Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0252%/8h= −27.5% APRpaid last 24h −0.059%

Price spread now: 01 Exchange against HTX−0.144%7-day average −0.011% · 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−$47as in the Price arb table

costs, in and out, $10k−$340.338% of the position

Long on HTX Short on 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.066%−$7 on $10k

Price spread, last 3 days (all we have)+0.341%+$34 · spread now −0.144%, 7d avg −0.011%

Together, before fees+0.274%+$27 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and 01 Exchange is 0.133% cheaper against HTX than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.011%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.066% in total (about -7.2% 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	93.483	0.0228	pay 0.0114% / 4h	1h 11m	$1.5M	$7.7M	75x
Short	01 Exchange HYPEUSD	93.348	−0.0024	pay 0.0003% / 1h	11m 47s	$91K	$359K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now −0.144%Rate

Funding earned: −$52.82
Price spread: −0.144% → −0.011%: −$13.3
Slippage, 4 orders: −$14.85
Fee HTX: 6 bp × 2 orders: −$12
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$99.97
Costs to cover: 0.338%
Break-even: never at this rate

Slippage from HTX: live order book, 2 min ago; 01 Exchange: live order book, 7 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, 2 min ago	2.14 bp	10.9 bp −$11	14.2 bp −$142	48.9 bp −$4,892	doesn't fit
Sell 01 Exchange live order book, 7 min ago	0.11 bp	6.4 bp −$6	9.1 bp −$91	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	−0.0450%	1h	93.258	−0.240%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0376%	1h	93.322	−0.172%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.196	−0.307%	$1.2M	$3.9M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0123%	1h	93.190	−0.313%	$699K	$912K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.313	−0.182%	$3K	$331	25x	as long as short
01 Exchange HYPEUSDshort	−0.0024%	1h	93.348	−0.144%	$91K	$359K	20x
dYdX HYPE-USD	0.0000%	1h	93.308	−0.187%	$127K	$32K	5x	as long as short
Popdex HYPEUSDT	0.0000%	1h	93.317	−0.178%	$57K	$1.2M	50x	as long as short
Perpl HYPE	0.0000%	43m	93.310	−0.185%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.351	−0.141%	$27K	—	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	+0.0003%	4h	93.291	−0.205%	$8.9M	$35.8M	300x	as long as short
Orderly PERP_HYPE_USDC	+0.0019%	4h	93.339	−0.154%	$176K	$524K	20x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	93.250	−0.249%	$323.0M	$283.6M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.249	−0.250%	$214K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0042%	1h	93.323	−0.171%	$112K	$578K	20x	as long as short
Derive HYPE-PERP	+0.0047%	1h	93.282	−0.214%	$16.3M	$7.0M	10x	as long as short
Gate HYPE_USDT	+0.0062%	4h	93.287	−0.210%	$44.0M	$58.7M	75x	as long as short
Binance HYPEUSDT	+0.0065%	4h	93.274	−0.224%	$382.9M	$889.3M	75x	as long as short
MEXC HYPE_USDT	+0.0066%	4h	93.271	−0.227%	$90.2M	$82.3M	100x	as long as short
edgeX HYPEUSDC	+0.0085%	4h	93.171	−0.333%	$5.1M	$29.7M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.329	−0.164%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.320	−0.174%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.329	−0.165%	$397K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.282	−0.215%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.300	−0.196%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.322	−0.173%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.320	−0.174%	$2.03B	$669.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.292	−0.204%	$10.0M	$14.4M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.258	−0.241%	$114.2M	$313.0M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.232	−0.268%	$204K	$8K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.296	−0.200%	$47.0M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.281	−0.216%	$226.2M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.270	−0.228%	—	$53.7M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.313	−0.182%	$7.8M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.203	−0.299%	$29.0M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.199	−0.304%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.153	−0.353%	$414K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.317	−0.178%	$675K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.355	−0.136%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.351	−0.141%	$494K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.321	−0.173%	$75K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.348	−0.144%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.316	−0.179%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.299	−0.197%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.260	−0.238%	$18.2M	$41.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0119%	8h	93.374	−0.117%	$1.9M	$5.2M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.440	−0.046%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDTlong	+0.0228%	4h	93.483	long leg	$1.5M	$7.7M	75x
Injective HYPE/USDC PERP	+0.0239%	1h	93.420	−0.067%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.322	−0.172%	$77K	$159K	15x	as long as short
BloFin HYPE-USDT	+0.0268%	4h	93.316	−0.179%	$16.8M	$12.4M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.373	−0.118%	$2.7M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0307%	1h	93.414	−0.074%	$7.4M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.349	−0.144%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.413	−0.075%	$20.9M	$28.9M	50x	as long as short