Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0276%/8h= +30.2% APRpaid last 24h +0.047%

Price spread now: HTX against Bybit+0.186%7-day average +0.063% · you sell dearer than you buy

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$310.311% of the position

Long on Bybit Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.105%+$11 on $10k

Price spread, last 3 days (all we have)−0.298%−$30 · spread now +0.186%, 7d avg +0.063%

Together, before fees−0.193%−$19 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and HTX is 0.123% dearer against Bybit than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.063%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.105% in total (about 5.5% 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	Bybit HYPEUSDT	93.710	0.0037	pay 0.0037% / 8h	2h 23m	$326.4M	$287.0M	75x
Short	HTX HYPE-USDT	93.884	0.0313	get 0.0157% / 4h	2h 23m	$1.5M	$7.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Bybit. 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 BybitbpFee HTXbpOrdersPrice spread, now +0.186%Rate

Funding earned: $57.98
Price spread: +0.186% → +0.063%: $12.32
Slippage, 4 orders: −$8.12
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee HTX: 6 bp × 2 orders: −$12
Net: $39.18
Costs to cover: 0.311%
Break-even: 2.3 days

Slippage from Bybit: live order book, 5 min ago; HTX: 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 Bybit live order book, 5 min ago	0.54 bp	6.0 bp −$6	10.3 bp −$103	17.9 bp −$1,786	62.2 bp −$31.1K
Sell HTX live order book, 5 min ago	0.80 bp	9.9 bp −$10	12.9 bp −$129	46.0 bp −$4,605	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	−0.1008%	1h	93.638	−0.077%	$198K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0297%	1h	93.630	−0.086%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0236%	1h	93.630	−0.085%	$702K	$935K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.719	+0.010%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.745	+0.037%	$90K	$349K	20x	as long as short
Bullet HYPE-USD	−0.0027%	1h	93.725	+0.016%	$112K	$583K	20x	as long as short
Derive HYPE-PERP	−0.0009%	1h	93.678	−0.034%	$16.5M	$7.0M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.721	+0.011%	$128K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.725	+0.016%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.760	+0.053%	$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	+0.0027%	4h	93.727	+0.019%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0036%	4h	93.711	+0.001%	$44.1M	$57.0M	75x	as long as short
Bybit HYPEUSDTlong	+0.0037%	8h	93.710	long leg	$326.4M	$287.0M	75x
Orderly PERP_HYPE_USDC	+0.0064%	4h	93.713	+0.003%	$175K	$536K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.742	+0.034%	$216K	$1.2M	10x	as long as short
Popdex HYPEUSDT	+0.0072%	1h	93.706	−0.004%	$57K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.763	+0.057%	$18.6M	$59.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.744	+0.036%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.751	+0.043%	$341K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.710	0.000%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.707	−0.004%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.811	+0.108%	$2.04B	$669.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.746	+0.038%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.723	+0.014%	$386.6M	$888.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.709	−0.001%	$115.1M	$316.0M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.694	−0.017%	$1.2M	$4.0M	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.715	+0.005%	$93.8M	$82.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.727	+0.018%	$46.5M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.731	+0.022%	$227.6M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.715	+0.005%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.747	+0.039%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.652	−0.062%	$29.0M	$50.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.613	−0.103%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.545	−0.176%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.686	−0.026%	$677K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.751	+0.044%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.751	+0.044%	$495K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.729	+0.020%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.761	+0.054%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.715	+0.005%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.689	−0.022%	$12.8M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.556	−0.164%	$204K	$12K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.698	−0.013%	$18.3M	$41.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.712	+0.003%	$399K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0105%	4h	93.554	−0.166%	$5.1M	$29.5M	30x	as long as short
Kalshi KXHYPEPERP	+0.0135%	8h	93.806	+0.102%	$1.9M	$5.3M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0166%	1h	93.826	+0.124%	$7.4M	$4.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.760	+0.053%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.717	+0.007%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.610	−0.107%	$30K	$291K	12x	as long as short
HTX HYPE-USDTshort	+0.0313%	4h	93.884	+0.186%	$1.5M	$7.6M	75x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0164%	1h	93.755	+0.048%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.691	−0.020%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.787	+0.082%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0572%	1h	93.807	+0.104%	$19.2M	$26.0M	50x	as long as short