Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0711%/8h= +77.9% APRpaid last 24h +0.035%

Price spread now: HTX against Bluefin+0.146%7-day average +0.060% · 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−$38as in the Price arb table

costs, in and out, $10k−$470.468% of the position

Long on Bluefin Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.166%+$17 on $10k

Price spread, last 4 days (all we have)−0.143%−$14 · spread now +0.146%, 7d avg +0.060%

Together, before fees+0.023%+$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$21 a day on $10k at the current rate, and HTX is 0.086% dearer against Bluefin than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.060%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.166% in total (about 8.6% 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	Bluefin HYPE-PERP	94.615	−0.0611	get 0.0076% / 1h	36m 09s	$80K	$150K	20x
Short	HTX HYPE-USDT	94.753	0.0100	get 0.0050% / 4h	3h 36m	$1.4M	$6.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Bluefin. 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 BluefinbpFee HTXbpOrdersPrice spread, now +0.146%Rate

Funding earned: $149.33
Price spread: +0.146% → +0.060%: $8.6
Slippage, 4 orders: −$27.77
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: $111.16
Costs to cover: 0.468%
Break-even: 1.8 days

Slippage from Bluefin: live order book, 63 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 Bluefin live order book, 63 min ago	1.75 bp	14.0 bp −$14	doesn't fit	doesn't fit	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	−0.066%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERPlong	−0.0611%	1h	94.615	long leg	$80K	$150K	20x
Aftermath Perps HYPEUSD	−0.0311%	1h	94.683	+0.072%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0212%	1h	94.592	−0.024%	$112K	$578K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0148%	1h	94.530	−0.090%	$704K	$1.3M	10x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.585	−0.032%	$1.0M	$3.5M	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.607	−0.008%	$90K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.588	−0.029%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0080%	4h	94.626	+0.012%	$51.5M	$54.9M	75x	as long as short
Phemex HYPEUSDT	−0.0065%	8h	94.634	+0.020%	$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	+0.026%	$19.0M	$35.4M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	94.628	+0.014%	$147K	$682K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.650	+0.037%	$130K	$94K	5x	as long as short
Bybit HYPEUSDT	0.0000%	8h	94.635	+0.021%	$318.4M	$296.6M	75x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.743	+0.135%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.601	−0.015%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.653	+0.041%	$123K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.747	+0.140%	$210K	$1.2M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.590	−0.026%	$4.7M	$6.4M	50x	as long as short
Bitget HYPEUSDT	+0.0026%	4h	94.630	+0.016%	$227.3M	$99.7M	75x	as long as short
Derive HYPE-PERP	+0.0045%	1h	94.575	−0.042%	$16.3M	$7.5M	10x	as long as short
Vest HYPE-PERP	+0.0048%	1h	94.666	+0.054%	—	$190K	5x	as long as short
OKX HYPE-USDT-SWAP	+0.0052%	8h	94.640	+0.026%	$118.1M	$329.8M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0052%	8h	94.638	+0.024%	$338K	$154K	20x	as long as short
Backpack HYPE_USDC_PERP	+0.0095%	1h	94.590	−0.026%	$7.6M	$10.6M	20x	as long as short
edgeX HYPEUSDC	+0.0096%	4h	94.547	−0.072%	$5.0M	$30.8M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.653	+0.040%	$16.2M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.653	+0.040%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.586	−0.031%	$148K	$1.3M	50x	as long as short
SoDEX HYPE-USD	+0.0098%	1h	94.659	+0.047%	$2.1M	$2.0M	10x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.560	−0.058%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.608	−0.007%	$7.3M	$51.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.763	+0.156%	$2.08B	$685.9M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.643	+0.030%	$9.7M	$37.6M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.632	+0.018%	$10.2M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.646	+0.033%	$381.1M	$939.0M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.564	−0.054%	$220K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.652	+0.039%	$93.9M	$85.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.653	+0.040%	$47.2M	$19.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.621	+0.006%	—	$53.5M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	94.549	−0.069%	$30.0M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.563	−0.055%	$7.6M	$44.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.555	−0.063%	$345K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.556	−0.062%	$694K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.675	+0.063%	$499K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.651	+0.038%	$33K	$1.6M	20x	as long as short
HTX HYPE-USDTshort	+0.0100%	4h	94.753	+0.146%	$1.4M	$6.9M	75x
Extended HYPE-USD	+0.0104%	1h	94.624	+0.010%	$18.4M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.640	+0.026%	$400K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.624	+0.010%	$3.1M	$6.4M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0141%	1h	94.724	+0.115%	$7.5M	$4.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.587%	$31K	$340K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.629	+0.015%	$85K	$113K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	94.670	+0.058%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.614	−0.001%	$17.3M	$12.6M	75x	as long as short