Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0076%/8h= −8.4% APRpaid last 24h −0.054%

Price spread now: Coinbase International against HTX−0.149%7-day average −0.071% · you buy dearer than you sell

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$350.348% of the position

Long on HTX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.141%−$14 on $10k

Price spread, last 3 days (all we have)+0.182%+$18 · spread now −0.149%, 7d avg −0.071%

Together, before fees+0.041%+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Coinbase International is 0.077% cheaper against HTX than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.071%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX HYPE-USDT	94.250	0.0228	pay 0.0114% / 4h	42m 53s	$1.5M	$7.8M	75x
Short	Coinbase International HYPE-PERP-INTX	94.110	0.0152	get 0.0019% / 1h	42m 53s	$4.9M	$5.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.149%Rate

Funding earned: −$16.06
Price spread: −0.149% → −0.071%: −$7.74
Slippage, 4 orders: −$12.79
Fee HTX: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$58.59
Costs to cover: 0.348%
Break-even: never at this rate

Slippage from HTX: live order book, 1 min ago; Coinbase International: 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	8.8 bp −$9	11.5 bp −$115	51.5 bp −$5,146	doesn't fit
Sell Coinbase International live order book, 1 min ago	3.18 bp	8.4 bp −$8	13.1 bp −$131	35.0 bp −$3,500	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	−0.0616%	1h	94.235	−0.016%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0425%	1h	94.145	−0.111%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	94.163	−0.092%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.249	−0.001%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.244	−0.007%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.248	−0.002%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.134	−0.123%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	94.301	+0.054%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0010%	4h	94.132	−0.125%	$163K	$572K	20x	as long as short
Ondo Perps HYPE-USD.P	+0.0010%	1h	94.150	−0.106%	$705K	$909K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0020%	8h	94.040	−0.223%	$323.9M	$282.5M	75x	as long as short
01 Exchange HYPEUSD	+0.0040%	1h	94.258	+0.008%	$87K	$364K	20x	as long as short
Aster HYPEUSDT	+0.0042%	4h	94.106	−0.153%	$8.9M	$35.9M	300x	as long as short
Phemex HYPEUSDT	+0.0053%	8h	94.114	−0.144%	$12.8M	$2.6M	50x	as long as short
Gate HYPE_USDT	+0.0072%	4h	94.053	−0.209%	$44.2M	$58.4M	75x	as long as short
Binance HYPEUSDT	+0.0077%	4h	94.051	−0.211%	$385.0M	$891.3M	75x	as long as short
MEXC HYPE_USDT	+0.0078%	4h	94.065	−0.196%	$88.9M	$81.2M	100x	as long as short
edgeX HYPEUSDC	+0.0087%	4h	94.189	−0.065%	$5.1M	$29.9M	30x	as long as short
Derive HYPE-PERP	+0.0093%	1h	94.057	−0.205%	$16.5M	$7.1M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.113	−0.145%	$19.0M	$59.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.108	−0.151%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.250	0.000%	$64K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.248	−0.002%	$342K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.250	0.000%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.243	−0.008%	$5.8M	$44.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.262	+0.013%	$10.2M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.038	−0.225%	$116.0M	$319.8M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.095	−0.164%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.094	−0.166%	$47.2M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.049	−0.213%	$227.8M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.058	−0.204%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.103	−0.156%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.203	−0.050%	$31.9M	$53.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.223	−0.029%	$7.6M	$45.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.200	−0.053%	$336K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.203	−0.050%	$681K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.272	+0.024%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.271	+0.022%	$498K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	94.074	−0.187%	$112K	$579K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.103	−0.156%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.085	−0.175%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.070	−0.191%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.160	−0.095%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.037	−0.226%	$18.4M	$42.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.106	−0.153%	$400K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0132%	8h	94.172	−0.083%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTXshort	+0.0152%	1h	94.110	−0.149%	$4.9M	$5.7M	50x
HTX HYPE-USDTlong	+0.0228%	4h	94.250	long leg	$1.5M	$7.8M	75x
Reya HYPERUSDPERP	+0.0248%	1h	94.154	−0.102%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.301	+0.054%	$2.8M	$6.9M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0292%	1h	94.165	−0.090%	$7.4M	$4.6M	50x	as long as short
BloFin HYPE-USDT	+0.0309%	4h	94.057	−0.205%	$17.0M	$12.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0341% / S −0.0165%	1h	94.158	−0.097%	$1.4M	—	100x	as long as short
Hyperliquid HYPE	+0.0518%	1h	94.129	−0.128%	$2.05B	$668.7M	10x	as long as short
Kraken Futures PF_HYPEUSD	+0.0576%	1h	94.170	−0.085%	$21.0M	$29.2M	50x	as long as short