Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0105%/8h= −11.5% APRpaid last 24h −0.074%

Price spread now: Bitget against Injective−0.306%61s7-day average −0.194% · you buy dearer than you sell

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

Long on Injective Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−2.357%−$236 on $10k

Price spread, last 3 days (all we have)+0.452%+$45 · spread now −0.306%, 7d avg −0.194%

Together, before fees−1.905%−$190 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Bitget is 0.112% cheaper against Injective than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.194%). Swap the legs. The two prices were read 61 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective HYPE/USDC PERP	94.150	0.0205	pay 0.0026% / 1h	56m 21s	$31K	$338K	12x
Short	Bitget HYPEUSDT	93.862	0.0100	get 0.0050% / 4h	3h 56m	$227.4M	$101.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Injective. 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 InjectivebpFee BitgetbpOrdersPrice spread, now −0.306%Rate

Funding earned: −$22.04
Price spread: −0.306% → −0.194%: −$11.17
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$45.24
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Injective: live order book, 18 min ago; Bitget: live order book, 3 min ago. 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 Injective live order book, 18 min ago	32.41 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 3 min ago	0.05 bp	9.6 bp −$10	13.5 bp −$135	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-P	−0.1432%	1h	93.897	−0.269%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.746	−0.429%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0322%	1h	93.973	−0.188%	$22K	$22K	10x	as long as short
dYdX HYPE-USD	−0.0239%	1h	93.914	−0.251%	$128K	$30K	5x	as long as short
Bybit HYPEUSDT	−0.0123%	8h	93.840	−0.329%	$322.8M	$283.5M	75x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	93.843	−0.326%	$86K	$365K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0095%	1h	93.830	−0.340%	$705K	$923K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.868	−0.300%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0075%	1h	93.825	−0.346%	$112K	$579K	20x	as long as short
Gate HYPE_USDT	−0.0062%	4h	93.821	−0.349%	$44.6M	$58.7M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Derive HYPE-PERP	−0.0013%	1h	93.778	−0.395%	$16.4M	$7.2M	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0008%	4h	93.829	−0.341%	$169K	$594K	20x	as long as short
Perpl HYPE	0.0000%	43m	93.879	−0.288%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.860	−0.308%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	94.114	−0.038%	$218K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0015%	4h	93.839	−0.330%	$8.9M	$36.1M	300x	as long as short
Popdex HYPEUSDT	+0.0040%	1h	93.835	−0.335%	$60K	$1.2M	50x	as long as short
MEXC HYPE_USDT	+0.0042%	4h	93.828	−0.342%	$88.0M	$81.8M	100x	as long as short
Binance HYPEUSDT	+0.0043%	4h	93.845	−0.324%	$383.4M	$897.9M	75x	as long as short
edgeX HYPEUSDC	+0.0054%	4h	93.988	−0.172%	$5.1M	$29.7M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0086%	8h	93.855	−0.313%	$115.8M	$321.8M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.897	−0.269%	$18.8M	$58.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.876	−0.291%	$3.1M	$12.0M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.904	−0.261%	$399K	$268K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.903	−0.263%	$341K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.860	−0.308%	$42K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.835	−0.334%	$6.6M	$44.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.946	−0.217%	$2.04B	$680.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.871	−0.296%	$10.1M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.838	−0.331%	$46.5M	$18.5M	75x	as long as short
Bitget HYPEUSDTshort	+0.0100%	4h	93.862	−0.306%	$227.4M	$101.9M	75x
BingX HYPE-USDT	+0.0100%	4h	93.833	−0.337%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.913	−0.252%	$7.7M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.832	−0.337%	$31.2M	$54.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.052	−0.104%	$7.6M	$45.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.033	−0.124%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.964	−0.198%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.895	−0.271%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.872	−0.295%	$471K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.828	−0.342%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.903	−0.262%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.850	−0.319%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.890	−0.276%	$12.8M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.944	−0.219%	$205K	$6K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.840	−0.330%	$18.4M	$42.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.890	−0.276%	$4.9M	$5.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0163%	8h	93.929	−0.235%	$1.9M	$5.1M	2.3x	as long as short
BloFin HYPE-USDT	+0.0175%	4h	93.897	−0.269%	$17.0M	$12.5M	75x	as long as short
Injective HYPE/USDC PERPlong	+0.0205%	1h	94.150	long leg	$31K	$338K	12x
RISEx HYPE/USDC	+0.0222%	1h	93.889	−0.278%	$2.8M	$6.9M	20x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	93.820	−0.350%	$78K	$143K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0251%	1h	93.948	−0.215%	$7.5M	$4.7M	50x	as long as short
HTX HYPE-USDT	+0.0310%	4h	94.050	−0.106%	$1.5M	$7.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0157%	1h	93.862	−0.306%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0672%	1h	93.955	−0.208%	$21.0M	$29.5M	50x	as long as short