Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0283%/8h= −31.0% APRpaid last 24h −0.056%

Price spread now: Derive against HTX−0.265%7-day average −0.071% · you buy dearer than you sell

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

Long on HTX Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days−0.069%−$7 on $10k

Price spread, last 3 days (all we have)+0.285%+$28 · spread now −0.265%, 7d avg −0.071%

Together, before fees+0.216%+$22 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 Derive is 0.193% cheaper against HTX than usual: you would sell low and buy high (−$19 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 -0.069% in total (about -3.6% 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	93.271	0.0313	pay 0.0156% / 4h	2h 55m	$1.5M	$6.1M	75x
Short	Derive HYPE-PERP	93.024	0.0029	get 0.0004% / 1h	55m 11s	$16.2M	$7.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now −0.265%Rate

Funding earned: −$59.49
Price spread: −0.265% → −0.071%: −$19.34
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Derive: 3 bp × 2 orders: −$6
Net: −$96.83
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: HTX: live order book, 4 min ago; Derive: no order-book sample. 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 HTX live order book, 4 min ago	0.75 bp	10.9 bp −$11	17.9 bp −$179	65.1 bp −$6,515	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: 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	−0.1072%	1h	93.061	−0.225%	$196K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	92.907	−0.390%	$1.2M	$3.9M	10x	as long as short
ApeX Omni HYPEUSDT	−0.0434%	1h	93.179	−0.099%	$337K	$1.1M	50x	as long as short
Backpack HYPE_USDC_PERP	−0.0203%	1h	92.991	−0.300%	$7.8M	$10.6M	20x	as long as short
Aftermath Perps HYPEUSD	−0.0185%	1h	93.379	+0.116%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0148%	1h	92.990	−0.301%	$702K	$961K	10x	as long as short
01 Exchange HYPEUSD	−0.0096%	1h	93.025	−0.264%	$84K	$360K	20x	as long as short
Gate HYPE_USDT	−0.0096%	4h	93.037	−0.251%	$44.0M	$53.5M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.064	−0.222%	$3K	$331	25x	as long as short
Bluefin HYPE-PERP	−0.0058%	1h	93.034	−0.254%	$79K	$173K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0045%	4h	93.018	−0.271%	$158K	$648K	20x	as long as short
Aster HYPEUSDT	−0.0031%	4h	93.076	−0.209%	$8.9M	$36.2M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.099	−0.185%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.004	−0.286%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.080	−0.205%	$25K	—	150x	as long as short
BingX HYPE-USDT	+0.0016%	4h	93.040	−0.248%	—	$54.1M	—	as long as short
Bybit HYPEUSDT	+0.0024%	8h	93.096	−0.188%	$319.4M	$280.9M	75x	as long as short
Derive HYPE-PERPshort	+0.0029%	1h	93.024	−0.265%	$16.2M	$7.6M	10x
Phoenix HYPE	+0.0034%	1h	93.318	+0.050%	$212K	$1.2M	10x	as long as short
Binance HYPEUSDT	+0.0036%	4h	93.103	−0.180%	$378.6M	$901.9M	75x	as long as short
Bullet HYPE-USD	+0.0040%	1h	93.057	−0.229%	$112K	$579K	20x	as long as short
MEXC HYPE_USDT	+0.0040%	4h	93.107	−0.176%	$85.8M	$81.4M	100x	as long as short
edgeX HYPEUSDC	+0.0059%	4h	93.202	−0.074%	$5.0M	$29.7M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0067%	8h	93.104	−0.179%	$114.9M	$313.8M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.073	−0.212%	$396K	$177K	20x	as long as short
Phemex HYPEUSDT	+0.0092%	8h	93.146	−0.134%	$12.6M	$2.7M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.106	−0.177%	$18.6M	$58.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.133	−0.148%	$3.0M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.027	−0.262%	$64K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	93.077	−0.208%	$338K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.030	−0.258%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.032	−0.256%	$6.5M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.067	−0.219%	$2.02B	$673.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.059	−0.227%	$10.0M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.086	−0.198%	$45.9M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.110	−0.173%	$225.3M	$100.8M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.991	−0.301%	$30.4M	$54.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.196	−0.080%	$7.5M	$46.3M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.280	+0.010%	$666K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.086	−0.198%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.048	−0.239%	$473K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.110	−0.173%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.087	−0.197%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.250	−0.023%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.070	−0.216%	$18.3M	$44.7M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.090	−0.194%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	92.930	−0.366%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0145%	4h	93.121	−0.161%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.050	−0.237%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0252%	8h	93.071	−0.214%	$1.9M	$5.2M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0253%	1h	93.020	−0.269%	$79K	$143K	15x	as long as short
HTX HYPE-USDTlong	+0.0313%	4h	93.271	long leg	$1.5M	$6.1M	75x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0158%	1h	93.065	−0.221%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0620%	1h	93.192	−0.085%	$7.4M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0684%	1h	93.172	−0.107%	$20.8M	$29.9M	50x	as long as short