Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.013%

Price spread now: Bitget against dYdX−0.095%7-day average −0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs−$70as in the Funding arb table

Net, price: spread back to 7d avg − costs−$83as in the Price arb table

costs, in and out, $10k−$760.757% of the position

Long on dYdX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.060%+$6 on $10k

Price spread, last 4 days (all we have)+0.241%+$24 · spread now −0.095%, 7d avg −0.018%

Together, before fees+0.301%+$30 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bitget is 0.078% cheaper against dYdX than usual: you would sell low and buy high (spread −0.095% now, against its 7-day average of −0.018%). If the spread goes back, that is −$8 on $10k: about 2.6 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.060% in total) that is about 9.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX HYPE-USD	93.276	0	get 0.0000% / 1h	19m 43s	$127K	$32K	5x
Short	Bitget HYPEUSDT	93.187	0.0100	get 0.0050% / 4h	1h 19m	$225.9M	$103.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against dYdX. 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 dYdXbpFee BitgetbpOrdersPrice spread, now −0.095%Rate

Funding earned: $21
Price spread: −0.095% → −0.018%: −$7.77
Slippage, 4 orders: −$53.71
Fee dYdX: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$62.48
Costs to cover: 0.757%
Break-even: 27.8 days

Slippage from dYdX: live order book, 64 min ago; Bitget: 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 dYdX live order book, 64 min ago	25.29 bp	30.3 bp −$30	42.7 bp −$427	131.3 bp −$13.1K	547.5 bp −$273.7K
Sell Bitget live order book, 4 min ago	0.05 bp	6.2 bp −$6	10.3 bp −$103	17.9 bp −$1,789	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
Aftermath Perps HYPEUSD	−0.0428%	1h	93.121	−0.166%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0336%	1h	93.216	−0.065%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.133	−0.153%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0130%	1h	93.130	−0.156%	$699K	$928K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.236	−0.043%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	93.227	−0.052%	$90K	$361K	20x	as long as short
Popdex HYPEUSDT	−0.0008%	1h	93.209	−0.072%	$58K	$1.2M	50x	as long as short
dYdX HYPE-USDlong	0.0000%	1h	93.276	long leg	$127K	$32K	5x
Perpl HYPE	0.0000%	43m	93.248	−0.030%	$23K	$331K	10x	as long as short
Aster HYPEUSDT	+0.0001%	4h	93.210	−0.071%	$8.9M	$35.9M	300x	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	93.231	−0.048%	$20K	—	150x	as long as short
Bybit HYPEUSDT	+0.0021%	8h	93.160	−0.124%	$322.9M	$286.9M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0022%	4h	93.212	−0.069%	$172K	$518K	20x	as long as short
Derive HYPE-PERP	+0.0029%	1h	93.144	−0.141%	$16.3M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.030	−0.264%	$214K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0052%	1h	93.186	−0.097%	$112K	$580K	20x	as long as short
Gate HYPE_USDT	+0.0054%	4h	93.192	−0.090%	$43.9M	$58.6M	75x	as long as short
MEXC HYPE_USDT	+0.0066%	4h	93.187	−0.095%	$90.3M	$82.2M	100x	as long as short
Binance HYPEUSDT	+0.0067%	4h	93.179	−0.104%	$381.6M	$895.6M	75x	as long as short
edgeX HYPEUSDC	+0.0074%	4h	92.953	−0.346%	$5.0M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.231	−0.049%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.238	−0.041%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.187	−0.095%	$396K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.203	−0.078%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.210	−0.071%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.221	−0.059%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.234	−0.045%	$2.03B	$669.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.208	−0.073%	$10.0M	$14.4M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.177	−0.106%	$113.8M	$314.2M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.232	−0.047%	$204K	$8K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.220	−0.060%	$47.0M	$18.8M	75x	as long as short
Bitget HYPEUSDTshort	+0.0100%	4h	93.187	−0.095%	$225.9M	$103.0M	75x
BingX HYPE-USDT	+0.0100%	4h	93.189	−0.093%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.203	−0.078%	$7.8M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.153	−0.131%	$29.0M	$50.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.008	−0.287%	$7.5M	$45.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.016	−0.279%	$414K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.100	−0.189%	$673K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.241	−0.038%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.240	−0.039%	$493K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.182	−0.101%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.238	−0.041%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.175	−0.108%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.170	−0.114%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.183	−0.099%	$18.2M	$42.0M	50x	as long as short
Kalshi KXHYPEPERP	+0.0113%	8h	93.301	+0.027%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.220	−0.060%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.320	+0.047%	$30K	$338K	12x	as long as short
HTX HYPE-USDT	+0.0239%	4h	93.374	+0.105%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.194	−0.088%	$77K	$159K	15x	as long as short
BloFin HYPE-USDT	+0.0257%	4h	93.255	−0.022%	$16.9M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.291	+0.017%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0158%	1h	93.226	−0.053%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0340%	1h	93.287	+0.012%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0466%	1h	93.289	+0.014%	$20.9M	$29.0M	50x	as long as short