Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.023%

Price spread now: Injective against HTX−0.270%65s7-day average +0.112% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on HTX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+2.177%+$218 on $10k

Price spread, last 4 days (all we have)+0.371%+$37 · spread now −0.270%, 7d avg +0.112%

Together, before fees+2.548%+$255 on $10k · with fees, hour by hour

Funding pays, the price is against you. Injective is 0.382% cheaper against HTX than usual: you would sell low and buy high (spread −0.270% now, against its 7-day average of +0.112%). If the spread goes back, that is −$38 on $10k: about 25 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+2.177% in total) that is about 29 hours. The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX HYPE-USDT	92.841	0.0100	pay 0.0050% / 4h	23m 38s	$1.4M	$6.2M	75x
Short	Injective HYPE/USDC PERP	92.590	0.0150	get 0.0019% / 1h	23m 38s	$30K	$339K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.270%Rate

Funding earned: $10.6
Price spread: −0.270% → +0.112%: −$38.21
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$39.63
Costs to cover: 0.120%
Break-even: 33.2 days

Slippage unknown: HTX: live order book, just now; Injective: live order book, 35 min ago. Net counts fees only.

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	0.38 bp	9.4 bp −$9	16.1 bp −$161	51.3 bp −$5,131	doesn't fit
Sell Injective live order book, 35 min ago	14.57 bp	3718.7 bp −$3,719	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
Arcus HYPE-USD	−0.0948%	1h	92.614	−0.245%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0264%	1h	92.680	−0.174%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0222%	1h	92.616	−0.243%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.700	−0.152%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	92.672	−0.182%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	92.747	−0.101%	$87K	$359K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.674	−0.179%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.692	−0.161%	$22K	$304K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.728	−0.121%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0020%	8h	92.747	−0.101%	$12.5M	$2.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0024%	1h	92.640	−0.216%	$697K	$1.1M	10x	as long as short
Bullet HYPE-USD	+0.0028%	1h	92.698	−0.154%	$111K	$579K	20x	as long as short
Aster HYPEUSDT	+0.0035%	4h	92.682	−0.171%	$8.7M	$36.3M	300x	as long as short
BingX HYPE-USDT	+0.0040%	4h	92.675	−0.179%	—	$53.4M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.652	−0.204%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0051%	8h	92.654	−0.201%	$316.5M	$282.0M	75x	as long as short
Gate HYPE_USDT	+0.0082%	4h	92.670	−0.184%	$44.5M	$55.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0086%	8h	92.666	−0.188%	$113.5M	$304.1M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0093%	8h	92.713	−0.138%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.687	−0.166%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.705	−0.146%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.716	−0.135%	$69K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.680	−0.173%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.712	−0.139%	$6.6M	$44.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.720	−0.130%	$2.02B	$662.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.705	−0.146%	$10.0M	$15.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.679	−0.174%	$372.0M	$904.0M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.680	−0.173%	$87.5M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.674	−0.180%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.672	−0.182%	$224.3M	$98.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.700	−0.152%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.628	−0.230%	$28.5M	$57.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.667	−0.188%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.687	−0.166%	$349K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.665	−0.190%	$664K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.756	−0.092%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.724	−0.126%	$465K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.678	−0.176%	$78K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.695	−0.157%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.713	−0.138%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.727	−0.123%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDTlong	+0.0100%	4h	92.841	long leg	$1.4M	$6.2M	75x
Bulk HYPE-USD	+0.0100%	1h	92.701	−0.151%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.652	−0.203%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.712	−0.139%	$392K	$164K	20x	as long as short
edgeX HYPEUSDC	+0.0107%	4h	92.611	−0.247%	$5.0M	$29.5M	30x	as long as short
Injective HYPE/USDC PERPshort	+0.0150%	1h	92.590	−0.270%	$30K	$339K	12x
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.720	−0.130%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0242%	8h	92.779	−0.067%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.718	−0.132%	$79K	$137K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.716	−0.135%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0332%	1h	92.777	−0.069%	$20.6M	$30.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.668	−0.186%	$16.6M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0419%	1h	92.799	−0.045%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.742	−0.107%	$3.2M	$6.4M	20x	as long as short