Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0020%/8h= +2.2% APRpaid last 24h +0.021%

Price spread now: Gate against 01 Exchange−0.112%7-day average −0.043% · 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−$45as in the Price arb table

costs, in and out, $10k−$380.378% of the position

Long on 01 Exchange Short on Gate

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.010%+$1 on $10k

Price spread, last 4 days (all we have)+0.077%+$8 · spread now −0.112%, 7d avg −0.043%

Together, before fees+0.088%+$9 on $10k · with fees, hour by hour

Funding pays, the price is against you. Gate is 0.069% cheaper against 01 Exchange than usual: you would sell low and buy high (spread −0.112% now, against its 7-day average of −0.043%). If the spread goes back, that is −$7 on $10k: about 11 days of funding at the current rate (+$1 a day). At the pace of the last 4 days (+0.010% in total) that is about 26 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	01 Exchange HYPEUSD	94.817	−0.0104	get 0.0013% / 1h	49m 50s	$102K	$349K	20x
Short	Gate HYPE_USDT	94.711	−0.0084	pay 0.0042% / 4h	49m 50s	$55.8M	$52.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against 01 Exchange. 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 01 ExchangebpFee GatebpOrdersPrice spread, now −0.112%Rate

Funding earned: $4.2
Price spread: −0.112% → −0.043%: −$6.88
Slippage, 4 orders: −$15.84
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$40.51
Costs to cover: 0.378%
Break-even: 74.5 days

Slippage from 01 Exchange: live order book, 57 min ago; Gate: live order book, 2 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 01 Exchange live order book, 57 min ago	0.05 bp	9.3 bp −$9	13.8 bp −$138	doesn't fit	doesn't fit
Sell Gate live order book, 2 min ago	0.79 bp	11.1 bp −$11	16.5 bp −$165	29.6 bp −$2,957	50.6 bp −$25.3K

HYPE on 55 exchanges

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
Kraken Futures PF_HYPEUSD	−0.0282%	1h	94.758	−0.063%	$18.3M	$32.6M	50x	as long as short
Phemex HYPEUSDT	−0.0253%	8h	94.736	−0.085%	$12.9M	$2.2M	50x	as long as short
Bluefin HYPE-PERP	−0.0225%	1h	94.740	−0.081%	$78K	$130K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0221%	1h	94.670	−0.155%	$677K	$1.3M	10x	as long as short
Lighter HYPE	−0.0144%	1h	94.748	−0.073%	$16.5M	$55.2M	20x	as long as short
01 Exchange HYPEUSDlong	−0.0104%	1h	94.817	long leg	$102K	$349K	20x
Aster HYPEUSDT	−0.0101%	4h	94.709	−0.114%	$9.0M	$34.5M	300x	as long as short
Gate HYPE_USDTshort	−0.0084%	4h	94.711	−0.112%	$55.8M	$52.6M	75x
Hotstuff HYPE-PERP	−0.0080%	1h	94.894	+0.081%	$3K	$421	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0074%	4h	94.736	−0.085%	$147K	$642K	20x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International HYPE-PERP-INTX	−0.0064%	1h	94.790	−0.028%	$4.7M	$5.4M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0058%	1h	94.996	+0.189%	$22K	$17K	10x	as long as short
OKX HYPE-USDT-SWAP	−0.0042%	8h	94.539	−0.293%	$118.9M	$302.5M	50x	as long as short
Bitget HYPEUSDT	−0.0028%	4h	94.551	−0.281%	$228.9M	$85.9M	75x	as long as short
Phoenix HYPE	−0.0017%	1h	94.936	+0.126%	$198K	$1.1M	10x	as long as short
ApeX Omni HYPEUSDT	−0.0010%	1h	95.003	+0.196%	$323K	$925K	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.770	−0.049%	$128K	$96K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.808	−0.010%	$24K	$249K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.890	+0.077%	$99K	—	150x	as long as short
Bullet HYPE-USD	+0.0008%	1h	94.864	+0.050%	$114K	$585K	20x	as long as short
Derive HYPE-PERP	+0.0020%	1h	94.742	−0.079%	$16.3M	$7.0M	10x	as long as short
edgeX HYPEUSDC	+0.0025%	4h	94.997	+0.190%	$5.0M	$27.9M	30x	as long as short
Bybit HYPEUSDT	+0.0027%	8h	94.547	−0.285%	$319.2M	$262.9M	75x	as long as short
Binance HYPEUSDT	+0.0029%	4h	94.722	−0.101%	$381.9M	$848.9M	75x	as long as short
Popdex HYPEUSDT	+0.0032%	1h	94.815	−0.002%	$274K	$998K	50x	as long as short
MEXC HYPE_USDT	+0.0032%	4h	94.718	−0.104%	$89.3M	$82.4M	100x	as long as short
BingX HYPE-USDT	+0.0034%	4h	94.702	−0.121%	—	$49.7M	—	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0045%	1h	94.858	+0.043%	$7.5M	$4.2M	50x	as long as short
Backpack HYPE_USDC_PERP	+0.0055%	1h	94.731	−0.091%	$6.8M	$12.3M	20x	as long as short
SoDEX HYPE-USD	+0.0063%	1h	94.799	−0.019%	$2.1M	$335K	10x	as long as short
KuCoin HYPEUSDTM	+0.0086%	4h	94.696	−0.128%	$47.3M	$17.7M	75x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	94.905	+0.093%	$401K	$125K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0092%	8h	94.733	−0.089%	$338K	$30K	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.757	−0.063%	$3.3M	$9.8M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	94.720	−0.102%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.820	+0.004%	$7.2M	$50.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.661	−0.165%	$2.10B	$642.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.767	−0.053%	$10.2M	$12.9M	20x	as long as short
Arcus HYPE-USD	+0.0100%	1h	94.799	−0.019%	$1.0M	$2.8M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.036	+0.231%	$228K	$20K	10x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.740	−0.081%	$30.0M	$52.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.002	+0.195%	$7.7M	$41.1M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.852	+0.037%	$690K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.875	+0.061%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.848	+0.033%	$497K	$2.4M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.928	+0.117%	$32K	$1.4M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.853	+0.038%	$1.4M	$5.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.664	−0.161%	$18.2M	$37.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0118%	8h	94.826	+0.009%	$1.8M	$5.1M	2.3x	as long as short
BloFin HYPE-USDT	+0.0135%	4h	94.728	−0.094%	$17.5M	$11.5M	75x	as long as short
RISEx HYPE/USDC	+0.0138%	1h	94.816	−0.001%	$3.1M	$5.2M	20x	as long as short
Reya HYPERUSDPERP	+0.0268%	1h	94.796	−0.022%	$84K	$90K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	94.889	+0.076%	$1.4M	—	100x	as long as short
Hibachi HYPE/USDT-P	+0.1000%	1h	94.840	+0.024%	$214K	$277K	7x	as long as short
Injective HYPE/USDC PERP	+0.1234%	1h	95.420	+0.636%	$31K	$334K	12x	as long as short