Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0080%/8h= −8.8% APRpaid last 24h −0.003%

Price spread now: Gate against dYdX−0.076%7-day average −0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$80as in the Funding arb table

Net, price: spread back to 7d avg − costs−$90as in the Price arb table

costs, in and out, $10k−$850.848% of the position

Long on dYdX Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.053%+$5 on $10k

Price spread, last 4 days (all we have)+0.157%+$16 · spread now −0.076%, 7d avg −0.019%

Together, before fees+0.209%+$21 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 0.057% cheaper against dYdX than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.019%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.053%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX HYPE-USD	93.427	0	get 0.0000% / 1h	47m 22s	$128K	$31K	5x
Short	Gate HYPE_USDT	93.356	−0.0080	pay 0.0040% / 4h	2h 47m	$44.3M	$53.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.076%Rate

Funding earned: −$16.8
Price spread: −0.076% → −0.019%: −$5.67
Slippage, 4 orders: −$59.78
Fee dYdX: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$107.25
Costs to cover: 0.848%
Break-even: never at this rate

Slippage from dYdX: live order book, 22 min ago; Gate: live order book, 2 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, 22 min ago	25.82 bp	30.8 bp −$31	42.9 bp −$429	115.1 bp −$11.5K	966.9 bp −$483.5K
Sell Gate live order book, 2 min ago	0.80 bp	12.9 bp −$13	17.2 bp −$172	32.8 bp −$3,278	52.5 bp −$26.2K

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	−0.1064%	1h	93.383	−0.046%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.276	−0.161%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0184%	1h	93.371	−0.059%	$22K	$21K	10x	as long as short
Backpack HYPE_USDC_PERP	−0.0133%	1h	93.339	−0.094%	$7.8M	$10.6M	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0112%	1h	93.340	−0.093%	$699K	$978K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.377	−0.053%	$3K	$331	25x	as long as short
Gate HYPE_USDTshort	−0.0080%	4h	93.356	−0.076%	$44.3M	$53.8M	75x
01 Exchange HYPEUSD	−0.0072%	1h	93.404	−0.024%	$85K	$361K	20x	as long as short
Phemex HYPEUSDT	−0.0057%	8h	93.340	−0.093%	$12.7M	$2.7M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0052%	4h	93.304	−0.131%	$158K	$646K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0025%	4h	93.370	−0.060%	$8.9M	$36.2M	300x	as long as short
dYdX HYPE-USDlong	0.0000%	1h	93.427	long leg	$128K	$31K	5x
Perpl HYPE	0.0000%	43m	93.426	0.000%	$22K	$333K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.382	−0.048%	$26K	—	150x	as long as short
BingX HYPE-USDT	+0.0016%	4h	93.360	−0.071%	—	$54.2M	—	as long as short
Bybit HYPEUSDT	+0.0018%	8h	93.350	−0.082%	$319.4M	$283.0M	75x	as long as short
Bullet HYPE-USD	+0.0029%	1h	93.346	−0.086%	$111K	$579K	20x	as long as short
Bluefin HYPE-PERP	+0.0033%	1h	93.337	−0.096%	$79K	$174K	20x	as long as short
Binance HYPEUSDT	+0.0044%	4h	93.367	−0.064%	$380.6M	$905.0M	75x	as long as short
MEXC HYPE_USDT	+0.0046%	4h	93.357	−0.074%	$88.2M	$82.3M	100x	as long as short
Derive HYPE-PERP	+0.0058%	1h	93.336	−0.096%	$16.2M	$7.6M	10x	as long as short
Phoenix HYPE	+0.0060%	1h	93.190	−0.253%	$212K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0062%	4h	93.437	+0.011%	$5.1M	$29.9M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0065%	8h	93.288	−0.148%	$115.1M	$315.4M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.354	−0.078%	$397K	$177K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.368	−0.063%	$16.4M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.391	−0.038%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.407	−0.021%	$64K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.406	−0.023%	$339K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.420	−0.007%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.334	−0.099%	$6.6M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.479	+0.056%	$2.04B	$675.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.385	−0.045%	$10.0M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.404	−0.025%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.418	−0.009%	$46.0M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.380	−0.050%	$226.0M	$100.7M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.281	−0.156%	$30.9M	$55.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.420	−0.007%	$7.5M	$47.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.460	+0.036%	$338K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.508	+0.087%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.437	+0.011%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.417	−0.010%	$467K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.424	−0.003%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.363	−0.068%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.371	−0.059%	$18.4M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.410	−0.018%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.440	+0.014%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0175%	4h	93.407	−0.021%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.452	+0.027%	$2.7M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0253%	1h	93.357	−0.075%	$79K	$142K	15x	as long as short
Kalshi KXHYPEPERP	+0.0258%	8h	93.427	0.000%	$1.9M	$5.2M	2.3x	as long as short
HTX HYPE-USDT	+0.0264%	4h	93.500	+0.079%	$1.4M	$6.1M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0158%	1h	93.379	−0.051%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0510%	1h	93.476	+0.053%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0682%	1h	93.456	+0.032%	$20.8M	$29.9M	50x	as long as short