Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0026%/8h= +2.9% APRpaid last 24h +0.041%

Price spread now: HTX against Backpack+0.277%7-day average +0.039% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$5as in the Price arb table

costs, in and out, $10k−$290.292% of the position

Long on Backpack Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.004%$0 on $10k

Price spread, last 4 days (all we have)−0.373%−$37 · spread now +0.277%, 7d avg +0.039%

Together, before fees−0.376%−$38 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and HTX is 0.238% dearer against Backpack than usual: you sell high and buy low: +$24 more if the spread goes back to its 7-day average of +0.039%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack HYPE_USDC_PERP	94.239	0.0074	pay 0.0009% / 1h	32m 54s	$7.5M	$10.4M	20x
Short	HTX HYPE-USDT	94.500	0.0100	get 0.0050% / 4h	3h 32m	$1.4M	$6.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Backpack. 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 BackpackbpFee HTXbpOrdersPrice spread, now +0.277%Rate

Funding earned: $5.54
Price spread: +0.277% → +0.039%: $23.81
Slippage, 4 orders: −$7.23
Fee Backpack: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: $0.12
Costs to cover: 0.292%
Break-even: 6.9 days

Slippage from Backpack: live order book, 6 min ago; HTX: live order book, 6 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 Backpack live order book, 6 min ago	0.05 bp	5.1 bp −$5	6.3 bp −$63	33.2 bp −$3,324	doesn't fit
Sell HTX live order book, 6 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	−0.0880%	1h	94.602	+0.385%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0618%	1h	94.287	+0.051%	$80K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0308%	1h	94.670	+0.457%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0236%	1h	94.320	+0.086%	$112K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0170%	1h	94.300	+0.065%	$704K	$1.3M	10x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.345	+0.112%	$1.0M	$3.5M	10x	as long as short
Gate HYPE_USDT	−0.0100%	4h	94.274	+0.037%	$51.3M	$55.1M	75x	as long as short
01 Exchange HYPEUSD	−0.0096%	1h	94.376	+0.145%	$89K	$365K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.377	+0.146%	$3K	$331	25x	as long as short
Kraken Futures PF_HYPEUSD	−0.0048%	1h	94.309	+0.074%	$18.9M	$35.4M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0024%	8h	94.240	+0.001%	$317.0M	$296.8M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0008%	4h	94.308	+0.073%	$147K	$681K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.395	+0.165%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.451	+0.225%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.608	+0.391%	$19K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.336	+0.103%	$123K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.654	+0.440%	$210K	$1.2M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.330	+0.097%	$4.7M	$6.3M	50x	as long as short
Bitget HYPEUSDT	+0.0028%	4h	94.270	+0.033%	$226.5M	$99.4M	75x	as long as short
Derive HYPE-PERP	+0.0034%	1h	94.592	+0.375%	$16.3M	$7.5M	10x	as long as short
Vest HYPE-PERP	+0.0041%	1h	94.467	+0.242%	—	$190K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0047%	8h	94.368	+0.137%	$337K	$154K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0049%	8h	94.257	+0.019%	$117.6M	$328.4M	50x	as long as short
Phemex HYPEUSDT	+0.0064%	8h	94.326	+0.092%	$12.9M	$2.9M	50x	as long as short
SoDEX HYPE-USD	+0.0068%	1h	94.330	+0.097%	$2.1M	$2.0M	10x	as long as short
Backpack HYPE_USDC_PERPlong	+0.0074%	1h	94.239	long leg	$7.5M	$10.4M	20x
edgeX HYPEUSDC	+0.0080%	4h	94.626	+0.411%	$5.0M	$30.9M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.328	+0.095%	$16.2M	$62.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.315	+0.081%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.356	+0.124%	$148K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.380	+0.150%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.391	+0.162%	$7.2M	$51.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.415	+0.187%	$2.08B	$686.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.250	+0.011%	$9.5M	$37.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.387	+0.157%	$10.2M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.242	+0.004%	$379.5M	$937.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.564	+0.345%	$220K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.278	+0.041%	$93.4M	$86.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.279	+0.042%	$47.0M	$19.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.247	+0.008%	—	$53.5M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	94.619	+0.404%	$30.0M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.643	+0.429%	$7.6M	$44.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.587	+0.369%	$345K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.634	+0.419%	$696K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.460	+0.235%	$498K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.369	+0.138%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDTshort	+0.0100%	4h	94.500	+0.277%	$1.4M	$6.9M	75x
Extended HYPE-USD	+0.0104%	1h	94.235	−0.004%	$18.4M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.343	+0.111%	$399K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.412	+0.183%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.988%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0237%	1h	94.428	+0.201%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.540	+0.320%	$85K	$104K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	94.382	+0.151%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.303	+0.068%	$17.2M	$12.6M	75x	as long as short