Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0064%/8h= −7.0% APRpaid last 24h −0.035%

Price spread now: Gate against Bluefin−0.116%7-day average −0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$450.454% of the position

Long on Bluefin Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.025%+$2 on $10k

Price spread, last 3 days (all we have)+0.163%+$16 · spread now −0.116%, 7d avg −0.016%

Together, before fees+0.188%+$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Gate is 0.100% cheaper against Bluefin than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.016%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin HYPE-PERP	93.278	0.0100	pay 0.0013% / 1h	58m 26s	$76K	$168K	20x
Short	Gate HYPE_USDT	93.170	0.0036	get 0.0018% / 4h	1h 58m	$44.0M	$56.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Bluefin. 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 BluefinbpFee GatebpOrdersPrice spread, now −0.116%Rate

Funding earned: −$13.44
Price spread: −0.116% → −0.016%: −$10.02
Slippage, 4 orders: −$23.4
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$68.85
Costs to cover: 0.454%
Break-even: never at this rate

Slippage from Bluefin: live order book, 26 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 Bluefin live order book, 26 min ago	1.92 bp	13.0 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 5 min ago	0.64 bp	10.7 bp −$11	15.1 bp −$151	29.5 bp −$2,955	56.3 bp −$28.1K

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	−0.0760%	1h	93.287	+0.010%	$197K	$231K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0276%	1h	93.283	+0.005%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.131	−0.158%	$1.2M	$4.1M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.214	−0.069%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0037%	1h	93.209	−0.074%	$16.4M	$7.1M	10x	as long as short
Bullet HYPE-USD	−0.0033%	1h	93.243	−0.038%	$111K	$580K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.181	−0.104%	$127K	$32K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	93.186	−0.099%	$90K	$360K	20x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.335	+0.061%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.179	−0.106%	$23K	$334K	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	93.299	+0.022%	$20K	—	150x	as long as short
Aster HYPEUSDT	+0.0008%	4h	93.173	−0.113%	$8.9M	$35.8M	300x	as long as short
Bybit HYPEUSDT	+0.0029%	8h	93.130	−0.159%	$324.4M	$286.3M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0034%	1h	93.120	−0.169%	$701K	$932K	10x	as long as short
Gate HYPE_USDTshort	+0.0036%	4h	93.170	−0.116%	$44.0M	$56.3M	75x
Orderly PERP_HYPE_USDC	+0.0049%	4h	93.281	+0.003%	$167K	$512K	20x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.157	−0.130%	$56K	$1.2M	50x	as long as short
Phoenix HYPE	+0.0068%	1h	93.358	+0.086%	$216K	$1.2M	10x	as long as short
Vest HYPE-PERP	+0.0082%	1h	93.186	−0.099%	—	$454K	5x	as long as short
Lighter HYPE	+0.0096%	1h	93.208	−0.075%	$18.6M	$58.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.185	−0.100%	$3.1M	$12.0M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.160	−0.127%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.170	−0.116%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.156	−0.130%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.191	−0.093%	$2.03B	$672.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.181	−0.104%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.164	−0.123%	$384.4M	$889.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.138	−0.150%	$114.6M	$314.2M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.271	−0.007%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.170	−0.116%	$92.6M	$80.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.204	−0.079%	$46.1M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.160	−0.127%	$226.2M	$102.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.152	−0.135%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.290	+0.013%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.252	−0.028%	$29.1M	$50.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.313	+0.037%	$7.5M	$44.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.276	−0.002%	$405K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.294	+0.017%	$674K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.184	−0.101%	$492K	$2.6M	20x	as long as short
Bluefin HYPE-PERPlong	+0.0100%	1h	93.278	long leg	$76K	$168K	20x
SunX HYPE-USDT	+0.0100%	4h	93.299	+0.023%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.265	−0.014%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.263	−0.016%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.142	−0.146%	$18.3M	$41.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.291	+0.014%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0111%	4h	93.275	−0.003%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.360	+0.088%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.160	−0.127%	$30K	$291K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.145	−0.142%	$78K	$158K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.221	−0.062%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0296%	1h	93.375	+0.104%	$7.4M	$4.6M	50x	as long as short
HTX HYPE-USDT	+0.0301%	4h	93.485	+0.222%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.291	+0.013%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.267	−0.012%	$17.0M	$12.4M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.432	+0.165%	$19.8M	$27.0M	50x	as long as short