Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:03 UTC+0.0042%/8h= +4.6% APRpaid last 24h −0.011%

Price spread now: Gate against Perpl−0.003%45s7-day average −0.037% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Perpl Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.063%+$6 on $10k

Price spread, last 3 days (all we have)−0.332%−$33 · spread now −0.003%, 7d avg −0.037%

Together, before fees−0.269%+ Points / potential airdropPerpl: Active · farm board−$27 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Gate is 0.035% dearer against Perpl than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.037%. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl HYPE	93.070	0	get 0.0000% / 43m	2m 33s	$23K	$331K	10x
Short	Gate HYPE_USDT	93.067	0.0042	get 0.0021% / 4h	1h 32m	$43.9M	$58.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Perpl. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PerplbpFee GatebpOrdersPrice spread, now −0.003%Rate

Funding earned: $8.82
Price spread: −0.003% → −0.037%: $3.47
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$16.51
Costs to cover: 0.288%
Break-even: 20.1 days

Slippage unknown: Perpl: no order-book sample; Gate: live order book, 1 min ago. Net counts fees only.

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 Perpl no order-book sample	—	—	—	—	—
Sell Gate live order book, 1 min ago	0.70 bp	10.1 bp −$10	17.0 bp −$170	30.7 bp −$3,070	53.0 bp −$26.5K

Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Aftermath Perps HYPEUSD	−0.0380%	1h	93.133	+0.068%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0224%	1h	93.046	−0.025%	$196K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.029	−0.044%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0119%	1h	93.010	−0.064%	$698K	$924K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.084	+0.016%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.051	−0.020%	$90K	$362K	20x	as long as short
Popdex HYPEUSDT	−0.0016%	1h	93.043	−0.028%	$57K	$1.2M	50x	as long as short
Aster HYPEUSDT	0.0000%	4h	93.080	+0.011%	$8.8M	$36.0M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.124	+0.058%	$127K	$32K	5x	as long as short
Perpl HYPElong	0.0000%	43m	93.070	long leg	$23K	$331K	10x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.102	+0.035%	$20K	—	150x	as long as short
Bullet HYPE-USD	+0.0025%	1h	93.057	−0.013%	$111K	$579K	20x	as long as short
Bybit HYPEUSDT	+0.0025%	8h	93.001	−0.074%	$322.9M	$287.1M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0028%	4h	93.072	+0.003%	$172K	$519K	20x	as long as short
Derive HYPE-PERP	+0.0031%	1h	93.034	−0.038%	$16.2M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.106	+0.039%	$214K	$1.2M	10x	as long as short
Gate HYPE_USDTshort	+0.0042%	4h	93.067	−0.003%	$43.9M	$58.1M	75x
MEXC HYPE_USDT	+0.0076%	4h	93.082	+0.013%	$90.1M	$81.8M	100x	as long as short
Binance HYPEUSDT	+0.0077%	4h	93.045	−0.027%	$382.3M	$894.1M	75x	as long as short
Lighter HYPE	+0.0096%	1h	93.134	+0.069%	$18.5M	$58.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.111	+0.045%	$3.1M	$12.1M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	93.095	+0.028%	$338K	$170K	20x	as long as short
edgeX HYPEUSDC	+0.0099%	4h	93.079	+0.010%	$5.1M	$29.6M	30x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.110	+0.044%	$34K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.041	−0.030%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.103	+0.036%	$2.02B	$670.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.105	+0.038%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.000	−0.075%	$113.8M	$313.5M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.390	+0.344%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.094	+0.026%	$47.0M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.033	−0.039%	$225.5M	$103.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.071	+0.002%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.091	+0.023%	$7.8M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.034	−0.038%	$29.0M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.144	+0.080%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.135	+0.070%	$412K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.099	+0.032%	$673K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.070	+0.001%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.075	+0.006%	$492K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.079	+0.010%	$75K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.089	+0.021%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.083	+0.015%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.073	+0.004%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.039	−0.033%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.084	+0.015%	$396K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0107%	8h	93.224	+0.166%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.180	+0.119%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.070	+0.001%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.004	−0.070%	$77K	$158K	15x	as long as short
HTX HYPE-USDT	+0.0249%	4h	93.228	+0.170%	$1.5M	$7.7M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.127	+0.062%	$2.8M	$6.8M	20x	as long as short
BloFin HYPE-USDT	+0.0308%	4h	93.074	+0.005%	$16.9M	$12.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0158%	1h	93.095	+0.028%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0384%	1h	93.180	+0.119%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0466%	1h	93.194	+0.134%	$20.8M	$28.9M	50x	as long as short