Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0140%/8h= +15.3% APRpaid last 24h +0.068%

Price spread now: HTX against Bullet+0.060%50s7-day average +0.048% · 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—prices read too far apart to compare

costs, in and out, $10k−$320.324% of the position

Long on Bullet Short on HTX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.074%+$7 on $10k

Price spread, last 4 days (all we have)−0.181%−$18 · spread now +0.060%, 7d avg +0.048%

Together, before fees−0.107%−$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.048%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate. The two prices were read 50 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	Bullet HYPE-USD	94.997	−0.0040	get 0.0005% / 1h	46m 29s	$113K	$581K	20x
Short	HTX HYPE-USDT	95.054	0.0100	get 0.0050% / 4h	1h 46m	$1.4M	$5.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Bullet. 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 BulletbpFee HTXbpOrdersPrice spread, now +0.060%Rate

Funding earned: $29.31
Price spread: +0.060% → +0.048%: $1.22
Slippage, 4 orders: −$12.4
Fee Bullet: 4 bp × 2 orders: −$8
Fee HTX: 6 bp × 2 orders: −$12
Net: −$1.88
Costs to cover: 0.324%
Break-even: 7.4 days

Slippage from Bullet: live order book, 1 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 Bullet live order book, 1 min ago	0.47 bp	6.4 bp −$6	12.1 bp −$121	doesn't fit	doesn't fit
Sell HTX live order book, 6 min ago	1.10 bp	11.3 bp −$11	14.5 bp −$145	42.9 bp −$4,294	doesn't fit

HYPE on 54 exchanges

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	−0.0944%	1h	95.018	+0.022%	$220K	$269K	7x	as long as short
Phemex HYPEUSDT	−0.0253%	8h	94.982	−0.015%	$12.9M	$2.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0252%	1h	94.937	−0.063%	$18.5M	$35.2M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0174%	1h	94.910	−0.091%	$687K	$1.2M	10x	as long as short
Lighter HYPE	−0.0168%	1h	94.987	−0.011%	$16.3M	$57.6M	20x	as long as short
01 Exchange HYPEUSD	−0.0136%	1h	94.987	−0.010%	$98K	$343K	20x	as long as short
Arcus HYPE-USD	−0.0130%	1h	94.972	−0.026%	$1.1M	$2.4M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0118%	1h	95.116	+0.126%	$22K	$17K	10x	as long as short
Gate HYPE_USDT	−0.0096%	4h	94.971	−0.027%	$54.8M	$53.2M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.009	+0.013%	$3K	$331	25x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni HYPEUSDT	−0.0068%	1h	95.141	+0.152%	$342K	$887K	50x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	94.910	−0.091%	$4.7M	$5.5M	50x	as long as short
Aster HYPEUSDT	−0.0055%	4h	94.990	−0.007%	$8.9M	$32.7M	300x	as long as short
Popdex HYPEUSDT	−0.0048%	1h	94.986	−0.011%	$273K	$1.0M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0047%	4h	94.888	−0.114%	$147K	$643K	20x	as long as short
Bullet HYPE-USDlong	−0.0040%	1h	94.997	long leg	$113K	$581K	20x
OKX HYPE-USDT-SWAP	−0.0016%	8h	94.970	−0.028%	$119.0M	$302.8M	50x	as long as short
Phoenix HYPE	−0.0008%	1h	94.963	−0.035%	$199K	$1.1M	10x	as long as short
SoDEX HYPE-USD	0.0000%	1h	94.925	−0.075%	$2.1M	$339K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.991	−0.006%	$129K	$94K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.949	−0.050%	$24K	$250K	10x	as long as short
Deribit HYPE_USDC-PERPETUAL	0.0000%	1h	95.011	+0.015%	$7.5M	$4.3M	50x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.975	−0.022%	$99K	—	150x	as long as short
Bitget HYPEUSDT	+0.0014%	4h	94.987	−0.010%	$228.3M	$86.7M	75x	as long as short
Bybit HYPEUSDT	+0.0018%	8h	94.985	−0.012%	$319.8M	$264.5M	75x	as long as short
StandX HYPE-USD	+0.0057%	1h	94.992	−0.005%	$691K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0067%	1h	94.911	−0.090%	$79K	$135K	20x	as long as short
MEXC HYPE_USDT	+0.0068%	4h	94.992	−0.005%	$89.9M	$83.5M	100x	as long as short
Binance HYPEUSDT	+0.0069%	4h	95.003	+0.006%	$381.8M	$849.2M	75x	as long as short
edgeX HYPEUSDC	+0.0072%	4h	95.113	+0.122%	$5.1M	$29.2M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0077%	8h	95.001	+0.004%	$339K	$30K	20x	as long as short
Bulk HYPE-USD	+0.0091%	1h	94.990	−0.007%	$231K	$14K	10x	as long as short
BingX HYPE-USDT	+0.0092%	4h	94.978	−0.020%	—	$49.0M	—	as long as short
Lighter RH HYPE	+0.0096%	1h	95.007	+0.011%	$3.4M	$10.1M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	94.920	−0.081%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.011	+0.016%	$7.3M	$51.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.017	+0.021%	$10.2M	$13.2M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.998	+0.001%	$47.3M	$17.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.000	+0.003%	$7.3M	$10.8M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.111	+0.120%	$30.0M	$53.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.984	−0.013%	$7.7M	$38.7M	10x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.017	+0.021%	$505K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.986	−0.011%	$32K	$1.4M	20x	as long as short
HTX HYPE-USDTshort	+0.0100%	4h	95.054	+0.060%	$1.4M	$5.3M	75x
Vest HYPE-PERP	+0.0100%	1h	95.041	+0.047%	—	$80K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.954	−0.045%	$18.4M	$39.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.901	−0.101%	$401K	$130K	20x	as long as short
Hyperliquid HYPE	+0.0107%	1h	95.110	+0.119%	$2.11B	$646.8M	10x	as long as short
Kalshi KXHYPEPERP	+0.0125%	8h	95.030	+0.035%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.017	+0.021%	$3.2M	$5.5M	20x	as long as short
Reya HYPERUSDPERP	+0.0269%	1h	94.949	−0.050%	$85K	$90K	15x	as long as short
BloFin HYPE-USDT	+0.0307%	4h	94.897	−0.105%	$17.3M	$11.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	94.960	−0.039%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.500	+0.530%	$31K	$334K	12x	as long as short