Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0259%/8h= −28.3% APRpaid last 24h −0.056%

Price spread now: Coinbase International against HTX−0.142%7-day average −0.071% · you buy dearer than you sell

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$410.408% of the position

Long on HTX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.145%−$15 on $10k

Price spread, last 3 days (all we have)+0.157%+$16 · spread now −0.142%, 7d avg −0.071%

Together, before fees+0.012%+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Coinbase International is 0.071% cheaper against HTX than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.071%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.145% in total (about -7.6% 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	94.274	0.0403	pay 0.0201% / 4h	3h 42m	$1.5M	$6.3M	75x
Short	Coinbase International HYPE-PERP-INTX	94.140	0.0144	get 0.0018% / 1h	42m 02s	$4.9M	$5.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.142%Rate

Funding earned: −$54.3
Price spread: −0.142% → −0.071%: −$7.1
Slippage, 4 orders: −$18.82
Fee HTX: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$102.22
Costs to cover: 0.408%
Break-even: never at this rate

Slippage from HTX: live order book, 2 min ago; Coinbase International: 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	1.43 bp	11.3 bp −$11	12.7 bp −$127	43.5 bp −$4,353	doesn't fit
Sell Coinbase International live order book, 2 min ago	3.19 bp	9.8 bp −$10	14.3 bp −$143	38.2 bp −$3,815	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	−0.1480%	1h	93.902	−0.395%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.996	−0.295%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0287%	1h	93.962	−0.331%	$22K	$23K	10x	as long as short
Phemex HYPEUSDT	−0.0254%	8h	94.095	−0.190%	$12.8M	$2.6M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0189%	1h	93.960	−0.333%	$703K	$927K	10x	as long as short
Bullet HYPE-USD	−0.0116%	1h	94.074	−0.212%	$113K	$580K	20x	as long as short
Gate HYPE_USDT	−0.0090%	4h	94.092	−0.193%	$44.5M	$59.3M	75x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	94.125	−0.158%	$85K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.091	−0.194%	$3K	$331	25x	as long as short
dYdX HYPE-USD	−0.0060%	1h	94.085	−0.200%	$128K	$29K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0038%	8h	94.054	−0.233%	$323.3M	$281.3M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0011%	4h	94.098	−0.187%	$170K	$593K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.088	−0.198%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.123	−0.160%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0014%	4h	94.105	−0.179%	$8.9M	$36.1M	300x	as long as short
Derive HYPE-PERP	+0.0021%	1h	94.057	−0.230%	$16.4M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.915	−0.381%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0040%	4h	94.103	−0.181%	$89.0M	$82.2M	100x	as long as short
Bluefin HYPE-PERP	+0.0042%	1h	94.121	−0.162%	$76K	$171K	20x	as long as short
Binance HYPEUSDT	+0.0043%	4h	94.103	−0.182%	$384.0M	$894.4M	75x	as long as short
edgeX HYPEUSDC	+0.0051%	4h	93.859	−0.441%	$5.1M	$29.9M	30x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	94.104	−0.180%	$63K	$1.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0081%	8h	94.055	−0.232%	$116.0M	$319.5M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	94.115	−0.168%	$400K	$193K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.156	−0.125%	$18.9M	$58.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.128	−0.155%	$3.1M	$12.0M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.140	−0.142%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.100	−0.185%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.106	−0.178%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.189	−0.090%	$2.05B	$678.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.115	−0.169%	$10.1M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.816	−0.486%	$204K	$5K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.082	−0.204%	$46.6M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.073	−0.213%	$228.2M	$101.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.100	−0.185%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.092	−0.193%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.820	−0.481%	$31.3M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.912	−0.384%	$7.6M	$45.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.865	−0.434%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.913	−0.383%	$679K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.100	−0.185%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.113	−0.171%	$480K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.185	−0.094%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.107	−0.177%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.042	−0.246%	$18.9M	$43.5M	50x	as long as short
Coinbase International HYPE-PERP-INTXshort	+0.0144%	1h	94.140	−0.142%	$4.9M	$5.5M	50x
BloFin HYPE-USDT	+0.0164%	4h	94.031	−0.258%	$17.0M	$12.3M	75x	as long as short
Kalshi KXHYPEPERP	+0.0184%	8h	94.159	−0.122%	$1.9M	$5.1M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.260	−0.015%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.146	−0.136%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.094	−0.191%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0157%	1h	94.122	−0.161%	$1.5M	—	100x	as long as short
HTX HYPE-USDTlong	+0.0403%	4h	94.274	long leg	$1.5M	$6.3M	75x
Deribit HYPE_USDC-PERPETUAL	+0.0472%	1h	94.201	−0.077%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0670%	1h	94.212	−0.065%	$21.0M	$29.7M	50x	as long as short