Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0019%/8h= +2.1% APRpaid last 24h +0.021%

Price spread now: gTrade (Gains Network) against Orderly+0.052%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and gTrade (Gains Network) is 0.052% dearer against Orderly than usual: you sell high and buy low: +$5 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_HYPE_USDC	93.531	−0.0018	get 0.0009% / 4h	1h 28m	$145K	$683K	20x
Short	gTrade (Gains Network) HYPE/USD	93.580	L +0.0002% / S −0.0001%	get 0.0000% / 1h	28m 09s	$83K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against Orderly. 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 OrderlybpFee gTrade (Gains Network)bpOrdersPrice spread, now +0.052%Rate

Funding earned: $4.06
Price spread: +0.052% → 0.000%: $5.24
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$6.7
Costs to cover: 0.160%
Break-even: 18.5 days

Slippage unknown: Orderly: no order-book sample; gTrade (Gains Network): 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 Orderly no order-book sample	—	—	—	—	—
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

Orderly and gTrade (Gains Network): 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	−0.0984%	1h	93.520	−0.012%	$198K	$238K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0194%	1h	93.528	−0.003%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0081%	1h	93.500	−0.033%	$703K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.553	+0.024%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0076%	1h	93.552	+0.022%	$111K	$579K	20x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.575	+0.047%	$86K	$367K	20x	as long as short
BingX HYPE-USDT	−0.0018%	4h	93.548	+0.018%	—	$53.5M	—	as long as short
Orderly PERP_HYPE_USDClong	−0.0018%	4h	93.531	long leg	$145K	$683K	20x
Bluefin HYPE-PERP	−0.0008%	1h	93.564	+0.035%	$79K	$155K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.519	−0.013%	$128K	$26K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.570	+0.042%	$20K	$290K	10x	as long as short
Bybit HYPEUSDT	+0.0001%	8h	93.570	+0.042%	$315.8M	$287.2M	75x	as long as short
gTrade (Gains Network) HYPE/USDshort	L +0.0002% / S −0.0001%	1h	93.580	+0.052%	$83K	—	150x
Derive HYPE-PERP	+0.0007%	1h	93.302	−0.244%	$16.2M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0017%	1h	93.508	−0.025%	$208K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0048%	4h	93.565	+0.036%	$225.4M	$99.5M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0077%	8h	93.594	+0.067%	$334K	$161K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.525	−0.006%	$1.0M	$4.0M	10x	as long as short
Phemex HYPEUSDT	+0.0093%	8h	93.566	+0.037%	$12.8M	$2.8M	50x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	93.451	−0.085%	$5.0M	$30.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.572	+0.044%	$16.1M	$64.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.571	+0.043%	$3.1M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.544	+0.014%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.530	−0.001%	$21K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.546	+0.016%	$7.5M	$50.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.634	+0.110%	$2.05B	$682.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.577	+0.049%	$8.8M	$36.9M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.573	+0.045%	$10.1M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.573	+0.045%	$374.4M	$928.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.559	+0.030%	$115.5M	$314.5M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.553	+0.024%	$48.6M	$55.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.569	+0.041%	$90.4M	$84.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.558	+0.029%	$46.3M	$18.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.561	+0.032%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.449	−0.088%	$28.7M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.492	−0.041%	$7.5M	$48.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.494	−0.040%	$354K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.600	+0.074%	$678K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.609	+0.084%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.569	+0.041%	$470K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.593	+0.066%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.571	+0.043%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.691	+0.171%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.438	−0.099%	$216K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.538	+0.007%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.567	+0.038%	$396K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0105%	8h	93.630	+0.106%	$1.8M	$5.6M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.560	+0.031%	$4.7M	$6.1M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	93.597	+0.070%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0199%	1h	93.645	+0.122%	$7.5M	$4.2M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.530	−0.001%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.535	+0.004%	$77K	$129K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.572	+0.044%	$16.9M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0415%	1h	93.644	+0.121%	$20.9M	$29.5M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.590	+0.063%	$3.2M	$6.3M	20x	as long as short