Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0107%/8h= −11.7% APRpaid last 24h −0.008%

Price spread now: RISEx against HTX−0.100%7-day average −0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$320.322% of the position

Long on HTX Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.076%+$8 on $10k

Price spread, last 3 days (all we have)+0.161%+$16 · spread now −0.100%, 7d avg −0.025%

Together, before fees+0.237%+$24 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and RISEx is 0.075% cheaper against HTX than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.025%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.076%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX HYPE-USDT	94.150	0.0329	pay 0.0164% / 4h	3h 52m	$1.5M	$7.4M	75x
Short	RISEx HYPE/USDC	94.056	0.0222	get 0.0028% / 1h	52m 51s	$2.8M	$6.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now −0.100%Rate

Funding earned: −$22.44
Price spread: −0.100% → −0.025%: −$7.46
Slippage, 4 orders: −$14.21
Fee HTX: 6 bp × 2 orders: −$12
Fee RISEx: 3 bp × 2 orders: −$6
Net: −$62.11
Costs to cover: 0.322%
Break-even: never at this rate

Slippage from HTX: live order book, 1 min ago; RISEx: live order book, 1 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, 1 min ago	2.82 bp	9.8 bp −$10	12.0 bp −$120	40.8 bp −$4,076	doesn't fit
Sell RISEx live order book, 1 min ago	2.13 bp	5.1 bp −$5	6.6 bp −$66	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	−0.1408%	1h	93.848	−0.321%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.892	−0.274%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0306%	1h	93.942	−0.220%	$22K	$22K	10x	as long as short
Phemex HYPEUSDT	−0.0266%	8h	93.938	−0.225%	$12.8M	$2.6M	50x	as long as short
ApeX Omni HYPEUSDT	−0.0224%	1h	93.928	−0.236%	$340K	$1.1M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0152%	1h	93.940	−0.223%	$705K	$927K	10x	as long as short
dYdX HYPE-USD	−0.0120%	1h	93.913	−0.252%	$128K	$29K	5x	as long as short
Bullet HYPE-USD	−0.0117%	1h	93.987	−0.173%	$113K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	94.021	−0.137%	$86K	$364K	20x	as long as short
Bybit HYPEUSDT	−0.0086%	8h	93.980	−0.181%	$323.3M	$283.3M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0084%	4h	93.993	−0.167%	$44.5M	$58.9M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.908	−0.257%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0008%	4h	93.975	−0.186%	$169K	$594K	20x	as long as short
Derive HYPE-PERP	−0.0007%	1h	93.921	−0.244%	$16.4M	$7.2M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.017	−0.141%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.007	−0.152%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0014%	4h	93.985	−0.175%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	93.829	−0.341%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0038%	4h	94.010	−0.149%	$88.2M	$81.9M	100x	as long as short
Binance HYPEUSDT	+0.0039%	4h	94.012	−0.146%	$383.8M	$897.4M	75x	as long as short
edgeX HYPEUSDC	+0.0062%	4h	93.918	−0.246%	$5.1M	$29.7M	30x	as long as short
Popdex HYPEUSDT	+0.0072%	1h	94.010	−0.149%	$60K	$1.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0083%	8h	93.990	−0.170%	$116.0M	$321.4M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	94.023	−0.135%	$400K	$191K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.016	−0.142%	$18.9M	$58.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.003	−0.156%	$3.1M	$12.0M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.033	−0.124%	$342K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.990	−0.170%	$39K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.005	−0.153%	$6.6M	$44.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.087	−0.067%	$2.05B	$675.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.961	−0.201%	$10.1M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.012	−0.147%	$46.6M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.996	−0.164%	$227.7M	$101.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.988	−0.172%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.019	−0.139%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.832	−0.337%	$31.2M	$54.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.944	−0.219%	$7.6M	$45.4M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.838	−0.331%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.012	−0.146%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.040	−0.117%	$481K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.982	−0.178%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.049	−0.107%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.953	−0.209%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.944	−0.219%	$205K	$6K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.961	−0.201%	$18.4M	$42.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.020	−0.138%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0156%	4h	93.963	−0.199%	$17.0M	$12.4M	75x	as long as short
Kalshi KXHYPEPERP	+0.0164%	8h	94.002	−0.157%	$1.9M	$5.1M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.150	0.000%	$31K	$338K	12x	as long as short
RISEx HYPE/USDCshort	+0.0222%	1h	94.056	−0.100%	$2.8M	$6.8M	20x
Reya HYPERUSDPERP	+0.0250%	1h	93.994	−0.165%	$77K	$145K	15x	as long as short
HTX HYPE-USDTlong	+0.0329%	4h	94.150	long leg	$1.5M	$7.4M	75x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0157%	1h	94.028	−0.129%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0527%	1h	94.072	−0.083%	$7.5M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.063	−0.092%	$21.1M	$29.5M	50x	as long as short