%	$224.8M	$98.7M	75x
Paradex HYPE-USD-PERP	+0.0095%	8h	92.901	−0.066%	$339K	$163K	20x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	92.845	−0.126%	$4.9M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.902	−0.065%	$16.1M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.902	−0.065%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.903	−0.064%	$69K	$1.1M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0098%	8h	92.901	−0.066%	$113.9M	$303.7M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.880	−0.088%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.864	−0.105%	$7.4M	$45.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.914	−0.052%	$2.02B	$663.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.910	−0.056%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.897	−0.070%	$373.2M	$901.9M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	−0.175%	$202K	$13K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	92.886	−0.082%	$44.5M	$55.5M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.905	−0.062%	$88.2M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.884	−0.084%	$46.1M	$18.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.893	−0.075%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.859	−0.111%	$28.5M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.903	−0.064%	$7.5M	$46.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.856	−0.114%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.868	−0.101%	$667K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.919	−0.046%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.916	−0.050%	$469K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.871	−0.098%	$79K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.842	−0.130%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.882	−0.086%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.893	−0.075%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.016	+0.058%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.854	−0.116%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.863	−0.107%	$393K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.960	−0.002%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.950	−0.013%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0225%	8h	92.939	−0.025%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0263%	1h	92.874	−0.095%	$79K	$131K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0310%	1h	92.965	+0.003%	$7.5M	$4.5M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.867	−0.103%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0331%	1h	92.937	−0.027%	$20.6M	$30.4M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.879	−0.090%	$16.8M	$11.6M	75x	as long as short
RISEx HYPE/USDClong	+0.0687%	1h	92.962	long leg	$3.2M	$6.4M	20x