Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0125%/8h= −13.7% APRpaid last 24h −0.049%

Price spread now: Bullet against HTX−0.209%7-day average −0.036% · 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−$51as in the Price arb table

costs, in and out, $10k−$330.335% of the position

Long on HTX Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.056%−$6 on $10k

Price spread, last 3 days (all we have)+0.265%+$27 · spread now −0.209%, 7d avg −0.036%

Together, before fees+0.210%+$21 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 Bullet is 0.173% cheaper against HTX than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.036%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX HYPE-USDT	93.350	0.0204	pay 0.0102% / 4h	2h 00m	$1.4M	$5.9M	75x
Short	Bullet HYPE-USD	93.155	0.0079	get 0.0010% / 1h	0m 03s	$112K	$578K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.209%Rate

Funding earned: −$26.24
Price spread: −0.209% → −0.036%: −$17.29
Slippage, 4 orders: −$13.48
Fee HTX: 6 bp × 2 orders: −$12
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$77.01
Costs to cover: 0.335%
Break-even: never at this rate

Slippage from HTX: live order book, 4 min ago; Bullet: 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 HTX live order book, 4 min ago	0.53 bp	9.3 bp −$9	13.0 bp −$130	41.4 bp −$4,143	doesn't fit
Sell Bullet live order book, 4 min ago	0.48 bp	7.4 bp −$7	10.8 bp −$108	doesn't fit	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	93.234	−0.124%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.115	−0.252%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.229	−0.130%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0065%	1h	93.220	−0.139%	$698K	$904K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0052%	4h	93.146	−0.219%	$155K	$640K	20x	as long as short
Phemex HYPEUSDT	−0.0045%	8h	93.193	−0.168%	$12.6M	$2.7M	50x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.227	−0.132%	$84K	$346K	20x	as long as short
Aster HYPEUSDT	−0.0003%	4h	93.163	−0.201%	$8.8M	$35.5M	300x	as long as short
Aftermath Perps HYPEUSD	−0.0003%	1h	93.396	+0.049%	$22K	$21K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.294	−0.060%	$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	93.200	−0.161%	$22K	$321K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.171	−0.192%	$25K	—	150x	as long as short
BingX HYPE-USDT	+0.0012%	4h	93.156	−0.208%	—	$53.2M	—	as long as short
Gate HYPE_USDT	+0.0014%	4h	93.150	−0.214%	$44.3M	$55.9M	75x	as long as short
Bybit HYPEUSDT	+0.0016%	8h	93.180	−0.182%	$319.6M	$275.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0023%	1h	93.134	−0.231%	$7.4M	$10.4M	20x	as long as short
Phoenix HYPE	+0.0060%	1h	93.424	+0.079%	$210K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	93.198	−0.163%	$114.3M	$300.9M	50x	as long as short
MEXC HYPE_USDT	+0.0078%	4h	93.160	−0.204%	$88.0M	$83.5M	100x	as long as short
Bullet HYPE-USDshort	+0.0079%	1h	93.155	−0.209%	$112K	$578K	20x
Binance HYPEUSDT	+0.0079%	4h	93.192	−0.169%	$379.1M	$875.1M	75x	as long as short
edgeX HYPEUSDC	+0.0083%	4h	93.380	+0.033%	$5.0M	$30.0M	30x	as long as short
Bluefin HYPE-PERP	+0.0085%	1h	93.109	−0.258%	$79K	$170K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.191	−0.171%	$16.2M	$62.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.180	−0.182%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.234	−0.124%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.271	−0.084%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.250	−0.107%	$12K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.222	−0.137%	$5.7M	$43.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.263	−0.093%	$2.04B	$658.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.254	−0.103%	$10.0M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	−0.016%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.168	−0.195%	$46.1M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.175	−0.187%	$225.4M	$96.9M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.219	−0.141%	$31.1M	$54.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.419	+0.074%	$7.5M	$46.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.390	+0.043%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.362	+0.013%	$666K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.272	−0.084%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.235	−0.123%	$474K	$2.4M	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.137	−0.228%	$16.2M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.253	−0.104%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.156	−0.208%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.165	−0.198%	$18.3M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.154	−0.210%	$396K	$172K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.200	−0.161%	$4.9M	$5.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	94.180	+0.889%	$31K	$339K	12x	as long as short
HTX HYPE-USDTlong	+0.0204%	4h	93.350	long leg	$1.4M	$5.9M	75x
RISEx HYPE/USDC	+0.0210%	1h	93.314	−0.038%	$3.2M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0256%	1h	93.150	−0.215%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0278%	8h	93.241	−0.117%	$1.9M	$4.9M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.178	−0.184%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0372%	1h	93.248	−0.109%	$7.4M	$4.4M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0684%	1h	93.244	−0.113%	$20.8M	$30.0M	50x	as long as short