Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.040%

Price spread now: HTX against Bulk+0.202%7-day average +0.010% · 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−$9as in the Price arb table

costs, in and out, $10k−$290.286% of the position

Long on Bulk Short on HTX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.041%+$4 on $10k

Price spread, last 4 days (all we have)−0.230%−$23 · spread now +0.202%, 7d avg +0.010%

Together, before fees−0.189%−$19 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: HTX is 0.191% dearer against Bulk than usual: you sell high and buy low, +$19 on $10k if it goes back to its 7-day average of +0.010%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk HYPE-USD	93.731	0.0100	pay 0.0013% / 1h	50m 19s	$216K	$15K	10x
Short	HTX HYPE-USDT	93.920	0.0100	get 0.0050% / 4h	1h 50m	$1.4M	$6.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Bulk. 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 BulkbpFee HTXbpOrdersPrice spread, now +0.202%Rate

Funding earned: $0
Price spread: +0.202% → +0.010%: $19.13
Slippage, 4 orders: −$9.62
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$9.48
Costs to cover: 0.286%
Break-even: never at this rate

Slippage from Bulk: live order book, 59 min ago; HTX: live order book, 4 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 Bulk live order book, 59 min ago	0.53 bp	4.5 bp −$5	7.4 bp −$74	14.9 bp −$1,485	35.2 bp −$17.6K
Sell HTX live order book, 4 min ago	2.39 bp	10.2 bp −$10	15.1 bp −$151	49.1 bp −$4,907	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	−0.1160%	1h	93.719	−0.013%	$199K	$242K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0262%	1h	93.860	+0.138%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0106%	1h	93.760	+0.031%	$706K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.712	−0.020%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.826	+0.101%	$86K	$372K	20x	as long as short
Bullet HYPE-USD	−0.0049%	1h	93.791	+0.064%	$111K	$581K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0018%	4h	93.755	+0.026%	$149K	$681K	20x	as long as short
Bluefin HYPE-PERP	−0.0015%	1h	93.786	+0.059%	$79K	$156K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.821	+0.095%	$129K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.784	+0.056%	$22K	$285K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.823	+0.099%	$63K	—	150x	as long as short
BingX HYPE-USDT	+0.0010%	4h	93.783	+0.055%	—	$53.8M	—	as long as short
Bybit HYPEUSDT	+0.0012%	8h	93.760	+0.031%	$316.6M	$287.7M	75x	as long as short
Phoenix HYPE	+0.0017%	1h	93.780	+0.052%	$210K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	93.788	+0.061%	$226.0M	$99.5M	75x	as long as short
Phemex HYPEUSDT	+0.0066%	8h	93.811	+0.085%	$12.8M	$2.8M	50x	as long as short
ApeX Omni HYPEUSDT	+0.0074%	1h	93.801	+0.075%	$348K	$1.0M	50x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.754	+0.024%	$1.0M	$4.0M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0086%	8h	93.796	+0.069%	$335K	$161K	20x	as long as short
edgeX HYPEUSDC	+0.0091%	4h	93.758	+0.029%	$5.0M	$30.5M	30x	as long as short
Derive HYPE-PERP	+0.0092%	1h	93.753	+0.024%	$16.4M	$7.4M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.796	+0.070%	$16.2M	$63.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.799	+0.072%	$3.1M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.787	+0.060%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.800	+0.074%	$23K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.698	−0.035%	$7.4M	$50.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.878	+0.157%	$2.05B	$681.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.780	+0.052%	$8.9M	$37.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.797	+0.070%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.794	+0.067%	$375.9M	$930.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.789	+0.062%	$115.8M	$316.5M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.779	+0.051%	$48.4M	$54.9M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.795	+0.068%	$89.0M	$83.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.777	+0.049%	$46.3M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.780	+0.052%	$7.2M	$10.8M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.670	−0.066%	$28.6M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.822	+0.096%	$7.6M	$48.1M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.732	+0.001%	$679K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.831	+0.107%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.814	+0.088%	$471K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.858	+0.135%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.794	+0.067%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDTshort	+0.0100%	4h	93.920	+0.202%	$1.4M	$6.7M	75x
Bulk HYPE-USDlong	+0.0100%	1h	93.731	long leg	$216K	$15K	10x
Extended HYPE-USD	+0.0104%	1h	93.761	+0.032%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.795	+0.068%	$396K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0106%	8h	93.858	+0.135%	$1.8M	$5.6M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.820	+0.095%	$4.7M	$6.1M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.610	+0.938%	$31K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.780	+0.052%	$77K	$130K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0294%	1h	93.888	+0.167%	$7.4M	$4.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	93.813	+0.088%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.701	−0.032%	$17.0M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0414%	1h	93.854	+0.131%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.833	+0.109%	$3.2M	$6.4M	20x	as long as short