Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0181%/8h= −19.8% APRpaid last 24h +0.015%

Price spread now: HTX against Deribit+0.084%58s7-day average +0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$370.368% of the position

Long on Deribit Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.078%+$8 on $10k

Price spread, last 3 days (all we have)−0.130%−$13 · spread now +0.084%, 7d avg +0.001%

Together, before fees−0.053%−$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.083% dearer against Deribit than usual: you sell high and buy low (spread +0.084% now, against its 7-day average of +0.001%): +$8 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 37 hours. Mind the row above: over the last 7 days funding on this pair paid +0.078%, so the current rate has only just turned against you. The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit HYPE_USDC-PERPETUAL	93.897	0.0389	pay 0.0049% / 1h	23m 19s	$7.5M	$4.5M	50x
Short	HTX HYPE-USDT	93.976	0.0208	get 0.0104% / 4h	2h 23m	$1.4M	$5.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Deribit. 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 DeribitbpFee HTXbpOrdersPrice spread, now +0.084%Rate

Funding earned: −$37.95
Price spread: +0.084% → +0.001%: $8.32
Slippage, 4 orders: −$17.82
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$66.45
Costs to cover: 0.368%
Break-even: never at this rate

Slippage from Deribit: live order book, 1 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 Deribit live order book, 1 min ago	1.44 bp	8.3 bp −$8	12.0 bp −$120	doesn't fit	doesn't fit
Sell HTX live order book, 1 min ago	0.80 bp	10.1 bp −$10	12.9 bp −$129	62.0 bp −$6,199	doesn't fit

HYPE on 54 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	93.698	−0.212%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.729	−0.179%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0129%	1h	93.810	−0.093%	$22K	$21K	10x	as long as short
Phemex HYPEUSDT	−0.0126%	8h	93.853	−0.047%	$12.7M	$2.7M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.875	−0.023%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0078%	1h	93.850	−0.050%	$703K	$924K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0056%	4h	93.787	−0.117%	$156K	$646K	20x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.844	−0.056%	$85K	$350K	20x	as long as short
Backpack HYPE_USDC_PERP	−0.0038%	1h	93.855	−0.045%	$7.8M	$10.3M	20x	as long as short
Gate HYPE_USDT	−0.0030%	4h	93.831	−0.070%	$44.4M	$55.1M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	−0.0002%	4h	93.819	−0.083%	—	$53.6M	—	as long as short
Aster HYPEUSDT	−0.0002%	4h	93.839	−0.061%	$8.9M	$35.8M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.844	−0.056%	$129K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.859	−0.041%	$22K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.822	−0.080%	$26K	—	150x	as long as short
Bybit HYPEUSDT	+0.0003%	8h	93.800	−0.103%	$322.1M	$281.1M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.922	+0.027%	$213K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0068%	4h	93.833	−0.068%	$87.8M	$82.9M	100x	as long as short
Binance HYPEUSDT	+0.0069%	4h	93.840	−0.061%	$381.9M	$892.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0069%	8h	93.800	−0.103%	$115.3M	$308.2M	50x	as long as short
Bullet HYPE-USD	+0.0074%	1h	93.819	−0.083%	$112K	$577K	20x	as long as short
edgeX HYPEUSDC	+0.0079%	4h	93.907	+0.010%	$5.1M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.897	+0.001%	$341K	$164K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.886	−0.011%	$16.4M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.873	−0.026%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.836	−0.065%	$67K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.812	−0.090%	$399K	$175K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.860	−0.039%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.876	−0.022%	$5.8M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.939	+0.045%	$2.05B	$665.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.887	−0.011%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.857	−0.043%	$46.5M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.812	−0.091%	$227.3M	$98.5M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.910	+0.013%	$31.1M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.947	+0.053%	$7.6M	$47.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.891	−0.006%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.836	−0.065%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.901	+0.004%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.868	−0.031%	$474K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.774	−0.131%	$79K	$171K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.787	−0.118%	$16.3M	$7.7M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.947	+0.053%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.798	−0.105%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.880	−0.018%	$204K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.778	−0.127%	$18.3M	$44.2M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.920	+0.024%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.800	−0.103%	$30K	$339K	12x	as long as short
HTX HYPE-USDTshort	+0.0208%	4h	93.976	+0.084%	$1.4M	$5.9M	75x
RISEx HYPE/USDC	+0.0210%	1h	93.910	+0.014%	$3.2M	$7.0M	20x	as long as short
Reya HYPERUSDPERP	+0.0255%	1h	93.820	−0.082%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0275%	8h	93.921	+0.026%	$1.9M	$4.9M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0156%	1h	93.836	−0.065%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0389%	1h	93.897	long leg	$7.5M	$4.5M	50x
Kraken Futures PF_HYPEUSD	+0.0679%	1h	93.902	+0.005%	$21.0M	$29.8M	50x	as long as short