Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0233%/8h= +25.5% APRpaid last 24h +0.035%

Price spread now: HTX against Bulk+0.179%7-day average −0.001% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$11as in the Price arb table

costs, in and out, $10k−$290.289% of the position

Long on Bulk Short on HTX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.036%+$4 on $10k

Price spread, last 3 days (all we have)−0.348%−$35 · spread now +0.179%, 7d avg −0.001%

Together, before fees−0.312%−$31 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and HTX is 0.180% dearer against Bulk than usual: you sell high and buy low: +$18 more if the spread goes back to its 7-day average of −0.001%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.036% in total (about 4.0% 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	Bulk HYPE-USD	93.556	0.0100	pay 0.0013% / 1h	29m 52s	$204K	$12K	10x
Short	HTX HYPE-USDT	93.724	0.0333	get 0.0166% / 4h	2h 29m	$1.5M	$7.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Bulk. 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 BulkbpFee HTXbpOrdersPrice spread, now +0.179%Rate

Funding earned: $48.84
Price spread: +0.179% → −0.001%: $18
Slippage, 4 orders: −$9.88
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: $37.97
Costs to cover: 0.289%
Break-even: 1.6 days

Slippage from Bulk: live order book, 59 min ago; HTX: live order book, 4 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 Bulk live order book, 59 min ago	0.53 bp	4.0 bp −$4	6.7 bp −$67	14.0 bp −$1,405	44.7 bp −$22.4K
Sell HTX live order book, 4 min ago	0.43 bp	9.8 bp −$10	14.6 bp −$146	43.9 bp −$4,387	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	−0.1064%	1h	93.496	−0.065%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0275%	1h	93.536	−0.022%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0242%	1h	93.480	−0.082%	$701K	$941K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.559	+0.003%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.583	+0.028%	$89K	$347K	20x	as long as short
Bullet HYPE-USD	−0.0028%	1h	93.511	−0.049%	$112K	$583K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.563	+0.007%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.566	+0.011%	$23K	$337K	10x	as long as short
Derive HYPE-PERP	+0.0001%	1h	93.475	−0.087%	$16.4M	$7.1M	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.551	−0.006%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0020%	4h	93.522	−0.037%	$8.9M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0028%	4h	93.498	−0.062%	$44.1M	$56.6M	75x	as long as short
Bybit HYPEUSDT	+0.0037%	8h	93.471	−0.091%	$325.6M	$287.2M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0068%	4h	93.527	−0.031%	$175K	$536K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.549	−0.008%	$216K	$1.2M	10x	as long as short
Popdex HYPEUSDT	+0.0072%	1h	93.547	−0.010%	$57K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.558	+0.002%	$18.5M	$59.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.540	−0.018%	$3.1M	$12.3M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.581	+0.026%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.570	+0.015%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.546	−0.011%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.599	+0.046%	$2.04B	$669.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.575	+0.020%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.488	−0.073%	$385.7M	$887.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.460	−0.103%	$114.8M	$315.0M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.538	−0.020%	$1.2M	$4.0M	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.499	−0.061%	$93.5M	$82.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.521	−0.038%	$46.4M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.527	−0.031%	$227.2M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.490	−0.071%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.549	−0.008%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.541	−0.017%	$28.9M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.500	−0.060%	$7.5M	$45.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.572	+0.017%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.599	+0.046%	$677K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.600	+0.047%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.594	+0.040%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.520	−0.039%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.599	+0.046%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.505	−0.055%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.546	−0.011%	$12.7M	$2.6M	50x	as long as short
Bulk HYPE-USDlong	+0.0100%	1h	93.556	long leg	$204K	$12K	10x
Extended HYPE-USD	+0.0104%	1h	93.493	−0.068%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.550	−0.007%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0115%	4h	93.532	−0.026%	$5.1M	$29.6M	30x	as long as short
Kalshi KXHYPEPERP	+0.0126%	8h	93.629	+0.078%	$1.9M	$5.3M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0145%	1h	93.615	+0.063%	$7.4M	$4.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.600	+0.047%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.547	−0.010%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.490	−0.071%	$30K	$231K	12x	as long as short
HTX HYPE-USDTshort	+0.0333%	4h	93.724	+0.179%	$1.5M	$7.6M	75x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0164%	1h	93.563	+0.007%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.545	−0.012%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.615	+0.062%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.608	+0.055%	$19.2M	$26.0M	50x	as long as short