Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0030%/8h= +3.2% APRpaid last 24h +0.091%

Price spread now: Injective against Gate−0.112%114s7-day average +0.194% · you buy dearer than you sell

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

Long on Gate Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+2.364%+$236 on $10k

Price spread, last 3 days (all we have)−0.057%−$6 · spread now −0.112%, 7d avg +0.194%

Together, before fees+2.307%+$231 on $10k · with fees, hour by hour

Funding pays, the price is against you. Injective is 0.306% cheaper against Gate than usual: you would sell low and buy high (spread −0.112% now, against its 7-day average of +0.194%). If the spread goes back, that is −$31 on $10k: about 34 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+2.364% in total) that is about 22 hours. The two prices were read 114 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	Gate HYPE_USDT	94.155	0.0074	pay 0.0037% / 4h	49m 30s	$44.3M	$58.1M	75x
Short	Injective HYPE/USDC PERP	94.050	0.0104	get 0.0013% / 1h	49m 30s	$31K	$338K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Gate. 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 GatebpFee InjectivebpOrdersPrice spread, now −0.112%Rate

Funding earned: $6.21
Price spread: −0.112% → +0.194%: −$30.59
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$39.4
Costs to cover: 0.150%
Break-even: 51.4 days

Slippage unknown: Gate: live order book, 4 min ago; Injective: live order book, 30 min ago. 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 Gate live order book, 4 min ago	0.37 bp	11.6 bp −$12	16.1 bp −$161	31.1 bp −$3,108	52.8 bp −$26.4K
Sell Injective live order book, 30 min ago	9.65 bp	doesn't fit	doesn't fit	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	−0.0608%	1h	94.035	−0.128%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0460%	1h	93.968	−0.199%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	94.042	−0.120%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.129	−0.028%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.092	−0.067%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.114	−0.043%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.180	+0.027%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	94.176	+0.022%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0013%	4h	94.134	−0.022%	$176K	$526K	20x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	94.120	−0.037%	$324.9M	$281.1M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0037%	4h	94.170	+0.016%	$8.9M	$35.8M	300x	as long as short
Ondo Perps HYPE-USD.P	+0.0059%	1h	94.020	−0.143%	$704K	$907K	10x	as long as short
Phemex HYPEUSDT	+0.0065%	8h	94.047	−0.115%	$12.8M	$2.6M	50x	as long as short
Gate HYPE_USDTlong	+0.0074%	4h	94.155	long leg	$44.3M	$58.1M	75x
Binance HYPEUSDT	+0.0076%	4h	94.151	−0.004%	$385.8M	$888.3M	75x	as long as short
MEXC HYPE_USDT	+0.0076%	4h	94.165	+0.011%	$88.2M	$80.9M	100x	as long as short
01 Exchange HYPEUSD	+0.0080%	1h	94.124	−0.033%	$86K	$364K	20x	as long as short
Derive HYPE-PERP	+0.0082%	1h	94.015	−0.149%	$16.5M	$6.9M	10x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	94.085	−0.074%	$5.1M	$29.8M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.172	+0.018%	$19.1M	$59.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.157	+0.002%	$3.1M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.135	−0.021%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.066	−0.095%	$400K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.144	−0.012%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.120	−0.037%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.109	−0.048%	$5.8M	$44.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.152	−0.003%	$10.2M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.129	−0.028%	$116.1M	$317.8M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.095	−0.063%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.154	−0.001%	$47.3M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.164	+0.010%	$228.0M	$102.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.158	+0.003%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.087	−0.072%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.073	−0.087%	$32.2M	$53.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.128	−0.028%	$7.6M	$45.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.127	−0.030%	$336K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.082	−0.078%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.169	+0.015%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.190	+0.037%	$486K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	94.160	+0.005%	$113K	$578K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.049	−0.113%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.078	−0.082%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.056	−0.105%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERPshort	+0.0104%	1h	94.050	−0.112%	$31K	$338K	12x
Extended HYPE-USD	+0.0104%	1h	94.097	−0.062%	$18.7M	$42.0M	50x	as long as short
Kalshi KXHYPEPERP	+0.0124%	8h	94.129	−0.028%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.120	−0.037%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0229%	4h	94.242	+0.092%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	94.160	+0.005%	$77K	$142K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0281%	1h	94.156	+0.001%	$7.4M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.166	+0.012%	$2.8M	$6.8M	20x	as long as short
BloFin HYPE-USDT	+0.0303%	4h	94.097	−0.062%	$17.0M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0341% / S −0.0165%	1h	94.145	−0.010%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0576%	1h	94.176	+0.023%	$21.1M	$29.0M	50x	as long as short
Hyperliquid HYPE	+0.0719%	1h	94.224	+0.073%	$2.05B	$667.1M	10x	as long as short