Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0101%/8h= +11.1% APRpaid last 24h +0.056%

Price spread now: HTX against Derive+0.271%124s7-day average +0.082% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Derive Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.071%+$7 on $10k

Price spread, last 4 days (all we have)−0.277%−$28 · spread now +0.271%, 7d avg +0.082%

Together, before fees−0.206%−$21 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and HTX is 0.189% dearer against Derive than usual: you sell high and buy low: +$19 more if the spread goes back to its 7-day average of +0.082%. The two prices were read 124 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	Derive HYPE-PERP	94.468	−0.0001	get 0.0000% / 1h	59m 41s	$16.3M	$7.3M	10x
Short	HTX HYPE-USDT	94.724	0.0100	get 0.0050% / 4h	3h 59m	$1.4M	$6.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Derive. 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 DerivebpFee HTXbpOrdersPrice spread, now +0.271%Rate

Funding earned: $21.24
Price spread: +0.271% → +0.082%: $18.9
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee HTX: 6 bp × 2 orders: −$12
Net: $22.14
Costs to cover: 0.180%
Break-even: from the start

Slippage unknown: Derive: no order-book sample; HTX: live order book, 4 min ago. Net counts fees only.

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 Derive no order-book sample	—	—	—	—	—
Sell HTX live order book, 4 min ago	0.48 bp	10.4 bp −$10	14.2 bp −$142	46.6 bp −$4,660	doesn't fit

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1488%	1h	94.543	+0.079%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0380%	1h	94.577	+0.115%	$80K	$151K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0211%	1h	94.522	+0.057%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0180%	1h	94.595	+0.134%	$112K	$575K	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.587	+0.126%	$87K	$364K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.572	+0.110%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.582	+0.120%	$1.0M	$3.5M	10x	as long as short
Bybit HYPEUSDT	−0.0017%	8h	94.622	+0.163%	$318.4M	$288.4M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0007%	4h	94.569	+0.107%	$147K	$686K	20x	as long as short
Derive HYPE-PERPlong	−0.0001%	1h	94.468	long leg	$16.3M	$7.3M	10x

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter HYPE	0.0000%	1h	94.635	+0.176%	$16.3M	$61.6M	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.679	+0.223%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.626	+0.167%	$1.9M	$5.5M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.567	+0.104%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.562	+0.099%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.613	+0.153%	$124K	—	150x	as long as short
Bitget HYPEUSDT	+0.0014%	4h	94.602	+0.142%	$227.1M	$100.5M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0027%	1h	94.570	+0.108%	$712K	$1.2M	10x	as long as short
Polymarket Perps HYPE-USD	+0.0033%	1h	94.646	+0.188%	$499K	$2.8M	20x	as long as short
Phemex HYPEUSDT	+0.0041%	8h	94.586	+0.125%	$12.9M	$2.8M	50x	as long as short
SoDEX HYPE-USD	+0.0046%	1h	94.601	+0.140%	$2.1M	$1.9M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0047%	8h	94.665	+0.208%	$338K	$154K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0064%	8h	94.612	+0.152%	$117.9M	$326.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.550	+0.087%	$4.7M	$6.2M	50x	as long as short
Vest HYPE-PERP	+0.0076%	1h	94.635	+0.176%	—	$190K	5x	as long as short
Gate HYPE_USDT	+0.0078%	4h	94.614	+0.154%	$50.7M	$53.4M	75x	as long as short
edgeX HYPEUSDC	+0.0084%	4h	94.460	−0.009%	$5.0M	$30.7M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.632	+0.173%	$3.2M	$10.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.549	+0.085%	$85K	$1.2M	50x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.545	+0.081%	$7.2M	$52.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.723	+0.270%	$2.08B	$688.8M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.632	+0.173%	$8.9M	$37.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.673	+0.217%	$10.2M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.658	+0.201%	$379.6M	$933.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.428	−0.043%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.641	+0.183%	$93.7M	$84.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.616	+0.156%	$46.8M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.640	+0.182%	—	$53.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.552	+0.089%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.532	+0.068%	$29.7M	$55.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.513	+0.047%	$7.6M	$44.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.461	−0.008%	$350K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.532	+0.067%	$695K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.712	+0.258%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDTshort	+0.0100%	4h	94.724	+0.271%	$1.4M	$6.9M	75x
Extended HYPE-USD	+0.0104%	1h	94.587	+0.126%	$18.4M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.671	+0.215%	$400K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.597	+0.137%	$3.2M	$6.4M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0141%	1h	94.676	+0.220%	$7.5M	$4.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.288%	$31K	$340K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0222%	1h	94.640	+0.182%	$20.3M	$30.2M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.571	+0.108%	$83K	$121K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0327% / S −0.0152%	1h	94.628	+0.169%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.490	+0.023%	$17.1M	$12.4M	75x	as long as short