Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0018%/8h= −2.0% APRpaid last 24h +0.016%

Price spread now: Gate against Bybit−0.021%7-day average +0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$350.349% of the position

Long on Bybit Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.009%−$1 on $10k

Price spread, last 7 days+0.031%+$3 · spread now −0.021%, 7d avg +0.005%

Together, before fees+0.022%+$2 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 0.026% cheaper against Bybit than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.005%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HYPEUSDT	94.924	0.0100	pay 0.0100% / 8h	7h 44m	$318.0M	$293.2M	75x
Short	Gate HYPE_USDT	94.904	0.0082	get 0.0041% / 4h	3h 44m	$51.1M	$54.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Bybit. 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 BybitbpFee GatebpOrdersPrice spread, now −0.021%Rate

Funding earned: −$3.78
Price spread: −0.021% → +0.005%: −$2.58
Slippage, 4 orders: −$8.88
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$41.25
Costs to cover: 0.349%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; Gate: live order book, 4 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 Bybit live order book, 4 min ago	0.53 bp	6.4 bp −$6	7.5 bp −$75	15.6 bp −$1,562	46.5 bp −$23.3K
Sell Gate live order book, 4 min ago	0.69 bp	11.5 bp −$12	14.8 bp −$148	30.5 bp −$3,049	56.4 bp −$28.2K

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	−0.1216%	1h	94.851	−0.077%	$208K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0392%	1h	94.736	−0.198%	$80K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0305%	1h	94.858	−0.069%	$22K	$20K	10x	as long as short
Phemex HYPEUSDT	−0.0240%	8h	94.897	−0.028%	$12.9M	$2.9M	50x	as long as short
Bullet HYPE-USD	−0.0160%	1h	94.904	−0.021%	$112K	$577K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.883	−0.043%	$1.0M	$3.5M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.906	−0.019%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	94.948	+0.025%	$89K	$365K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0056%	1h	94.850	−0.078%	$707K	$1.3M	10x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.905	−0.020%	$19.2M	$35.1M	50x	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	−0.0005%	4h	94.913	−0.012%	$148K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.913	−0.011%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.968	+0.046%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.923	−0.001%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.943	+0.020%	$95K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.846	−0.082%	$211K	$1.2M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.960	+0.038%	$4.8M	$6.4M	50x	as long as short
Bitget HYPEUSDT	+0.0018%	4h	94.933	+0.009%	$227.9M	$99.9M	75x	as long as short
Derive HYPE-PERP	+0.0051%	1h	94.682	−0.255%	$16.4M	$7.4M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0055%	8h	94.938	+0.015%	$339K	$154K	20x	as long as short
Vest HYPE-PERP	+0.0057%	1h	94.972	+0.050%	—	$190K	5x	as long as short
OKX HYPE-USDT-SWAP	+0.0061%	8h	94.905	−0.020%	$118.5M	$329.7M	50x	as long as short
Gate HYPE_USDTshort	+0.0082%	4h	94.904	−0.021%	$51.1M	$54.3M	75x
SoDEX HYPE-USD	+0.0085%	1h	94.949	+0.026%	$2.1M	$2.0M	10x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	94.770	−0.162%	$5.0M	$30.8M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.930	+0.006%	$16.3M	$62.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.933	+0.009%	$3.2M	$10.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.909	−0.016%	$148K	$1.3M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.860	−0.067%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.877	−0.050%	$7.3M	$52.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.049	+0.132%	$2.09B	$692.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.904	−0.021%	$9.7M	$37.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.919	−0.005%	$10.2M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.946	+0.023%	$382.3M	$938.3M	75x	as long as short
Bybit HYPEUSDTlong	+0.0100%	8h	94.924	long leg	$318.0M	$293.2M	75x
Bulk HYPE-USD	+0.0100%	1h	94.690	−0.246%	$221K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.946	+0.023%	$94.4M	$85.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.944	+0.021%	$47.3M	$19.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.926	+0.002%	—	$53.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.904	−0.021%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.929	+0.006%	$30.1M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.757	−0.176%	$7.7M	$44.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.921	−0.003%	$346K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.911	−0.014%	$696K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.973	+0.052%	$501K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.961	+0.039%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.105	+0.191%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.920	−0.004%	$18.5M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.938	+0.015%	$401K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.921	−0.003%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.259%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0161%	1h	95.018	+0.099%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.880	−0.046%	$83K	$115K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0327% / S −0.0152%	1h	94.950	+0.027%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.887	−0.039%	$17.2M	$12.7M	75x	as long as short