Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0222%/8h= −24.3% APRpaid last 24h −0.062%

Price spread now: dYdX against HTX−0.187%7-day average −0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs−$96as in the Funding arb table

Net, price: spread back to 7d avg − costs−$93as in the Price arb table

costs, in and out, $10k−$780.781% of the position

Long on HTX Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.179%−$18 on $10k

Price spread, last 3 days (all we have)+0.327%+$33 · spread now −0.187%, 7d avg −0.037%

Together, before fees+0.148%+$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and dYdX is 0.151% cheaper against HTX than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of −0.037%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX HYPE-USDT	94.088	0.0222	pay 0.0111% / 4h	56m 01s	$1.5M	$7.7M	75x
Short	dYdX HYPE-USD	93.912	0	get 0.0000% / 1h	56m 01s	$128K	$32K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.187%Rate

Funding earned: −$46.59
Price spread: −0.187% → −0.037%: −$15.06
Slippage, 4 orders: −$56.06
Fee HTX: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$139.71
Costs to cover: 0.781%
Break-even: never at this rate

Slippage from HTX: live order book, 3 min ago; dYdX: live order book, 23 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	0.75 bp	8.7 bp −$9	11.3 bp −$113	41.8 bp −$4,176	doesn't fit
Sell dYdX live order book, 23 min ago	25.09 bp	30.1 bp −$30	72.2 bp −$722	306.1 bp −$30.6K	1561.5 bp −$780.8K

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	−0.0520%	1h	93.829	−0.275%	$199K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0486%	1h	93.686	−0.427%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.847	−0.256%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.892	−0.208%	$3K	$331	25x	as long as short
dYdX HYPE-USDshort	0.0000%	1h	93.912	−0.187%	$128K	$32K	5x
Perpl HYPE	0.0000%	43m	93.920	−0.179%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.951	−0.146%	$28K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0003%	1h	93.830	−0.274%	$703K	$903K	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0014%	4h	93.930	−0.168%	$176K	$526K	20x	as long as short
Bybit HYPEUSDT	+0.0018%	8h	93.910	−0.189%	$324.8M	$280.5M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0024%	4h	93.934	−0.164%	$8.9M	$35.8M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	93.805	−0.301%	$215K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0064%	4h	93.910	−0.189%	$44.5M	$57.9M	75x	as long as short
MEXC HYPE_USDT	+0.0066%	4h	93.937	−0.160%	$90.6M	$80.3M	100x	as long as short
Derive HYPE-PERP	+0.0069%	1h	93.859	−0.243%	$16.4M	$6.9M	10x	as long as short
Binance HYPEUSDT	+0.0070%	4h	93.930	−0.168%	$385.6M	$885.6M	75x	as long as short
Phemex HYPEUSDT	+0.0070%	8h	93.916	−0.183%	$12.8M	$2.6M	50x	as long as short
edgeX HYPEUSDC	+0.0078%	4h	93.744	−0.365%	$5.1M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.980	−0.114%	$19.0M	$58.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.965	−0.131%	$3.1M	$12.2M	20x	as long as short
01 Exchange HYPEUSD	+0.0096%	1h	93.968	−0.128%	$91K	$355K	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.925	−0.173%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.859	−0.243%	$399K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.929	−0.169%	$341K	$169K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.920	−0.179%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.919	−0.179%	$5.9M	$44.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.953	−0.144%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.915	−0.184%	$115.2M	$314.8M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.956	−0.140%	$47.3M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.925	−0.173%	$227.7M	$102.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.912	−0.187%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.942	−0.155%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.552	−0.569%	$30.9M	$51.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.616	−0.501%	$7.5M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.759	−0.350%	$393K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.862	−0.240%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.914	−0.185%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.946	−0.151%	$484K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.901	−0.199%	$112K	$577K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.929	−0.169%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.976	−0.119%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.937	−0.160%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.680	−0.434%	$205K	$7K	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	93.750	−0.359%	$30K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.900	−0.200%	$18.6M	$42.0M	50x	as long as short
Kalshi KXHYPEPERP	+0.0120%	8h	93.978	−0.117%	$1.9M	$5.1M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.870	−0.232%	$4.9M	$5.7M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0218%	1h	94.020	−0.072%	$7.4M	$4.5M	50x	as long as short
HTX HYPE-USDTlong	+0.0222%	4h	94.088	long leg	$1.5M	$7.7M	75x
Reya HYPERUSDPERP	+0.0248%	1h	93.916	−0.183%	$77K	$142K	15x	as long as short
BloFin HYPE-USDT	+0.0266%	4h	93.898	−0.202%	$17.0M	$12.3M	75x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.981	−0.114%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	93.897	−0.203%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0577%	1h	94.049	−0.042%	$21.0M	$29.0M	50x	as long as short
Hyperliquid HYPE	+0.0630%	1h	93.978	−0.117%	$2.05B	$667.7M	10x	as long as short