Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0162%/8h= +17.7% APRpaid last 24h +0.051%

Price spread now: HTX against Bullet+0.183%7-day average +0.040% · 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−$20as in the Price arb table

costs, in and out, $10k−$340.343% of the position

Long on Bullet Short on HTX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.055%+$5 on $10k

Price spread, last 4 days (all we have)−0.339%−$34 · spread now +0.183%, 7d avg +0.040%

Together, before fees−0.284%−$28 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and HTX is 0.142% dearer against Bullet than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.040%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet HYPE-USD	92.179	−0.0062	get 0.0008% / 1h	44m 33s	$110K	$580K	20x
Short	HTX HYPE-USDT	92.348	0.0100	get 0.0050% / 4h	44m 33s	$1.4M	$6.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Bullet. 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 BulletbpFee HTXbpOrdersPrice spread, now +0.183%Rate

Funding earned: $33.97
Price spread: +0.183% → +0.040%: $14.24
Slippage, 4 orders: −$14.3
Fee Bullet: 4 bp × 2 orders: −$8
Fee HTX: 6 bp × 2 orders: −$12
Net: $13.91
Costs to cover: 0.343%
Break-even: 4.1 days

Slippage from Bullet: live order book, 15 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 Bullet live order book, 15 min ago	0.54 bp	7.8 bp −$8	12.0 bp −$120	doesn't fit	doesn't fit
Sell HTX live order book, 4 min ago	0.05 bp	11.3 bp −$11	19.2 bp −$192	84.2 bp −$8,419	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
Arcus HYPE-USD	−0.0948%	1h	92.241	+0.067%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0592%	1h	92.223	+0.047%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0139%	1h	92.368	+0.204%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0128%	1h	92.288	+0.118%	$85K	$353K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.202	+0.024%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0071%	4h	92.174	−0.006%	$157K	$663K	20x	as long as short
Bullet HYPE-USDlong	−0.0062%	1h	92.179	long leg	$110K	$580K	20x
Aster HYPEUSDT	−0.0012%	4h	92.259	+0.087%	$8.7M	$36.4M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.238	+0.063%	$126K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.198	+0.020%	$22K	$310K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.210	+0.033%	$61K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0019%	1h	92.200	+0.022%	$696K	$1.1M	10x	as long as short
BingX HYPE-USDT	+0.0030%	4h	92.286	+0.116%	—	$53.3M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.430	+0.272%	$209K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0047%	8h	92.293	+0.123%	$315.8M	$281.0M	75x	as long as short
Gate HYPE_USDT	+0.0052%	4h	92.293	+0.123%	$44.3M	$54.7M	75x	as long as short
Derive HYPE-PERP	+0.0060%	1h	92.145	−0.037%	$16.0M	$7.5M	10x	as long as short
Phemex HYPEUSDT	+0.0067%	8h	92.180	+0.001%	$12.4M	$2.7M	50x	as long as short
MEXC HYPE_USDT	+0.0074%	4h	92.284	+0.113%	$87.1M	$80.4M	100x	as long as short
Binance HYPEUSDT	+0.0075%	4h	92.293	+0.123%	$370.0M	$898.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	92.309	+0.141%	$112.8M	$301.3M	50x	as long as short
edgeX HYPEUSDC	+0.0078%	4h	92.205	+0.027%	$4.9M	$29.5M	30x	as long as short
Popdex HYPEUSDT	+0.0088%	1h	92.293	+0.123%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0091%	8h	92.292	+0.122%	$338K	$163K	20x	as long as short
ApeX Omni HYPEUSDT	+0.0094%	1h	92.216	+0.040%	$337K	$1.0M	50x	as long as short
Lighter HYPE	+0.0096%	1h	92.277	+0.106%	$16.0M	$62.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.258	+0.085%	$3.1M	$11.6M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	92.148	−0.034%	$390K	$164K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.260	+0.087%	$23K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.296	+0.126%	$5.8M	$43.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.271	+0.099%	$2.01B	$664.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.285	+0.115%	$10.0M	$15.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.245	+0.071%	$201K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.271	+0.099%	$45.8M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.326	+0.159%	$223.9M	$98.3M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.164	−0.017%	$7.2M	$10.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.158	−0.023%	$28.3M	$57.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.327	+0.160%	$7.5M	$45.9M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.228	+0.053%	$662K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.321	+0.154%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.304	+0.135%	$475K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.235	+0.060%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.176	−0.004%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDTshort	+0.0100%	4h	92.348	+0.183%	$1.4M	$6.2M	75x
Extended HYPE-USD	+0.0104%	1h	92.269	+0.097%	$18.1M	$43.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.170	−0.010%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.220	+0.044%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0259%	8h	92.252	+0.079%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0261%	1h	92.317	+0.149%	$78K	$140K	15x	as long as short
Bluefin HYPE-PERP	+0.0297%	1h	92.147	−0.035%	$78K	$168K	20x	as long as short
BloFin HYPE-USDT	+0.0299%	4h	92.165	−0.016%	$16.7M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0329% / S −0.0153%	1h	92.198	+0.020%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0334%	1h	92.236	+0.061%	$20.5M	$30.4M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0563%	1h	92.285	+0.114%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.361	+0.197%	$3.1M	$6.4M	20x	as long as short