Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0195%/8h= +21.4% APRpaid last 24h +0.049%

Price spread now: HTX against Vest+0.252%46s7-day average +0.053% · you sell dearer than you buy

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

Long on Vest Short on HTX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.162%+$16 on $10k

Price spread, last 3 days (all we have)−0.346%−$35 · spread now +0.252%, 7d avg +0.053%

Together, before fees−0.183%+ Points / potential airdropVest: Active · farm board−$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and HTX is 0.199% dearer against Vest than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of +0.053%. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Vest HYPE-PERP	93.415	0.0100	pay 0.0013% / 1h	12m 22s	—	$454K	5x
Short	HTX HYPE-USDT	93.650	0.0295	get 0.0148% / 4h	2h 12m	$1.5M	$7.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Vest. 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 VestbpFee HTXbpOrdersPrice spread, now +0.252%Rate

Funding earned: $40.98
Price spread: +0.252% → +0.053%: $19.92
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee HTX: 6 bp × 2 orders: −$12
Net: $46.9
Costs to cover: 0.140%
Break-even: from the start

Slippage unknown: Vest: 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 Vest no order-book sample	—	—	—	—	—
Sell HTX live order book, 2 min ago	0.96 bp	11.8 bp −$12	15.5 bp −$155	48.3 bp −$4,830	doesn't fit

Vest: 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	−0.0928%	1h	93.452	+0.040%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0263%	1h	93.583	+0.180%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0234%	1h	93.410	−0.005%	$702K	$932K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.359	−0.060%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.364	−0.054%	$90K	$348K	20x	as long as short
Derive HYPE-PERP	−0.0025%	1h	93.364	−0.054%	$16.4M	$7.1M	10x	as long as short
Bullet HYPE-USD	−0.0019%	1h	93.364	−0.054%	$111K	$581K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.459	+0.047%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.395	−0.022%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.391	−0.025%	$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	+0.0015%	4h	93.340	−0.080%	$8.9M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0024%	4h	93.338	−0.082%	$43.9M	$57.5M	75x	as long as short
Bybit HYPEUSDT	+0.0033%	8h	93.340	−0.080%	$325.1M	$287.1M	75x	as long as short
Popdex HYPEUSDT	+0.0040%	1h	93.347	−0.073%	$58K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0057%	4h	93.357	−0.062%	$162K	$541K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.605	+0.204%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.391	−0.025%	$18.6M	$59.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.386	−0.031%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.377	−0.040%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.380	−0.037%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.345	−0.075%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.459	+0.047%	$2.04B	$670.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.376	−0.042%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.338	−0.082%	$385.3M	$889.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.328	−0.093%	$114.6M	$315.1M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.337	−0.083%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.690	+0.294%	$205K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.348	−0.072%	$93.4M	$82.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.353	−0.066%	$46.3M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.363	−0.055%	$226.8M	$102.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.342	−0.078%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.422	+0.008%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.561	+0.156%	$29.2M	$50.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.632	+0.233%	$7.5M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.558	+0.153%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.510	+0.102%	$676K	$2.5M	20x	as long as short
Vest HYPE-PERPlong	+0.0100%	1h	93.415	long leg	—	$454K	5x
Polymarket Perps HYPE-USD	+0.0100%	1h	93.406	−0.009%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.346	−0.074%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.539	+0.133%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.403	−0.013%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.380	−0.037%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.339	−0.081%	$18.3M	$41.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.402	−0.013%	$397K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0112%	8h	93.560	+0.155%	$1.9M	$5.3M	2.3x	as long as short
edgeX HYPEUSDC	+0.0118%	4h	93.534	+0.128%	$5.1M	$29.7M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.500	+0.091%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.348	−0.072%	$78K	$158K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0253%	1h	93.520	+0.113%	$7.4M	$4.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.400	−0.016%	$30K	$291K	12x	as long as short
HTX HYPE-USDTshort	+0.0295%	4h	93.650	+0.252%	$1.5M	$7.6M	75x
BloFin HYPE-USDT	+0.0340%	4h	93.405	−0.010%	$17.1M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0346% / S −0.0171%	1h	93.401	−0.015%	$1.5M	—	100x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.422	+0.008%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.511	+0.103%	$19.1M	$26.1M	50x	as long as short