Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0182%/8h= +20.0% APRpaid last 24h +0.035%

Price spread now: HTX against Backpack+0.244%52s7-day average +0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$300.301% of the position

Long on Backpack Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.005%$0 on $10k

Price spread, last 3 days (all we have)−0.264%−$26 · spread now +0.244%, 7d avg +0.029%

Together, before fees−0.268%−$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 0.215% dearer against Backpack than usual: you sell high and buy low: +$21 more if the spread goes back to its 7-day average of +0.029%. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack HYPE_USDC_PERP	93.134	0.0023	pay 0.0003% / 1h	59m 23s	$7.4M	$10.4M	20x
Short	HTX HYPE-USDT	93.361	0.0206	get 0.0103% / 4h	1h 59m	$1.4M	$5.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Backpack. 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 BackpackbpFee HTXbpOrdersPrice spread, now +0.244%Rate

Funding earned: $38.28
Price spread: +0.244% → +0.029%: $21.47
Slippage, 4 orders: −$8.11
Fee Backpack: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: $29.64
Costs to cover: 0.301%
Break-even: 1.6 days

Slippage from Backpack: 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 Backpack live order book, 5 min ago	0.05 bp	5.1 bp −$5	7.2 bp −$72	102.5 bp −$10.2K	doesn't fit
Sell HTX live order book, 5 min ago	0.53 bp	10.7 bp −$11	14.7 bp −$147	47.1 bp −$4,715	doesn't fit

HYPE on 54 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	−0.1128%	1h	93.185	+0.055%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.097	−0.040%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0254%	1h	93.090	−0.047%	$698K	$903K	10x	as long as short
Bluefin HYPE-PERP	−0.0180%	1h	93.168	+0.037%	$79K	$170K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.198	+0.069%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.205	+0.076%	$84K	$346K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0051%	4h	93.164	+0.032%	$156K	$640K	20x	as long as short
Phemex HYPEUSDT	−0.0041%	8h	93.198	+0.069%	$12.6M	$2.7M	50x	as long as short
Aster HYPEUSDT	−0.0006%	4h	93.185	+0.055%	$8.8M	$35.4M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.189	+0.059%	$128K	$31K	5x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.196	+0.066%	$22K	$321K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.208	+0.079%	$25K	—	150x	as long as short
Aftermath Perps HYPEUSD	+0.0008%	1h	93.363	+0.246%	$22K	$21K	10x	as long as short
Bybit HYPEUSDT	+0.0011%	8h	93.172	+0.041%	$319.6M	$275.5M	75x	as long as short
BingX HYPE-USDT	+0.0012%	4h	93.187	+0.057%	—	$53.2M	—	as long as short
Gate HYPE_USDT	+0.0018%	4h	93.178	+0.047%	$44.4M	$54.0M	75x	as long as short
Backpack HYPE_USDC_PERPlong	+0.0023%	1h	93.134	long leg	$7.4M	$10.4M	20x
Phoenix HYPE	+0.0060%	1h	93.318	+0.198%	$210K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	93.204	+0.075%	$114.4M	$300.6M	50x	as long as short
MEXC HYPE_USDT	+0.0078%	4h	93.202	+0.073%	$88.0M	$79.6M	100x	as long as short
Binance HYPEUSDT	+0.0078%	4h	93.209	+0.080%	$379.0M	$874.7M	75x	as long as short
edgeX HYPEUSDC	+0.0083%	4h	93.256	+0.131%	$5.0M	$30.1M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.223	+0.096%	$16.2M	$61.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.232	+0.105%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.188	+0.058%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.263	+0.139%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.210	+0.082%	$12K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.201	+0.071%	$5.7M	$43.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.293	+0.171%	$2.04B	$658.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.243	+0.117%	$10.0M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	+0.216%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.211	+0.083%	$46.1M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.198	+0.069%	$225.5M	$96.7M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.219	+0.091%	$31.1M	$54.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.419	+0.306%	$7.5M	$46.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.263	+0.139%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.250	+0.125%	$665K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.252	+0.127%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.213	+0.085%	$474K	$2.4M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.190	+0.060%	$112K	$578K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.171	+0.039%	$16.2M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.298	+0.176%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.194	+0.064%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.171	+0.040%	$18.3M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.191	+0.061%	$396K	$170K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.230	+0.103%	$4.9M	$5.4M	50x	as long as short
HTX HYPE-USDTshort	+0.0206%	4h	93.361	+0.244%	$1.4M	$5.9M	75x
Reya HYPERUSDPERP	+0.0256%	1h	93.181	+0.050%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0278%	8h	93.241	+0.115%	$1.9M	$4.9M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.209	+0.081%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0372%	1h	93.280	+0.157%	$7.4M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.278	+0.155%	$3.2M	$6.7M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.170	+0.039%	$30K	$338K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0686%	1h	93.276	+0.152%	$20.8M	$30.0M	50x	as long as short