Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0214%/8h= +23.4% APRpaid last 24h −0.022%

Price spread now: Deribit against HTX−0.051%7-day average +0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$300.302% of the position

Long on HTX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.085%−$9 on $10k

Price spread, last 3 days (all we have)+0.127%+$13 · spread now −0.051%, 7d avg +0.001%

Together, before fees+0.041%+$4 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.052% cheaper against HTX than usual: you would sell low and buy high (spread −0.051% now, against its 7-day average of +0.001%). If the spread goes back, that is −$5 on $10k: about 20 hours of funding at the current rate (+$6 a day). Mind the row above: over the last 7 days funding on this pair cost −0.085%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.085% in total (about -4.5% 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	93.648	0.0210	pay 0.0105% / 4h	25m 06s	$1.5M	$7.8M	75x
Short	Deribit HYPE_USDC-PERPETUAL	93.600	0.0424	get 0.0053% / 1h	25m 06s	$7.4M	$4.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.051%Rate

Funding earned: $44.84
Price spread: −0.051% → +0.001%: −$5.23
Slippage, 4 orders: −$11.23
Fee HTX: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $9.38
Costs to cover: 0.302%
Break-even: 5.5 days

Slippage from HTX: live order book, 4 min ago; Deribit: live order book, 4 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	0.85 bp	8.8 bp −$9	13.6 bp −$136	34.3 bp −$3,432	doesn't fit
Sell Deribit live order book, 4 min ago	0.64 bp	4.1 bp −$4	11.8 bp −$118	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	−0.0928%	1h	93.480	−0.179%	$198K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0375%	1h	93.654	+0.007%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.354	−0.314%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.496	−0.162%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0078%	1h	93.440	−0.222%	$703K	$909K	10x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.427	−0.236%	$86K	$366K	20x	as long as short
Derive HYPE-PERP	−0.0002%	1h	93.424	−0.239%	$16.3M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.492	−0.167%	$127K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.480	−0.179%	$23K	$329K	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0001%	4h	93.473	−0.187%	$166K	$583K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.515	−0.142%	$26K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	93.618	−0.032%	$214K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0011%	4h	93.515	−0.142%	$8.9M	$36.0M	300x	as long as short
Bybit HYPEUSDT	+0.0018%	8h	93.502	−0.156%	$321.3M	$283.4M	75x	as long as short
Binance HYPEUSDT	+0.0052%	4h	93.519	−0.138%	$382.2M	$896.2M	75x	as long as short
MEXC HYPE_USDT	+0.0054%	4h	93.514	−0.143%	$87.7M	$81.8M	100x	as long as short
edgeX HYPEUSDC	+0.0064%	4h	93.635	−0.013%	$5.1M	$29.7M	30x	as long as short
Phemex HYPEUSDT	+0.0073%	8h	93.530	−0.126%	$12.7M	$2.6M	50x	as long as short
Gate HYPE_USDT	+0.0078%	4h	93.506	−0.152%	$43.9M	$59.6M	75x	as long as short
Popdex HYPEUSDT	+0.0088%	1h	93.455	−0.206%	$59K	$1.2M	50x	as long as short
Bullet HYPE-USD	+0.0092%	1h	93.475	−0.185%	$113K	$577K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.567	−0.087%	$18.8M	$60.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.524	−0.132%	$3.0M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.505	−0.152%	$398K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.488	−0.171%	$340K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.440	−0.222%	$43K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.507	−0.150%	$5.7M	$44.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.485	−0.174%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.518	−0.139%	$115.2M	$320.2M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.625	−0.025%	$204K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.507	−0.151%	$46.3M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.526	−0.130%	$226.5M	$102.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.510	−0.147%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.548	−0.107%	$7.8M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.574	−0.079%	$31.2M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.619	−0.031%	$7.6M	$45.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.646	−0.002%	$346K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.611	−0.040%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.513	−0.145%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.497	−0.161%	$490K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.481	−0.178%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.518	−0.139%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.514	−0.143%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.814%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.489	−0.170%	$18.3M	$42.8M	50x	as long as short
Kalshi KXHYPEPERP	+0.0132%	8h	93.556	−0.098%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.560	−0.094%	$4.9M	$5.7M	50x	as long as short
Hyperliquid HYPE	+0.0190%	1h	93.554	−0.100%	$2.03B	$677.0M	10x	as long as short
BloFin HYPE-USDT	+0.0208%	4h	93.521	−0.136%	$17.1M	$12.6M	75x	as long as short
HTX HYPE-USDTlong	+0.0210%	4h	93.648	long leg	$1.5M	$7.8M	75x
Reya HYPERUSDPERP	+0.0249%	1h	93.480	−0.180%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.483	−0.176%	$2.8M	$6.9M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0337% / S −0.0163%	1h	93.509	−0.148%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUALshort	+0.0424%	1h	93.600	−0.051%	$7.4M	$4.6M	50x
Kraken Futures PF_HYPEUSD	+0.0580%	1h	93.613	−0.037%	$20.9M	$29.5M	50x	as long as short