Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:20 UTC+0.0318%/8h= +34.8% APRpaid last 24h +0.055%

Price spread now: HTX against Perpl+0.133%7-day average +0.036% · you sell dearer than you buy

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

Long on Perpl Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.190%+$19 on $10k

Price spread, last 3 days (all we have)−0.283%−$28 · spread now +0.133%, 7d avg +0.036%

Together, before fees−0.093%+ Points / potential airdropPerpl: Active · farm board−$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and HTX is 0.097% dearer against Perpl than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.036%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.190% in total (about 9.9% 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	Perpl HYPE	93.583	0	get 0.0000% / 43m	14m 12s	$23K	$337K	10x
Short	HTX HYPE-USDT	93.707	0.0318	get 0.0159% / 4h	2h 27m	$1.5M	$7.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Perpl. 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 PerplbpFee HTXbpOrdersPrice spread, now +0.133%Rate

Funding earned: $66.82
Price spread: +0.133% → +0.036%: $9.66
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee HTX: 6 bp × 2 orders: −$12
Net: $50.68
Costs to cover: 0.258%
Break-even: 1.7 days

Slippage unknown: Perpl: 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 Perpl no order-book sample	—	—	—	—	—
Sell HTX live order book, 2 min ago	0.80 bp	9.9 bp −$10	12.9 bp −$129	46.0 bp −$4,605	doesn't fit

Perpl: 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	−0.1016%	1h	93.493	−0.096%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0279%	1h	93.540	−0.046%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0252%	1h	93.510	−0.078%	$701K	$940K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.557	−0.027%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.582	−0.001%	$90K	$349K	20x	as long as short
Bullet HYPE-USD	−0.0037%	1h	93.584	+0.001%	$112K	$583K	20x	as long as short
Derive HYPE-PERP	−0.0009%	1h	93.553	−0.032%	$16.4M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.563	−0.021%	$127K	$32K	5x	as long as short
Perpl HYPElong	0.0000%	43m	93.583	long leg	$23K	$337K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.631	+0.051%	$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	+0.0019%	4h	93.608	+0.027%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0024%	4h	93.612	+0.031%	$44.0M	$56.8M	75x	as long as short
Bybit HYPEUSDT	+0.0036%	8h	93.610	+0.029%	$326.0M	$286.8M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0067%	4h	93.598	+0.016%	$175K	$535K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.590	+0.008%	$216K	$1.2M	10x	as long as short
Popdex HYPEUSDT	+0.0072%	1h	93.561	−0.023%	$57K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.651	+0.073%	$18.6M	$59.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.630	+0.051%	$3.1M	$12.3M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.568	−0.016%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.580	−0.003%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.559	−0.025%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.682	+0.106%	$2.04B	$669.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.576	−0.007%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.612	+0.031%	$386.2M	$887.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.603	+0.022%	$115.0M	$315.5M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.536	−0.050%	$1.2M	$4.0M	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.612	+0.031%	$93.6M	$82.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.607	+0.026%	$46.5M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.626	+0.046%	$227.4M	$102.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.610	+0.029%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.644	+0.066%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.541	−0.045%	$28.9M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.580	−0.003%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.558	−0.026%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.586	+0.004%	$677K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.595	+0.013%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.614	+0.033%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.635	+0.056%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.601	+0.020%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.596	+0.014%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.601	+0.020%	$12.8M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.556	−0.028%	$204K	$12K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.585	+0.002%	$18.3M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.611	+0.030%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0116%	4h	93.544	−0.042%	$5.1M	$29.6M	30x	as long as short
Kalshi KXHYPEPERP	+0.0127%	8h	93.658	+0.080%	$1.9M	$5.3M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0134%	1h	93.693	+0.118%	$7.4M	$4.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.640	+0.061%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.563	−0.021%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.500	−0.088%	$30K	$291K	12x	as long as short
HTX HYPE-USDTshort	+0.0318%	4h	93.707	+0.133%	$1.5M	$7.6M	75x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0164%	1h	93.624	+0.044%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.597	+0.015%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.629	+0.049%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0572%	1h	93.707	+0.133%	$19.2M	$26.0M	50x	as long as short