Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0253%/8h= +27.6% APRpaid last 24h +0.045%

Price spread now: Reya against Bitget+0.135%7-day average +0.007% · you sell dearer than you buy

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

Long on Bitget Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.036%+$4 on $10k

Price spread, last 4 days (all we have)+0.096%+$10 · spread now +0.135%, 7d avg +0.007%

Together, before fees+0.132%+ Points / potential airdropReya: Active · farm board+$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Reya is 0.127% dearer against Bitget than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.007%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.036% in total (about 3.8% 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	93.369	0.0016	pay 0.0008% / 4h	2h 34m	$225.7M	$98.9M	75x
Short	Reya HYPERUSDPERP	93.495	0.0269	get 0.0034% / 1h	34m 56s	$80K	$131K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now +0.135%Rate

Funding earned: $53.03
Price spread: +0.135% → +0.007%: $12.74
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Reya: 3 bp × 2 orders: −$6
Net: $47.77
Costs to cover: 0.180%
Break-even: 0.7 days

Slippage unknown: Bitget: live order book, 4 min ago; Reya: 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 Bitget live order book, 4 min ago	0.27 bp	9.0 bp −$9	13.1 bp −$131	21.3 bp −$2,129	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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	−0.1664%	1h	93.244	−0.134%	$196K	$234K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0381%	1h	93.358	−0.011%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.469	+0.107%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0071%	1h	93.494	+0.134%	$112K	$578K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0022%	4h	93.508	+0.149%	$146K	$662K	20x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	93.505	+0.146%	$88K	$366K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.465	+0.102%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.487	+0.126%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.534	+0.176%	$62K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	93.447	+0.084%	$1.0M	$4.0M	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	+0.0016%	4h	93.369	long leg	$225.7M	$98.9M	75x
Bybit HYPEUSDT	+0.0021%	8h	93.310	−0.063%	$317.1M	$283.7M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0022%	1h	93.430	+0.065%	$702K	$1.2M	10x	as long as short
Phoenix HYPE	+0.0026%	1h	93.434	+0.070%	$209K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0033%	8h	93.518	+0.160%	$12.6M	$2.7M	50x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	93.304	−0.069%	$5.0M	$30.0M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.500	+0.140%	$340K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.527	+0.170%	$16.1M	$63.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.528	+0.170%	$3.1M	$11.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.479	+0.118%	$76K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.450	+0.087%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.470	+0.109%	$8.0M	$48.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.520	+0.162%	$2.04B	$668.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.392	+0.024%	$8.7M	$36.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.504	+0.144%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.370	+0.001%	$374.1M	$913.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.315	−0.058%	$114.4M	$309.7M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.352	−0.018%	$46.7M	$54.2M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.370	+0.001%	$89.9M	$80.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.434	+0.070%	$46.2M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.347	−0.024%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.529	+0.171%	$7.3M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.351	−0.020%	$28.6M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.365	−0.004%	$7.5M	$47.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.331	−0.041%	$342K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.336	−0.035%	$668K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.522	+0.164%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.512	+0.153%	$484K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.516	+0.157%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.496	+0.136%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.475	+0.114%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.523	+0.165%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.600	+0.247%	$1.4M	$6.5M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.344	−0.026%	$215K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.337	−0.035%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.520	+0.161%	$395K	$161K	20x	as long as short
Kalshi KXHYPEPERP	+0.0112%	8h	93.541	+0.184%	$1.8M	$5.7M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.350	−0.020%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.500	+0.140%	$4.8M	$5.6M	50x	as long as short
Reya HYPERUSDPERPshort	+0.0269%	1h	93.495	+0.135%	$80K	$131K	15x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.526	+0.169%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.516	+0.157%	$16.9M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0340%	1h	93.596	+0.243%	$20.9M	$29.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0509%	1h	93.608	+0.256%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.541	+0.184%	$3.2M	$6.2M	20x	as long as short