Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0230%/8h= +25.2% APRpaid last 24h +0.017%

Price spread now: Bitget against Ondo Perps+0.127%7-day average −0.009% · you sell dearer than you buy

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

Long on Ondo Perps Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.058%+$6 on $10k

Price spread, last 7 days+0.059%+$6 · spread now +0.127%, 7d avg −0.009%

Together, before fees+0.117%+ Points / potential airdropOndo Perps: Active · farm board+$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Bitget is 0.136% dearer against Ondo Perps than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of −0.009%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.058% in total (about 3.0% 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	Ondo Perps HYPE-USD.P	93.170	−0.0130	get 0.0016% / 1h	11m 15s	$698K	$1.0M	10x
Short	Bitget HYPEUSDT	93.288	0.0100	get 0.0050% / 4h	1h 11m	$225.6M	$96.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Ondo Perps. 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 Ondo PerpsbpFee BitgetbpOrdersPrice spread, now +0.127%Rate

Funding earned: $48.38
Price spread: +0.127% → −0.009%: $13.59
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Bitget: 6 bp × 2 orders: −$12
Net: $44.98
Costs to cover: 0.170%
Break-even: 0.5 days

Slippage unknown: Ondo Perps: no order-book sample; 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Bitget live order book, 3 min ago	0.05 bp	10.0 bp −$10	14.7 bp −$147	doesn't fit	doesn't fit

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 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	−0.1000%	1h	93.101	−0.074%	$197K	$227K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.117	−0.057%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.Plong	−0.0130%	1h	93.170	long leg	$698K	$1.0M	10x
Hotstuff HYPE-PERP	−0.0080%	1h	93.234	+0.069%	$3K	$331	25x	as long as short
Aftermath Perps HYPEUSD	−0.0064%	1h	93.218	+0.051%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.262	+0.099%	$85K	$345K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0048%	4h	93.270	+0.107%	$155K	$654K	20x	as long as short
Phemex HYPEUSDT	−0.0003%	8h	93.277	+0.115%	$12.6M	$2.7M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.241	+0.077%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.238	+0.073%	$23K	$319K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.268	+0.105%	$63K	—	150x	as long as short
Bullet HYPE-USD	+0.0008%	1h	93.226	+0.060%	$111K	$579K	20x	as long as short
Aster HYPEUSDT	+0.0018%	4h	93.257	+0.093%	$8.8M	$35.9M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.156	−0.015%	$212K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0036%	4h	93.251	+0.087%	—	$52.9M	—	as long as short
Gate HYPE_USDT	+0.0046%	4h	93.250	+0.086%	$44.6M	$55.5M	75x	as long as short
Bybit HYPEUSDT	+0.0047%	8h	93.292	+0.131%	$320.9M	$276.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0077%	8h	93.294	+0.133%	$113.7M	$299.6M	50x	as long as short
Derive HYPE-PERP	+0.0086%	1h	93.247	+0.083%	$16.2M	$7.5M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.307	+0.147%	$16.2M	$62.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.300	+0.140%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.243	+0.078%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.280	+0.118%	$339K	$162K	20x	as long as short
MEXC HYPE_USDT	+0.0098%	4h	93.298	+0.137%	$89.6M	$81.2M	100x	as long as short
Binance HYPEUSDT	+0.0098%	4h	93.293	+0.132%	$377.2M	$880.2M	75x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.230	+0.064%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.243	+0.078%	$5.8M	$43.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.298	+0.137%	$2.03B	$657.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.252	+0.088%	$10.0M	$14.8M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.256	+0.092%	$45.9M	$18.2M	75x	as long as short
Bitget HYPEUSDTshort	+0.0100%	4h	93.288	+0.127%	$225.6M	$96.4M	75x
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.115	−0.059%	$7.3M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.377	+0.222%	$31.1M	$53.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.122	−0.051%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.125	−0.048%	$338K	$998K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.143	−0.029%	$665K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.261	+0.098%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.276	+0.114%	$473K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.268	+0.105%	$79K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.328	+0.170%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.298	+0.137%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.155	−0.016%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.273	+0.111%	$18.3M	$42.9M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.287	+0.125%	$397K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0112%	4h	93.083	−0.094%	$5.0M	$28.9M	30x	as long as short
HTX HYPE-USDT	+0.0137%	4h	93.400	+0.247%	$1.4M	$6.0M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.340	+0.182%	$4.8M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0259%	1h	93.236	+0.071%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0268%	8h	93.317	+0.158%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.269	+0.107%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0338%	4h	93.247	+0.083%	$17.0M	$11.5M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0436%	1h	93.390	+0.236%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.338	+0.180%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.160	−0.011%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0685%	1h	93.350	+0.193%	$20.7M	$29.8M	50x	as long as short