Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0329%/8h= −36.0% APRpaid last 24h −0.048%

Price spread now: Derive against HTX−0.250%56s7-day average −0.064% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on HTX Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days−0.061%−$6 on $10k

Price spread, last 3 days (all we have)+0.307%+$31 · spread now −0.250%, 7d avg −0.064%

Together, before fees+0.246%+$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Derive is 0.187% cheaper against HTX than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of −0.064%). Swap the legs. The two prices were read 56 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.061% in total (about -3.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX HYPE-USDT	93.825	0.0308	pay 0.0154% / 4h	2h 21m	$1.5M	$7.6M	75x
Short	Derive HYPE-PERP	93.590	−0.0021	pay 0.0003% / 1h	21m 15s	$16.4M	$7.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now −0.250%Rate

Funding earned: −$69.01
Price spread: −0.250% → −0.064%: −$18.68
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Derive: 3 bp × 2 orders: −$6
Net: −$105.68
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: HTX: live order book, 3 min ago; Derive: no order-book sample. Net counts fees only.

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, 3 min ago	0.05 bp	8.8 bp −$9	11.1 bp −$111	37.2 bp −$3,721	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1008%	1h	93.647	−0.190%	$198K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0288%	1h	93.668	−0.167%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0238%	1h	93.580	−0.261%	$703K	$934K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.679	−0.156%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.689	−0.145%	$90K	$343K	20x	as long as short
Derive HYPE-PERPshort	−0.0021%	1h	93.590	−0.250%	$16.4M	$7.0M	10x
Bullet HYPE-USD	−0.0020%	1h	93.621	−0.218%	$112K	$583K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.721	−0.111%	$128K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.661	−0.175%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.670	−0.166%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0027%	4h	93.676	−0.159%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0030%	4h	93.625	−0.213%	$44.1M	$57.1M	75x	as long as short
Bybit HYPEUSDT	+0.0036%	8h	93.620	−0.218%	$326.0M	$287.1M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0062%	4h	93.619	−0.220%	$175K	$536K	20x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.665	−0.171%	$57K	$1.2M	50x	as long as short
Phoenix HYPE	+0.0068%	1h	93.733	−0.098%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.712	−0.121%	$18.6M	$59.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.701	−0.132%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.682	−0.152%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.710	−0.123%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.665	−0.171%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.759	−0.070%	$2.04B	$670.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.690	−0.144%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.621	−0.217%	$386.2M	$888.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.632	−0.206%	$115.0M	$316.1M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.647	−0.190%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.690	−0.144%	$205K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.640	−0.197%	$93.7M	$82.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.701	−0.132%	$46.5M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.674	−0.161%	$227.5M	$102.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.624	−0.214%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.688	−0.146%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.652	−0.185%	$29.0M	$50.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.753	−0.077%	$7.5M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.664	−0.172%	$407K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.704	−0.129%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.715	−0.118%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.712	−0.120%	$495K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.644	−0.193%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.744	−0.086%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.621	−0.217%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.675	−0.160%	$12.8M	$2.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0102%	1h	93.730	−0.101%	$7.4M	$4.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.609	−0.230%	$18.3M	$41.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.644	−0.192%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0106%	4h	93.684	−0.150%	$5.1M	$29.7M	30x	as long as short
Kalshi KXHYPEPERP	+0.0132%	8h	93.740	−0.091%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.700	−0.133%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.619	−0.220%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.600	−0.240%	$30K	$291K	12x	as long as short
HTX HYPE-USDTlong	+0.0308%	4h	93.825	long leg	$1.5M	$7.6M	75x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0164%	1h	93.682	−0.153%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.715	−0.117%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.731	−0.100%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0572%	1h	93.757	−0.073%	$19.2M	$26.0M	50x	as long as short