Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.022%

Price spread now: Bulk against Gate−0.781%7-day average +0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$117as in the Price arb table

costs, in and out, $10k−$340.337% of the position

Long on Gate Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.042%+$4 on $10k

Price spread, last 4 days (all we have)+0.637%+$64 · spread now −0.781%, 7d avg +0.051%

Together, before fees+0.679%+$68 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: Bulk is 0.832% cheaper against Gate than usual: you would sell low and buy high, −$83 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	Gate HYPE_USDT	94.093	0.0100	pay 0.0050% / 4h	2h 15m	$48.0M	$55.2M	75x
Short	Bulk HYPE-USD	93.358	0.0100	get 0.0013% / 1h	15m 11s	$216K	$15K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Gate. 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 GatebpFee BulkbpOrdersPrice spread, now −0.781%Rate

Funding earned: $0
Price spread: −0.781% → +0.051%: −$83.16
Slippage, 4 orders: −$11.69
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$116.85
Costs to cover: 0.337%
Break-even: never at this rate

Slippage from Gate: live order book, 4 min ago; Bulk: live order book, 34 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 Gate live order book, 4 min ago	0.16 bp	13.3 bp −$13	19.1 bp −$191	30.1 bp −$3,011	51.5 bp −$25.8K
Sell Bulk live order book, 34 min ago	0.53 bp	4.0 bp −$4	6.1 bp −$61	14.9 bp −$1,486	47.3 bp −$23.7K

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	−0.1328%	1h	94.084	−0.010%	$199K	$239K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0396%	1h	93.861	−0.247%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.117	+0.026%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0021%	1h	94.103	+0.010%	$112K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0017%	4h	94.069	−0.026%	$147K	$678K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.106	+0.013%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	94.126	+0.035%	$86K	$372K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.112	+0.020%	$23K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.110	+0.018%	$63K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	94.055	−0.040%	$1.0M	$3.9M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDT	+0.0018%	4h	94.100	+0.007%	$226.9M	$99.3M	75x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	94.078	−0.016%	$319.2M	$284.0M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	94.174	+0.086%	$209K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0026%	8h	94.117	+0.026%	$12.8M	$2.8M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0068%	1h	94.080	−0.014%	$709K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	94.117	+0.026%	$5.0M	$30.2M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	94.142	+0.053%	$342K	$158K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.115	+0.023%	$16.3M	$63.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.114	+0.022%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.108	+0.016%	$71K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.050	−0.046%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.059	−0.036%	$7.3M	$48.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.191	+0.104%	$2.06B	$675.2M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.105	+0.013%	$8.8M	$36.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.141	+0.051%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.111	+0.019%	$377.8M	$919.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.084	−0.010%	$116.2M	$315.0M	50x	as long as short
Bulk HYPE-USDshort	+0.0100%	1h	93.358	−0.781%	$216K	$15K	10x
Gate HYPE_USDTlong	+0.0100%	4h	94.093	long leg	$48.0M	$55.2M	75x
MEXC HYPE_USDT	+0.0100%	4h	94.115	+0.023%	$90.4M	$81.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.111	+0.019%	$46.5M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.097	+0.004%	—	$53.6M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.162	+0.073%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.099	+0.007%	$28.9M	$56.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.979	−0.121%	$7.7M	$48.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.161	+0.072%	$345K	$994K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.161	+0.072%	$674K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.171	+0.083%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.103	+0.011%	$494K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.107	+0.015%	$80K	$165K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	94.085	−0.008%	$16.2M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.167	+0.079%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.111	+0.019%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.246	+0.163%	$1.4M	$6.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.086	−0.008%	$18.3M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.092	−0.001%	$398K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0121%	8h	94.154	+0.065%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	94.180	+0.092%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.140	+0.050%	$4.7M	$6.0M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0239%	1h	94.182	+0.095%	$7.5M	$4.1M	50x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.103	+0.011%	$80K	$127K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	94.106	+0.014%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0338%	1h	94.195	+0.109%	$21.0M	$29.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.105	+0.013%	$16.8M	$12.0M	75x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	94.149	+0.059%	$3.2M	$6.3M	20x	as long as short