Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0058%/8h= +6.4% APRpaid last 24h +0.027%

Price spread now: HTX against Phoenix+0.174%7-day average −0.034% · you sell dearer than you buy

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$11as in the Price arb table

costs, in and out, $10k−$310.313% of the position

Long on Phoenix Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.210%−$21 on $10k

Price spread, last 4 days (all we have)−0.414%−$41 · spread now +0.174%, 7d avg −0.034%

Together, before fees−0.624%−$62 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and HTX is 0.208% dearer against Phoenix than usual: you sell high and buy low: +$21 more if the spread goes back to its 7-day average of −0.034%. Mind the row above: over the last 7 days funding on this pair cost −0.210%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix HYPE	92.888	0.0043	pay 0.0005% / 1h	54m 50s	$210K	$1.2M	10x
Short	HTX HYPE-USDT	93.050	0.0101	get 0.0051% / 4h	3h 54m	$1.4M	$6.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Phoenix. 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 PhoenixbpFee HTXbpOrdersPrice spread, now +0.174%Rate

Funding earned: $12.19
Price spread: +0.174% → −0.034%: $20.81
Slippage, 4 orders: −$12.34
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: $1.67
Costs to cover: 0.313%
Break-even: 6.0 days

Slippage from Phoenix: live order book, 3 min ago; HTX: live order book, 4 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 Phoenix live order book, 3 min ago	1.08 bp	5.5 bp −$6	10.3 bp −$103	doesn't fit	doesn't fit
Sell HTX live order book, 4 min ago	2.10 bp	11.7 bp −$12	14.8 bp −$148	50.9 bp −$5,092	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	92.611	−0.298%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0266%	1h	92.810	−0.084%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.776	−0.121%	$1.1M	$3.9M	10x	as long as short
Gate HYPE_USDT	−0.0134%	4h	92.922	+0.037%	$44.5M	$53.5M	75x	as long as short
ApeX Omni HYPEUSDT	−0.0091%	1h	92.784	−0.112%	$350K	$1.0M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.814	−0.080%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0063%	4h	92.892	+0.004%	$157K	$653K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.772	−0.125%	$127K	$29K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	92.870	−0.019%	$1.8M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	92.800	−0.094%	$22K	$302K	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 −0.0002%	1h	92.897	+0.009%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0038%	8h	92.939	+0.055%	$12.6M	$2.7M	50x	as long as short
Bybit HYPEUSDT	+0.0039%	8h	92.920	+0.034%	$316.5M	$281.9M	75x	as long as short
Phoenix HYPElong	+0.0043%	1h	92.888	long leg	$210K	$1.2M	10x
01 Exchange HYPEUSD	+0.0056%	1h	92.868	−0.022%	$87K	$362K	20x	as long as short
Aster HYPEUSDT	+0.0072%	4h	92.922	+0.037%	$8.7M	$36.2M	300x	as long as short
Bitget HYPEUSDT	+0.0082%	4h	92.919	+0.033%	$225.0M	$98.8M	75x	as long as short
edgeX HYPEUSDC	+0.0088%	4h	92.755	−0.143%	$4.9M	$29.5M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	92.792	−0.104%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.932	+0.047%	$16.1M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.937	+0.053%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.820	−0.073%	$69K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.810	−0.084%	$39K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.767	−0.130%	$7.5M	$45.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.966	+0.084%	$2.02B	$663.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.827	−0.066%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.932	+0.047%	$373.8M	$903.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.929	+0.044%	$114.0M	$304.4M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0100%	1h	92.760	−0.138%	$697K	$1.1M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	−0.095%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.941	+0.057%	$88.2M	$79.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.957	+0.074%	$46.2M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.931	+0.046%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.969	+0.087%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.709	−0.193%	$28.4M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.766	−0.131%	$7.5M	$46.3M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.738	−0.161%	$666K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.873	−0.016%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.871	−0.018%	$468K	$2.6M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	92.841	−0.051%	$111K	$579K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.925	+0.040%	$79K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.900	+0.012%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.913	+0.027%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.925	+0.040%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDTshort	+0.0101%	4h	93.050	+0.174%	$1.4M	$6.3M	75x
Extended HYPE-USD	+0.0104%	1h	92.894	+0.007%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.917	+0.031%	$393K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.960	+0.078%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	93.008	+0.129%	$20.6M	$30.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.760	−0.138%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0264%	1h	92.853	−0.038%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.870	−0.019%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.910	+0.024%	$16.8M	$11.7M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0438%	1h	93.020	+0.142%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.874	−0.015%	$3.2M	$6.4M	20x	as long as short