Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.1393%/8h= +152.6% APRpaid last 24h +0.257%

Price spread now: HTX against Hibachi+0.087%7-day average +0.125% · you sell dearer than you buy

Net, funding: paid 7d − costs+$89as in the Funding arb table

Net, price: spread back to 7d avg − costs−$83as in the Price arb table

costs, in and out, $10k−$790.790% of the position

Long on Hibachi Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+1.683%+$168 on $10k

Price spread, last 3 days (all we have)−0.001%$0 · spread now +0.087%, 7d avg +0.125%

Together, before fees+1.682%+ Points / potential airdropHibachi: Active · farm board+$168 on $10k · with fees, hour by hour

Funding pays, the price is against you. HTX is 0.038% cheaper against Hibachi than usual: you would sell low and buy high (spread +0.087% now, against its 7-day average of +0.125%). If the spread goes back, that is −$4 on $10k: about 2 hours of funding at the current rate (+$42 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi HYPE/USDT-P	93.170	−0.1072	get 0.0134% / 1h	56m 15s	$196K	$229K	7x
Short	HTX HYPE-USDT	93.251	0.0321	get 0.0161% / 4h	2h 56m	$1.5M	$6.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Hibachi. 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 HibachibpFee HTXbpOrdersPrice spread, now +0.087%Rate

Funding earned: $292.6
Price spread: +0.087% → +0.125%: −$3.85
Slippage, 4 orders: −$57.99
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee HTX: 6 bp × 2 orders: −$12
Net: $209.76
Costs to cover: 0.790%
Break-even: 2.0 days

Slippage from Hibachi: live order book, 13 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 Hibachi live order book, 13 min ago	20.74 bp	25.2 bp −$25	44.6 bp −$446	doesn't fit	doesn't fit
Sell HTX live order book, 3 min ago	0.75 bp	9.3 bp −$9	15.6 bp −$156	72.2 bp −$7,215	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-Plong	−0.1072%	1h	93.170	long leg	$196K	$229K	7x
Arcus HYPE-USD	−0.0786%	1h	92.960	−0.226%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0184%	1h	93.447	+0.297%	$22K	$21K	10x	as long as short
Backpack HYPE_USDC_PERP	−0.0146%	1h	93.084	−0.093%	$7.8M	$10.6M	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.069	−0.109%	$85K	$360K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.171	+0.001%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0080%	4h	93.016	−0.166%	$44.0M	$53.5M	75x	as long as short
Bluefin HYPE-PERP	−0.0061%	1h	93.080	−0.097%	$79K	$173K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0045%	4h	93.028	−0.153%	$158K	$648K	20x	as long as short
Aster HYPEUSDT	−0.0031%	4h	93.068	−0.110%	$8.9M	$36.2M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	−0.0022%	1h	93.030	−0.151%	$702K	$959K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.198	+0.029%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.105	−0.070%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.065	−0.114%	$25K	—	150x	as long as short
BingX HYPE-USDT	+0.0014%	4h	93.026	−0.155%	—	$54.1M	—	as long as short
Derive HYPE-PERP	+0.0029%	1h	93.013	−0.169%	$16.2M	$7.6M	10x	as long as short
Bybit HYPEUSDT	+0.0029%	8h	93.048	−0.131%	$319.3M	$280.7M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.318	+0.158%	$212K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0040%	4h	93.072	−0.106%	$86.4M	$81.3M	100x	as long as short
Bullet HYPE-USD	+0.0041%	1h	93.023	−0.158%	$112K	$579K	20x	as long as short
Binance HYPEUSDT	+0.0042%	4h	93.063	−0.115%	$378.4M	$901.4M	75x	as long as short
edgeX HYPEUSDC	+0.0061%	4h	93.333	+0.175%	$5.1M	$29.6M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0068%	8h	93.045	−0.135%	$114.8M	$313.3M	50x	as long as short
Phemex HYPEUSDT	+0.0079%	8h	93.112	−0.063%	$12.6M	$2.7M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.071	−0.107%	$396K	$177K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.078	−0.099%	$18.6M	$58.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.081	−0.096%	$3.0M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.060	−0.118%	$64K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	93.172	+0.002%	$338K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.070	−0.108%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.072	−0.105%	$6.5M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.129	−0.044%	$2.03B	$672.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.126	−0.048%	$10.0M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.092	−0.084%	$45.9M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.070	−0.108%	$225.2M	$100.7M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.991	−0.193%	$30.4M	$54.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.339	+0.181%	$7.5M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.352	+0.195%	$338K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.280	+0.118%	$666K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.159	−0.012%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.107	−0.068%	$473K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.127	−0.047%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.066	−0.112%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.250	+0.085%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.048	−0.131%	$18.3M	$44.7M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.100	−0.076%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.150	−0.022%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0168%	4h	93.171	+0.001%	$17.0M	$12.0M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.112	−0.063%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0252%	8h	93.203	+0.035%	$1.9M	$5.2M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0253%	1h	93.075	−0.103%	$79K	$143K	15x	as long as short
HTX HYPE-USDTshort	+0.0321%	4h	93.251	+0.087%	$1.5M	$6.1M	75x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0158%	1h	93.068	−0.110%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0599%	1h	93.180	+0.010%	$7.4M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0685%	1h	93.143	−0.030%	$20.8M	$29.9M	50x	as long as short