Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.1698%/8h= +185.9% APRpaid last 24h +0.248%

Price spread now: Gate against Hibachi−0.015%7-day average +0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs+$85as in the Funding arb table

Net, price: spread back to 7d avg − costs−$85as in the Price arb table

costs, in and out, $10k−$790.788% of the position

Long on Hibachi Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+1.642%+$164 on $10k

Price spread, last 4 days (all we have)−1.099%−$110 · spread now −0.015%, 7d avg +0.045%

Together, before fees+0.542%+ Points / potential airdropHibachi: Active · farm board+$54 on $10k · with fees, hour by hour

Funding pays, the price is against you. Gate is 0.060% cheaper against Hibachi than usual: you would sell low and buy high (spread −0.015% now, against its 7-day average of +0.045%). If the spread goes back, that is −$6 on $10k: about 3 hours of funding at the current rate (+$51 a day). At the pace of the last 7 days (+1.642% in total) that is about 6 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi HYPE/USDT-P	94.433	−0.1608	get 0.0201% / 1h	8m 01s	$207K	$268K	7x
Short	Gate HYPE_USDT	94.419	0.0090	get 0.0045% / 4h	8m 01s	$50.4M	$56.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Hibachi. 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 HibachibpFee GatebpOrdersPrice spread, now −0.015%Rate

Funding earned: $356.58
Price spread: −0.015% → +0.045%: −$6.02
Slippage, 4 orders: −$54.83
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $271.72
Costs to cover: 0.788%
Break-even: 1.7 days

Slippage from Hibachi: live order book, 31 min ago; Gate: live order book, 6 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 Hibachi live order book, 31 min ago	17.49 bp	34.1 bp −$34	54.2 bp −$542	doesn't fit	doesn't fit
Sell Gate live order book, 6 min ago	0.58 bp	10.6 bp −$11	17.3 bp −$173	34.3 bp −$3,432	59.8 bp −$29.9K

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-Plong	−0.1608%	1h	94.433	long leg	$207K	$268K	7x
Bluefin HYPE-PERP	−0.0389%	1h	94.422	−0.012%	$80K	$152K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0201%	1h	94.380	−0.057%	$711K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0198%	1h	94.436	+0.003%	$112K	$575K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0186%	1h	94.443	+0.010%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.471	+0.040%	$88K	$365K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.394	−0.042%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.422	−0.012%	$1.0M	$3.5M	10x	as long as short
Derive HYPE-PERP	−0.0027%	1h	94.383	−0.053%	$16.4M	$7.3M	10x	as long as short
BingX HYPE-USDT	−0.0020%	4h	94.431	−0.003%	—	$52.8M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0019%	8h	94.389	−0.047%	$317.3M	$288.4M	75x	as long as short
Lighter HYPE	−0.0008%	1h	94.428	−0.005%	$16.4M	$64.7M	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0007%	4h	94.416	−0.018%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.466	+0.035%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.520	+0.092%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.468	+0.037%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.447	+0.015%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.463	+0.031%	$124K	—	150x	as long as short
Bitget HYPEUSDT	+0.0020%	4h	94.386	−0.050%	$226.7M	$100.2M	75x	as long as short
Polymarket Perps HYPE-USD	+0.0020%	1h	94.458	+0.026%	$498K	$2.8M	20x	as long as short
Phemex HYPEUSDT	+0.0036%	8h	94.391	−0.045%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0041%	8h	94.479	+0.048%	$338K	$154K	20x	as long as short
SoDEX HYPE-USD	+0.0054%	1h	94.437	+0.004%	$2.1M	$1.9M	10x	as long as short
Vest HYPE-PERP	+0.0063%	1h	94.500	+0.071%	—	$190K	5x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.430	−0.004%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	94.391	−0.045%	$117.8M	$325.0M	50x	as long as short
Gate HYPE_USDTshort	+0.0090%	4h	94.419	−0.015%	$50.4M	$56.9M	75x
edgeX HYPEUSDC	+0.0094%	4h	94.392	−0.044%	$5.0M	$30.6M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.432	−0.001%	$3.2M	$10.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.438	+0.005%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.430	−0.004%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.441	+0.009%	$7.2M	$52.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.503	+0.074%	$2.08B	$687.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.432	−0.001%	$8.8M	$36.8M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.472	+0.041%	$10.2M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.411	−0.023%	$378.6M	$932.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.428	−0.006%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.430	−0.004%	$89.5M	$84.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.424	−0.010%	$46.9M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.383	−0.053%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.383	−0.053%	$29.7M	$54.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.416	−0.018%	$7.6M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.371	−0.066%	$350K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.419	−0.015%	$683K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.464	+0.032%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.552	+0.126%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.376	−0.061%	$18.3M	$43.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.407	−0.028%	$399K	$153K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.482	+0.051%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.325%	$31K	$340K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.476	+0.045%	$20.2M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.470	+0.039%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.403	−0.032%	$83K	$121K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0279%	1h	94.532	+0.104%	$7.5M	$4.3M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.399	−0.036%	$17.1M	$12.4M	75x	as long as short