Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0179%/8h= +19.6% APRpaid last 24h +0.008%

Price spread now: HTX against RISEx+0.156%7-day average +0.027% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$330.334% of the position

Long on RISEx Short on HTX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.070%−$7 on $10k

Price spread, last 3 days (all we have)−0.204%−$20 · spread now +0.156%, 7d avg +0.027%

Together, before fees−0.274%−$27 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and HTX is 0.130% dearer against RISEx than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.027%. Mind the row above: over the last 3 days funding on this pair cost −0.070%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx HYPE/USDC	94.146	0.0222	pay 0.0028% / 1h	24m 00s	$2.8M	$6.8M	20x
Short	HTX HYPE-USDT	94.293	0.0401	get 0.0201% / 4h	3h 24m	$1.5M	$6.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against RISEx. 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 RISExbpFee HTXbpOrdersPrice spread, now +0.156%Rate

Funding earned: $37.57
Price spread: +0.156% → +0.027%: $12.96
Slippage, 4 orders: −$15.42
Fee RISEx: 3 bp × 2 orders: −$6
Fee HTX: 6 bp × 2 orders: −$12
Net: $17.1
Costs to cover: 0.334%
Break-even: 3.8 days

Slippage from RISEx: live order book, 5 min ago; HTX: live order book, 5 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 RISEx live order book, 5 min ago	1.91 bp	4.9 bp −$5	6.2 bp −$62	doesn't fit	doesn't fit
Sell HTX live order book, 5 min ago	2.65 bp	12.1 bp −$12	16.1 bp −$161	68.6 bp −$6,859	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	−0.1360%	1h	94.084	−0.066%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	94.026	−0.127%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0220%	1h	94.161	+0.016%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0146%	1h	94.090	−0.060%	$711K	$959K	10x	as long as short
dYdX HYPE-USD	−0.0127%	1h	94.123	−0.024%	$129K	$31K	5x	as long as short
Bullet HYPE-USD	−0.0111%	1h	94.097	−0.052%	$113K	$580K	20x	as long as short
Phemex HYPEUSDT	−0.0105%	8h	94.095	−0.054%	$12.8M	$2.6M	50x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.104	−0.045%	$86K	$360K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.136	−0.011%	$3K	$331	25x	as long as short
Bybit HYPEUSDT	−0.0023%	8h	94.042	−0.110%	$323.0M	$280.4M	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	−0.0019%	4h	94.077	−0.073%	$160K	$645K	20x	as long as short
Gate HYPE_USDT	−0.0002%	4h	94.085	−0.065%	$44.5M	$59.8M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.152	+0.007%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.129	−0.018%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0021%	4h	94.127	−0.020%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	94.222	+0.081%	$219K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0040%	1h	94.058	−0.093%	$16.4M	$7.3M	10x	as long as short
MEXC HYPE_USDT	+0.0050%	4h	94.088	−0.062%	$89.2M	$82.7M	100x	as long as short
Binance HYPEUSDT	+0.0053%	4h	94.058	−0.094%	$383.7M	$893.3M	75x	as long as short
edgeX HYPEUSDC	+0.0057%	4h	94.108	−0.040%	$5.1M	$29.9M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0078%	8h	94.054	−0.098%	$116.1M	$318.4M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.123	−0.025%	$19.2M	$59.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.107	−0.041%	$3.0M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.098	−0.051%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.093	−0.057%	$400K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.153	+0.007%	$342K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.100	−0.049%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.097	−0.052%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.175	+0.031%	$2.05B	$671.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.144	−0.002%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.125	−0.022%	$46.6M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.081	−0.069%	$228.1M	$100.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.078	−0.072%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.096	−0.053%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.149	+0.004%	$31.5M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.151	+0.005%	$7.6M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.088	−0.062%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.161	+0.016%	$681K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.162	+0.017%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.135	−0.012%	$480K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.096	−0.053%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.182	+0.038%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.088	−0.062%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.151	+0.005%	$205K	$2K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.036	−0.117%	$18.8M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.190	+0.047%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.365%	$31K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0206%	4h	94.153	+0.007%	$17.1M	$12.2M	75x	as long as short
RISEx HYPE/USDClong	+0.0222%	1h	94.146	long leg	$2.8M	$6.8M	20x
Kalshi KXHYPEPERP	+0.0228%	8h	94.196	+0.053%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.101	−0.048%	$79K	$142K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0324%	1h	94.189	+0.046%	$7.5M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0155%	1h	94.130	−0.017%	$1.4M	—	100x	as long as short
HTX HYPE-USDTshort	+0.0401%	4h	94.293	+0.156%	$1.5M	$6.2M	75x
Kraken Futures PF_HYPEUSD	+0.0670%	1h	94.177	+0.033%	$21.0M	$29.7M	50x	as long as short