Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0072%/8h= −7.9% APRpaid last 24h −0.008%

Price spread now: Gate against OKX+0.019%7-day average −0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

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

Long on OKX Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.017%−$2 on $10k

Price spread, last 7 days−0.016%−$2 · spread now +0.019%, 7d avg −0.001%

Together, before fees−0.034%−$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.020% dearer against OKX than usual: you sell high and buy low (spread +0.019% now, against its 7-day average of −0.001%): +$2 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 22 hours. At the pace of the last 7 days (−0.017% in total) that is about 8.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX HYPE-USDT-SWAP	93.512	0.0100	pay 0.0100% / 8h	2h 14m	$114.9M	$315.7M	50x
Short	Gate HYPE_USDT	93.530	0.0028	get 0.0014% / 4h	2h 14m	$44.0M	$57.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against OKX. 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 OKXbpFee GatebpOrdersPrice spread, now +0.019%Rate

Funding earned: −$15.12
Price spread: +0.019% → −0.001%: $2.02
Slippage, 4 orders: −$3.72
Fee OKX: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$41.82
Costs to cover: 0.287%
Break-even: never at this rate

Slippage from OKX: live order book, 5 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 OKX live order book, 5 min ago	0.05 bp	6.0 bp −$6	8.4 bp −$84	17.0 bp −$1,696	doesn't fit
Sell Gate live order book, 5 min ago	0.05 bp	7.7 bp −$8	13.5 bp −$135	29.0 bp −$2,896	51.6 bp −$25.8K

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	−0.0936%	1h	93.570	+0.062%	$198K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0264%	1h	93.630	+0.126%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0233%	1h	93.500	−0.013%	$702K	$932K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.537	+0.027%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.549	+0.040%	$90K	$346K	20x	as long as short
Bullet HYPE-USD	−0.0028%	1h	93.543	+0.033%	$111K	$582K	20x	as long as short
Derive HYPE-PERP	−0.0021%	1h	93.489	−0.025%	$16.4M	$7.0M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.645	+0.142%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.542	+0.033%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.564	+0.055%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0020%	4h	93.536	+0.026%	$8.9M	$35.8M	300x	as long as short
Gate HYPE_USDTshort	+0.0028%	4h	93.530	+0.019%	$44.0M	$57.5M	75x
Bybit HYPEUSDT	+0.0035%	8h	93.516	+0.004%	$325.7M	$287.0M	75x	as long as short
Popdex HYPEUSDT	+0.0048%	1h	93.533	+0.022%	$58K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0059%	4h	93.542	+0.032%	$177K	$520K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.603	+0.097%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.585	+0.078%	$18.6M	$59.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.569	+0.061%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.564	+0.056%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.570	+0.062%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.531	+0.020%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.644	+0.141%	$2.04B	$670.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.568	+0.060%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.530	+0.019%	$386.1M	$888.9M	75x	as long as short
OKX HYPE-USDT-SWAPlong	+0.0100%	8h	93.512	long leg	$114.9M	$315.7M	50x
Arcus HYPE-USD	+0.0100%	1h	93.520	+0.009%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.690	+0.190%	$205K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.533	+0.022%	$93.6M	$82.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.531	+0.020%	$46.4M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.554	+0.045%	$227.3M	$102.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.526	+0.015%	—	$54.3M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.569	+0.061%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.561	+0.052%	$29.2M	$50.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.632	+0.129%	$7.5M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.601	+0.095%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.588	+0.081%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.578	+0.071%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.574	+0.066%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.530	+0.019%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.612	+0.107%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.531	+0.020%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.521	+0.010%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.516	+0.005%	$18.3M	$41.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.505	−0.007%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0107%	4h	93.591	+0.085%	$5.1M	$29.7M	30x	as long as short
Kalshi KXHYPEPERP	+0.0117%	8h	93.630	+0.126%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.570	+0.062%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.529	+0.018%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.910	+0.426%	$31K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0296%	4h	93.740	+0.244%	$1.5M	$7.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0327%	1h	93.655	+0.153%	$7.4M	$4.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.532	+0.021%	$17.0M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0346% / S −0.0171%	1h	93.576	+0.068%	$1.5M	—	100x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.605	+0.100%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.635	+0.132%	$19.2M	$26.0M	50x	as long as short