Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0082%/8h= −9.0% APRpaid last 24h −0.083%

Price spread now: Gate against Hyperliquid−0.086%7-day average −0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$310.314% of the position

Long on Hyperliquid Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.148%−$15 on $10k

Price spread, last 7 days+0.088%+$9 · spread now −0.086%, 7d avg −0.021%

Together, before fees−0.059%+ Points / potential airdropHyperliquid: Season 2 · farm board−$6 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 Gate is 0.065% cheaper against Hyperliquid than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.021%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid HYPE	93.496	0.0100	pay 0.0013% / 1h	43m 28s	$2.04B	$669.3M	10x
Short	Gate HYPE_USDT	93.415	0.0018	get 0.0009% / 4h	2h 43m	$44.2M	$56.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Hyperliquid. 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 HyperliquidbpFee GatebpOrdersPrice spread, now −0.086%Rate

Funding earned: −$17.22
Price spread: −0.086% → −0.021%: −$6.48
Slippage, 4 orders: −$7.43
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$55.13
Costs to cover: 0.314%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 11 min ago; Gate: live order book, 5 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 Hyperliquid live order book, 11 min ago	0.05 bp	4.6 bp −$5	6.3 bp −$63	doesn't fit	doesn't fit
Sell Gate live order book, 5 min ago	0.05 bp	11.5 bp −$12	16.5 bp −$165	29.2 bp −$2,919	53.3 bp −$26.6K

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	−0.1240%	1h	93.370	−0.135%	$197K	$233K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0223%	1h	93.330	−0.177%	$701K	$943K	10x	as long as short
Aftermath Perps HYPEUSD	−0.0193%	1h	93.399	−0.103%	$22K	$22K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.450	−0.049%	$89K	$346K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.429	−0.071%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.427	−0.073%	$127K	$32K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.484	−0.012%	$1.9M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.394	−0.108%	$23K	$343K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.430	−0.070%	$19K	—	150x	as long as short
Aster HYPEUSDT	+0.0011%	4h	93.423	−0.078%	$8.9M	$36.0M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Derive HYPE-PERP	+0.0017%	1h	93.355	−0.151%	$16.4M	$7.1M	10x	as long as short
Gate HYPE_USDTshort	+0.0018%	4h	93.415	−0.086%	$44.2M	$56.3M	75x
Bullet HYPE-USD	+0.0030%	1h	93.411	−0.091%	$112K	$583K	20x	as long as short
Bybit HYPEUSDT	+0.0039%	8h	93.420	−0.081%	$325.4M	$287.9M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.408	−0.094%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0074%	4h	93.412	−0.089%	$180K	$536K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.475	−0.023%	$18.5M	$59.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.450	−0.049%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.425	−0.076%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.470	−0.027%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.424	−0.076%	$6.0M	$44.3M	10x	as long as short
Hyperliquid HYPElong	+0.0100%	1h	93.496	long leg	$2.04B	$669.3M	10x
Pacifica HYPE	+0.0100%	1h	93.432	−0.068%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.426	−0.074%	$385.9M	$888.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.418	−0.083%	$114.8M	$315.5M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.392	−0.111%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	−0.171%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.421	−0.080%	$93.0M	$81.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.434	−0.066%	$46.3M	$19.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.441	−0.058%	$226.9M	$102.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.420	−0.081%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.427	−0.073%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.375	−0.128%	$28.8M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.413	−0.088%	$7.5M	$45.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.428	−0.072%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.448	−0.051%	$676K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.462	−0.036%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.452	−0.047%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.402	−0.100%	$76K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.439	−0.061%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.389	−0.114%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.407	−0.095%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.447	−0.052%	$339K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.414	−0.087%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.405	−0.096%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0117%	4h	93.402	−0.100%	$5.1M	$29.6M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.500	+0.005%	$4.9M	$5.7M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0232%	1h	93.499	+0.004%	$7.4M	$4.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.427	−0.074%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.330	−0.177%	$30K	$231K	12x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.443	−0.056%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.405	−0.097%	$17.1M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0373%	4h	93.536	+0.043%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.496	+0.001%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.491	−0.005%	$19.2M	$25.9M	50x	as long as short