Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0127%/8h= −13.9% APRpaid last 24h −0.050%

Price spread now: Bullet against HTX−0.122%7-day average −0.038% · 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−$41as in the Price arb table

costs, in and out, $10k−$330.329% of the position

Long on HTX Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.055%−$5 on $10k

Price spread, last 4 days (all we have)+0.295%+$30 · spread now −0.122%, 7d avg −0.038%

Together, before fees+0.241%+$24 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Bullet is 0.084% cheaper against HTX than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.038%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX HYPE-USDT	93.518	0.0152	pay 0.0076% / 4h	1h 15m	$1.4M	$6.0M	75x
Short	Bullet HYPE-USD	93.404	0.0025	get 0.0003% / 1h	15m 36s	$112K	$578K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.122%Rate

Funding earned: −$26.61
Price spread: −0.122% → −0.038%: −$8.36
Slippage, 4 orders: −$12.86
Fee HTX: 6 bp × 2 orders: −$12
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$67.84
Costs to cover: 0.329%
Break-even: never at this rate

Slippage from HTX: live order book, 3 min ago; Bullet: live order book, 48 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, 3 min ago	1.39 bp	8.6 bp −$9	12.5 bp −$125	41.4 bp −$4,144	doesn't fit
Sell Bullet live order book, 48 min ago	0.48 bp	7.4 bp −$7	10.8 bp −$108	doesn't fit	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	−0.1056%	1h	93.409	−0.117%	$197K	$227K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.000	−0.554%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0137%	1h	93.110	−0.436%	$699K	$1.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.314	−0.218%	$3K	$331	25x	as long as short
Aftermath Perps HYPEUSD	−0.0063%	1h	93.378	−0.149%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.106	−0.441%	$85K	$344K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0047%	4h	93.378	−0.150%	$154K	$652K	20x	as long as short
Phemex HYPEUSDT	−0.0028%	8h	93.397	−0.129%	$12.6M	$2.7M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.163	−0.380%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.119	−0.427%	$23K	$319K	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	93.413	−0.113%	$63K	—	150x	as long as short
Bullet HYPE-USDshort	+0.0025%	1h	93.404	−0.122%	$112K	$578K	20x
Phoenix HYPE	+0.0026%	1h	93.367	−0.161%	$213K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0026%	4h	93.192	−0.348%	$8.8M	$35.8M	300x	as long as short
BingX HYPE-USDT	+0.0034%	4h	93.080	−0.468%	—	$52.9M	—	as long as short
Gate HYPE_USDT	+0.0044%	4h	93.103	−0.444%	$44.5M	$55.4M	75x	as long as short
Bybit HYPEUSDT	+0.0045%	8h	93.080	−0.468%	$320.3M	$277.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	93.073	−0.476%	$113.6M	$300.2M	50x	as long as short
Derive HYPE-PERP	+0.0082%	1h	93.373	−0.155%	$16.2M	$7.5M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.163	−0.379%	$16.2M	$62.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.175	−0.367%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.082	−0.466%	$70K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.241	−0.296%	$339K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.120	−0.426%	$22K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.088	−0.459%	$5.7M	$43.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.160	−0.383%	$2.03B	$657.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.154	−0.389%	$10.0M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.086	−0.462%	$377.7M	$880.7M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.130	−0.415%	$89.3M	$81.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.155	−0.388%	$45.8M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.079	−0.469%	$225.2M	$96.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.260	−0.276%	$7.4M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.377	−0.151%	$31.1M	$53.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.364	−0.165%	$7.5M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.292	−0.242%	$339K	$998K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.417	−0.108%	$667K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.197	−0.343%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.125	−0.420%	$481K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.389	−0.138%	$79K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.445	−0.078%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.409	−0.117%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.217	−0.321%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.055	−0.495%	$18.3M	$43.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.406	−0.119%	$397K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0117%	4h	93.295	−0.238%	$5.0M	$29.1M	30x	as long as short
HTX HYPE-USDTlong	+0.0152%	4h	93.518	long leg	$1.4M	$6.0M	75x
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.420	−0.105%	$4.8M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0259%	1h	93.072	−0.477%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0272%	8h	93.358	−0.171%	$1.9M	$5.2M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0285%	1h	93.483	−0.037%	$7.5M	$4.4M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.410	−0.116%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.320	−0.212%	$17.0M	$11.5M	75x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.188	−0.353%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.730	+0.227%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0685%	1h	93.472	−0.049%	$20.8M	$29.8M	50x	as long as short