Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.014%

Price spread now: Bitget against SoDEX+0.002%7-day average −0.021% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$320.324% of the position

Long on SoDEX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.028%−$3 on $10k

Price spread, last 3 days (all we have)−0.030%−$3 · spread now +0.002%, 7d avg −0.021%

Together, before fees−0.058%−$6 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.023% dearer against SoDEX than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.021%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX HYPE-USD	93.365	0.0100	pay 0.0013% / 1h	42m 19s	$2.0M	$2.0M	10x
Short	Bitget HYPEUSDT	93.367	0.0100	get 0.0050% / 4h	1h 42m	$226.4M	$102.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against SoDEX. 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 SoDEXbpFee BitgetbpOrdersPrice spread, now +0.002%Rate

Funding earned: $0
Price spread: +0.002% → −0.021%: $2.29
Slippage, 4 orders: −$12.36
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$30.07
Costs to cover: 0.324%
Break-even: never at this rate

Slippage from SoDEX: live order book, 2 min ago; Bitget: live order book, 2 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 SoDEX live order book, 2 min ago	0.21 bp	7.3 bp −$7	13.5 bp −$135	100.7 bp −$10.1K	doesn't fit
Sell Bitget live order book, 2 min ago	0.05 bp	9.3 bp −$9	14.3 bp −$143	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
Aftermath Perps HYPEUSD	−0.0360%	1h	93.244	−0.130%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.335	−0.032%	$1.2M	$4.0M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0128%	1h	93.251	−0.122%	$197K	$230K	7x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.338	−0.029%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0044%	1h	93.150	−0.230%	$699K	$924K	10x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	93.431	+0.071%	$90K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.419	+0.058%	$127K	$32K	5x	as long as short
Popdex HYPEUSDT	0.0000%	1h	93.398	+0.035%	$57K	$1.2M	50x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.402	+0.040%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.351	−0.015%	$23K	$331K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.434	+0.074%	$20K	—	150x	as long as short
Aster HYPEUSDT	+0.0012%	4h	93.387	+0.024%	$8.9M	$36.0M	300x	as long as short
Derive HYPE-PERP	+0.0016%	1h	93.337	−0.030%	$16.3M	$7.1M	10x	as long as short
Bybit HYPEUSDT	+0.0031%	8h	93.390	+0.027%	$324.3M	$287.0M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.278	−0.093%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0037%	4h	93.373	+0.009%	$171K	$519K	20x	as long as short
Gate HYPE_USDT	+0.0062%	4h	93.383	+0.019%	$43.8M	$57.8M	75x	as long as short
Bullet HYPE-USD	+0.0078%	1h	93.370	+0.006%	$112K	$578K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.412	+0.051%	$18.5M	$58.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.421	+0.060%	$3.1M	$12.1M	20x	as long as short
MEXC HYPE_USDT	+0.0096%	4h	93.396	+0.033%	$90.4M	$81.6M	100x	as long as short
Binance HYPEUSDT	+0.0096%	4h	93.415	+0.054%	$383.9M	$891.8M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.383	+0.019%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.380	+0.016%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.397	+0.035%	$5.9M	$44.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.420	+0.059%	$2.03B	$672.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.393	+0.030%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.363	−0.002%	$114.2M	$314.3M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.884	−0.515%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.404	+0.042%	$47.3M	$18.9M	75x	as long as short
Bitget HYPEUSDTshort	+0.0100%	4h	93.367	+0.002%	$226.4M	$102.8M	75x
BingX HYPE-USDT	+0.0100%	4h	93.405	+0.043%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.389	+0.026%	$7.9M	$11.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.236	−0.138%	$28.9M	$50.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.228	−0.146%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.375	+0.011%	$413K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.274	−0.097%	$675K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.420	+0.059%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.381	+0.017%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.434	+0.074%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USDlong	+0.0100%	1h	93.365	long leg	$2.0M	$2.0M	10x
Phemex HYPEUSDT	+0.0100%	8h	93.340	−0.027%	$12.7M	$2.6M	50x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.402	+0.039%	—	$454K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.346	−0.020%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.385	+0.021%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0107%	4h	93.311	−0.058%	$5.1M	$29.6M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.420	+0.059%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.250	−0.123%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.382	+0.018%	$78K	$158K	15x	as long as short
HTX HYPE-USDT	+0.0274%	4h	93.500	+0.145%	$1.5M	$7.7M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.449	+0.090%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0328%	1h	93.464	+0.106%	$7.4M	$4.6M	50x	as long as short
BloFin HYPE-USDT	+0.0336%	4h	93.332	−0.035%	$16.9M	$12.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0159%	1h	93.414	+0.052%	$1.5M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.503	+0.148%	$20.8M	$28.8M	50x	as long as short