Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0041%/8h= +4.5% APRpaid last 24h +0.026%

Price spread now: HTX against Bluefin+0.204%7-day average +0.052% · you sell dearer than you buy

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$480.484% of the position

Long on Bluefin Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.157%+$16 on $10k

Price spread, last 4 days (all we have)−0.201%−$20 · spread now +0.204%, 7d avg +0.052%

Together, before fees−0.044%−$4 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 HTX is 0.152% dearer against Bluefin than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of +0.052%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin HYPE-PERP	93.055	0.0100	pay 0.0013% / 1h	12m 33s	$79K	$167K	20x
Short	HTX HYPE-USDT	93.245	0.0141	get 0.0071% / 4h	1h 12m	$1.4M	$6.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Bluefin. 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 BluefinbpFee HTXbpOrdersPrice spread, now +0.204%Rate

Funding earned: $8.65
Price spread: +0.204% → +0.052%: $15.19
Slippage, 4 orders: −$29.36
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$24.52
Costs to cover: 0.484%
Break-even: 26.8 days

Slippage from Bluefin: live order book, 52 min ago; HTX: live order book, 1 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 Bluefin live order book, 52 min ago	4.82 bp	16.7 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell HTX live order book, 1 min ago	2.63 bp	9.5 bp −$10	13.2 bp −$132	47.5 bp −$4,749	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	−0.1000%	1h	93.101	+0.049%	$197K	$227K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	92.998	−0.061%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0134%	1h	93.040	−0.016%	$699K	$1.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.088	+0.035%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.114	+0.063%	$85K	$345K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0049%	4h	93.079	+0.026%	$155K	$654K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0044%	1h	93.279	+0.241%	$22K	$21K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.083	+0.031%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.132	+0.083%	$23K	$319K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.107	+0.056%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet HYPE-USD	+0.0012%	1h	93.095	+0.043%	$111K	$579K	20x	as long as short
Phemex HYPEUSDT	+0.0013%	8h	93.115	+0.064%	$12.6M	$2.7M	50x	as long as short
Aster HYPEUSDT	+0.0018%	4h	93.096	+0.044%	$8.8M	$35.9M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.156	+0.109%	$212K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0035%	4h	93.118	+0.068%	—	$52.9M	—	as long as short
Gate HYPE_USDT	+0.0044%	4h	93.104	+0.053%	$44.5M	$55.5M	75x	as long as short
Bybit HYPEUSDT	+0.0047%	8h	93.102	+0.051%	$320.3M	$277.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0075%	8h	93.091	+0.039%	$113.6M	$299.0M	50x	as long as short
Derive HYPE-PERP	+0.0092%	1h	93.060	+0.005%	$16.1M	$7.5M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.135	+0.085%	$16.2M	$62.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.133	+0.084%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.101	+0.049%	$70K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.159	+0.112%	$339K	$162K	20x	as long as short
MEXC HYPE_USDT	+0.0098%	4h	93.118	+0.068%	$89.4M	$81.2M	100x	as long as short
Binance HYPEUSDT	+0.0098%	4h	93.100	+0.048%	$376.4M	$879.9M	75x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.120	+0.070%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.095	+0.043%	$5.8M	$43.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.154	+0.106%	$2.03B	$657.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.134	+0.085%	$10.0M	$14.8M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.129	+0.080%	$45.8M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.106	+0.055%	$225.2M	$96.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.049	−0.006%	$7.3M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.377	+0.346%	$31.1M	$53.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.364	+0.332%	$7.5M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.292	+0.255%	$339K	$998K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.148	+0.100%	$665K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.139	+0.091%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.139	+0.090%	$481K	$2.5M	20x	as long as short
Bluefin HYPE-PERPlong	+0.0100%	1h	93.055	long leg	$79K	$167K	20x
SunX HYPE-USDT	+0.0100%	4h	93.121	+0.071%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.081	+0.028%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.155	+0.107%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.070	+0.016%	$18.3M	$42.9M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.043	−0.013%	$396K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0117%	4h	93.295	+0.258%	$5.0M	$29.1M	30x	as long as short
HTX HYPE-USDTshort	+0.0141%	4h	93.245	+0.204%	$1.4M	$6.0M	75x
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.150	+0.102%	$4.8M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0259%	1h	93.092	+0.040%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0269%	8h	93.157	+0.110%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	93.109	+0.058%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0339%	4h	93.088	+0.035%	$17.0M	$11.5M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0448%	1h	93.180	+0.134%	$7.4M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.194	+0.149%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.730	+0.725%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0687%	1h	93.132	+0.082%	$20.7M	$29.8M	50x	as long as short