Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0140%/8h= −15.3% APRpaid last 24h +0.021%

Price spread now: Injective against HTX−0.238%65s7-day average +0.147% · you buy dearer than you sell

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

Long on HTX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+2.285%+$228 on $10k

Price spread, last 3 days (all we have)+0.411%+$41 · spread now −0.238%, 7d avg +0.147%

Together, before fees+2.696%+$270 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 Injective is 0.385% cheaper against HTX than usual: you would sell low and buy high (−$38 if the spread goes back to its 7-day average of +0.147%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +2.285%, so the current rate has only just turned against you. The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX HYPE-USDT	93.442	0.0425	pay 0.0212% / 4h	2h 55m	$1.5M	$7.6M	75x
Short	Injective HYPE/USDC PERP	93.220	0.0285	get 0.0036% / 1h	55m 19s	$30K	$231K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.238%Rate

Funding earned: −$29.43
Price spread: −0.238% → +0.147%: −$38.48
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$79.93
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: HTX: live order book, 4 min ago; Injective: live order book, 33 min ago. 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	0.05 bp	9.9 bp −$10	15.4 bp −$154	42.5 bp −$4,247	doesn't fit
Sell Injective live order book, 33 min ago	36.79 bp	doesn't fit	doesn't fit	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	−0.1328%	1h	93.228	−0.229%	$197K	$235K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0154%	1h	93.260	−0.195%	$699K	$951K	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	93.365	−0.082%	$89K	$340K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0102%	1h	93.323	−0.127%	$22K	$22K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.294	−0.158%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0002%	4h	93.361	−0.087%	$44.1M	$56.1M	75x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.341	−0.109%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.387	−0.059%	$1.9M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.348	−0.101%	$24K	$343K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.400	−0.045%	$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	+0.0002%	4h	93.343	−0.106%	$8.9M	$36.3M	300x	as long as short
Bybit HYPEUSDT	+0.0041%	8h	93.370	−0.077%	$325.5M	$288.4M	75x	as long as short
Popdex HYPEUSDT	+0.0056%	1h	93.354	−0.094%	$56K	$1.2M	50x	as long as short
Derive HYPE-PERP	+0.0058%	1h	93.253	−0.202%	$16.4M	$7.1M	10x	as long as short
Bullet HYPE-USD	+0.0068%	1h	93.366	−0.082%	$112K	$583K	20x	as long as short
Orderly PERP_HYPE_USDC	+0.0078%	4h	93.393	−0.052%	$180K	$536K	20x	as long as short
Phoenix HYPE	+0.0094%	1h	93.336	−0.113%	$215K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.352	−0.097%	$18.5M	$58.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.309	−0.142%	$3.1M	$12.3M	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.370	−0.077%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.279	−0.174%	$6.0M	$44.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.423	−0.020%	$2.03B	$674.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.324	−0.126%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.366	−0.081%	$386.4M	$890.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.377	−0.070%	$114.7M	$316.3M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.304	−0.148%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.386	−0.060%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.369	−0.078%	$92.1M	$81.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.352	−0.096%	$46.3M	$19.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.378	−0.068%	$226.9M	$102.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.364	−0.083%	—	$54.6M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.321	−0.129%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.285	−0.169%	$28.8M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.319	−0.132%	$7.5M	$46.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.338	−0.111%	$405K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.361	−0.087%	$675K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.391	−0.054%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.394	−0.051%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.404	−0.041%	$76K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.263	−0.192%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.314	−0.137%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.348	−0.101%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.305	−0.147%	$339K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.314	−0.137%	$18.4M	$41.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.401	−0.044%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0120%	4h	93.294	−0.158%	$5.1M	$29.4M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.380	−0.066%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0244%	1h	93.376	−0.070%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERPshort	+0.0285%	1h	93.220	−0.238%	$30K	$231K	12x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0165%	1h	93.400	−0.045%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.309	−0.142%	$17.2M	$12.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0371%	1h	93.406	−0.039%	$7.4M	$4.6M	50x	as long as short
HTX HYPE-USDTlong	+0.0425%	4h	93.442	long leg	$1.5M	$7.6M	75x
RISEx HYPE/USDC	+0.0467%	1h	93.389	−0.057%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.449	+0.007%	$18.7M	$24.8M	50x	as long as short