Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0482%/8h= +52.8% APRpaid last 24h +0.067%

Price spread now: RISEx against Gate−0.006%7-day average +0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$290.287% of the position

Long on Gate Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.156%+$16 on $10k

Price spread, last 7 days+0.030%+$3 · spread now −0.006%, 7d avg +0.012%

Together, before fees+0.187%+$19 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.012%, so right now this pair is about funding alone: +$14 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.156% in total (about 16.3% 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	Gate HYPE_USDT	93.258	0.0028	pay 0.0014% / 4h	1h 52m	$44.5M	$54.2M	75x
Short	RISEx HYPE/USDC	93.252	0.0510	get 0.0064% / 1h	52m 55s	$3.2M	$6.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now −0.006%Rate

Funding earned: $101.2
Price spread: −0.006% → +0.012%: −$1.82
Slippage, 4 orders: −$7.66
Fee Gate: 7.5 bp × 2 orders: −$15
Fee RISEx: 3 bp × 2 orders: −$6
Net: $70.71
Costs to cover: 0.287%
Break-even: 2.1 days

Slippage from Gate: live order book, 1 min ago; RISEx: live order book, 1 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 Gate live order book, 1 min ago	0.11 bp	10.4 bp −$10	15.0 bp −$150	33.0 bp −$3,298	59.5 bp −$29.7K
Sell RISEx live order book, 1 min ago	1.13 bp	4.1 bp −$4	6.2 bp −$62	doesn't fit	doesn't fit

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	−0.1144%	1h	93.036	−0.238%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.028	−0.247%	$1.2M	$3.8M	10x	as long as short
Bluefin HYPE-PERP	−0.0253%	1h	93.228	−0.032%	$79K	$170K	20x	as long as short
ApeX Omni HYPEUSDT	−0.0172%	1h	93.008	−0.268%	$336K	$1.0M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.079	−0.192%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.194	−0.069%	$85K	$346K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0050%	4h	93.203	−0.059%	$156K	$639K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0031%	1h	93.000	−0.277%	$696K	$906K	10x	as long as short
Phemex HYPEUSDT	−0.0021%	8h	93.228	−0.032%	$12.6M	$2.7M	50x	as long as short
Aster HYPEUSDT	−0.0004%	4h	93.224	−0.036%	$8.8M	$35.3M	300x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	93.147	−0.119%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.192	−0.071%	$22K	$321K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.226	−0.034%	$25K	—	150x	as long as short
Aftermath Perps HYPEUSD	+0.0006%	1h	93.183	−0.080%	$22K	$21K	10x	as long as short
BingX HYPE-USDT	+0.0008%	4h	93.267	+0.010%	—	$53.1M	—	as long as short
Bybit HYPEUSDT	+0.0016%	8h	93.260	+0.002%	$321.1M	$275.2M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.056	−0.217%	$210K	$1.2M	10x	as long as short
Gate HYPE_USDTlong	+0.0028%	4h	93.258	long leg	$44.5M	$54.2M	75x
Bullet HYPE-USD	+0.0071%	1h	93.225	−0.036%	$111K	$577K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0078%	8h	93.262	+0.004%	$114.5M	$300.7M	50x	as long as short
MEXC HYPE_USDT	+0.0078%	4h	93.250	−0.009%	$87.7M	$79.9M	100x	as long as short
Binance HYPEUSDT	+0.0080%	4h	93.261	+0.004%	$378.8M	$872.2M	75x	as long as short
edgeX HYPEUSDC	+0.0081%	4h	93.009	−0.267%	$5.0M	$29.8M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.260	+0.002%	$16.3M	$61.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.245	−0.014%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.168	−0.097%	$68K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.175	−0.089%	$338K	$162K	20x	as long as short
Derive HYPE-PERP	+0.0099%	1h	93.221	−0.039%	$16.2M	$7.6M	10x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.130	−0.137%	$38K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.128	−0.139%	$5.7M	$43.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.315	+0.061%	$2.04B	$652.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.151	−0.115%	$10.0M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.252	−0.006%	$46.1M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.264	+0.006%	$225.7M	$96.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.221	−0.040%	$7.4M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.170	−0.095%	$31.0M	$54.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.978	−0.300%	$7.5M	$46.3M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.113	−0.155%	$664K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.198	−0.064%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.190	−0.073%	$474K	$2.4M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.266	+0.009%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.247	−0.012%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.998	−0.279%	$202K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.238	−0.021%	$18.3M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.242	−0.017%	$397K	$170K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.300	+0.045%	$4.9M	$5.4M	50x	as long as short
HTX HYPE-USDT	+0.0215%	4h	93.400	+0.152%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0257%	1h	93.160	−0.105%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0273%	8h	93.237	−0.023%	$1.9M	$4.8M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.221	−0.039%	$1.4M	—	100x	as long as short
RISEx HYPE/USDCshort	+0.0510%	1h	93.252	−0.006%	$3.2M	$6.7M	20x
Injective HYPE/USDC PERP	+0.0519%	1h	93.010	−0.266%	$30K	$338K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0522%	1h	93.345	+0.093%	$7.4M	$4.4M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0686%	1h	93.300	+0.045%	$20.8M	$29.9M	50x	as long as short