Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0177%/8h= +19.4% APRpaid last 24h −0.037%

Price spread now: Kraken Futures against HTX−0.091%7-day average −0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$350.353% of the position

Long on HTX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.015%+$1 on $10k

Price spread, last 3 days (all we have)+0.184%+$18 · spread now −0.091%, 7d avg −0.005%

Together, before fees+0.198%+$20 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.086% cheaper against HTX than usual: you would sell low and buy high (spread −0.091% now, against its 7-day average of −0.005%). If the spread goes back, that is −$9 on $10k: about 39 hours of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.015% in total) that is about 41 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX HYPE-USDT	93.250	0.0289	pay 0.0144% / 4h	1h 48m	$1.5M	$7.6M	75x
Short	Kraken Futures PF_HYPEUSD	93.165	0.0466	get 0.0058% / 1h	48m 34s	$20.8M	$28.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.091%Rate

Funding earned: $37.23
Price spread: −0.091% → −0.005%: −$8.62
Slippage, 4 orders: −$13.29
Fee HTX: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$6.68
Costs to cover: 0.353%
Break-even: 8.3 days

Slippage from HTX: live order book, just now; Kraken Futures: live order book, 6 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	2.20 bp	9.3 bp −$9	11.8 bp −$118	40.8 bp −$4,077	doesn't fit
Sell Kraken Futures live order book, 6 min ago	1.66 bp	6.8 bp −$7	6.9 bp −$69	14.0 bp −$1,397	64.6 bp −$32.3K

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
Aftermath Perps HYPEUSD	−0.0298%	1h	93.027	−0.240%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.047	−0.218%	$1.2M	$4.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.992	−0.277%	$3K	$331	25x	as long as short
Hibachi HYPE/USDT-P	−0.0056%	1h	92.964	−0.307%	$196K	$231K	7x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	93.139	−0.119%	$90K	$364K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0004%	1h	93.040	−0.225%	$697K	$924K	10x	as long as short
Aster HYPEUSDT	0.0000%	4h	93.104	−0.157%	$8.9M	$36.0M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.090	−0.172%	$127K	$32K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.047	−0.218%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	92.957	−0.314%	$23K	$331K	10x	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 −0.0001%	1h	93.029	−0.237%	$20K	—	150x	as long as short
Derive HYPE-PERP	+0.0006%	1h	92.952	−0.320%	$16.3M	$7.1M	10x	as long as short
Popdex HYPEUSDT	+0.0008%	1h	93.107	−0.153%	$57K	$1.2M	50x	as long as short
Bybit HYPEUSDT	+0.0031%	8h	93.061	−0.203%	$323.5M	$287.0M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.039	−0.226%	$215K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0040%	4h	92.991	−0.278%	$169K	$515K	20x	as long as short
Gate HYPE_USDT	+0.0060%	4h	93.079	−0.183%	$44.0M	$57.4M	75x	as long as short
Bullet HYPE-USD	+0.0084%	1h	92.988	−0.281%	$112K	$579K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.127	−0.132%	$18.5M	$58.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.099	−0.162%	$3.0M	$12.1M	20x	as long as short
Binance HYPEUSDT	+0.0097%	4h	93.113	−0.147%	$383.2M	$892.2M	75x	as long as short
MEXC HYPE_USDT	+0.0098%	4h	93.076	−0.187%	$90.2M	$81.5M	100x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.087	−0.175%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.070	−0.193%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.065	−0.198%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.091	−0.171%	$2.02B	$670.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.100	−0.161%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.068	−0.195%	$114.1M	$314.2M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.884	−0.392%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.077	−0.186%	$47.1M	$19.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.090	−0.172%	$225.6M	$102.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.073	−0.190%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.134	−0.124%	$7.8M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.887	−0.389%	$28.9M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.983	−0.287%	$7.5M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.016	−0.251%	$411K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.000	−0.268%	$673K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.003	−0.265%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.007	−0.261%	$492K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.026	−0.240%	$75K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.035	−0.231%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.034	−0.232%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.102	−0.159%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.063	−0.201%	$18.3M	$42.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.016	−0.251%	$396K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0108%	4h	92.923	−0.350%	$5.0M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	92.950	−0.322%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	92.880	−0.397%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	92.985	−0.284%	$77K	$158K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.154	−0.103%	$2.8M	$6.8M	20x	as long as short
HTX HYPE-USDTlong	+0.0289%	4h	93.250	long leg	$1.5M	$7.6M	75x
BloFin HYPE-USDT	+0.0338%	4h	93.072	−0.191%	$17.0M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0159%	1h	93.016	−0.251%	$1.5M	—	100x	as long as short
Kraken Futures PF_HYPEUSDshort	+0.0466%	1h	93.165	−0.091%	$20.8M	$28.5M	50x
Deribit HYPE_USDC-PERPETUAL	+0.0470%	1h	93.124	−0.135%	$7.4M	$4.6M	50x	as long as short