Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0128%/8h= −14.0% APRpaid last 24h −0.031%

Price spread now: Gate against ApeX Omni−0.061%81s7-day average −0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$360.357% of the position

Long on ApeX Omni Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.087%−$9 on $10k

Price spread, last 4 days (all we have)−0.629%−$63 · spread now −0.061%, 7d avg −0.026%

Together, before fees−0.716%−$72 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Gate is 0.035% cheaper against ApeX Omni than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.026%). Swap the legs. The two prices were read 81 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	ApeX Omni HYPEUSDT	93.891	0.0100	pay 0.0013% / 1h	22m 00s	$339K	$1.0M	50x
Short	Gate HYPE_USDT	93.834	−0.0028	pay 0.0014% / 4h	2h 22m	$44.4M	$55.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against ApeX Omni. 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 ApeX OmnibpFee GatebpOrdersPrice spread, now −0.061%Rate

Funding earned: −$26.88
Price spread: −0.061% → −0.026%: −$3.5
Slippage, 4 orders: −$10.66
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$66.04
Costs to cover: 0.357%
Break-even: never at this rate

Slippage from ApeX Omni: live order book, 2 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 ApeX Omni live order book, 2 min ago	1.71 bp	8.8 bp −$9	13.6 bp −$136	doesn't fit	doesn't fit
Sell Gate live order book, 2 min ago	0.59 bp	9.4 bp −$9	14.9 bp −$149	32.0 bp −$3,196	52.4 bp −$26.2K

HYPE on 54 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	93.698	−0.206%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.765	−0.134%	$1.2M	$3.8M	10x	as long as short
Phemex HYPEUSDT	−0.0148%	8h	93.882	−0.010%	$12.7M	$2.7M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0129%	1h	93.822	−0.074%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.875	−0.017%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0076%	1h	93.850	−0.044%	$703K	$924K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0056%	4h	93.836	−0.059%	$157K	$646K	20x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.912	+0.022%	$85K	$350K	20x	as long as short
Backpack HYPE_USDC_PERP	−0.0034%	1h	93.797	−0.100%	$7.8M	$10.3M	20x	as long as short
Gate HYPE_USDTshort	−0.0028%	4h	93.834	−0.061%	$44.4M	$55.1M	75x

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0002%	4h	93.859	−0.034%	$8.9M	$35.8M	300x	as long as short
BingX HYPE-USDT	−0.0001%	4h	93.823	−0.072%	—	$53.6M	—	as long as short
dYdX HYPE-USD	0.0000%	1h	93.844	−0.050%	$129K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.908	+0.018%	$22K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.891	+0.001%	$26K	—	150x	as long as short
Bybit HYPEUSDT	+0.0003%	8h	93.794	−0.103%	$322.1M	$281.0M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.922	+0.033%	$213K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0068%	4h	93.817	−0.079%	$87.8M	$82.9M	100x	as long as short
OKX HYPE-USDT-SWAP	+0.0069%	8h	93.789	−0.109%	$115.3M	$308.1M	50x	as long as short
Binance HYPEUSDT	+0.0069%	4h	93.836	−0.059%	$381.5M	$891.6M	75x	as long as short
Bullet HYPE-USD	+0.0073%	1h	93.895	+0.004%	$112K	$577K	20x	as long as short
edgeX HYPEUSDC	+0.0079%	4h	93.907	+0.017%	$5.1M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.934	+0.046%	$341K	$164K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.867	−0.025%	$16.4M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.855	−0.038%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.887	−0.004%	$67K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.878	−0.013%	$399K	$175K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.890	−0.001%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.913	+0.024%	$5.8M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.939	+0.051%	$2.05B	$665.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.917	+0.028%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.894	+0.003%	$46.5M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.835	−0.060%	$227.4M	$98.4M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.910	+0.020%	$31.1M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.947	+0.060%	$7.6M	$47.2M	10x	as long as short
ApeX Omni HYPEUSDTlong	+0.0100%	1h	93.891	long leg	$339K	$1.0M	50x
StandX HYPE-USD	+0.0100%	1h	93.836	−0.059%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.945	+0.057%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.937	+0.049%	$474K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.849	−0.045%	$79K	$171K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.850	−0.043%	$16.3M	$7.7M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.982	+0.097%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.834	−0.061%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.880	−0.012%	$204K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.820	−0.075%	$18.3M	$44.2M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.920	+0.031%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.800	−0.097%	$30K	$339K	12x	as long as short
HTX HYPE-USDT	+0.0203%	4h	94.008	+0.125%	$1.4M	$5.9M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.962	+0.076%	$3.2M	$7.0M	20x	as long as short
Reya HYPERUSDPERP	+0.0255%	1h	93.910	+0.020%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0276%	8h	93.993	+0.109%	$1.9M	$4.9M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0156%	1h	93.901	+0.010%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0389%	1h	93.950	+0.063%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0679%	1h	93.921	+0.032%	$21.0M	$29.8M	50x	as long as short