Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0160%/8h= −17.5% APRpaid last 24h −0.005%

Price spread now: HTX against Deribit+0.080%7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$320.321% of the position

Long on Deribit Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.058%+$6 on $10k

Price spread, last 4 days (all we have)−0.126%−$13 · spread now +0.080%, 7d avg +0.005%

Together, before fees−0.068%−$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.074% dearer against Deribit than usual: you sell high and buy low (spread +0.080% now, against its 7-day average of +0.005%): +$7 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 37 hours. Mind the row above: over the last 7 days funding on this pair paid +0.058%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit HYPE_USDC-PERPETUAL	94.240	0.0260	pay 0.0032% / 1h	37m 05s	$7.4M	$4.3M	50x
Short	HTX HYPE-USDT	94.315	0.0100	get 0.0050% / 4h	37m 05s	$1.4M	$6.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Deribit. 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 DeribitbpFee HTXbpOrdersPrice spread, now +0.080%Rate

Funding earned: −$33.6
Price spread: +0.080% → +0.005%: $7.42
Slippage, 4 orders: −$13.06
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: −$58.24
Costs to cover: 0.321%
Break-even: never at this rate

Slippage from Deribit: live order book, 2 min ago; HTX: live order book, 2 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 Deribit live order book, 2 min ago	0.32 bp	6.8 bp −$7	10.7 bp −$107	doesn't fit	doesn't fit
Sell HTX live order book, 2 min ago	0.63 bp	10.3 bp −$10	15.2 bp −$152	57.0 bp −$5,700	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	−0.1592%	1h	94.119	−0.128%	$201K	$251K	7x	as long as short
Bluefin HYPE-PERP	−0.0387%	1h	94.105	−0.143%	$80K	$154K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0210%	1h	94.100	−0.149%	$712K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0199%	1h	94.136	−0.111%	$111K	$576K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0136%	1h	94.386	+0.155%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	94.158	−0.087%	$86K	$367K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.178	−0.066%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.143	−0.103%	$1.0M	$3.6M	10x	as long as short
Derive HYPE-PERP	−0.0030%	1h	94.212	−0.030%	$16.5M	$7.5M	10x	as long as short
Bybit HYPEUSDT	−0.0016%	8h	94.190	−0.053%	$316.7M	$289.6M	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	−0.0002%	4h	94.114	−0.134%	$146K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.232	−0.009%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.249	+0.010%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.440	+0.212%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.162	−0.083%	$19K	$288K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.165	−0.079%	$122K	—	150x	as long as short
Lighter HYPE	+0.0016%	1h	94.139	−0.107%	$16.3M	$64.1M	20x	as long as short
Bitget HYPEUSDT	+0.0038%	4h	94.225	−0.016%	$226.5M	$99.8M	75x	as long as short
Polymarket Perps HYPE-USD	+0.0044%	1h	94.157	−0.088%	$494K	$2.8M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0046%	8h	94.207	−0.035%	$337K	$156K	20x	as long as short
Phemex HYPEUSDT	+0.0050%	8h	94.185	−0.058%	$12.9M	$2.9M	50x	as long as short
BingX HYPE-USDT	+0.0054%	4h	94.228	−0.013%	—	$53.1M	—	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.180	−0.064%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0079%	8h	94.207	−0.035%	$117.4M	$324.3M	50x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	94.322	+0.087%	$5.0M	$30.7M	30x	as long as short
SoDEX HYPE-USD	+0.0086%	1h	94.138	−0.108%	$2.0M	$1.9M	10x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.155	−0.090%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.143	−0.103%	$81K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.160	−0.085%	$30K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.132	−0.115%	$7.3M	$52.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.257	+0.018%	$2.07B	$688.2M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.219	−0.022%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.208	−0.033%	$10.1M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.211	−0.031%	$377.5M	$934.5M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.280	+0.042%	$218K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.189	−0.054%	$49.7M	$56.5M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.138	−0.108%	$90.2M	$82.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.152	−0.093%	$46.7M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.190	−0.053%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.327	+0.092%	$29.5M	$54.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.380	+0.148%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.340	+0.106%	$369K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.318	+0.083%	$682K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.188	−0.055%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDTshort	+0.0100%	4h	94.315	+0.080%	$1.4M	$6.8M	75x
Vest HYPE-PERP	+0.0100%	1h	94.237	−0.003%	—	$190K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.107	−0.142%	$18.3M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.167	−0.077%	$398K	$159K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0021%	1h	94.183	−0.061%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.130	−0.117%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.202	−0.041%	$20.2M	$30.3M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.183	−0.061%	$3.2M	$6.4M	20x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0260%	1h	94.240	long leg	$7.4M	$4.3M	50x
Reya HYPERUSDPERP	+0.0272%	1h	94.124	−0.123%	$84K	$124K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.143	−0.103%	$17.0M	$12.3M	75x	as long as short