Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0184%/8h= −20.2% APRpaid last 24h −0.044%

Price spread now: Bitget against RISEx−0.033%7-day average −0.009% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$260.265% of the position

Long on RISEx Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.150%−$15 on $10k

Price spread, last 7 days+0.015%+$1 · spread now −0.033%, 7d avg −0.009%

Together, before fees−0.135%−$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Bitget is 0.025% cheaper against RISEx than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.009%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx HYPE/USDC	93.547	0.0284	pay 0.0036% / 1h	23m 27s	$2.8M	$6.9M	20x
Short	Bitget HYPEUSDT	93.516	0.0100	get 0.0050% / 4h	23m 27s	$226.5M	$102.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against RISEx. 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 RISExbpFee BitgetbpOrdersPrice spread, now −0.033%Rate

Funding earned: −$38.68
Price spread: −0.033% → −0.009%: −$2.46
Slippage, 4 orders: −$8.46
Fee RISEx: 3 bp × 2 orders: −$6
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$67.6
Costs to cover: 0.265%
Break-even: never at this rate

Slippage from RISEx: live order book, 1 min ago; Bitget: live order book, 6 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 RISEx live order book, 1 min ago	0.32 bp	3.3 bp −$3	5.3 bp −$53	doesn't fit	doesn't fit
Sell Bitget live order book, 6 min ago	0.05 bp	9.6 bp −$10	12.9 bp −$129	21.1 bp −$2,109	doesn't fit

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	−0.0960%	1h	93.526	−0.022%	$198K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0383%	1h	93.594	+0.050%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.404	−0.153%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0087%	1h	93.450	−0.104%	$703K	$910K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.507	−0.043%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.478	−0.074%	$86K	$366K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0001%	4h	93.533	−0.015%	$168K	$586K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.573	+0.028%	$127K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.500	−0.050%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.548	+0.001%	$26K	—	150x	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	+0.0003%	1h	93.446	−0.108%	$16.3M	$7.1M	10x	as long as short
Aster HYPEUSDT	+0.0005%	4h	93.512	−0.037%	$8.9M	$36.0M	300x	as long as short
Phoenix HYPE	+0.0009%	1h	93.618	+0.076%	$214K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0017%	8h	93.530	−0.018%	$321.5M	$283.7M	75x	as long as short
MEXC HYPE_USDT	+0.0050%	4h	93.505	−0.045%	$87.6M	$81.8M	100x	as long as short
Binance HYPEUSDT	+0.0051%	4h	93.520	−0.029%	$382.2M	$896.1M	75x	as long as short
edgeX HYPEUSDC	+0.0062%	4h	93.464	−0.089%	$5.1M	$29.7M	30x	as long as short
Phemex HYPEUSDT	+0.0068%	8h	93.523	−0.026%	$12.7M	$2.6M	50x	as long as short
Gate HYPE_USDT	+0.0074%	4h	93.500	−0.050%	$43.9M	$59.7M	75x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	93.498	−0.052%	$59K	$1.2M	50x	as long as short
Bullet HYPE-USD	+0.0092%	1h	93.508	−0.041%	$113K	$576K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.527	−0.021%	$18.8M	$60.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.487	−0.064%	$3.0M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.509	−0.040%	$398K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.525	−0.024%	$340K	$171K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0099%	8h	93.485	−0.066%	$115.2M	$320.3M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.470	−0.082%	$22K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.489	−0.061%	$5.7M	$44.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.543	−0.005%	$10.1M	$14.5M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.625	+0.083%	$204K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.523	−0.026%	$46.3M	$18.6M	75x	as long as short
Bitget HYPEUSDTshort	+0.0100%	4h	93.516	−0.033%	$226.5M	$102.5M	75x
BingX HYPE-USDT	+0.0100%	4h	93.509	−0.041%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.516	−0.033%	$7.8M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.574	+0.029%	$31.2M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.619	+0.077%	$7.6M	$45.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.485	−0.066%	$358K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.557	+0.011%	$676K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.533	−0.015%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.530	−0.018%	$490K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.474	−0.078%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.545	−0.002%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.483	−0.068%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.923%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.481	−0.071%	$18.3M	$42.8M	50x	as long as short
Kalshi KXHYPEPERP	+0.0132%	8h	93.577	+0.032%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.560	+0.014%	$4.9M	$5.6M	50x	as long as short
Hyperliquid HYPE	+0.0161%	1h	93.537	−0.011%	$2.03B	$677.0M	10x	as long as short
BloFin HYPE-USDT	+0.0208%	4h	93.521	−0.028%	$17.1M	$12.6M	75x	as long as short
HTX HYPE-USDT	+0.0210%	4h	93.688	+0.151%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.503	−0.047%	$77K	$142K	15x	as long as short
RISEx HYPE/USDClong	+0.0284%	1h	93.547	long leg	$2.8M	$6.9M	20x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0337% / S −0.0163%	1h	93.537	−0.011%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0359%	1h	93.585	+0.041%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0580%	1h	93.584	+0.039%	$20.9M	$29.5M	50x	as long as short