Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.1380%/8h= −151.1% APRpaid last 24h −0.240%

Price spread now: Hibachi against Gate+0.068%7-day average −0.047% · you sell dearer than you buy

Net, funding: paid 7d − costs−$242as in the Funding arb table

Net, price: spread back to 7d avg − costs−$68as in the Price arb table

costs, in and out, $10k−$800.800% of the position

Long on Gate Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days−1.624%−$162 on $10k

Price spread, last 4 days (all we have)+0.035%+$3 · spread now +0.068%, 7d avg −0.047%

Together, before fees−1.590%+ Points / potential airdropHibachi: Active · farm board−$159 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hibachi is 0.115% dearer against Gate than usual: you sell high and buy low (spread +0.068% now, against its 7-day average of −0.047%): +$11 on $10k if it goes back. Holding the pair costs −$41 a day in funding at the current rate, which eats that in about 7 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate HYPE_USDT	94.196	0.0100	pay 0.0050% / 4h	2h 02m	$48.2M	$55.9M	75x
Short	Hibachi HYPE/USDT-P	94.260	−0.1280	pay 0.0160% / 1h	2m 09s	$202K	$241K	7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi against Gate. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 HibachibpOrdersPrice spread, now +0.068%Rate

Funding earned: −$289.8
Price spread: +0.068% → −0.047%: $11.47
Slippage, 4 orders: −$55.95
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$358.28
Costs to cover: 0.800%
Break-even: never at this rate

Slippage from Gate: live order book, 2 min ago; Hibachi: live order book, 47 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, 2 min ago	0.37 bp	11.6 bp −$12	18.5 bp −$185	33.0 bp −$3,298	55.9 bp −$27.9K
Sell Hibachi live order book, 47 min ago	24.38 bp	28.9 bp −$29	48.6 bp −$486	doesn't fit	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
Hibachi HYPE/USDT-Pshort	−0.1280%	1h	94.260	+0.068%	$202K	$241K	7x
Aftermath Perps HYPEUSD	−0.0298%	1h	94.289	+0.099%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.328	+0.140%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0015%	4h	94.168	−0.030%	$150K	$681K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.272	+0.080%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	94.236	+0.042%	$87K	$372K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.214	+0.019%	$22K	$290K	10x	as long as short
Bullet HYPE-USD	+0.0001%	1h	94.207	+0.012%	$112K	$580K	20x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.223	+0.028%	$63K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	94.198	+0.002%	$1.0M	$4.0M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0019%	8h	94.190	−0.006%	$318.2M	$287.0M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	94.438	+0.257%	$211K	$1.2M	10x	as long as short
Bitget HYPEUSDT	+0.0038%	4h	94.199	+0.003%	$227.2M	$99.4M	75x	as long as short
Phemex HYPEUSDT	+0.0038%	8h	94.206	+0.011%	$12.8M	$2.8M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0059%	1h	94.220	+0.025%	$711K	$1.2M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	94.240	+0.047%	$342K	$158K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.209	+0.014%	$16.4M	$63.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.227	+0.033%	$3.2M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.218	+0.023%	$78K	$1.2M	50x	as long as short
edgeX HYPEUSDC	+0.0098%	4h	94.343	+0.156%	$5.0M	$30.4M	30x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.230	+0.036%	$30K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.191	−0.005%	$6.7M	$49.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.311	+0.122%	$2.07B	$680.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.200	+0.004%	$8.8M	$37.0M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.237	+0.044%	$10.2M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.202	+0.007%	$378.6M	$925.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.194	−0.002%	$116.4M	$317.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.213	+0.019%	$217K	$15K	10x	as long as short
Gate HYPE_USDTlong	+0.0100%	4h	94.196	long leg	$48.2M	$55.9M	75x
MEXC HYPE_USDT	+0.0100%	4h	94.210	+0.015%	$91.0M	$82.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.218	+0.023%	$46.5M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.212	+0.017%	—	$53.7M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.247	+0.054%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.388	+0.204%	$28.9M	$56.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.427	+0.245%	$7.7M	$48.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.313	+0.124%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.316	+0.127%	$675K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.291	+0.101%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.228	+0.034%	$478K	$2.8M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.188	−0.008%	$80K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	94.190	−0.007%	$16.3M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.302	+0.113%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.206	+0.011%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.416	+0.234%	$1.4M	$6.6M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.175	−0.023%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.212	+0.017%	$398K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0119%	8h	94.327	+0.139%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	94.610	+0.440%	$31K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.230	+0.036%	$4.7M	$6.1M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0270%	1h	94.291	+0.101%	$7.5M	$4.1M	50x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.198	+0.002%	$77K	$130K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	94.228	+0.034%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0338%	1h	94.299	+0.109%	$21.0M	$29.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.285	+0.094%	$16.8M	$12.3M	75x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	94.269	+0.078%	$3.2M	$6.3M	20x	as long as short