Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0480%/8h= +52.5% APRpaid last 24h −0.001%

Price spread now: RISEx against HTX−0.122%7-day average −0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$280.276% of the position

Long on HTX Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.082%+$8 on $10k

Price spread, last 4 days (all we have)+0.290%+$29 · spread now −0.122%, 7d avg −0.029%

Together, before fees+0.372%+$37 on $10k · with fees, hour by hour

Funding pays, the price is against you. RISEx is 0.093% cheaper against HTX than usual: you would sell low and buy high (spread −0.122% now, against its 7-day average of −0.029%). If the spread goes back, that is −$9 on $10k: about 16 hours of funding at the current rate (+$14 a day). At the pace of the last 4 days (+0.082% in total) that is about 4.1 days.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.082% in total (about 8.3% 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	92.871	0.0118	pay 0.0059% / 4h	3h 55m	$1.4M	$6.3M	75x
Short	RISEx HYPE/USDC	92.757	0.0598	get 0.0075% / 1h	55m 39s	$3.1M	$6.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now −0.122%Rate

Funding earned: $100.71
Price spread: −0.122% → −0.029%: −$9.33
Slippage, 4 orders: −$9.61
Fee HTX: 6 bp × 2 orders: −$12
Fee RISEx: 3 bp × 2 orders: −$6
Net: $63.77
Costs to cover: 0.276%
Break-even: 2.6 days

Slippage from HTX: live order book, 3 min ago; RISEx: live order book, 3 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	2.10 bp	8.6 bp −$9	13.4 bp −$134	53.0 bp −$5,300	doesn't fit
Sell RISEx live order book, 3 min ago	0.65 bp	3.6 bp −$4	4.9 bp −$49	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	−0.0512%	1h	92.750	−0.131%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0266%	1h	92.818	−0.057%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.667	−0.220%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.753	−0.127%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0063%	4h	92.722	−0.160%	$157K	$653K	20x	as long as short
Gate HYPE_USDT	−0.0018%	4h	92.807	−0.069%	$44.5M	$53.4M	75x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.772	−0.106%	$127K	$29K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	92.832	−0.042%	$1.8M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	92.703	−0.180%	$22K	$302K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.746	−0.135%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange HYPEUSD	+0.0040%	1h	92.732	−0.150%	$87K	$362K	20x	as long as short
Bybit HYPEUSDT	+0.0041%	8h	92.790	−0.087%	$316.1M	$281.8M	75x	as long as short
Phoenix HYPE	+0.0043%	1h	92.888	+0.018%	$210K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0044%	8h	92.754	−0.126%	$12.5M	$2.7M	50x	as long as short
Popdex HYPEUSDT	+0.0056%	1h	92.702	−0.182%	$69K	$1.1M	50x	as long as short
Aster HYPEUSDT	+0.0072%	4h	92.802	−0.074%	$8.7M	$36.2M	300x	as long as short
Bitget HYPEUSDT	+0.0082%	4h	92.786	−0.092%	$224.7M	$98.8M	75x	as long as short
edgeX HYPEUSDC	+0.0093%	4h	92.869	−0.002%	$4.9M	$29.5M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	92.792	−0.085%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.813	−0.063%	$16.0M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.798	−0.079%	$3.1M	$11.6M	20x	as long as short
Bullet HYPE-USD	+0.0099%	1h	92.735	−0.146%	$111K	$579K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.680	−0.206%	$38K	$1.7M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0099%	8h	92.797	−0.080%	$113.9M	$303.8M	50x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.716	−0.166%	$7.5M	$45.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.843	−0.030%	$2.02B	$664.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.827	−0.048%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.823	−0.051%	$373.0M	$903.1M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0100%	1h	92.720	−0.163%	$697K	$1.1M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	−0.076%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.820	−0.055%	$88.1M	$79.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.848	−0.025%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.819	−0.056%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.855	−0.017%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.709	−0.175%	$28.4M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.886	+0.016%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.892	+0.023%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.845	−0.028%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.784	−0.093%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.748	−0.132%	$468K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.730	−0.152%	$79K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.733	−0.148%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.673	−0.213%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.754	−0.126%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.798	−0.079%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.757	−0.123%	$392K	$164K	20x	as long as short
HTX HYPE-USDTlong	+0.0118%	4h	92.871	long leg	$1.4M	$6.3M	75x
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.810	−0.066%	$4.7M	$5.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.829	−0.046%	$20.6M	$30.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.050	+0.193%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0264%	1h	92.709	−0.175%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.727	−0.155%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.727	−0.155%	$16.7M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0397%	1h	92.853	−0.019%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDCshort	+0.0598%	1h	92.757	−0.122%	$3.1M	$6.4M	20x