Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0188%/8h= +20.6% APRpaid last 24h +0.013%

Price spread now: Bitget against 01 Exchange−0.135%47s7-day average −0.047% · 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—prices read too far apart to compare

costs, in and out, $10k−$320.321% of the position

Long on 01 Exchange Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.001%$0 on $10k

Price spread, last 4 days (all we have)+0.092%+$9 · spread now −0.135%, 7d avg −0.047%

Together, before fees+0.091%+$9 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bitget is 0.088% cheaper against 01 Exchange than usual: you would sell low and buy high (spread −0.135% now, against its 7-day average of −0.047%). If the spread goes back, that is −$9 on $10k: about 38 hours of funding at the current rate (+$6 a day). The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.001% in total (about -0.1% 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	01 Exchange HYPEUSD	93.947	−0.0088	get 0.0011% / 1h	20m 46s	$86K	$360K	20x
Short	Bitget HYPEUSDT	93.820	0.0100	get 0.0050% / 4h	3h 20m	$227.5M	$101.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against 01 Exchange. 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 01 ExchangebpFee BitgetbpOrdersPrice spread, now −0.135%Rate

Funding earned: $39.48
Price spread: −0.135% → −0.047%: −$8.83
Slippage, 4 orders: −$13.1
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$1.45
Costs to cover: 0.321%
Break-even: 7.3 days

Slippage from 01 Exchange: live order book, 53 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 01 Exchange live order book, 53 min ago	0.16 bp	6.9 bp −$7	11.0 bp −$110	doesn't fit	doesn't fit
Sell Bitget live order book, 3 min ago	0.05 bp	8.3 bp −$8	12.2 bp −$122	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
Hibachi HYPE/USDT-P	−0.1336%	1h	93.984	+0.040%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.858	−0.095%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0209%	1h	94.121	+0.185%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0144%	1h	93.940	−0.007%	$710K	$959K	10x	as long as short
dYdX HYPE-USD	−0.0117%	1h	94.038	+0.097%	$129K	$31K	5x	as long as short
Bullet HYPE-USD	−0.0098%	1h	93.977	+0.032%	$113K	$581K	20x	as long as short
01 Exchange HYPEUSDlong	−0.0088%	1h	93.947	long leg	$86K	$360K	20x
Hotstuff HYPE-PERP	−0.0080%	1h	94.035	+0.094%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0051%	8h	93.927	−0.021%	$12.8M	$2.6M	50x	as long as short
Bybit HYPEUSDT	−0.0027%	8h	93.860	−0.093%	$322.5M	$280.3M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0023%	4h	93.935	−0.013%	$159K	$645K	20x	as long as short
Gate HYPE_USDT	−0.0022%	4h	93.873	−0.079%	$44.4M	$59.9M	75x	as long as short
Perpl HYPE	0.0000%	43m	93.978	+0.033%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.002	+0.059%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0013%	4h	93.873	−0.079%	$8.9M	$36.1M	300x	as long as short
Derive HYPE-PERP	+0.0023%	1h	93.926	−0.022%	$16.4M	$7.3M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	94.149	+0.215%	$219K	$1.2M	10x	as long as short
Binance HYPEUSDT	+0.0048%	4h	93.866	−0.086%	$382.9M	$893.7M	75x	as long as short
MEXC HYPE_USDT	+0.0050%	4h	93.895	−0.055%	$89.0M	$82.8M	100x	as long as short
edgeX HYPEUSDC	+0.0070%	4h	94.065	+0.125%	$5.1M	$30.0M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0075%	8h	93.860	−0.093%	$115.8M	$317.8M	50x	as long as short
Bluefin HYPE-PERP	+0.0095%	1h	93.950	+0.003%	$76K	$171K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.999	+0.055%	$19.1M	$59.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.903	−0.047%	$3.0M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.947	0.000%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.951	+0.004%	$400K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.037	+0.096%	$342K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.980	+0.035%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.945	−0.002%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.893	−0.057%	$2.05B	$673.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.003	+0.060%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.856	−0.097%	$46.6M	$18.2M	75x	as long as short
Bitget HYPEUSDTshort	+0.0100%	4h	93.820	−0.135%	$227.5M	$101.0M	75x
BingX HYPE-USDT	+0.0100%	4h	93.895	−0.055%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.853	−0.100%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.939	−0.008%	$31.4M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.199	+0.268%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.047	+0.106%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.044	+0.103%	$680K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.010	+0.067%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.982	+0.037%	$481K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.038	+0.097%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.972	+0.027%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.151	+0.217%	$205K	$2K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.869	−0.083%	$18.8M	$44.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.000	+0.056%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0192%	4h	93.962	+0.016%	$17.0M	$12.2M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.578%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.011	+0.068%	$2.7M	$6.8M	20x	as long as short
Kalshi KXHYPEPERP	+0.0227%	8h	94.002	+0.059%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	93.957	+0.010%	$79K	$142K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0324%	1h	94.064	+0.125%	$7.5M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0155%	1h	93.996	+0.052%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0390%	4h	94.100	+0.163%	$1.5M	$6.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.039	+0.098%	$21.0M	$29.7M	50x	as long as short