Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0345%/8h= −37.7% APRpaid last 24h −0.038%

Price spread now: Extended against HTX−0.202%7-day average −0.084% · you buy dearer than you sell

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$250.245% of the position

Long on HTX Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.025%−$2 on $10k

Price spread, last 3 days (all we have)+0.228%+$23 · spread now −0.202%, 7d avg −0.084%

Together, before fees+0.203%+ Points / potential airdropExtended: Active · farm board+$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Extended is 0.117% cheaper against HTX than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.084%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.025% in total (about -1.3% 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	94.428	0.0449	pay 0.0224% / 4h	3h 35m	$1.5M	$6.3M	75x
Short	Extended HYPE-USD	94.237	0.0104	get 0.0013% / 1h	35m 02s	$19.1M	$44.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.202%Rate

Funding earned: −$72.36
Price spread: −0.202% → −0.084%: −$11.74
Slippage, 4 orders: −$7.54
Fee HTX: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$108.64
Costs to cover: 0.245%
Break-even: never at this rate

Slippage from HTX: live order book, 4 min ago; Extended: 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	0.05 bp	9.5 bp −$9	11.6 bp −$116	46.1 bp −$4,614	doesn't fit
Sell Extended live order book, 4 min ago	0.05 bp	2.6 bp −$3	3.4 bp −$34	27.2 bp −$2,723	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	−0.1448%	1h	94.155	−0.290%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	94.174	−0.269%	$1.2M	$3.8M	10x	as long as short
Phemex HYPEUSDT	−0.0268%	8h	94.233	−0.207%	$12.8M	$2.6M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0263%	1h	94.150	−0.294%	$22K	$23K	10x	as long as short
dYdX HYPE-USD	−0.0185%	1h	94.245	−0.194%	$129K	$30K	5x	as long as short
Ondo Perps HYPE-USD.P	−0.0158%	1h	94.220	−0.220%	$710K	$947K	10x	as long as short
Bullet HYPE-USD	−0.0094%	1h	94.242	−0.197%	$112K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.258	−0.180%	$86K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.260	−0.178%	$3K	$331	25x	as long as short
Bybit HYPEUSDT	−0.0019%	8h	94.250	−0.189%	$323.8M	$280.8M	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	−0.0012%	4h	94.258	−0.180%	$166K	$604K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.289	−0.147%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.279	−0.158%	$27K	—	150x	as long as short
Gate HYPE_USDT	+0.0016%	4h	94.258	−0.180%	$44.6M	$59.6M	75x	as long as short
Aster HYPEUSDT	+0.0024%	4h	94.266	−0.171%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	94.173	−0.270%	$219K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0048%	4h	94.249	−0.190%	$89.6M	$82.4M	100x	as long as short
Derive HYPE-PERP	+0.0048%	1h	94.208	−0.233%	$16.5M	$7.3M	10x	as long as short
Binance HYPEUSDT	+0.0051%	4h	94.250	−0.189%	$384.4M	$893.3M	75x	as long as short
edgeX HYPEUSDC	+0.0058%	4h	94.030	−0.421%	$5.1M	$29.8M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0081%	8h	94.256	−0.182%	$116.4M	$319.5M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.311	−0.124%	$19.1M	$58.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.276	−0.161%	$3.1M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.245	−0.194%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.254	−0.184%	$401K	$193K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.314	−0.121%	$343K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.250	−0.189%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.249	−0.189%	$6.7M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.367	−0.065%	$2.06B	$675.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.291	−0.145%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.264	−0.174%	$46.7M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.265	−0.173%	$228.6M	$100.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.248	−0.191%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.275	−0.162%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.220	−0.220%	$31.8M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.045	−0.406%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.252	−0.186%	$341K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.245	−0.194%	$682K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.281	−0.156%	—	$271K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.266	−0.172%	$481K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.232	−0.208%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.319	−0.115%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.243	−0.196%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.120	−0.326%	$205K	$4K	10x	as long as short
Extended HYPE-USDshort	+0.0104%	1h	94.237	−0.202%	$19.1M	$44.2M	50x
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.280	−0.157%	$5.0M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0204%	4h	94.247	−0.192%	$17.0M	$12.3M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.066%	$31K	$338K	12x	as long as short
Kalshi KXHYPEPERP	+0.0209%	8h	94.307	−0.128%	$1.9M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.299	−0.137%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.242	−0.197%	$79K	$145K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0153%	1h	94.266	−0.171%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0355%	1h	94.337	−0.096%	$7.5M	$4.7M	50x	as long as short
HTX HYPE-USDTlong	+0.0449%	4h	94.428	long leg	$1.5M	$6.3M	75x
Kraken Futures PF_HYPEUSD	+0.0669%	1h	94.341	−0.092%	$21.1M	$29.7M	50x	as long as short