Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0341%/8h= −37.4% APRpaid last 24h −0.098%

Price spread now: Arcus against HTX−0.194%7-day average −0.070% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$260.256% of the position

Long on HTX Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.110%−$11 on $10k

Price spread, last 3 days (all we have)+0.444%+$44 · spread now −0.194%, 7d avg −0.070%

Together, before fees+0.334%+$33 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Arcus is 0.124% cheaper against HTX than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.070%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.110% in total (about -12.2% 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	HTX HYPE-USDT	93.450	0.0441	pay 0.0221% / 4h	2h 57m	$1.5M	$7.6M	75x
Short	Arcus HYPE-USD	93.269	0.0100	get 0.0013% / 1h	57m 34s	$1.2M	$4.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against HTX. 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 HTXbpFee ArcusbpOrdersPrice spread, now −0.194%Rate

Funding earned: −$71.63
Price spread: −0.194% → −0.070%: −$12.36
Slippage, 4 orders: −$9.1
Fee HTX: 6 bp × 2 orders: −$12
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$109.59
Costs to cover: 0.256%
Break-even: never at this rate

Slippage from HTX: live order book, 1 min ago; Arcus: live order book, 2 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 HTX live order book, 1 min ago	0.05 bp	9.9 bp −$10	15.4 bp −$154	42.5 bp −$4,247	doesn't fit
Sell Arcus live order book, 2 min ago	0.05 bp	4.2 bp −$4	11.2 bp −$112	30.5 bp −$3,048	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	−0.1368%	1h	93.352	−0.105%	$197K	$240K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0175%	1h	93.260	−0.203%	$700K	$952K	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	93.315	−0.144%	$89K	$340K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.318	−0.141%	$3K	$331	25x	as long as short
Aftermath Perps HYPEUSD	−0.0068%	1h	93.398	−0.055%	$22K	$22K	10x	as long as short
Bullet HYPE-USD	−0.0006%	1h	93.292	−0.169%	$112K	$583K	20x	as long as short
SoDEX HYPE-USD	−0.0003%	1h	93.247	−0.217%	$2.0M	$2.0M	10x	as long as short
Gate HYPE_USDT	−0.0002%	4h	93.286	−0.175%	$44.1M	$56.1M	75x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.341	−0.117%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.452	+0.002%	$1.9M	$5.4M	2.3x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.356	−0.100%	$24K	$343K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.311	−0.149%	$20K	—	150x	as long as short
Aster HYPEUSDT	+0.0005%	4h	93.329	−0.129%	$8.9M	$36.5M	300x	as long as short
Popdex HYPEUSDT	+0.0016%	1h	93.305	−0.155%	$56K	$1.2M	50x	as long as short
Bybit HYPEUSDT	+0.0041%	8h	93.316	−0.143%	$325.3M	$289.5M	75x	as long as short
Bluefin HYPE-PERP	+0.0057%	1h	93.273	−0.189%	$76K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0058%	1h	93.225	−0.241%	$16.4M	$7.1M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0078%	4h	93.298	−0.163%	$180K	$537K	20x	as long as short
Phoenix HYPE	+0.0094%	1h	93.444	−0.006%	$216K	$1.1M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.343	−0.114%	$18.6M	$58.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.318	−0.141%	$3.1M	$12.3M	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.360	−0.096%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.278	−0.185%	$6.0M	$44.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.347	−0.110%	$2.03B	$673.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.299	−0.162%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.304	−0.156%	$386.2M	$893.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.328	−0.131%	$114.6M	$317.0M	50x	as long as short
Arcus HYPE-USDshort	+0.0100%	1h	93.269	−0.194%	$1.2M	$4.0M	10x
Bulk HYPE-USD	+0.0100%	1h	93.386	−0.068%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.276	−0.186%	$92.2M	$81.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.285	−0.177%	$46.2M	$19.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.354	−0.103%	$226.8M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.269	−0.194%	—	$54.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.286	−0.175%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.466	+0.018%	$28.9M	$50.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.403	−0.050%	$7.5M	$46.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.402	−0.051%	$405K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.364	−0.092%	$675K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.359	−0.097%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.355	−0.102%	$493K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.337	−0.121%	$32K	$1.6M	20x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.290	−0.171%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0101%	8h	93.309	−0.151%	$339K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.267	−0.196%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.282	−0.179%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0108%	4h	93.382	−0.072%	$5.1M	$29.4M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.380	−0.075%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0244%	1h	93.311	−0.148%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.340	−0.118%	$30K	$231K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0286%	1h	93.359	−0.097%	$7.4M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0165%	1h	93.317	−0.143%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.363	−0.093%	$17.2M	$12.7M	75x	as long as short
HTX HYPE-USDTlong	+0.0441%	4h	93.450	long leg	$1.5M	$7.6M	75x
RISEx HYPE/USDC	+0.0467%	1h	93.379	−0.077%	$2.7M	$6.9M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.388	−0.067%	$18.7M	$24.8M	50x	as long as short