Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0439%/8h= −48.1% APRpaid last 24h −0.054%

Price spread now: Gate against RISEx−0.101%7-day average −0.011% · 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−$40as in the Price arb table

costs, in and out, $10k−$310.309% of the position

Long on RISEx Short on Gate

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.144%−$14 on $10k

Price spread, last 7 days+0.082%+$8 · spread now −0.101%, 7d avg −0.011%

Together, before fees−0.062%−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Gate is 0.090% cheaper against RISEx than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.011%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.144% in total (about -15.9% 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	93.576	0.0467	pay 0.0058% / 1h	33m 45s	$2.8M	$6.8M	20x
Short	Gate HYPE_USDT	93.481	0.0028	get 0.0014% / 4h	2h 33m	$44.1M	$56.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.101%Rate

Funding earned: −$92.18
Price spread: −0.101% → −0.011%: −$9.03
Slippage, 4 orders: −$9.9
Fee RISEx: 3 bp × 2 orders: −$6
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$132.11
Costs to cover: 0.309%
Break-even: never at this rate

Slippage from RISEx: 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 RISEx live order book, 5 min ago	1.34 bp	4.3 bp −$4	5.5 bp −$55	doesn't fit	doesn't fit
Sell Gate live order book, 5 min ago	1.18 bp	12.0 bp −$12	18.5 bp −$185	33.0 bp −$3,296	56.7 bp −$28.3K

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	−0.1104%	1h	93.433	−0.152%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0265%	1h	93.465	−0.118%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0244%	1h	93.370	−0.220%	$701K	$940K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.536	−0.042%	$89K	$348K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.510	−0.070%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0028%	1h	93.471	−0.112%	$112K	$583K	20x	as long as short
Derive HYPE-PERP	−0.0003%	1h	93.441	−0.144%	$16.4M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.563	−0.013%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.565	−0.011%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.528	−0.051%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0017%	4h	93.529	−0.050%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDTshort	+0.0028%	4h	93.481	−0.101%	$44.1M	$56.5M	75x
Bybit HYPEUSDT	+0.0037%	8h	93.550	−0.027%	$325.9M	$287.3M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.464	−0.119%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0070%	4h	93.501	−0.080%	$180K	$529K	20x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	93.505	−0.076%	$57K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.568	−0.008%	$18.6M	$59.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.539	−0.039%	$3.1M	$12.3M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.578	+0.002%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.470	−0.113%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.503	−0.077%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.576	0.000%	$2.04B	$668.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.574	−0.002%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.559	−0.018%	$385.8M	$888.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.550	−0.027%	$114.9M	$315.7M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.488	−0.094%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.403	−0.185%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.555	−0.022%	$92.8M	$82.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.499	−0.082%	$46.4M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.536	−0.042%	$227.2M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.474	−0.109%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.515	−0.065%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.402	−0.186%	$28.9M	$49.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.494	−0.087%	$7.5M	$45.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.482	−0.100%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.503	−0.078%	$676K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.530	−0.049%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.526	−0.053%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.495	−0.086%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.552	−0.025%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.487	−0.095%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.474	−0.109%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.472	−0.111%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.517	−0.063%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0113%	4h	93.336	−0.256%	$5.1M	$29.5M	30x	as long as short
Kalshi KXHYPEPERP	+0.0119%	8h	93.583	+0.008%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.400	−0.188%	$4.9M	$5.7M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0242%	1h	93.592	+0.017%	$7.4M	$4.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.494	−0.088%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.350	−0.241%	$30K	$231K	12x	as long as short
HTX HYPE-USDT	+0.0335%	4h	93.662	+0.092%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0164%	1h	93.526	−0.053%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.449	−0.135%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDClong	+0.0467%	1h	93.576	long leg	$2.8M	$6.8M	20x
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.581	+0.005%	$19.2M	$25.9M	50x	as long as short