Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.1048%/8h= −114.8% APRpaid last 24h −0.121%

Price spread now: Arcus against HTX−0.247%7-day average −0.088% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$280.279% of the position

Long on HTX Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.151%−$15 on $10k

Price spread, last 4 days (all we have)+0.398%+$40 · spread now −0.247%, 7d avg −0.088%

Together, before fees+0.247%+$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$31 a day on $10k at the current rate, and Arcus is 0.158% cheaper against HTX than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of −0.088%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.151% in total (about -15.4% 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	HTX HYPE-USDT	92.843	0.0100	pay 0.0050% / 4h	22m 57s	$1.4M	$6.2M	75x
Short	Arcus HYPE-USD	92.614	−0.0948	pay 0.0119% / 1h	22m 57s	$1.1M	$3.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against HTX. 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 HTXbpFee ArcusbpOrdersPrice spread, now −0.247%Rate

Funding earned: −$220.09
Price spread: −0.247% → −0.088%: −$15.83
Slippage, 4 orders: −$11.45
Fee HTX: 6 bp × 2 orders: −$12
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$263.87
Costs to cover: 0.279%
Break-even: never at this rate

Slippage from HTX: live order book, 1 min ago; Arcus: live order book, 1 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 HTX live order book, 1 min ago	0.38 bp	9.4 bp −$9	16.1 bp −$161	51.3 bp −$5,131	doesn't fit
Sell Arcus live order book, 1 min ago	1.84 bp	4.5 bp −$4	7.5 bp −$75	25.3 bp −$2,529	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
Arcus HYPE-USDshort	−0.0948%	1h	92.614	−0.247%	$1.1M	$3.9M	10x
Hibachi HYPE/USDT-P	−0.0264%	1h	92.680	−0.176%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0222%	1h	92.632	−0.227%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.700	−0.154%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0064%	4h	92.641	−0.218%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	92.700	−0.154%	$87K	$359K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.674	−0.182%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.688	−0.167%	$22K	$304K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.696	−0.159%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0021%	8h	92.666	−0.191%	$12.5M	$2.7M	50x	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	+0.0024%	1h	92.640	−0.219%	$697K	$1.1M	10x	as long as short
Bullet HYPE-USD	+0.0027%	1h	92.662	−0.195%	$111K	$579K	20x	as long as short
Aster HYPEUSDT	+0.0035%	4h	92.678	−0.178%	$8.7M	$36.3M	300x	as long as short
BingX HYPE-USDT	+0.0040%	4h	92.676	−0.180%	—	$53.4M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.652	−0.206%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0048%	8h	92.660	−0.197%	$316.5M	$282.0M	75x	as long as short
Gate HYPE_USDT	+0.0082%	4h	92.677	−0.179%	$44.5M	$55.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0086%	8h	92.671	−0.185%	$113.5M	$304.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0093%	8h	92.713	−0.140%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.685	−0.170%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.693	−0.162%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.677	−0.179%	$69K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.660	−0.197%	$41K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.680	−0.175%	$6.5M	$44.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.706	−0.148%	$2.02B	$662.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.705	−0.149%	$10.0M	$15.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.670	−0.186%	$372.2M	$904.8M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.679	−0.177%	$87.5M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.682	−0.173%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.667	−0.190%	$224.3M	$98.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.659	−0.198%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.628	−0.232%	$28.5M	$57.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.667	−0.190%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.679	−0.177%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.665	−0.192%	$664K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.729	−0.123%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.687	−0.168%	$465K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.647	−0.211%	$78K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.670	−0.186%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.676	−0.180%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.682	−0.173%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDTlong	+0.0100%	4h	92.843	long leg	$1.4M	$6.2M	75x
Bulk HYPE-USD	+0.0100%	1h	92.701	−0.153%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.647	−0.211%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.684	−0.171%	$392K	$164K	20x	as long as short
edgeX HYPEUSDC	+0.0117%	4h	92.646	−0.212%	$5.0M	$29.5M	30x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.169%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.720	−0.132%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0242%	8h	92.747	−0.103%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.664	−0.193%	$79K	$134K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.679	−0.177%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0332%	1h	92.743	−0.108%	$20.6M	$30.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.691	−0.164%	$16.6M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0386%	1h	92.768	−0.081%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.742	−0.109%	$3.2M	$6.4M	20x	as long as short