Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0169%/8h= −18.5% APRpaid last 24h +0.017%

Price spread now: Hyperliquid against HTX−0.103%7-day average +0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$310.307% of the position

Long on HTX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.023%+$2 on $10k

Price spread, last 3 days (all we have)+0.263%+$26 · spread now −0.103%, 7d avg +0.009%

Together, before fees+0.286%+ Points / potential airdropHyperliquid: Season 2 · farm board+$29 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Hyperliquid is 0.112% cheaper against HTX than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of +0.009%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX HYPE-USDT	93.471	0.0269	pay 0.0134% / 4h	1h 41m	$1.5M	$7.7M	75x
Short	Hyperliquid HYPE	93.375	0.0100	get 0.0013% / 1h	41m 13s	$2.03B	$672.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −0.103%Rate

Funding earned: −$35.4
Price spread: −0.103% → +0.009%: −$11.15
Slippage, 4 orders: −$9.74
Fee HTX: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$77.29
Costs to cover: 0.307%
Break-even: never at this rate

Slippage from HTX: live order book, 3 min ago; Hyperliquid: live order book, 13 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	1.28 bp	10.6 bp −$11	13.7 bp −$137	39.5 bp −$3,952	doesn't fit
Sell Hyperliquid live order book, 13 min ago	0.05 bp	4.6 bp −$5	6.5 bp −$65	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
Aftermath Perps HYPEUSD	−0.0360%	1h	93.272	−0.212%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.349	−0.131%	$1.2M	$4.0M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0128%	1h	93.251	−0.235%	$197K	$230K	7x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.396	−0.080%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0058%	1h	93.310	−0.172%	$700K	$925K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.419	−0.055%	$127K	$32K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	93.344	−0.136%	$90K	$361K	20x	as long as short
Popdex HYPEUSDT	0.0000%	1h	93.319	−0.163%	$58K	$1.2M	50x	as long as short
Perpl HYPE	0.0000%	43m	93.354	−0.126%	$23K	$331K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.342	−0.138%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0015%	4h	93.331	−0.150%	$8.9M	$36.0M	300x	as long as short
Derive HYPE-PERP	+0.0016%	1h	93.265	−0.220%	$16.3M	$7.1M	10x	as long as short
Bybit HYPEUSDT	+0.0029%	8h	93.310	−0.172%	$324.0M	$286.9M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.374	−0.104%	$214K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0036%	4h	93.311	−0.171%	$171K	$519K	20x	as long as short
Gate HYPE_USDT	+0.0058%	4h	93.317	−0.165%	$43.7M	$57.8M	75x	as long as short
Bullet HYPE-USD	+0.0069%	1h	93.299	−0.184%	$112K	$578K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.373	−0.105%	$18.5M	$58.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.354	−0.125%	$3.1M	$12.1M	20x	as long as short
MEXC HYPE_USDT	+0.0096%	4h	93.323	−0.158%	$90.3M	$81.6M	100x	as long as short
Binance HYPEUSDT	+0.0097%	4h	93.317	−0.165%	$383.5M	$892.3M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.404	−0.072%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.390	−0.087%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.315	−0.166%	$5.9M	$44.0M	10x	as long as short
Hyperliquid HYPEshort	+0.0100%	1h	93.375	−0.103%	$2.03B	$672.3M	10x
Pacifica HYPE	+0.0100%	1h	93.402	−0.074%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.302	−0.181%	$114.0M	$314.0M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.390	−0.087%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.339	−0.141%	$47.2M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.304	−0.179%	$226.2M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.311	−0.171%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.400	−0.076%	$7.9M	$11.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.236	−0.251%	$28.9M	$50.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.228	−0.260%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.375	−0.103%	$413K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.385	−0.092%	$675K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.379	−0.098%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.289	−0.195%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.429	−0.045%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.321	−0.160%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.315	−0.167%	$12.7M	$2.6M	50x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.368	−0.111%	—	$454K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.297	−0.186%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.277	−0.208%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0104%	4h	93.291	−0.192%	$5.1M	$29.5M	30x	as long as short
Kalshi KXHYPEPERP	+0.0107%	8h	93.452	−0.020%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.350	−0.129%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.340	−0.140%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.298	−0.185%	$78K	$158K	15x	as long as short
HTX HYPE-USDTlong	+0.0269%	4h	93.471	long leg	$1.5M	$7.7M	75x
RISEx HYPE/USDC	+0.0280%	1h	93.455	−0.017%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0296%	1h	93.401	−0.075%	$7.4M	$4.6M	50x	as long as short
BloFin HYPE-USDT	+0.0337%	4h	93.319	−0.163%	$16.9M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0159%	1h	93.329	−0.152%	$1.5M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.434	−0.039%	$20.8M	$28.8M	50x	as long as short