Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0560%/8h= −61.3% APRpaid last 24h −0.068%

Price spread now: dYdX against HTX−0.108%7-day average −0.038% · you buy dearer than you sell

Net, funding: paid 7d − costs−$98as in the Funding arb table

Net, price: spread back to 7d avg − costs−$87as in the Price arb table

costs, in and out, $10k−$800.801% of the position

Long on HTX Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.184%−$18 on $10k

Price spread, last 3 days (all we have)+0.165%+$16 · spread now −0.108%, 7d avg −0.038%

Together, before fees−0.019%−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and dYdX is 0.070% cheaper against HTX than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.038%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.184% in total (about -9.6% 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	94.233	0.0416	pay 0.0208% / 4h	3h 28m	$1.5M	$6.3M	75x
Short	dYdX HYPE-USD	94.131	−0.0143	pay 0.0018% / 1h	28m 35s	$129K	$31K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.108%Rate

Funding earned: −$117.51
Price spread: −0.108% → −0.038%: −$6.95
Slippage, 4 orders: −$58.09
Fee HTX: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$204.55
Costs to cover: 0.801%
Break-even: never at this rate

Slippage from HTX: live order book, just now; dYdX: live order book, 45 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, just now	2.65 bp	11.5 bp −$11	14.5 bp −$145	54.5 bp −$5,454	doesn't fit
Sell dYdX live order book, 45 min ago	9.10 bp	14.1 bp −$14	49.5 bp −$495	583.9 bp −$58.4K	1713.3 bp −$856.6K

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	−0.1400%	1h	93.937	−0.315%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	94.084	−0.158%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0234%	1h	94.131	−0.109%	$22K	$21K	10x	as long as short
dYdX HYPE-USDshort	−0.0143%	1h	94.131	−0.108%	$129K	$31K	5x
Ondo Perps HYPE-USD.P	−0.0142%	1h	93.950	−0.300%	$706K	$956K	10x	as long as short
Bullet HYPE-USD	−0.0103%	1h	94.034	−0.211%	$112K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.137	−0.102%	$86K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.164	−0.073%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0066%	8h	94.052	−0.192%	$12.8M	$2.6M	50x	as long as short
Bybit HYPEUSDT	−0.0019%	8h	94.120	−0.120%	$323.2M	$280.6M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0018%	4h	93.996	−0.252%	$159K	$645K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.037	−0.208%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.070	−0.173%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0017%	4h	94.146	−0.092%	$8.9M	$36.1M	300x	as long as short
Gate HYPE_USDT	+0.0018%	4h	94.178	−0.058%	$44.6M	$59.7M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	94.121	−0.119%	$219K	$1.2M	10x	as long as short
Binance HYPEUSDT	+0.0048%	4h	94.174	−0.063%	$384.1M	$893.3M	75x	as long as short
MEXC HYPE_USDT	+0.0048%	4h	94.185	−0.051%	$89.3M	$82.7M	100x	as long as short
Derive HYPE-PERP	+0.0056%	1h	93.990	−0.258%	$16.4M	$7.3M	10x	as long as short
edgeX HYPEUSDC	+0.0068%	4h	94.068	−0.176%	$5.1M	$30.0M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0078%	8h	94.118	−0.122%	$116.1M	$318.6M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.218	−0.016%	$19.3M	$59.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.203	−0.032%	$3.0M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.132	−0.107%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.015	−0.232%	$400K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.241	+0.009%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.110	−0.131%	$26K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.177	−0.060%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.233	0.000%	$2.05B	$677.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.190	−0.045%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.162	−0.075%	$46.6M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.162	−0.075%	$228.3M	$100.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.174	−0.063%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.067	−0.176%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.030	−0.215%	$31.5M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.088	−0.154%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.209	−0.025%	$341K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.984	−0.264%	$680K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.159	−0.079%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.187	−0.049%	$481K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.013	−0.233%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.102	−0.139%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.028	−0.218%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.151	−0.087%	$205K	$2K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.177	−0.059%	$18.8M	$44.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.030	−0.215%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0192%	4h	94.018	−0.228%	$17.0M	$12.2M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.273%	$31K	$338K	12x	as long as short
Kalshi KXHYPEPERP	+0.0222%	8h	94.094	−0.148%	$1.9M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.187	−0.049%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.165	−0.073%	$79K	$142K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0152%	1h	94.077	−0.166%	$1.4M	—	100x	as long as short
HTX HYPE-USDTlong	+0.0416%	4h	94.233	long leg	$1.5M	$6.3M	75x
Deribit HYPE_USDC-PERPETUAL	+0.0420%	1h	94.136	−0.103%	$7.5M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.121	−0.119%	$21.0M	$29.7M	50x	as long as short