Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0117%/8h= −12.8% APRpaid last 24h −0.026%

Price spread now: Bluefin against HTX−0.166%7-day average −0.057% · you buy dearer than you sell

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$500.502% of the position

Long on HTX Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.157%−$16 on $10k

Price spread, last 4 days (all we have)+0.187%+$19 · spread now −0.166%, 7d avg −0.057%

Together, before fees+0.030%+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Bluefin is 0.109% cheaper against HTX than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.057%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX HYPE-USDT	93.700	0.0100	pay 0.0050% / 4h	1h 30m	$1.4M	$6.7M	75x
Short	Bluefin HYPE-PERP	93.544	−0.0017	pay 0.0002% / 1h	30m 09s	$79K	$155K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin 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 BluefinbpOrdersPrice spread, now −0.166%Rate

Funding earned: −$24.61
Price spread: −0.166% → −0.057%: −$10.91
Slippage, 4 orders: −$31.17
Fee HTX: 6 bp × 2 orders: −$12
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$85.69
Costs to cover: 0.502%
Break-even: never at this rate

Slippage from HTX: live order book, 4 min ago; Bluefin: live order book, 14 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, 4 min ago	2.46 bp	10.2 bp −$10	15.3 bp −$153	44.7 bp −$4,472	doesn't fit
Sell Bluefin live order book, 14 min ago	3.63 bp	14.9 bp −$15	doesn't fit	doesn't fit	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	−0.1000%	1h	93.453	−0.264%	$198K	$240K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0194%	1h	93.498	−0.216%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0087%	1h	93.420	−0.299%	$703K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0086%	1h	93.533	−0.179%	$111K	$579K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.493	−0.221%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.558	−0.152%	$86K	$369K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0021%	4h	93.537	−0.174%	$145K	$685K	20x	as long as short
Bluefin HYPE-PERPshort	−0.0017%	1h	93.544	−0.166%	$79K	$155K	20x
dYdX HYPE-USD	0.0000%	1h	93.519	−0.193%	$128K	$26K	5x	as long as short
Bybit HYPEUSDT	0.0000%	8h	93.535	−0.176%	$315.6M	$287.9M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.513	−0.199%	$20K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.520	−0.192%	$83K	—	150x	as long as short
BingX HYPE-USDT	+0.0002%	4h	93.560	−0.149%	—	$53.5M	—	as long as short
Derive HYPE-PERP	+0.0007%	1h	93.302	−0.424%	$16.2M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0017%	1h	93.508	−0.205%	$209K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0046%	4h	93.557	−0.153%	$225.4M	$99.6M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0076%	8h	93.565	−0.144%	$334K	$161K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.504	−0.209%	$1.0M	$4.0M	10x	as long as short
edgeX HYPEUSDC	+0.0084%	4h	93.440	−0.277%	$5.0M	$30.6M	30x	as long as short
Phemex HYPEUSDT	+0.0093%	8h	93.557	−0.153%	$12.8M	$2.8M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.557	−0.153%	$16.1M	$64.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.560	−0.149%	$3.1M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.525	−0.187%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.510	−0.203%	$21K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.510	−0.202%	$7.5M	$50.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.603	−0.104%	$2.05B	$682.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.561	−0.148%	$8.8M	$37.0M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.547	−0.163%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.559	−0.150%	$374.4M	$929.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.545	−0.165%	$115.4M	$315.1M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.531	−0.180%	$48.6M	$55.3M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.559	−0.150%	$90.4M	$84.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.549	−0.161%	$46.3M	$18.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.521	−0.191%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.449	−0.268%	$28.7M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.469	−0.247%	$7.5M	$48.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.494	−0.220%	$354K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.466	−0.250%	$677K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.584	−0.124%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.570	−0.139%	$470K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.584	−0.124%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.560	−0.149%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDTlong	+0.0100%	4h	93.700	long leg	$1.4M	$6.7M	75x
Bulk HYPE-USD	+0.0100%	1h	93.438	−0.279%	$216K	$15K	10x	as long as short
Kalshi KXHYPEPERP	+0.0104%	8h	93.542	−0.169%	$1.8M	$5.6M	2.3x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.530	−0.182%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.549	−0.161%	$395K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.600	−0.107%	$4.7M	$6.1M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0152% / S +0.0022%	1h	93.515	−0.197%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.460	−0.256%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.543	−0.168%	$77K	$129K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0284%	1h	93.642	−0.062%	$7.5M	$4.2M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.489	−0.225%	$16.9M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0415%	1h	93.626	−0.079%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.563	−0.146%	$3.2M	$6.4M	20x	as long as short