Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0076%/8h= −8.3% APRpaid last 24h +0.008%

Price spread now: Bitget against Coinbase International−0.158%47s7-day average +0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$32as 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−$350.347% of the position

Long on Coinbase International Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.022%+$2 on $10k

Price spread, last 3 days (all we have)+0.135%+$13 · spread now −0.158%, 7d avg +0.009%

Together, before fees+0.157%+$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bitget is 0.166% cheaper against Coinbase International than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of +0.009%). Swap the legs. The two prices were read 47 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	Coinbase International HYPE-PERP-INTX	93.180	0.0176	pay 0.0022% / 1h	32m 31s	$4.9M	$5.7M	50x
Short	Bitget HYPEUSDT	93.033	0.0100	get 0.0050% / 4h	1h 32m	$225.5M	$103.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Coinbase International. 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 Coinbase InternationalbpFee BitgetbpOrdersPrice spread, now −0.158%Rate

Funding earned: −$15.96
Price spread: −0.158% → +0.009%: −$16.64
Slippage, 4 orders: −$12.69
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$67.29
Costs to cover: 0.347%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 1 min ago; Bitget: 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 Coinbase International live order book, 1 min ago	3.76 bp	8.8 bp −$9	13.6 bp −$136	35.3 bp −$3,530	doesn't fit
Sell Bitget live order book, 2 min ago	0.70 bp	8.2 bp −$8	10.7 bp −$107	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
Aftermath Perps HYPEUSD	−0.0380%	1h	93.133	−0.051%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0224%	1h	93.046	−0.143%	$196K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.029	−0.162%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0119%	1h	93.010	−0.182%	$698K	$924K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.084	−0.103%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.051	−0.138%	$90K	$362K	20x	as long as short
Popdex HYPEUSDT	−0.0016%	1h	93.043	−0.147%	$57K	$1.2M	50x	as long as short
Aster HYPEUSDT	0.0000%	4h	93.080	−0.107%	$8.8M	$36.0M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.124	−0.061%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.070	−0.119%	$23K	$331K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.102	−0.084%	$20K	—	150x	as long as short
Bullet HYPE-USD	+0.0025%	1h	93.057	−0.132%	$111K	$579K	20x	as long as short
Bybit HYPEUSDT	+0.0025%	8h	93.001	−0.192%	$322.9M	$287.1M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0028%	4h	93.072	−0.116%	$172K	$519K	20x	as long as short
Derive HYPE-PERP	+0.0031%	1h	93.034	−0.156%	$16.2M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.106	−0.079%	$214K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0042%	4h	93.067	−0.121%	$43.9M	$58.1M	75x	as long as short
MEXC HYPE_USDT	+0.0076%	4h	93.082	−0.105%	$90.1M	$81.8M	100x	as long as short
Binance HYPEUSDT	+0.0077%	4h	93.045	−0.145%	$382.3M	$894.1M	75x	as long as short
Lighter HYPE	+0.0096%	1h	93.134	−0.049%	$18.5M	$58.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.111	−0.074%	$3.1M	$12.1M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	93.095	−0.091%	$338K	$170K	20x	as long as short
edgeX HYPEUSDC	+0.0099%	4h	93.079	−0.109%	$5.1M	$29.6M	30x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.110	−0.075%	$34K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.041	−0.149%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.103	−0.083%	$2.02B	$670.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.105	−0.080%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.000	−0.193%	$113.8M	$313.5M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.390	+0.225%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.094	−0.092%	$47.0M	$18.9M	75x	as long as short
Bitget HYPEUSDTshort	+0.0100%	4h	93.033	−0.158%	$225.5M	$103.0M	75x
BingX HYPE-USDT	+0.0100%	4h	93.071	−0.117%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.091	−0.096%	$7.8M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.034	−0.156%	$29.0M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.144	−0.038%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.135	−0.048%	$412K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.099	−0.087%	$673K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.070	−0.118%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.075	−0.113%	$492K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.079	−0.108%	$75K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.089	−0.098%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.083	−0.104%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.073	−0.115%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.039	−0.152%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.084	−0.103%	$396K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0107%	8h	93.224	+0.047%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTXlong	+0.0176%	1h	93.180	long leg	$4.9M	$5.7M	50x
Injective HYPE/USDC PERP	+0.0239%	1h	93.070	−0.118%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.004	−0.189%	$77K	$158K	15x	as long as short
HTX HYPE-USDT	+0.0249%	4h	93.228	+0.052%	$1.5M	$7.7M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.127	−0.056%	$2.8M	$6.8M	20x	as long as short
BloFin HYPE-USDT	+0.0308%	4h	93.074	−0.114%	$16.9M	$12.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0158%	1h	93.095	−0.091%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0384%	1h	93.180	0.000%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0466%	1h	93.194	+0.015%	$20.8M	$28.9M	50x	as long as short