Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0272%/8h= −29.8% APRpaid last 24h +0.003%

Price spread now: Ondo Perps against Gate−0.053%7-day average +0.009% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Gate Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.043%−$4 on $10k

Price spread, last 7 days−0.278%−$28 · spread now −0.053%, 7d avg +0.009%

Together, before fees−0.321%+ Points / potential airdropOndo Perps: Active · farm board−$32 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Ondo Perps is 0.062% cheaper against Gate than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.009%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.043% in total (about -2.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate HYPE_USDT	93.139	0.0018	pay 0.0009% / 4h	1h 58m	$44.3M	$54.0M	75x
Short	Ondo Perps HYPE-USD.P	93.090	−0.0254	pay 0.0032% / 1h	58m 46s	$698K	$903K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now −0.053%Rate

Funding earned: −$57.2
Price spread: −0.053% → +0.009%: −$6.21
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$83.41
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Gate: live order book, 5 min ago; Ondo Perps: no order-book sample. Net counts fees only.

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, 5 min ago	0.05 bp	11.6 bp −$12	19.0 bp −$190	37.6 bp −$3,765	59.7 bp −$29.9K
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

HYPE on 54 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	−0.1128%	1h	93.185	+0.049%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.097	−0.045%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.Pshort	−0.0254%	1h	93.090	−0.053%	$698K	$903K	10x
Bluefin HYPE-PERP	−0.0180%	1h	93.168	+0.031%	$79K	$170K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.198	+0.063%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.205	+0.071%	$84K	$346K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0051%	4h	93.164	+0.027%	$156K	$640K	20x	as long as short
Phemex HYPEUSDT	−0.0041%	8h	93.198	+0.063%	$12.6M	$2.7M	50x	as long as short
Aster HYPEUSDT	−0.0005%	4h	93.134	−0.005%	$8.8M	$35.4M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.100	−0.042%	$128K	$31K	5x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.196	+0.061%	$22K	$321K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.208	+0.074%	$25K	—	150x	as long as short
Aftermath Perps HYPEUSD	+0.0008%	1h	93.363	+0.240%	$22K	$21K	10x	as long as short
Bybit HYPEUSDT	+0.0011%	8h	93.050	−0.096%	$319.1M	$275.5M	75x	as long as short
BingX HYPE-USDT	+0.0012%	4h	93.115	−0.026%	—	$53.2M	—	as long as short
Gate HYPE_USDTlong	+0.0018%	4h	93.139	long leg	$44.3M	$54.0M	75x
Phoenix HYPE	+0.0060%	1h	93.318	+0.192%	$210K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	93.070	−0.074%	$114.2M	$300.1M	50x	as long as short
MEXC HYPE_USDT	+0.0078%	4h	93.138	−0.001%	$87.9M	$79.6M	100x	as long as short
Binance HYPEUSDT	+0.0078%	4h	93.087	−0.056%	$378.5M	$874.9M	75x	as long as short
edgeX HYPEUSDC	+0.0083%	4h	93.256	+0.125%	$5.0M	$30.1M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.097	−0.045%	$16.2M	$61.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.086	−0.057%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.188	+0.053%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.263	+0.134%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.210	+0.076%	$12K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.201	+0.066%	$5.7M	$43.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.204	+0.070%	$2.03B	$658.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.243	+0.111%	$10.0M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	+0.210%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.188	+0.053%	$46.1M	$17.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.107	−0.034%	$225.3M	$96.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.155	+0.017%	$7.4M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.219	+0.086%	$31.1M	$54.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.419	+0.301%	$7.5M	$46.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.263	+0.133%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.250	+0.119%	$665K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.252	+0.122%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.213	+0.079%	$474K	$2.4M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.190	+0.054%	$112K	$578K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.171	+0.034%	$16.2M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.298	+0.171%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.194	+0.059%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.110	−0.032%	$18.3M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.191	+0.056%	$396K	$170K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.230	+0.098%	$4.9M	$5.4M	50x	as long as short
HTX HYPE-USDT	+0.0206%	4h	93.361	+0.238%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0256%	1h	93.181	+0.045%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0278%	8h	93.248	+0.117%	$1.9M	$4.8M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.209	+0.075%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0372%	1h	93.280	+0.151%	$7.4M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.278	+0.149%	$3.2M	$6.7M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.170	+0.033%	$30K	$338K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0686%	1h	93.276	+0.147%	$20.8M	$30.0M	50x	as long as short