Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0129%/8h= −14.2% APRpaid last 24h −0.035%

Price spread now: Bulk against HTX−0.155%7-day average −0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$250.252% of the position

Long on HTX Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.034%−$3 on $10k

Price spread, last 3 days (all we have)+0.184%+$18 · spread now −0.155%, 7d avg −0.005%

Together, before fees+0.150%+$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Bulk is 0.150% cheaper against HTX than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of −0.005%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX HYPE-USDT	94.242	0.0229	pay 0.0115% / 4h	50m 13s	$1.5M	$7.7M	75x
Short	Bulk HYPE-USD	94.095	0.0100	get 0.0013% / 1h	50m 13s	$205K	$7K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now −0.155%Rate

Funding earned: −$27.16
Price spread: −0.155% → −0.005%: −$15
Slippage, 4 orders: −$6.16
Fee HTX: 6 bp × 2 orders: −$12
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$67.33
Costs to cover: 0.252%
Break-even: never at this rate

Slippage from HTX: live order book, 4 min ago; Bulk: live order book, 29 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, 4 min ago	0.05 bp	9.1 bp −$9	15.7 bp −$157	44.0 bp −$4,397	doesn't fit
Sell Bulk live order book, 29 min ago	0.54 bp	4.0 bp −$4	6.5 bp −$65	14.7 bp −$1,471	41.1 bp −$20.6K

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	−0.0608%	1h	94.035	−0.220%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0456%	1h	93.938	−0.323%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	94.004	−0.253%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.110	−0.140%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.092	−0.159%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.113	−0.137%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.078	−0.174%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	94.035	−0.220%	$215K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0013%	4h	94.076	−0.176%	$176K	$526K	20x	as long as short
Bybit HYPEUSDT	+0.0021%	8h	94.050	−0.204%	$324.6M	$281.3M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0037%	4h	94.085	−0.167%	$8.9M	$35.8M	300x	as long as short
Ondo Perps HYPE-USD.P	+0.0037%	1h	94.020	−0.236%	$704K	$908K	10x	as long as short
Phemex HYPEUSDT	+0.0065%	8h	94.047	−0.207%	$12.8M	$2.6M	50x	as long as short
Gate HYPE_USDT	+0.0072%	4h	94.061	−0.192%	$44.5M	$58.0M	75x	as long as short
edgeX HYPEUSDC	+0.0073%	4h	93.924	−0.337%	$5.1M	$29.7M	30x	as long as short
MEXC HYPE_USDT	+0.0074%	4h	94.056	−0.197%	$88.4M	$80.9M	100x	as long as short
Binance HYPEUSDT	+0.0077%	4h	94.056	−0.197%	$386.4M	$888.7M	75x	as long as short
Derive HYPE-PERP	+0.0082%	1h	94.015	−0.241%	$16.5M	$6.9M	10x	as long as short
01 Exchange HYPEUSD	+0.0088%	1h	94.109	−0.141%	$86K	$364K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.112	−0.137%	$19.1M	$59.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.095	−0.156%	$3.1M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.094	−0.157%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.066	−0.187%	$400K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.125	−0.124%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.100	−0.151%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.093	−0.158%	$5.9M	$44.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.114	−0.135%	$10.2M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.051	−0.203%	$115.9M	$317.4M	50x	as long as short
Bulk HYPE-USDshort	+0.0100%	1h	94.095	−0.155%	$205K	$7K	10x
KuCoin HYPEUSDTM	+0.0100%	4h	94.084	−0.168%	$47.2M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.072	−0.180%	$227.8M	$102.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.049	−0.205%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.087	−0.164%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.073	−0.179%	$32.2M	$53.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.938	−0.323%	$7.6M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.072	−0.180%	$335K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.098	−0.153%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.141	−0.108%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.130	−0.119%	$485K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	94.055	−0.199%	$113K	$578K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.049	−0.205%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.078	−0.174%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.056	−0.197%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.050	−0.204%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.032	−0.223%	$18.7M	$42.1M	50x	as long as short
Kalshi KXHYPEPERP	+0.0124%	8h	94.129	−0.120%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.120	−0.129%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDTlong	+0.0229%	4h	94.242	long leg	$1.5M	$7.7M	75x
Reya HYPERUSDPERP	+0.0248%	1h	94.065	−0.188%	$77K	$142K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0281%	1h	94.156	−0.091%	$7.4M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.144	−0.103%	$2.8M	$6.8M	20x	as long as short
BloFin HYPE-USDT	+0.0303%	4h	94.097	−0.154%	$17.0M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	94.070	−0.182%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0576%	1h	94.176	−0.070%	$21.1M	$29.0M	50x	as long as short
Hyperliquid HYPE	+0.0723%	1h	94.154	−0.093%	$2.05B	$666.7M	10x	as long as short