Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h +0.015%

Price spread now: HTX against Deribit+0.060%7-day average +0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$360.359% of the position

Long on Deribit Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.078%+$8 on $10k

Price spread, last 3 days (all we have)−0.106%−$11 · spread now +0.060%, 7d avg +0.001%

Together, before fees−0.028%−$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.059% dearer against Deribit than usual: you sell high and buy low (spread +0.060% now, against its 7-day average of +0.001%): +$6 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 21 hours. Mind the row above: over the last 7 days funding on this pair paid +0.078%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.078% in total (about 4.1% 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	Deribit HYPE_USDC-PERPETUAL	93.844	0.0411	pay 0.0051% / 1h	16m 17s	$7.4M	$4.5M	50x
Short	HTX HYPE-USDT	93.900	0.0191	get 0.0095% / 4h	2h 16m	$1.4M	$5.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Deribit. 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 DeribitbpFee HTXbpOrdersPrice spread, now +0.060%Rate

Funding earned: −$46.23
Price spread: +0.060% → +0.001%: $5.88
Slippage, 4 orders: −$16.94
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$76.3
Costs to cover: 0.359%
Break-even: never at this rate

Slippage from Deribit: live order book, 3 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 Deribit live order book, 3 min ago	3.25 bp	6.7 bp −$7	10.9 bp −$109	doesn't fit	doesn't fit
Sell HTX live order book, 3 min ago	1.22 bp	11.6 bp −$12	15.1 bp −$151	53.3 bp −$5,326	doesn't fit

HYPE on 54 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	−0.1056%	1h	93.599	−0.261%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.624	−0.234%	$1.2M	$3.8M	10x	as long as short
Phemex HYPEUSDT	−0.0124%	8h	93.726	−0.126%	$12.7M	$2.7M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0082%	1h	93.779	−0.070%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.702	−0.151%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0066%	1h	93.650	−0.207%	$701K	$921K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0056%	4h	93.727	−0.125%	$156K	$646K	20x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.793	−0.054%	$85K	$349K	20x	as long as short
Backpack HYPE_USDC_PERP	−0.0031%	1h	93.664	−0.192%	$7.8M	$10.3M	20x	as long as short
Gate HYPE_USDT	−0.0006%	4h	93.756	−0.094%	$44.4M	$55.2M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0005%	4h	93.753	−0.097%	$8.9M	$35.8M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.751	−0.099%	$129K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.754	−0.096%	$22K	$325K	10x	as long as short
BingX HYPE-USDT	+0.0002%	4h	93.773	−0.076%	—	$53.6M	—	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.770	−0.078%	$26K	—	150x	as long as short
Bybit HYPEUSDT	+0.0013%	8h	93.732	−0.119%	$321.8M	$279.8M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.766	−0.083%	$213K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0066%	4h	93.746	−0.104%	$89.0M	$83.3M	100x	as long as short
Binance HYPEUSDT	+0.0070%	4h	93.751	−0.099%	$381.6M	$889.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0071%	8h	93.740	−0.111%	$115.3M	$307.7M	50x	as long as short
Bullet HYPE-USD	+0.0073%	1h	93.767	−0.082%	$112K	$577K	20x	as long as short
edgeX HYPEUSDC	+0.0085%	4h	93.690	−0.164%	$5.1M	$30.0M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.770	−0.078%	$16.4M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.756	−0.094%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.778	−0.070%	$67K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.752	−0.098%	$399K	$175K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	93.746	−0.104%	$341K	$164K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.760	−0.090%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.760	−0.090%	$5.7M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.873	+0.031%	$2.05B	$666.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.754	−0.096%	$10.1M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.760	−0.090%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.776	−0.072%	$46.4M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.756	−0.094%	$227.1M	$98.2M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.748	−0.103%	$31.1M	$54.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.737	−0.114%	$7.6M	$47.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.706	−0.147%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.696	−0.158%	$669K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.797	−0.050%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.792	−0.055%	$477K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.730	−0.121%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.723	−0.129%	$16.3M	$7.7M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.850	+0.006%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.737	−0.114%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.714	−0.138%	$18.3M	$44.0M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.870	+0.028%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.610	−0.249%	$30K	$339K	12x	as long as short
HTX HYPE-USDTshort	+0.0191%	4h	93.900	+0.060%	$1.4M	$5.9M	75x
RISEx HYPE/USDC	+0.0210%	1h	93.847	+0.003%	$3.2M	$7.0M	20x	as long as short
Reya HYPERUSDPERP	+0.0255%	1h	93.756	−0.094%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0280%	8h	93.796	−0.051%	$1.9M	$4.9M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0156%	1h	93.771	−0.078%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0411%	1h	93.844	long leg	$7.4M	$4.5M	50x
Kraken Futures PF_HYPEUSD	+0.0680%	1h	93.825	−0.020%	$21.0M	$29.8M	50x	as long as short