Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0082%/8h= −9.0% APRpaid last 24h −0.016%

Price spread now: Gate against Nado+0.038%7-day average −0.018% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$290.293% of the position

Long on Nado Short on Gate

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.018%−$2 on $10k

Price spread, last 7 days−0.050%−$5 · spread now +0.038%, 7d avg −0.018%

Together, before fees−0.069%+ Points / potential airdropNado: Active · farm board−$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.056% dearer against Nado than usual: you sell high and buy low (spread +0.038% now, against its 7-day average of −0.018%): +$6 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.3 days. At the pace of the last 3 days (−0.018% in total) that is about 10 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado HYPE-PERP	93.422	0.0100	pay 0.0012% / 1h	4m 27s	$5.7M	$43.7M	10x
Short	Gate HYPE_USDT	93.458	0.0018	get 0.0009% / 4h	2h 04m	$44.3M	$55.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Nado. 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 NadobpFee GatebpOrdersPrice spread, now +0.038%Rate

Funding earned: −$17.22
Price spread: +0.038% → −0.018%: $5.62
Slippage, 4 orders: −$7.32
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$40.93
Costs to cover: 0.293%
Break-even: never at this rate

Slippage from Nado: live order book, 5 min ago; Gate: live order book, 4 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 Nado live order book, 5 min ago	0.05 bp	3.8 bp −$4	7.2 bp −$72	28.1 bp −$2,809	doesn't fit
Sell Gate live order book, 4 min ago	0.32 bp	10.3 bp −$10	14.9 bp −$149	31.2 bp −$3,123	52.2 bp −$26.1K

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	−0.1120%	1h	93.308	−0.122%	$196K	$227K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.352	−0.075%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.347	−0.081%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0074%	8h	93.318	−0.112%	$12.6M	$2.7M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0061%	1h	93.330	−0.099%	$699K	$905K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0054%	4h	93.327	−0.102%	$156K	$645K	20x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.501	+0.084%	$85K	$347K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0034%	1h	93.481	+0.062%	$22K	$21K	10x	as long as short
Aster HYPEUSDT	−0.0003%	4h	93.403	−0.021%	$8.8M	$35.7M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.389	−0.036%	$128K	$31K	5x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.485	+0.067%	$22K	$321K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.438	+0.017%	$26K	—	150x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.427	+0.005%	—	$53.4M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0009%	1h	93.318	−0.112%	$7.4M	$10.4M	20x	as long as short
Bybit HYPEUSDT	+0.0016%	8h	93.424	+0.002%	$320.5M	$276.9M	75x	as long as short
Gate HYPE_USDTshort	+0.0018%	4h	93.458	+0.038%	$44.3M	$55.4M	75x
Phoenix HYPE	+0.0060%	1h	93.424	+0.002%	$210K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0070%	4h	93.448	+0.027%	$88.2M	$83.5M	100x	as long as short
Bullet HYPE-USD	+0.0075%	1h	93.425	+0.003%	$112K	$578K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	93.435	+0.013%	$114.8M	$302.9M	50x	as long as short
Binance HYPEUSDT	+0.0076%	4h	93.466	+0.047%	$380.2M	$880.3M	75x	as long as short
edgeX HYPEUSDC	+0.0085%	4h	93.295	−0.137%	$5.0M	$30.0M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.445	+0.024%	$16.3M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.403	−0.021%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.480	+0.062%	$67K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.335	−0.093%	$397K	$172K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.459	+0.039%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.490	+0.072%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERPlong	+0.0100%	1h	93.422	long leg	$5.7M	$43.7M	10x
Hyperliquid HYPE	+0.0100%	1h	93.529	+0.114%	$2.04B	$657.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.445	+0.024%	$10.0M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	−0.094%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.431	+0.009%	$46.2M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.440	+0.019%	$226.1M	$97.3M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.349	−0.079%	$31.1M	$54.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.391	−0.033%	$7.5M	$47.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.340	−0.088%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.370	−0.056%	$666K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.484	+0.066%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.475	+0.056%	$475K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.293	−0.139%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.311	−0.119%	$16.2M	$7.7M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.454	+0.034%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.345	−0.083%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.445	+0.024%	$18.3M	$43.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.410	−0.013%	$4.9M	$5.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	94.180	+0.811%	$31K	$339K	12x	as long as short
HTX HYPE-USDT	+0.0190%	4h	93.525	+0.110%	$1.4M	$5.9M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.559	+0.146%	$3.2M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0256%	1h	93.426	+0.003%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0279%	8h	93.395	−0.029%	$1.9M	$4.9M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.429	+0.007%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0446%	1h	93.433	+0.011%	$7.4M	$4.4M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0683%	1h	93.425	+0.003%	$20.8M	$29.8M	50x	as long as short