Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0181%/8h= +19.8% APRpaid last 24h +0.059%

Price spread now: HTX against Ondo Perps+0.253%7-day average +0.125% · you sell dearer than you buy

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

Long on Ondo Perps Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.165%+$17 on $10k

Price spread, last 3 days (all we have)−0.196%−$20 · spread now +0.253%, 7d avg +0.125%

Together, before fees−0.031%+ Points / potential airdropOndo Perps: Active · farm board−$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and HTX is 0.128% dearer against Ondo Perps than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.125%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps HYPE-USD.P	94.100	0.0050	pay 0.0006% / 1h	46m 59s	$704K	$908K	10x
Short	HTX HYPE-USDT	94.338	0.0231	get 0.0116% / 4h	46m 59s	$1.5M	$7.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Ondo Perps. 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 Ondo PerpsbpFee HTXbpOrdersPrice spread, now +0.253%Rate

Funding earned: $37.97
Price spread: +0.253% → +0.125%: $12.79
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee HTX: 6 bp × 2 orders: −$12
Net: $33.76
Costs to cover: 0.170%
Break-even: 0.8 days

Slippage unknown: Ondo Perps: no order-book sample; HTX: live order book, 2 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell HTX live order book, 2 min ago	0.05 bp	10.8 bp −$11	13.9 bp −$139	49.5 bp −$4,949	doesn't fit

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0608%	1h	94.153	+0.056%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0456%	1h	94.045	−0.058%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	94.086	−0.015%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.219	+0.126%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.266	+0.177%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.183	+0.089%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.183	+0.088%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	94.176	+0.081%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0013%	4h	94.159	+0.063%	$165K	$551K	20x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	94.203	+0.109%	$324.8M	$281.3M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0043%	4h	94.217	+0.124%	$9.0M	$35.8M	300x	as long as short
Ondo Perps HYPE-USD.Plong	+0.0050%	1h	94.100	long leg	$704K	$908K	10x
Phemex HYPEUSDT	+0.0055%	8h	94.184	+0.089%	$12.8M	$2.6M	50x	as long as short
01 Exchange HYPEUSD	+0.0072%	1h	94.168	+0.072%	$86K	$364K	20x	as long as short
Gate HYPE_USDT	+0.0074%	4h	94.184	+0.089%	$44.3M	$58.3M	75x	as long as short
MEXC HYPE_USDT	+0.0074%	4h	94.220	+0.128%	$88.4M	$81.0M	100x	as long as short
Binance HYPEUSDT	+0.0079%	4h	94.215	+0.122%	$386.0M	$889.5M	75x	as long as short
edgeX HYPEUSDC	+0.0079%	4h	94.119	+0.021%	$5.1M	$29.8M	30x	as long as short
Derive HYPE-PERP	+0.0095%	1h	94.122	+0.023%	$16.5M	$6.9M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.235	+0.143%	$19.1M	$59.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.222	+0.130%	$3.1M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.149	+0.052%	$64K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.176	+0.081%	$342K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.180	+0.085%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.152	+0.056%	$5.8M	$44.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.212	+0.119%	$10.2M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.198	+0.104%	$116.0M	$319.3M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.095	−0.005%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.214	+0.121%	$47.3M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.236	+0.145%	$228.2M	$102.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.207	+0.114%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.208	+0.115%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.073	−0.028%	$32.2M	$53.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.151	+0.055%	$7.6M	$45.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.127	+0.029%	$336K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.194	+0.100%	$681K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.237	+0.146%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.202	+0.108%	$486K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	94.174	+0.078%	$113K	$577K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.178	+0.083%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.189	+0.095%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.181	+0.086%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.140	+0.043%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.194	+0.100%	$18.7M	$42.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.178	+0.083%	$401K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0126%	8h	94.250	+0.159%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.210	+0.117%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDTshort	+0.0231%	4h	94.338	+0.253%	$1.5M	$7.7M	75x
Deribit HYPE_USDC-PERPETUAL	+0.0238%	1h	94.264	+0.174%	$7.4M	$4.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	94.167	+0.071%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.198	+0.104%	$2.8M	$6.9M	20x	as long as short
BloFin HYPE-USDT	+0.0315%	4h	94.189	+0.095%	$17.0M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0341% / S −0.0165%	1h	94.175	+0.080%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0576%	1h	94.284	+0.195%	$21.1M	$29.1M	50x	as long as short
Hyperliquid HYPE	+0.0677%	1h	94.291	+0.203%	$2.06B	$667.8M	10x	as long as short