Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0157%/8h= −17.2% APRpaid last 24h −0.036%

Price spread now: SoDEX against HTX−0.209%7-day average −0.041% · 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−$49as in the Price arb table

costs, in and out, $10k−$320.323% of the position

Long on HTX Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.033%−$3 on $10k

Price spread, last 3 days (all we have)+0.273%+$27 · spread now −0.209%, 7d avg −0.041%

Together, before fees+0.240%+$24 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 SoDEX is 0.168% cheaper against HTX than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.041%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX HYPE-USDT	93.200	0.0257	pay 0.0128% / 4h	1h 35m	$1.5M	$7.7M	75x
Short	SoDEX HYPE-USD	93.005	0.0100	get 0.0013% / 1h	35m 46s	$2.0M	$2.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.209%Rate

Funding earned: −$32.95
Price spread: −0.209% → −0.041%: −$16.83
Slippage, 4 orders: −$12.3
Fee HTX: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$82.08
Costs to cover: 0.323%
Break-even: never at this rate

Slippage from HTX: live order book, 3 min ago; SoDEX: 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	0.05 bp	7.4 bp −$7	8.7 bp −$87	37.0 bp −$3,702	doesn't fit
Sell SoDEX live order book, 3 min ago	0.05 bp	6.7 bp −$7	13.3 bp −$133	99.5 bp −$9,953	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	−0.0361%	1h	93.192	−0.009%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0192%	1h	93.147	−0.056%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.027	−0.186%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0105%	1h	93.070	−0.139%	$698K	$923K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.118	−0.088%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	93.044	−0.167%	$90K	$362K	20x	as long as short
Popdex HYPEUSDT	−0.0008%	1h	93.039	−0.173%	$58K	$1.2M	50x	as long as short
Aster HYPEUSDT	−0.0001%	4h	93.073	−0.136%	$8.8M	$36.0M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.036	−0.176%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.046	−0.165%	$23K	$331K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.060	−0.150%	$20K	—	150x	as long as short
Bybit HYPEUSDT	+0.0027%	8h	93.080	−0.129%	$323.0M	$286.9M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0031%	4h	93.051	−0.160%	$171K	$519K	20x	as long as short
Derive HYPE-PERP	+0.0031%	1h	92.993	−0.222%	$16.3M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.374	+0.187%	$214K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0035%	1h	93.010	−0.204%	$111K	$579K	20x	as long as short
Gate HYPE_USDT	+0.0040%	4h	93.033	−0.179%	$43.8M	$58.0M	75x	as long as short
Binance HYPEUSDT	+0.0083%	4h	93.090	−0.118%	$382.7M	$892.9M	75x	as long as short
MEXC HYPE_USDT	+0.0088%	4h	93.074	−0.135%	$89.8M	$81.8M	100x	as long as short
Lighter HYPE	+0.0096%	1h	93.121	−0.085%	$18.5M	$58.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.065	−0.145%	$3.1M	$12.1M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	93.065	−0.145%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.060	−0.150%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.035	−0.177%	$5.9M	$44.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.058	−0.152%	$2.02B	$670.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.111	−0.095%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.084	−0.124%	$113.7M	$313.5M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.390	+0.204%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.034	−0.178%	$47.1M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.042	−0.170%	$225.5M	$102.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.026	−0.187%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.011	−0.203%	$7.8M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.354	+0.166%	$29.0M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.268	+0.073%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.246	+0.049%	$412K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.129	−0.076%	$674K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.096	−0.112%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.067	−0.143%	$492K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.017	−0.196%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.069	−0.141%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USDshort	+0.0100%	1h	93.005	−0.209%	$2.0M	$2.0M	10x
Phemex HYPEUSDT	+0.0100%	8h	93.047	−0.164%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.999	−0.215%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.998	−0.217%	$396K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0106%	4h	93.228	+0.030%	$5.1M	$29.6M	30x	as long as short
Kalshi KXHYPEPERP	+0.0106%	8h	93.149	−0.055%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.120	−0.086%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.070	−0.139%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.017	−0.196%	$77K	$158K	15x	as long as short
HTX HYPE-USDTlong	+0.0257%	4h	93.200	long leg	$1.5M	$7.7M	75x
RISEx HYPE/USDC	+0.0280%	1h	93.113	−0.093%	$2.8M	$6.8M	20x	as long as short
BloFin HYPE-USDT	+0.0329%	4h	93.087	−0.121%	$16.9M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0159%	1h	93.052	−0.159%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0416%	1h	93.131	−0.074%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0467%	1h	93.092	−0.116%	$20.8M	$28.9M	50x	as long as short