Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.037%

Price spread now: Backpack against HTX−0.141%7-day average −0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$310.306% of the position

Long on HTX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.004%$0 on $10k

Price spread, last 4 days (all we have)+0.252%+$25 · spread now −0.141%, 7d avg −0.033%

Together, before fees+0.256%+$26 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.108% cheaper against HTX than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of −0.033%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX HYPE-USDT	92.679	0.0100	pay 0.0050% / 4h	31m 44s	$1.4M	$6.2M	75x
Short	Backpack HYPE_USDC_PERP	92.548	0.0100	get 0.0013% / 1h	31m 44s	$7.3M	$10.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now −0.141%Rate

Funding earned: $0
Price spread: −0.141% → −0.033%: −$10.82
Slippage, 4 orders: −$8.63
Fee HTX: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$41.45
Costs to cover: 0.306%
Break-even: never at this rate

Slippage from HTX: live order book, 2 min ago; Backpack: 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, 2 min ago	0.05 bp	11.1 bp −$11	18.2 bp −$182	49.1 bp −$4,914	doesn't fit
Sell Backpack live order book, 2 min ago	0.05 bp	5.1 bp −$5	6.5 bp −$65	72.9 bp −$7,290	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
Arcus HYPE-USD	−0.0948%	1h	92.452	−0.245%	$1.0M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0304%	1h	92.464	−0.232%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0184%	1h	92.363	−0.341%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.545	−0.145%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0067%	4h	92.521	−0.170%	$157K	$663K	20x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	92.570	−0.118%	$87K	$356K	20x	as long as short
Bullet HYPE-USD	−0.0012%	1h	92.552	−0.137%	$111K	$580K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0009%	1h	92.480	−0.215%	$693K	$1.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.615	−0.069%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.522	−0.170%	$22K	$309K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.560	−0.128%	$62K	—	150x	as long as short
Aster HYPEUSDT	+0.0018%	4h	92.602	−0.083%	$8.7M	$36.3M	300x	as long as short
BingX HYPE-USDT	+0.0034%	4h	92.600	−0.085%	—	$53.3M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.278	−0.433%	$209K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0046%	8h	92.542	−0.148%	$12.5M	$2.7M	50x	as long as short
Bybit HYPEUSDT	+0.0056%	8h	92.596	−0.090%	$316.4M	$281.8M	75x	as long as short
Gate HYPE_USDT	+0.0068%	4h	92.596	−0.090%	$44.4M	$55.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0082%	8h	92.618	−0.066%	$113.4M	$304.0M	50x	as long as short
MEXC HYPE_USDT	+0.0090%	4h	92.608	−0.077%	$87.5M	$80.7M	100x	as long as short
Paradex HYPE-USD-PERP	+0.0093%	8h	92.580	−0.107%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.623	−0.060%	$16.0M	$62.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.633	−0.050%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.530	−0.161%	$69K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.490	−0.204%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.540	−0.149%	$6.8M	$44.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.616	−0.068%	$2.01B	$665.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.565	−0.123%	$10.0M	$15.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.616	−0.067%	$371.3M	$903.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.298	−0.411%	$201K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.568	−0.120%	$45.9M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.602	−0.083%	$224.6M	$98.3M	75x	as long as short
Backpack HYPE_USDC_PERPshort	+0.0100%	1h	92.548	−0.141%	$7.3M	$10.8M	20x
Variational Omni HYPE	+0.0100%	8h	92.139	−0.583%	$28.2M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.290	−0.420%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.281	−0.429%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.337	−0.369%	$661K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.564	−0.124%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.560	−0.128%	$476K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.520	−0.172%	$78K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.534	−0.157%	$16.0M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.534	−0.156%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.553	−0.136%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDTlong	+0.0100%	4h	92.679	long leg	$1.4M	$6.2M	75x
edgeX HYPEUSDC	+0.0103%	4h	92.227	−0.487%	$4.9M	$29.6M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.580	−0.107%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.548	−0.142%	$391K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.380	−0.323%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.540	−0.150%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0249%	8h	92.588	−0.098%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0261%	1h	92.536	−0.154%	$79K	$137K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.560	−0.128%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0330%	4h	92.477	−0.218%	$16.7M	$11.5M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0332%	1h	92.600	−0.086%	$20.5M	$30.5M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0409%	1h	92.635	−0.047%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.603	−0.082%	$3.1M	$6.4M	20x	as long as short