Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:29 UTC+0.0310%/8h= +34.0% APRpaid last 24h +0.060%

Price spread now: HTX against Perpl+0.119%7-day average +0.041% · you sell dearer than you buy

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

Long on Perpl Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.195%+$19 on $10k

Price spread, last 3 days (all we have)−0.195%−$20 · spread now +0.119%, 7d avg +0.041%

Together, before fees0.000%+ Points / potential airdropPerpl: Active · farm board$0 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and HTX is 0.078% dearer against Perpl than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.041%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.195% in total (about 10.2% 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	Perpl HYPE	93.938	0	get 0.0000% / 43m	29m 16s	$23K	$329K	10x
Short	HTX HYPE-USDT	94.050	0.0310	get 0.0155% / 4h	3h 50m	$1.5M	$7.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Perpl. 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 PerplbpFee HTXbpOrdersPrice spread, now +0.119%Rate

Funding earned: $65.12
Price spread: +0.119% → +0.041%: $7.83
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee HTX: 6 bp × 2 orders: −$12
Net: $47.15
Costs to cover: 0.258%
Break-even: 1.9 days

Slippage unknown: Perpl: no order-book sample; HTX: live order book, 4 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 Perpl no order-book sample	—	—	—	—	—
Sell HTX live order book, 4 min ago	2.82 bp	12.2 bp −$12	16.5 bp −$165	58.8 bp −$5,875	doesn't fit

Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1384%	1h	93.992	+0.058%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.800	−0.147%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0301%	1h	93.954	+0.017%	$22K	$23K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0161%	1h	93.850	−0.094%	$705K	$928K	10x	as long as short
Gate HYPE_USDT	−0.0126%	4h	93.910	−0.030%	$44.4M	$59.1M	75x	as long as short
dYdX HYPE-USD	−0.0102%	1h	93.917	−0.023%	$128K	$29K	5x	as long as short
Phemex HYPEUSDT	−0.0098%	8h	93.888	−0.053%	$12.8M	$2.6M	50x	as long as short
01 Exchange HYPEUSD	−0.0096%	1h	93.932	−0.006%	$85K	$364K	20x	as long as short
Bullet HYPE-USD	−0.0090%	1h	93.910	−0.029%	$113K	$580K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.897	−0.044%	$3K	$331	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0025%	8h	93.853	−0.090%	$322.8M	$283.0M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0010%	4h	93.866	−0.077%	$169K	$594K	20x	as long as short
Derive HYPE-PERP	0.0000%	1h	93.806	−0.140%	$16.4M	$7.2M	10x	as long as short
Perpl HYPElong	0.0000%	43m	93.938	long leg	$23K	$329K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.943	+0.005%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0017%	4h	93.922	−0.017%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	93.829	−0.116%	$218K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0042%	4h	93.948	+0.011%	$5.1M	$29.8M	30x	as long as short
MEXC HYPE_USDT	+0.0044%	4h	93.916	−0.023%	$88.2M	$81.9M	100x	as long as short
Binance HYPEUSDT	+0.0045%	4h	93.912	−0.028%	$383.4M	$896.2M	75x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.917	−0.022%	$61K	$1.2M	50x	as long as short
Bluefin HYPE-PERP	+0.0079%	1h	93.839	−0.105%	$76K	$171K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0081%	8h	93.853	−0.090%	$115.9M	$320.9M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.951	+0.014%	$18.9M	$58.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.923	−0.016%	$3.0M	$12.0M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.860	−0.084%	$399K	$191K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.935	−0.003%	$341K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.910	−0.030%	$39K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.897	−0.043%	$6.6M	$44.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.008	+0.075%	$2.05B	$675.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.918	−0.021%	$10.1M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.926	−0.013%	$46.5M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.869	−0.073%	$227.7M	$101.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.911	−0.029%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.916	−0.023%	$7.7M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.890	−0.051%	$31.3M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.981	+0.046%	$7.6M	$45.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.029	+0.097%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.911	−0.029%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.943	+0.006%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.944	+0.006%	$480K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.969	+0.033%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.868	−0.075%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.944	+0.006%	$205K	$6K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.835	−0.109%	$18.4M	$42.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.950	+0.013%	$4.9M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0169%	8h	93.984	+0.049%	$1.9M	$5.1M	2.3x	as long as short
BloFin HYPE-USDT	+0.0179%	4h	93.916	−0.023%	$17.0M	$12.3M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.810	−0.136%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.963	+0.026%	$2.8M	$6.8M	20x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	93.918	−0.021%	$79K	$146K	15x	as long as short
HTX HYPE-USDTshort	+0.0310%	4h	94.050	+0.119%	$1.5M	$7.4M	75x
Deribit HYPE_USDC-PERPETUAL	+0.0336%	1h	93.959	+0.022%	$7.5M	$4.7M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0157%	1h	93.939	+0.001%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0672%	1h	93.938	0.000%	$21.0M	$29.7M	50x	as long as short