Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0020%/8h= −2.2% APRpaid last 24h −0.025%

Price spread now: Gate against Vest−0.116%7-day average −0.021% · you buy dearer than you sell

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

Long on Vest Short on Gate

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.088%+$9 on $10k

Price spread, last 4 days (all we have)−0.217%−$22 · spread now −0.116%, 7d avg −0.021%

Together, before fees−0.130%+ Points / potential airdropVest: Active · farm board−$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Gate is 0.096% cheaper against Vest than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.021%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.088%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Vest HYPE-PERP	92.804	0.0100	pay 0.0013% / 1h	29m 07s	—	$243K	5x
Short	Gate HYPE_USDT	92.696	0.0080	get 0.0040% / 4h	29m 07s	$44.5M	$55.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Vest. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 VestbpFee GatebpOrdersPrice spread, now −0.116%Rate

Funding earned: −$4.2
Price spread: −0.116% → −0.021%: −$9.56
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$30.76
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Vest: no order-book sample; Gate: live order book, 5 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 Vest no order-book sample	—	—	—	—	—
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

Vest: 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	92.640	−0.177%	$1.0M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0272%	1h	92.644	−0.172%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0201%	1h	92.504	−0.323%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.682	−0.131%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0066%	4h	92.756	−0.052%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	92.768	−0.039%	$87K	$356K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.774	−0.032%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.742	−0.066%	$22K	$307K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.803	−0.001%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0022%	8h	92.765	−0.042%	$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
Ondo Perps HYPE-USD.P	+0.0023%	1h	92.560	−0.263%	$696K	$1.1M	10x	as long as short
Bullet HYPE-USD	+0.0028%	1h	92.778	−0.028%	$111K	$580K	20x	as long as short
Aster HYPEUSDT	+0.0029%	4h	92.793	−0.012%	$8.7M	$36.3M	300x	as long as short
BingX HYPE-USDT	+0.0036%	4h	92.675	−0.139%	—	$53.4M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.278	−0.567%	$209K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0053%	8h	92.615	−0.203%	$316.4M	$281.7M	75x	as long as short
Gate HYPE_USDTshort	+0.0080%	4h	92.696	−0.116%	$44.5M	$55.1M	75x
OKX HYPE-USDT-SWAP	+0.0084%	8h	92.646	−0.170%	$113.4M	$304.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0093%	8h	92.777	−0.029%	$340K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.754	−0.054%	$16.0M	$62.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.793	−0.012%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.717	−0.094%	$69K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.670	−0.144%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.764	−0.042%	$6.5M	$44.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.732	−0.077%	$2.02B	$666.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.759	−0.048%	$10.0M	$15.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.659	−0.156%	$371.5M	$903.5M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.298	−0.545%	$201K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.706	−0.105%	$87.6M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.741	−0.068%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.670	−0.144%	$224.7M	$98.3M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.699	−0.113%	$7.3M	$11.0M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.569	−0.253%	$28.5M	$57.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.655	−0.160%	$7.5M	$46.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.436	−0.396%	$338K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.617	−0.201%	$663K	$2.7M	20x	as long as short
Vest HYPE-PERPlong	+0.0100%	1h	92.804	long leg	—	$243K	5x
Polymarket Perps HYPE-USD	+0.0100%	1h	92.763	−0.044%	$465K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.759	−0.048%	$78K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.762	−0.045%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.777	−0.029%	$31K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.779	−0.027%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.867	+0.068%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.754	−0.054%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.775	−0.031%	$392K	$164K	20x	as long as short
edgeX HYPEUSDC	+0.0109%	4h	92.580	−0.242%	$5.0M	$29.7M	30x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.211%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.740	−0.069%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0247%	8h	92.846	+0.045%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.770	−0.037%	$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	+0.046%	$20.6M	$30.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.723	−0.087%	$16.6M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0494%	1h	92.873	+0.075%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.782	−0.023%	$3.2M	$6.4M	20x	as long as short