Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0002%/8h= +0.2% APRpaid last 24h +0.041%

Price spread now: HTX against SoDEX+0.099%7-day average +0.055% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$330.329% of the position

Long on SoDEX Short on HTX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.041%+$4 on $10k

Price spread, last 4 days (all we have)−0.109%−$11 · spread now +0.099%, 7d avg +0.055%

Together, before fees−0.068%−$7 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: HTX is 0.045% dearer against SoDEX than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.055%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX HYPE-USD	94.659	0.0098	pay 0.0012% / 1h	35m 41s	$2.1M	$2.0M	10x
Short	HTX HYPE-USDT	94.753	0.0100	get 0.0050% / 4h	3h 35m	$1.4M	$6.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against SoDEX. 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 SoDEXbpFee HTXbpOrdersPrice spread, now +0.099%Rate

Funding earned: $0.43
Price spread: +0.099% → +0.055%: $4.46
Slippage, 4 orders: −$12.92
Fee SoDEX: 4 bp × 2 orders: −$8
Fee HTX: 6 bp × 2 orders: −$12
Net: −$28.04
Costs to cover: 0.329%
Break-even: 467.4 days

Slippage from SoDEX: live order book, 3 min ago; HTX: 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 SoDEX live order book, 3 min ago	0.21 bp	7.3 bp −$7	12.9 bp −$129	102.7 bp −$10.3K	doesn't fit
Sell HTX live order book, 3 min ago	1.42 bp	11.2 bp −$11	15.7 bp −$157	47.1 bp −$4,711	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	−0.0952%	1h	94.552	−0.113%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0611%	1h	94.615	−0.046%	$80K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0311%	1h	94.683	+0.025%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0212%	1h	94.592	−0.071%	$112K	$578K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0155%	1h	94.590	−0.073%	$704K	$1.3M	10x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.585	−0.078%	$1.0M	$3.5M	10x	as long as short
Gate HYPE_USDT	−0.0082%	4h	94.658	−0.001%	$51.5M	$54.9M	75x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.720	+0.064%	$90K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.588	−0.075%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0065%	8h	94.634	−0.026%	$12.9M	$2.9M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.639	−0.021%	$19.0M	$35.4M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	94.628	−0.033%	$147K	$682K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.650	−0.009%	$130K	$94K	5x	as long as short
Bybit HYPEUSDT	0.0000%	8h	94.640	−0.020%	$318.5M	$296.6M	75x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.743	+0.089%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.601	−0.061%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.653	−0.006%	$123K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.747	+0.093%	$210K	$1.2M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.590	−0.073%	$4.7M	$6.4M	50x	as long as short
Bitget HYPEUSDT	+0.0028%	4h	94.679	+0.021%	$227.5M	$99.6M	75x	as long as short
Derive HYPE-PERP	+0.0034%	1h	94.592	−0.071%	$16.3M	$7.5M	10x	as long as short
Vest HYPE-PERP	+0.0048%	1h	94.666	+0.007%	—	$190K	5x	as long as short
OKX HYPE-USDT-SWAP	+0.0052%	8h	94.638	−0.022%	$118.1M	$329.8M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0052%	8h	94.672	+0.014%	$338K	$154K	20x	as long as short
Backpack HYPE_USDC_PERP	+0.0095%	1h	94.590	−0.073%	$7.6M	$10.6M	20x	as long as short
edgeX HYPEUSDC	+0.0096%	4h	94.547	−0.118%	$5.0M	$30.8M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.650	−0.009%	$16.2M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.649	−0.011%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.586	−0.077%	$148K	$1.3M	50x	as long as short
SoDEX HYPE-USDlong	+0.0098%	1h	94.659	long leg	$2.1M	$2.0M	10x
Katana Perps HYPE-USD	+0.0100%	8h	94.660	+0.001%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.608	−0.053%	$7.3M	$51.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.764	+0.111%	$2.08B	$686.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.628	−0.033%	$9.7M	$37.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.681	+0.023%	$10.2M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.650	−0.010%	$381.1M	$938.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.564	−0.100%	$220K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.651	−0.008%	$93.9M	$85.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.642	−0.018%	$47.2M	$19.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.656	−0.003%	—	$53.5M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	94.619	−0.042%	$30.0M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.563	−0.101%	$7.6M	$44.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.555	−0.110%	$345K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.556	−0.109%	$694K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.675	+0.017%	$499K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.651	−0.008%	$33K	$1.6M	20x	as long as short
HTX HYPE-USDTshort	+0.0100%	4h	94.753	+0.099%	$1.4M	$6.9M	75x
Extended HYPE-USD	+0.0104%	1h	94.646	−0.013%	$18.4M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.640	−0.021%	$400K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.710	+0.054%	$3.1M	$6.4M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0141%	1h	94.724	+0.069%	$7.5M	$4.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.540%	$31K	$340K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.629	−0.031%	$85K	$113K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	94.670	+0.011%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.614	−0.048%	$17.3M	$12.6M	75x	as long as short