Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0335%/8h= +36.7% APRpaid last 24h −0.012%

Price spread now: HTX against Hyperliquid+0.051%7-day average −0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$300.296% of the position

Long on Hyperliquid Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.023%−$2 on $10k

Price spread, last 3 days (all we have)−0.134%−$13 · spread now +0.051%, 7d avg −0.007%

Together, before fees−0.157%+ Points / potential airdropHyperliquid: Season 2 · farm board−$16 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and HTX is 0.058% dearer against Hyperliquid than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.007%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.023% in total (about -1.2% 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	Hyperliquid HYPE	94.182	0.0100	pay 0.0013% / 1h	32m 07s	$2.05B	$677.1M	10x
Short	HTX HYPE-USDT	94.230	0.0435	get 0.0218% / 4h	3h 32m	$1.5M	$6.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Hyperliquid. 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 HyperliquidbpFee HTXbpOrdersPrice spread, now +0.051%Rate

Funding earned: $70.42
Price spread: +0.051% → −0.007%: $5.83
Slippage, 4 orders: −$8.6
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee HTX: 6 bp × 2 orders: −$12
Net: $46.66
Costs to cover: 0.296%
Break-even: 2.4 days

Slippage from Hyperliquid: live order book, 12 min ago; HTX: live order book, 2 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 Hyperliquid live order book, 12 min ago	0.05 bp	6.6 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell HTX live order book, 2 min ago	1.06 bp	8.9 bp −$9	14.4 bp −$144	65.3 bp −$6,535	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	94.283	+0.107%	$200K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.926	−0.272%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0241%	1h	94.179	−0.003%	$22K	$23K	10x	as long as short
dYdX HYPE-USD	−0.0164%	1h	94.128	−0.057%	$129K	$31K	5x	as long as short
Ondo Perps HYPE-USD.P	−0.0159%	1h	93.970	−0.225%	$710K	$947K	10x	as long as short
Bullet HYPE-USD	−0.0094%	1h	94.051	−0.139%	$112K	$580K	20x	as long as short
Phemex HYPEUSDT	−0.0089%	8h	94.102	−0.085%	$12.8M	$2.6M	50x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.029	−0.162%	$85K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.077	−0.111%	$3K	$331	25x	as long as short
Bybit HYPEUSDT	−0.0020%	8h	94.060	−0.130%	$323.1M	$280.7M	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	−0.0015%	4h	94.053	−0.137%	$160K	$652K	20x	as long as short
Gate HYPE_USDT	−0.0002%	4h	94.062	−0.127%	$44.5M	$59.7M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.050	−0.140%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.092	−0.095%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0025%	4h	94.035	−0.156%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	94.342	+0.170%	$219K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0050%	4h	94.080	−0.108%	$89.3M	$82.5M	100x	as long as short
Binance HYPEUSDT	+0.0051%	4h	94.070	−0.119%	$383.7M	$893.5M	75x	as long as short
Derive HYPE-PERP	+0.0056%	1h	94.034	−0.157%	$16.4M	$7.3M	10x	as long as short
edgeX HYPEUSDC	+0.0061%	4h	94.240	+0.061%	$5.1M	$29.9M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0081%	8h	94.062	−0.127%	$116.0M	$318.8M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.124	−0.062%	$19.0M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.100	−0.087%	$3.0M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.018	−0.174%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.068	−0.121%	$400K	$188K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.098	−0.090%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.040	−0.151%	$26K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.993	−0.201%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPElong	+0.0100%	1h	94.182	long leg	$2.05B	$677.1M	10x
Pacifica HYPE	+0.0100%	1h	94.075	−0.114%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.093	−0.094%	$46.6M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.090	−0.098%	$228.2M	$100.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.071	−0.118%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.088	−0.100%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.220	+0.041%	$31.8M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.271	+0.094%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.252	+0.074%	$341K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.205	+0.024%	$682K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.094	−0.093%	$480K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.069	−0.120%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.150	−0.034%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.071	−0.118%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.120	−0.066%	$205K	$4K	10x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.102	−0.085%	—	$248K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.051	−0.139%	$18.8M	$44.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.070	−0.119%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.327%	$31K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0206%	4h	94.147	−0.037%	$17.0M	$12.2M	75x	as long as short
Kalshi KXHYPEPERP	+0.0217%	8h	94.109	−0.078%	$1.9M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.044	−0.147%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.064	−0.126%	$79K	$146K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0152%	1h	94.098	−0.089%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0398%	1h	94.165	−0.018%	$7.5M	$4.7M	50x	as long as short
HTX HYPE-USDTshort	+0.0435%	4h	94.230	+0.051%	$1.5M	$6.3M	75x
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.165	−0.018%	$21.0M	$29.7M	50x	as long as short