Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0219%/8h= +24.0% APRpaid last 24h +0.049%

Price spread now: Deribit against Bitget+0.027%7-day average +0.064% · you sell dearer than you buy

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$280.277% of the position

Long on Bitget Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.049%+$5 on $10k

Price spread, last 4 days (all we have)+0.013%+$1 · spread now +0.027%, 7d avg +0.064%

Together, before fees+0.062%+$6 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.037% cheaper against Bitget than usual: you would sell low and buy high (spread +0.027% now, against its 7-day average of +0.064%). If the spread goes back, that is −$4 on $10k: about 14 hours of funding at the current rate (+$7 a day). At the pace of the last 7 days (+0.049% in total) that is about 5.3 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.049% in total (about 2.5% 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	Bitget HYPEUSDT	94.157	0.0020	pay 0.0010% / 4h	2h 14m	$227.1M	$99.3M	75x
Short	Deribit HYPE_USDC-PERPETUAL	94.182	0.0239	get 0.0030% / 1h	14m 39s	$7.5M	$4.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bitget. 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 BitgetbpFee DeribitbpOrdersPrice spread, now +0.027%Rate

Funding earned: $45.99
Price spread: +0.027% → +0.064%: −$3.71
Slippage, 4 orders: −$8.71
Fee Bitget: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $14.58
Costs to cover: 0.277%
Break-even: 4.8 days

Slippage from Bitget: live order book, 4 min ago; Deribit: 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 Bitget live order book, 4 min ago	0.05 bp	8.1 bp −$8	13.0 bp −$130	doesn't fit	doesn't fit
Sell Deribit live order book, 4 min ago	0.53 bp	5.9 bp −$6	13.8 bp −$138	doesn't fit	doesn't fit

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	−0.1328%	1h	94.084	−0.078%	$199K	$239K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0396%	1h	93.861	−0.314%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.117	−0.042%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0021%	1h	94.103	−0.058%	$112K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0017%	4h	94.069	−0.093%	$147K	$678K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.106	−0.055%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	94.126	−0.033%	$86K	$372K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.112	−0.048%	$23K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.110	−0.050%	$63K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	94.122	−0.037%	$1.0M	$3.9M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDTlong	+0.0020%	4h	94.157	long leg	$227.1M	$99.3M	75x
Bybit HYPEUSDT	+0.0022%	8h	94.130	−0.029%	$319.3M	$284.0M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	94.174	+0.018%	$209K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0026%	8h	94.117	−0.042%	$12.8M	$2.8M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0070%	1h	94.080	−0.082%	$709K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	94.117	−0.042%	$5.0M	$30.2M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	94.183	+0.028%	$342K	$158K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.153	−0.005%	$16.3M	$63.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.155	−0.002%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.108	−0.052%	$71K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.050	−0.114%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.059	−0.104%	$7.3M	$48.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.207	+0.053%	$2.06B	$675.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.140	−0.018%	$8.8M	$36.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.174	+0.018%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.153	−0.005%	$378.0M	$919.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.149	−0.008%	$116.3M	$315.2M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.358	−0.849%	$216K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.114	−0.046%	$48.0M	$55.2M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.159	+0.002%	$90.4M	$81.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.151	−0.006%	$46.5M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.149	−0.008%	—	$53.6M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.130	−0.029%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.099	−0.061%	$28.9M	$56.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.979	−0.189%	$7.7M	$48.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.161	+0.004%	$345K	$994K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.161	+0.004%	$674K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.171	+0.015%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.103	−0.057%	$494K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.107	−0.053%	$80K	$165K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	94.085	−0.076%	$16.2M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.167	+0.011%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.111	−0.049%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.246	+0.095%	$1.4M	$6.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.094	−0.067%	$18.3M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.092	−0.069%	$398K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0121%	8h	94.154	−0.003%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	94.180	+0.024%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.140	−0.018%	$4.7M	$6.0M	50x	as long as short
Deribit HYPE_USDC-PERPETUALshort	+0.0239%	1h	94.182	+0.027%	$7.5M	$4.1M	50x
Reya HYPERUSDPERP	+0.0270%	1h	94.103	−0.057%	$80K	$127K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	94.106	−0.054%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0338%	1h	94.195	+0.041%	$21.0M	$29.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.105	−0.055%	$16.8M	$12.0M	75x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	94.149	−0.009%	$3.2M	$6.3M	20x	as long as short