Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0534%/8h= −58.4% APRpaid last 24h −0.070%

Price spread now: Gate against RISEx−0.100%7-day average −0.013% · 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−$37as in the Price arb table

costs, in and out, $10k−$280.284% of the position

Long on RISEx Short on Gate

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.169%−$17 on $10k

Price spread, last 7 days+0.093%+$9 · spread now −0.100%, 7d avg −0.013%

Together, before fees−0.076%−$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and Gate is 0.087% cheaper against RISEx than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.013%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.169% in total (about -17.1% 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	RISEx HYPE/USDC	92.811	0.0598	pay 0.0075% / 1h	24m 02s	$3.1M	$6.4M	20x
Short	Gate HYPE_USDT	92.719	0.0064	get 0.0032% / 4h	3h 24m	$45.1M	$54.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.100%Rate

Funding earned: −$112.08
Price spread: −0.100% → −0.013%: −$8.68
Slippage, 4 orders: −$7.37
Fee RISEx: 3 bp × 2 orders: −$6
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$149.13
Costs to cover: 0.284%
Break-even: never at this rate

Slippage from RISEx: 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 RISEx live order book, 5 min ago	0.43 bp	3.4 bp −$3	5.7 bp −$57	doesn't fit	doesn't fit
Sell Gate live order book, 5 min ago	0.54 bp	10.1 bp −$10	14.2 bp −$142	28.4 bp −$2,838	48.8 bp −$24.4K

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	−0.1656%	1h	92.636	−0.189%	$193K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0313%	1h	92.829	+0.019%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.715	−0.104%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.789	−0.024%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0061%	4h	92.729	−0.089%	$145K	$681K	20x	as long as short
Bullet HYPE-USD	−0.0001%	1h	92.745	−0.072%	$112K	$577K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.827	+0.017%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.772	−0.043%	$22K	$293K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.770	−0.045%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0008%	1h	92.740	−0.077%	$698K	$1.1M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	+0.0026%	1h	92.921	+0.118%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.710	−0.109%	$315.3M	$282.8M	75x	as long as short
01 Exchange HYPEUSD	+0.0032%	1h	92.752	−0.064%	$86K	$364K	20x	as long as short
Popdex HYPEUSDT	+0.0048%	1h	92.745	−0.072%	$70K	$1.1M	50x	as long as short
Bitget HYPEUSDT	+0.0048%	4h	92.712	−0.107%	$224.5M	$99.1M	75x	as long as short
Phemex HYPEUSDT	+0.0053%	8h	92.740	−0.077%	$12.5M	$2.7M	50x	as long as short
Gate HYPE_USDTshort	+0.0064%	4h	92.719	−0.100%	$45.1M	$54.3M	75x
edgeX HYPEUSDC	+0.0092%	4h	92.837	+0.027%	$4.9M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.740	−0.076%	$16.0M	$62.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.743	−0.074%	$3.1M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	92.772	−0.043%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.740	−0.077%	$34K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.735	−0.082%	$7.4M	$46.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.772	−0.043%	$2.02B	$665.2M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	92.724	−0.095%	$8.7M	$36.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	92.778	−0.036%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.709	−0.111%	$372.8M	$905.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.711	−0.108%	$113.8M	$303.4M	50x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.727	−0.091%	$91.4M	$81.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.739	−0.078%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.730	−0.088%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.754	−0.062%	$7.2M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.768	−0.047%	$28.5M	$57.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.886	+0.080%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.846	+0.037%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.813	+0.002%	$667K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.801	−0.011%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.780	−0.034%	$482K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.737	−0.080%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.734	−0.084%	$16.0M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.786	−0.027%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.728	−0.090%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.900	+0.095%	$1.4M	$6.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.770	−0.045%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.681	−0.141%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.724	−0.095%	$392K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.780	−0.034%	$4.7M	$5.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0145%	8h	92.798	−0.015%	$1.8M	$5.4M	2.3x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.802	−0.010%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.750	−0.066%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0266%	1h	92.737	−0.081%	$79K	$131K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0310%	1h	92.829	+0.019%	$7.5M	$4.5M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.770	−0.044%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.759	−0.057%	$16.7M	$11.6M	75x	as long as short
RISEx HYPE/USDClong	+0.0598%	1h	92.811	long leg	$3.1M	$6.4M	20x