Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0216%/8h= −23.6% APRpaid last 24h −0.059%

Price spread now: Gate against RISEx−0.061%7-day average −0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$290.289% of the position

Long on RISEx Short on Gate

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.150%−$15 on $10k

Price spread, last 7 days+0.039%+$4 · spread now −0.061%, 7d avg −0.011%

Together, before fees−0.110%−$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Gate is 0.049% cheaper against RISEx than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.011%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx HYPE/USDC	93.637	0.0280	pay 0.0035% / 1h	4m 28s	$2.7M	$6.8M	20x
Short	Gate HYPE_USDT	93.580	0.0064	get 0.0032% / 4h	1h 04m	$44.2M	$58.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against RISEx. 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 RISExbpFee GatebpOrdersPrice spread, now −0.061%Rate

Funding earned: −$45.34
Price spread: −0.061% → −0.011%: −$4.93
Slippage, 4 orders: −$7.88
Fee RISEx: 3 bp × 2 orders: −$6
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$79.15
Costs to cover: 0.289%
Break-even: never at this rate

Slippage from RISEx: live order book, 5 min ago; Gate: live order book, 4 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 RISEx live order book, 5 min ago	1.28 bp	4.3 bp −$4	5.5 bp −$55	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	0.59 bp	10.0 bp −$10	15.6 bp −$156	27.8 bp −$2,785	50.0 bp −$25.0K

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
Aftermath Perps HYPEUSD	−0.0477%	1h	93.324	−0.334%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0416%	1h	93.238	−0.426%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.506	−0.140%	$1.2M	$3.9M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0127%	1h	93.500	−0.146%	$699K	$899K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.591	−0.049%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.603	−0.036%	$91K	$358K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.615	−0.023%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.408	−0.244%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.463	−0.185%	$27K	—	150x	as long as short
Popdex HYPEUSDT	+0.0008%	1h	93.571	−0.070%	$62K	$1.2M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0008%	4h	93.573	−0.068%	$8.9M	$35.7M	300x	as long as short
Orderly PERP_HYPE_USDC	+0.0016%	4h	93.446	−0.204%	$176K	$524K	20x	as long as short
Bybit HYPEUSDT	+0.0020%	8h	93.561	−0.081%	$323.9M	$281.3M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.456	−0.193%	$214K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0056%	1h	93.432	−0.219%	$112K	$577K	20x	as long as short
Derive HYPE-PERP	+0.0059%	1h	93.404	−0.248%	$16.3M	$7.0M	10x	as long as short
MEXC HYPE_USDT	+0.0060%	4h	93.577	−0.064%	$90.4M	$82.4M	100x	as long as short
edgeX HYPEUSDC	+0.0063%	4h	93.210	−0.456%	$5.1M	$29.6M	30x	as long as short
Binance HYPEUSDT	+0.0064%	4h	93.574	−0.067%	$384.1M	$885.8M	75x	as long as short
Gate HYPE_USDTshort	+0.0064%	4h	93.580	−0.061%	$44.2M	$58.9M	75x
Lighter HYPE	+0.0096%	1h	93.652	+0.017%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.635	−0.002%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.459	−0.190%	$398K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.585	−0.055%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.600	−0.039%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.538	−0.105%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.628	−0.009%	$2.04B	$664.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.625	−0.013%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.574	−0.067%	$114.4M	$312.9M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.621	−0.017%	$47.2M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.571	−0.070%	$227.0M	$102.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.582	−0.058%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.462	−0.187%	$7.9M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.352	−0.304%	$30.8M	$51.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.317	−0.341%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.209	−0.457%	$415K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.453	−0.196%	$676K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.564	−0.077%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.588	−0.052%	$495K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.434	−0.217%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.475	−0.173%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.435	−0.215%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.399	−0.254%	$12.7M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.280	−0.381%	$204K	$8K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.542	−0.101%	$18.3M	$41.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0120%	8h	93.500	−0.146%	$1.9M	$5.2M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.490	−0.157%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0219%	4h	93.585	−0.055%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.350	−0.306%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0242%	4h	93.400	−0.253%	$16.9M	$12.4M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	93.556	−0.086%	$77K	$159K	15x	as long as short
RISEx HYPE/USDClong	+0.0280%	1h	93.637	long leg	$2.7M	$6.8M	20x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	93.464	−0.184%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0403%	1h	93.537	−0.107%	$7.4M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0464%	1h	93.551	−0.091%	$20.9M	$28.9M	50x	as long as short