Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0266%/8h= +29.1% APRpaid last 24h +0.040%

Price spread now: HTX against Variational Omni+0.367%7-day average +0.071% · you sell dearer than you buy

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

Long on Variational Omni Short on HTX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.040%+$4 on $10k

Price spread, last 3 days (all we have)−0.308%−$31 · spread now +0.367%, 7d avg +0.071%

Together, before fees−0.268%+ Points / potential airdropVariational Omni: Active · farm board−$27 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and HTX is 0.297% dearer against Variational Omni than usual: you sell high and buy low: +$30 more if the spread goes back to its 7-day average of +0.071%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.040% in total (about 4.3% 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	Variational Omni HYPE	93.768	0.0100	pay 0.0100% / 8h	7h 03m	$31.3M	$53.6M	—
Short	HTX HYPE-USDT	94.112	0.0366	get 0.0183% / 4h	3h 03m	$1.5M	$6.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Variational Omni. 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 Variational OmnibpFee HTXbpOrdersPrice spread, now +0.367%Rate

Funding earned: $55.89
Price spread: +0.367% → +0.071%: $29.66
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee HTX: 6 bp × 2 orders: −$12
Net: $73.55
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, just now; HTX: live order book, 5 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 Variational Omni RFQ quote, just now	0.43 bp	doesn't fit	3.0 bp −$30	14.9 bp −$1,494	doesn't fit
Sell HTX live order book, 5 min ago	0.05 bp	11.6 bp −$12	16.9 bp −$169	61.7 bp −$6,174	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	−0.1120%	1h	93.756	−0.013%	$198K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.785	+0.019%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0194%	1h	93.910	+0.151%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0090%	1h	93.810	+0.045%	$710K	$958K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.884	+0.124%	$86K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.912	+0.154%	$3K	$331	25x	as long as short
dYdX HYPE-USD	−0.0079%	1h	93.695	−0.077%	$128K	$31K	5x	as long as short
Phemex HYPEUSDT	−0.0073%	8h	93.801	+0.036%	$12.8M	$2.6M	50x	as long as short
Bullet HYPE-USD	−0.0046%	1h	93.872	+0.111%	$113K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0035%	4h	93.840	+0.077%	$159K	$643K	20x	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	−0.0014%	4h	93.709	−0.063%	$44.4M	$60.4M	75x	as long as short
Perpl HYPE	0.0000%	43m	93.919	+0.161%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.898	+0.139%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0004%	4h	93.739	−0.031%	$8.9M	$36.0M	300x	as long as short
Derive HYPE-PERP	+0.0016%	1h	93.810	+0.045%	$16.4M	$7.6M	10x	as long as short
Bybit HYPEUSDT	+0.0025%	8h	93.650	−0.125%	$322.1M	$278.7M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	94.045	+0.296%	$214K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0054%	4h	93.660	−0.115%	$87.9M	$83.4M	100x	as long as short
Binance HYPEUSDT	+0.0054%	4h	93.678	−0.096%	$382.5M	$893.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0072%	8h	93.641	−0.135%	$115.8M	$313.9M	50x	as long as short
edgeX HYPEUSDC	+0.0074%	4h	93.859	+0.097%	$5.1M	$29.7M	30x	as long as short
Bluefin HYPE-PERP	+0.0076%	1h	93.841	+0.078%	$76K	$170K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.697	−0.075%	$18.9M	$60.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.678	−0.096%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.881	+0.121%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.851	+0.089%	$399K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.681	−0.093%	$340K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.900	+0.141%	$31K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.927	+0.170%	$6.6M	$44.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.750	−0.019%	$2.04B	$669.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.686	−0.087%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.672	−0.102%	$46.5M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.666	−0.108%	$226.8M	$100.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.662	−0.113%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.736	−0.034%	$7.9M	$10.6M	20x	as long as short
Variational Omni HYPElong	+0.0100%	8h	93.768	long leg	$31.3M	$53.6M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.999	+0.247%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.020	+0.269%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.827	+0.063%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.910	+0.151%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.906	+0.148%	$474K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.940	+0.184%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.824	+0.060%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.894	+0.135%	$204K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.690	−0.082%	$18.4M	$44.9M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.900	+0.141%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.760	−0.008%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0216%	4h	93.818	+0.054%	$17.1M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.933	+0.176%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0246%	8h	93.912	+0.154%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	93.873	+0.112%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0157%	1h	93.895	+0.136%	$1.4M	—	100x	as long as short
HTX HYPE-USDTshort	+0.0366%	4h	94.112	+0.367%	$1.5M	$6.0M	75x
Deribit HYPE_USDC-PERPETUAL	+0.0421%	1h	93.922	+0.165%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0672%	1h	93.906	+0.147%	$20.9M	$29.7M	50x	as long as short