Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.014%

Price spread now: Bitget against Bulk+0.003%7-day average −0.051% · 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−$20as in the Price arb table

costs, in and out, $10k−$260.257% of the position

Long on Bulk Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.037%−$4 on $10k

Price spread, last 4 days (all we have)+0.056%+$6 · spread now +0.003%, 7d avg −0.051%

Together, before fees+0.018%+$2 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 0.055% dearer against Bulk than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.051%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk HYPE-USD	93.880	0.0100	pay 0.0013% / 1h	23m 59s	$204K	$10K	10x
Short	Bitget HYPEUSDT	93.883	0.0100	get 0.0050% / 4h	2h 23m	$227.5M	$98.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Bulk. 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 BulkbpFee BitgetbpOrdersPrice spread, now +0.003%Rate

Funding earned: $0
Price spread: +0.003% → −0.051%: $5.45
Slippage, 4 orders: −$6.68
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$20.23
Costs to cover: 0.257%
Break-even: never at this rate

Slippage from Bulk: live order book, 45 min ago; Bitget: 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 Bulk live order book, 45 min ago	0.53 bp	4.0 bp −$4	4.5 bp −$45	9.1 bp −$907	23.2 bp −$11.6K
Sell Bitget live order book, 5 min ago	0.48 bp	7.6 bp −$8	11.7 bp −$117	doesn't fit	doesn't fit

HYPE on 54 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	−0.0968%	1h	93.788	−0.098%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.705	−0.186%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0132%	1h	93.791	−0.095%	$22K	$21K	10x	as long as short
Phemex HYPEUSDT	−0.0126%	8h	93.853	−0.029%	$12.7M	$2.7M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.854	−0.028%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0074%	1h	93.860	−0.021%	$703K	$926K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0056%	4h	93.817	−0.067%	$157K	$646K	20x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.838	−0.045%	$85K	$350K	20x	as long as short
Backpack HYPE_USDC_PERP	−0.0038%	1h	93.855	−0.027%	$7.8M	$10.3M	20x	as long as short
Gate HYPE_USDT	−0.0028%	4h	93.890	+0.011%	$44.4M	$55.1M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	−0.0002%	4h	93.901	+0.022%	—	$53.7M	—	as long as short
Aster HYPEUSDT	−0.0001%	4h	93.888	+0.009%	$8.9M	$35.9M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.936	+0.060%	$129K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.857	−0.024%	$22K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.879	−0.002%	$26K	—	150x	as long as short
Bybit HYPEUSDT	+0.0005%	8h	93.863	−0.018%	$322.3M	$281.2M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.904	+0.026%	$213K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0068%	4h	93.900	+0.021%	$87.9M	$82.9M	100x	as long as short
Binance HYPEUSDT	+0.0068%	4h	93.884	+0.004%	$382.1M	$892.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0069%	8h	93.880	0.000%	$115.4M	$308.7M	50x	as long as short
Bullet HYPE-USD	+0.0076%	1h	93.855	−0.026%	$112K	$578K	20x	as long as short
edgeX HYPEUSDC	+0.0079%	4h	93.907	+0.028%	$5.1M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.898	+0.020%	$341K	$164K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.880	0.000%	$16.4M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.867	−0.014%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.822	−0.062%	$67K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.850	−0.032%	$399K	$175K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.850	−0.032%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.862	−0.020%	$5.7M	$45.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.978	+0.104%	$2.05B	$665.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.882	+0.003%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.909	+0.031%	$46.5M	$18.1M	75x	as long as short
Bitget HYPEUSDTshort	+0.0100%	4h	93.883	+0.003%	$227.5M	$98.6M	75x
Variational Omni HYPE	+0.0100%	8h	93.910	+0.031%	$31.1M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.889	+0.010%	$7.6M	$47.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.834	−0.049%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.876	−0.004%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.910	+0.032%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.894	+0.015%	$474K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.820	−0.064%	$79K	$171K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.822	−0.062%	$16.3M	$7.7M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.921	+0.044%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.850	−0.032%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USDlong	+0.0100%	1h	93.880	long leg	$204K	$10K	10x
Extended HYPE-USD	+0.0104%	1h	93.827	−0.056%	$18.3M	$44.2M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.940	+0.064%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.760	−0.128%	$30K	$339K	12x	as long as short
HTX HYPE-USDT	+0.0208%	4h	93.976	+0.102%	$1.4M	$5.9M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.896	+0.017%	$3.2M	$7.0M	20x	as long as short
Reya HYPERUSDPERP	+0.0255%	1h	93.860	−0.021%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0275%	8h	93.921	+0.044%	$1.9M	$4.9M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0156%	1h	93.873	−0.007%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0410%	1h	93.944	+0.068%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0679%	1h	93.935	+0.058%	$21.0M	$29.8M	50x	as long as short