Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.037%

Price spread now: Backpack against HTX−0.213%7-day average −0.033% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$310.311% of the position

Long on HTX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.004%$0 on $10k

Price spread, last 4 days (all we have)+0.324%+$32 · spread now −0.213%, 7d avg −0.033%

Together, before fees+0.328%+$33 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: Backpack is 0.180% cheaper against HTX than usual: you would sell low and buy high, −$18 on $10k if it goes back to its 7-day average of −0.033%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX HYPE-USDT	92.350	0.0100	pay 0.0050% / 4h	48m 08s	$1.4M	$6.2M	75x
Short	Backpack HYPE_USDC_PERP	92.153	0.0100	get 0.0013% / 1h	48m 08s	$7.2M	$10.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against HTX. 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 HTXbpFee BackpackbpOrdersPrice spread, now −0.213%Rate

Funding earned: $0
Price spread: −0.213% → −0.033%: −$18.01
Slippage, 4 orders: −$9.11
Fee HTX: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$49.12
Costs to cover: 0.311%
Break-even: never at this rate

Slippage from HTX: live order book, 1 min ago; Backpack: live order book, 1 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 HTX live order book, 1 min ago	0.05 bp	9.0 bp −$9	19.7 bp −$197	91.9 bp −$9,189	doesn't fit
Sell Backpack live order book, 1 min ago	0.05 bp	5.7 bp −$6	8.7 bp −$87	327.9 bp −$32.8K	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
Arcus HYPE-USD	−0.0948%	1h	92.181	−0.183%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0680%	1h	92.323	−0.029%	$194K	$227K	7x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	92.171	−0.194%	$86K	$352K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0116%	1h	92.540	+0.205%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.337	−0.014%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0074%	1h	92.177	−0.187%	$110K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0068%	4h	92.179	−0.185%	$157K	$663K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0051%	1h	92.230	−0.130%	$699K	$1.1M	10x	as long as short
Aster HYPEUSDT	−0.0009%	4h	92.182	−0.182%	$8.7M	$36.4M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.322	−0.030%	$127K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	92.216	−0.146%	$22K	$310K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.214	−0.147%	$61K	—	150x	as long as short
BingX HYPE-USDT	+0.0032%	4h	92.188	−0.175%	—	$53.2M	—	as long as short
Bybit HYPEUSDT	+0.0037%	8h	92.181	−0.183%	$315.5M	$280.7M	75x	as long as short
Derive HYPE-PERP	+0.0041%	1h	92.155	−0.212%	$16.0M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0043%	1h	92.430	+0.087%	$210K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0046%	4h	92.193	−0.170%	$44.3M	$54.6M	75x	as long as short
Phemex HYPEUSDT	+0.0052%	8h	92.223	−0.138%	$12.4M	$2.7M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0075%	8h	92.186	−0.178%	$112.6M	$300.4M	50x	as long as short
Binance HYPEUSDT	+0.0078%	4h	92.177	−0.187%	$370.6M	$896.0M	75x	as long as short
MEXC HYPE_USDT	+0.0078%	4h	92.181	−0.183%	$87.1M	$80.3M	100x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	92.198	−0.165%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0091%	8h	92.288	−0.068%	$337K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.185	−0.179%	$16.0M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.196	−0.167%	$3.1M	$11.6M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.200	−0.162%	$13K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.266	−0.091%	$5.8M	$43.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.236	−0.123%	$2.01B	$662.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.287	−0.068%	$10.0M	$15.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	+0.487%	$202K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.186	−0.178%	$45.7M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.186	−0.178%	$223.0M	$97.9M	75x	as long as short
Backpack HYPE_USDC_PERPshort	+0.0100%	1h	92.153	−0.213%	$7.2M	$10.2M	20x
Variational Omni HYPE	+0.0100%	8h	92.469	+0.129%	$28.5M	$57.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.799	+0.486%	$7.5M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.488	+0.149%	$338K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.373	+0.025%	$662K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.276	−0.080%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.241	−0.118%	$474K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.222	−0.139%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.174	−0.191%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDTlong	+0.0100%	4h	92.350	long leg	$1.4M	$6.2M	75x
edgeX HYPEUSDC	+0.0103%	4h	92.776	+0.461%	$5.1M	$29.2M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.150	−0.216%	$18.1M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.166	−0.199%	$390K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.250	−0.108%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.240	−0.119%	$4.7M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0260%	1h	92.186	−0.178%	$78K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0261%	8h	92.370	+0.022%	$1.8M	$5.4M	2.3x	as long as short
BloFin HYPE-USDT	+0.0316%	4h	92.252	−0.106%	$16.7M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0329% / S −0.0153%	1h	92.205	−0.157%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0334%	1h	92.212	−0.149%	$20.5M	$30.4M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0401%	1h	92.269	−0.088%	$7.5M	$4.4M	50x	as long as short
Bluefin HYPE-PERP	+0.0666%	1h	92.173	−0.192%	$78K	$168K	20x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.338	−0.013%	$3.1M	$6.4M	20x	as long as short