Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0180%/8h= +19.7% APRpaid last 24h +0.094%

Price spread now: HTX against Hotstuff+0.170%7-day average — · you sell dearer than you buy

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

Long on Hotstuff Short on HTX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and HTX is 0.170% dearer against Hotstuff than usual: you sell high and buy low: +$17 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff HYPE-PERP	94.436	−0.0080	get 0.0010% / 1h	41m 57s	$3K	$331	25x
Short	HTX HYPE-USDT	94.597	0.0100	get 0.0050% / 4h	41m 57s	$1.4M	$6.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Hotstuff. 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 HotstuffbpFee HTXbpOrdersPrice spread, now +0.170%Rate

Funding earned: $37.8
Price spread: +0.170% → 0.000%: $17.05
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee HTX: 6 bp × 2 orders: −$12
Net: $37.85
Costs to cover: 0.170%
Break-even: from the start

Slippage unknown: Hotstuff: no order-book sample; HTX: live order book, 2 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 Hotstuff no order-book sample	—	—	—	—	—
Sell HTX live order book, 2 min ago	1.48 bp	10.0 bp −$10	15.3 bp −$153	65.2 bp −$6,524	doesn't fit

Hotstuff: 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 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	−0.1440%	1h	94.200	−0.250%	$201K	$250K	7x	as long as short
Bluefin HYPE-PERP	−0.0359%	1h	94.428	−0.008%	$80K	$154K	20x	as long as short
Bullet HYPE-USD	−0.0155%	1h	94.458	+0.023%	$112K	$576K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0142%	1h	94.370	−0.070%	$712K	$1.2M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0132%	1h	94.475	+0.042%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	94.467	+0.033%	$87K	$366K	20x	as long as short
Hotstuff HYPE-PERPlong	−0.0080%	1h	94.436	long leg	$3K	$331	25x
Arcus HYPE-USD	−0.0045%	1h	94.442	+0.006%	$1.0M	$3.6M	10x	as long as short
Bybit HYPEUSDT	−0.0012%	8h	94.430	−0.006%	$317.6M	$289.3M	75x	as long as short
Derive HYPE-PERP	−0.0008%	1h	94.394	−0.045%	$16.5M	$7.5M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	94.502	+0.069%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.531	+0.101%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.489	+0.056%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.436	0.000%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.466	+0.032%	$123K	—	150x	as long as short
Orderly PERP_HYPE_USDC	+0.0002%	4h	94.421	−0.016%	$146K	$685K	20x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	94.431	−0.005%	$227.0M	$99.7M	75x	as long as short
Phemex HYPEUSDT	+0.0042%	8h	94.418	−0.019%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0058%	8h	94.479	+0.046%	$338K	$156K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.460	+0.025%	$4.7M	$6.2M	50x	as long as short
Lighter HYPE	+0.0072%	1h	94.445	+0.010%	$16.3M	$64.0M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0083%	8h	94.427	−0.010%	$117.8M	$324.9M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0089%	1h	94.521	+0.090%	$7.4M	$4.3M	50x	as long as short
Polymarket Perps HYPE-USD	+0.0093%	1h	94.486	+0.053%	$496K	$2.8M	20x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	94.499	+0.067%	$5.0M	$30.8M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.450	+0.015%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.449	+0.014%	$81K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.470	+0.036%	$31K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.451	+0.016%	$7.3M	$52.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.563	+0.134%	$2.08B	$690.5M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.454	+0.019%	$8.8M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.492	+0.059%	$10.2M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.443	+0.007%	$378.3M	$934.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.332	−0.111%	$218K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.437	+0.001%	$49.7M	$56.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.436	0.000%	$90.5M	$82.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.440	+0.004%	$46.7M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.431	−0.005%	—	$53.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.428	−0.008%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.467	+0.032%	$29.4M	$54.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.461	+0.027%	$7.6M	$45.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.450	+0.015%	$369K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.471	+0.037%	$683K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.534	+0.103%	—	$243K	5x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.496	+0.064%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.440	+0.004%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDTshort	+0.0100%	4h	94.597	+0.170%	$1.4M	$6.8M	75x
Extended HYPE-USD	+0.0104%	1h	94.406	−0.032%	$18.3M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.457	+0.022%	$399K	$159K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0021%	1h	94.496	+0.063%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.322%	$31K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.504	+0.072%	$20.3M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.486	+0.052%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.447	+0.012%	$84K	$124K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.460	+0.025%	$17.1M	$12.4M	75x	as long as short