Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0123%/8h= −13.4% APRpaid last 24h −0.054%

Price spread now: Coinbase International against HTX−0.118%7-day average −0.072% · you buy dearer than you sell

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$370.372% of the position

Long on HTX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.145%−$14 on $10k

Price spread, last 3 days (all we have)+0.112%+$11 · spread now −0.118%, 7d avg −0.072%

Together, before fees−0.033%−$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 Coinbase International is 0.046% cheaper against HTX than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.072%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX HYPE-USDT	93.490	0.0259	pay 0.0129% / 4h	2h 46m	$1.4M	$6.1M	75x
Short	Coinbase International HYPE-PERP-INTX	93.380	0.0136	get 0.0017% / 1h	46m 39s	$4.9M	$5.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.118%Rate

Funding earned: −$25.76
Price spread: −0.118% → −0.072%: −$4.58
Slippage, 4 orders: −$15.24
Fee HTX: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$67.58
Costs to cover: 0.372%
Break-even: never at this rate

Slippage from HTX: live order book, 2 min ago; Coinbase International: 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 HTX live order book, 2 min ago	0.05 bp	8.2 bp −$8	15.7 bp −$157	58.7 bp −$5,870	doesn't fit
Sell Coinbase International live order book, 2 min ago	2.67 bp	8.3 bp −$8	12.6 bp −$126	35.9 bp −$3,586	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	−0.1064%	1h	93.383	−0.114%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.182	−0.329%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0184%	1h	93.371	−0.127%	$22K	$21K	10x	as long as short
Backpack HYPE_USDC_PERP	−0.0125%	1h	93.296	−0.208%	$7.8M	$10.6M	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0124%	1h	93.240	−0.267%	$698K	$977K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.377	−0.121%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0080%	4h	93.364	−0.135%	$44.2M	$53.9M	75x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.404	−0.092%	$85K	$361K	20x	as long as short
Phemex HYPEUSDT	−0.0064%	8h	93.331	−0.170%	$12.7M	$2.7M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0052%	4h	93.304	−0.199%	$158K	$646K	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	−0.0026%	4h	93.347	−0.153%	$8.9M	$36.2M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.318	−0.185%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.426	−0.068%	$22K	$333K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.382	−0.116%	$26K	—	150x	as long as short
BingX HYPE-USDT	+0.0016%	4h	93.297	−0.206%	—	$54.3M	—	as long as short
Bybit HYPEUSDT	+0.0018%	8h	93.277	−0.228%	$319.2M	$283.1M	75x	as long as short
Bullet HYPE-USD	+0.0029%	1h	93.346	−0.154%	$111K	$579K	20x	as long as short
Bluefin HYPE-PERP	+0.0033%	1h	93.337	−0.164%	$79K	$174K	20x	as long as short
MEXC HYPE_USDT	+0.0044%	4h	93.305	−0.198%	$88.2M	$82.4M	100x	as long as short
Binance HYPEUSDT	+0.0044%	4h	93.316	−0.187%	$380.4M	$904.9M	75x	as long as short
Derive HYPE-PERP	+0.0058%	1h	93.301	−0.203%	$16.2M	$7.6M	10x	as long as short
Phoenix HYPE	+0.0060%	1h	93.190	−0.321%	$212K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0062%	4h	93.437	−0.057%	$5.1M	$29.9M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0065%	8h	93.282	−0.222%	$115.0M	$315.3M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.345	−0.155%	$397K	$177K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.341	−0.159%	$16.4M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.356	−0.143%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.407	−0.089%	$64K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.397	−0.100%	$339K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.420	−0.075%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.334	−0.166%	$6.6M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.441	−0.052%	$2.04B	$675.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.345	−0.155%	$10.0M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.404	−0.092%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.365	−0.134%	$46.0M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.300	−0.203%	$225.8M	$100.7M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.281	−0.224%	$30.9M	$55.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.420	−0.075%	$7.5M	$47.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.460	−0.032%	$338K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.508	+0.019%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.437	−0.057%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.417	−0.078%	$467K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.416	−0.079%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.304	−0.199%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.257	−0.249%	$18.4M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTXshort	+0.0136%	1h	93.380	−0.118%	$4.9M	$5.5M	50x
Injective HYPE/USDC PERP	+0.0137%	1h	93.250	−0.257%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0175%	4h	93.407	−0.089%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.367	−0.132%	$2.7M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0253%	1h	93.357	−0.142%	$79K	$142K	15x	as long as short
HTX HYPE-USDTlong	+0.0259%	4h	93.490	long leg	$1.4M	$6.1M	75x
Kalshi KXHYPEPERP	+0.0259%	8h	93.441	−0.052%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0158%	1h	93.379	−0.119%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0489%	1h	93.392	−0.105%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0683%	1h	93.374	−0.124%	$20.8M	$30.0M	50x	as long as short