Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0211%/8h= +23.2% APRpaid last 24h +0.056%

Price spread now: HTX against Coinbase International+0.118%7-day average +0.071% · you sell dearer than you buy

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$390.385% of the position

Long on Coinbase International Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.145%+$15 on $10k

Price spread, last 3 days (all we have)−0.133%−$13 · spread now +0.118%, 7d avg +0.071%

Together, before fees+0.013%+$1 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 0.046% dearer against Coinbase International than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.071%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.145% in total (about 7.6% 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	Coinbase International HYPE-PERP-INTX	93.540	0.0144	pay 0.0018% / 1h	2m 07s	$4.9M	$5.5M	50x
Short	HTX HYPE-USDT	93.650	0.0355	get 0.0178% / 4h	3h 02m	$1.5M	$6.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Coinbase International. 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 Coinbase InternationalbpFee HTXbpOrdersPrice spread, now +0.118%Rate

Funding earned: $44.41
Price spread: +0.118% → +0.071%: $4.65
Slippage, 4 orders: −$16.51
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: $10.54
Costs to cover: 0.385%
Break-even: 5.3 days

Slippage from Coinbase International: live order book, 2 min ago; HTX: live order book, 2 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 Coinbase International live order book, 2 min ago	0.53 bp	5.5 bp −$6	12.2 bp −$122	38.7 bp −$3,872	doesn't fit
Sell HTX live order book, 2 min ago	1.76 bp	12.3 bp −$12	20.4 bp −$204	71.7 bp −$7,166	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	−0.1120%	1h	93.805	+0.283%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.372	−0.180%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0190%	1h	93.839	+0.319%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0104%	1h	93.580	+0.043%	$710K	$963K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.477	−0.067%	$85K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.510	−0.032%	$3K	$331	25x	as long as short
dYdX HYPE-USD	−0.0078%	1h	93.595	+0.058%	$128K	$31K	5x	as long as short
Gate HYPE_USDT	−0.0060%	4h	93.476	−0.068%	$44.3M	$60.6M	75x	as long as short
Bullet HYPE-USD	−0.0042%	1h	93.435	−0.112%	$113K	$579K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0039%	4h	93.434	−0.113%	$158K	$644K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0006%	4h	93.444	−0.102%	$8.9M	$36.0M	300x	as long as short
Perpl HYPE	0.0000%	43m	93.501	−0.042%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.469	−0.076%	$27K	—	150x	as long as short
Bybit HYPEUSDT	+0.0019%	8h	93.470	−0.075%	$321.3M	$279.5M	75x	as long as short
Derive HYPE-PERP	+0.0024%	1h	93.440	−0.107%	$16.3M	$7.5M	10x	as long as short
Phemex HYPEUSDT	+0.0024%	8h	93.513	−0.029%	$12.7M	$2.6M	50x	as long as short
Phoenix HYPE	+0.0034%	1h	93.887	+0.371%	$213K	$1.2M	10x	as long as short
Binance HYPEUSDT	+0.0052%	4h	93.492	−0.051%	$381.8M	$897.6M	75x	as long as short
MEXC HYPE_USDT	+0.0054%	4h	93.502	−0.041%	$87.5M	$83.6M	100x	as long as short
Bluefin HYPE-PERP	+0.0067%	1h	93.476	−0.068%	$76K	$170K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0071%	8h	93.490	−0.053%	$115.5M	$313.8M	50x	as long as short
edgeX HYPEUSDC	+0.0074%	4h	93.859	+0.341%	$5.1M	$29.7M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.494	−0.049%	$18.8M	$60.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.514	−0.028%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.475	−0.069%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.461	−0.084%	$398K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.556	+0.017%	$340K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.480	−0.064%	$34K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.523	−0.018%	$6.6M	$44.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.560	+0.021%	$2.04B	$669.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.547	+0.007%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.474	−0.071%	$46.4M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.515	−0.027%	$226.4M	$100.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.495	−0.048%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.437	−0.110%	$7.9M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.768	+0.243%	$31.3M	$53.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.861	+0.343%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.820	+0.299%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.742	+0.216%	$669K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.560	+0.021%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.496	−0.047%	$472K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.515	−0.027%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.457	−0.089%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.894	+0.378%	$204K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.432	−0.116%	$18.3M	$44.9M	50x	as long as short
Coinbase International HYPE-PERP-INTXlong	+0.0144%	1h	93.540	long leg	$4.9M	$5.5M	50x
Injective HYPE/USDC PERP	+0.0205%	1h	93.570	+0.032%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0217%	4h	93.624	+0.090%	$17.0M	$12.0M	75x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.510	−0.032%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0248%	8h	93.761	+0.236%	$1.9M	$5.2M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0253%	1h	93.451	−0.096%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0157%	1h	93.476	−0.069%	$1.4M	—	100x	as long as short
HTX HYPE-USDTshort	+0.0355%	4h	93.650	+0.118%	$1.5M	$6.0M	75x
Deribit HYPE_USDC-PERPETUAL	+0.0552%	1h	93.568	+0.030%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0675%	1h	93.532	−0.008%	$20.9M	$29.8M	50x	as long as short