Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0221%/8h= −24.2% APRpaid last 24h −0.054%

Price spread now: Bitget against Reya+0.059%59s7-day average −0.006% · you sell dearer than you buy

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

Long on Reya Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.045%−$5 on $10k

Price spread, last 4 days (all we have)−0.702%−$70 · spread now +0.059%, 7d avg −0.006%

Together, before fees−0.747%+ Points / potential airdropReya: Active · farm board−$75 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.065% dearer against Reya than usual: you sell high and buy low (spread +0.059% now, against its 7-day average of −0.006%): +$7 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 24 hours. At the pace of the last 4 days (−0.045% in total) that is about 5.2 days. The two prices were read 59 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.045% in total (about -4.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya HYPERUSDPERP	95.018	0.0271	pay 0.0034% / 1h	0m 24s	$85K	$93K	15x
Short	Bitget HYPEUSDT	95.074	0.0050	get 0.0025% / 4h	3h 00m	$228.5M	$93.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Reya. 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 ReyabpFee BitgetbpOrdersPrice spread, now +0.059%Rate

Funding earned: −$46.41
Price spread: +0.059% → −0.006%: $6.53
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$57.88
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Bitget: live order book, 4 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 Reya no order-book sample	—	—	—	—	—
Sell Bitget live order book, 4 min ago	0.31 bp	8.3 bp −$8	13.5 bp −$135	doesn't fit	doesn't fit

Reya: 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 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	−0.1048%	1h	94.957	−0.065%	$211K	$265K	7x	as long as short
Bluefin HYPE-PERP	−0.0546%	1h	94.998	−0.021%	$79K	$149K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0212%	1h	95.177	+0.168%	$22K	$19K	10x	as long as short
Bullet HYPE-USD	−0.0208%	1h	95.077	+0.062%	$112K	$580K	20x	as long as short
Phemex HYPEUSDT	−0.0193%	8h	95.004	−0.015%	$13.0M	$2.8M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0157%	1h	95.020	+0.002%	$695K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	95.081	+0.066%	$91K	$354K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	95.044	+0.027%	$1.0M	$3.1M	10x	as long as short
dYdX HYPE-USD	−0.0098%	1h	95.080	+0.065%	$130K	$93K	5x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.043	+0.026%	$3K	$331	25x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0072%	4h	95.047	+0.030%	$53.1M	$57.1M	75x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	95.041	+0.025%	$18.8M	$35.7M	50x	as long as short
Vest HYPE-PERP	−0.0034%	1h	95.124	+0.111%	—	$88K	5x	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	95.040	+0.023%	$148K	$669K	20x	as long as short
Bybit HYPEUSDT	−0.0005%	8h	95.060	+0.044%	$319.7M	$283.2M	75x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	95.123	+0.110%	$1.8M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	95.025	+0.007%	$19K	$272K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.100	+0.086%	$86K	—	150x	as long as short
BingX HYPE-USDT	+0.0004%	4h	95.067	+0.051%	—	$50.5M	—	as long as short
Phoenix HYPE	+0.0008%	1h	95.157	+0.146%	$203K	$1.2M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	95.060	+0.044%	$4.7M	$5.7M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0028%	8h	95.047	+0.030%	$118.7M	$321.5M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0042%	8h	95.054	+0.038%	$340K	$38K	20x	as long as short
Bitget HYPEUSDTshort	+0.0050%	4h	95.074	+0.059%	$228.5M	$93.4M	75x
Backpack HYPE_USDC_PERP	+0.0053%	1h	94.981	−0.039%	$7.4M	$10.2M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0066%	1h	95.115	+0.102%	$7.5M	$4.4M	50x	as long as short
SoDEX HYPE-USD	+0.0071%	1h	95.024	+0.006%	$2.1M	$1.6M	10x	as long as short
Aster HYPEUSDT	+0.0073%	4h	95.060	+0.044%	$9.0M	$36.4M	300x	as long as short
edgeX HYPEUSDC	+0.0096%	4h	95.176	+0.166%	$5.1M	$31.1M	30x	as long as short
Lighter HYPE	+0.0096%	1h	95.017	−0.001%	$16.2M	$64.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.029	+0.011%	$3.2M	$10.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	95.082	+0.067%	$266K	$1.3M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	95.050	+0.034%	$40K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.003	−0.015%	$7.3M	$55.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.210	+0.202%	$2.10B	$674.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.077	+0.062%	$10.2M	$14.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	95.065	+0.049%	$382.6M	$909.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.176	+0.166%	$222K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.068	+0.053%	$87.0M	$90.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.053	+0.037%	$47.5M	$18.3M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.987	−0.032%	$30.1M	$55.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.148	+0.137%	$7.7M	$43.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.146	+0.135%	$349K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.051	+0.035%	$691K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.102	+0.088%	$500K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.899	−0.125%	$32K	$1.5M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.209	+0.201%	$1.4M	$6.7M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.039	+0.022%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.091	+0.077%	$402K	$136K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.114	+0.101%	$3.2M	$6.2M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.480	+0.486%	$31K	$340K	12x	as long as short
Reya HYPERUSDPERPlong	+0.0271%	1h	95.018	long leg	$85K	$93K	15x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.106	+0.092%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	95.018	0.000%	$17.2M	$12.2M	75x	as long as short