Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.069%

Price spread now: gTrade (Gains Network) against HTX−0.196%129s7-day average −0.045% · 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—prices read too far apart to compare

costs, in and out, $10k−$2922.916% of the position

Long on HTX Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.142%−$14 on $10k

Price spread, last 4 days (all we have)+0.608%+$61 · spread now −0.196%, 7d avg −0.045%

Together, before fees+0.466%+$47 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and gTrade (Gains Network) is 0.151% cheaper against HTX than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of −0.045%). Swap the legs. The two prices were read 129 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX HYPE-USDT	94.442	0.0100	pay 0.0050% / 4h	3h 26m	$1.4M	$6.9M	75x
Short	gTrade (Gains Network) HYPE/USD	94.257	L +0.0002% / S 0.0000%	get 0.0000% / 1h	26m 07s	$113K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now −0.196%Rate

Funding earned: −$20.91
Price spread: −0.196% → −0.045%: −$15.08
Slippage, 4 orders: −$269.65
Fee HTX: 6 bp × 2 orders: −$12
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$327.64
Costs to cover: 2.916%
Break-even: never at this rate

Slippage from HTX: live order book, 3 min ago; gTrade (Gains Network): virtual book (oracle venue), 38 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, 3 min ago	1.54 bp	10.7 bp −$11	15.7 bp −$157	46.5 bp −$4,652	doesn't fit
Sell gTrade (Gains Network) virtual book (oracle venue), 38 min ago	130.00 bp	135.0 bp −$135	135.0 bp −$1,350	1364.4 bp −$136.4K	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	−0.0792%	1h	94.302	−0.148%	$210K	$267K	7x	as long as short
Bluefin HYPE-PERP	−0.0598%	1h	94.267	−0.185%	$80K	$149K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0285%	1h	94.397	−0.048%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0260%	1h	94.294	−0.157%	$112K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0186%	1h	94.300	−0.150%	$702K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	94.325	−0.124%	$90K	$365K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.287	−0.164%	$1.0M	$3.4M	10x	as long as short
Gate HYPE_USDT	−0.0102%	4h	94.289	−0.162%	$51.6M	$55.4M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.344	−0.104%	$3K	$331	25x	as long as short
Kraken Futures PF_HYPEUSD	−0.0048%	1h	94.294	−0.156%	$18.8M	$35.5M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0032%	8h	94.360	−0.087%	$318.2M	$293.4M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0009%	4h	94.295	−0.156%	$146K	$677K	20x	as long as short
Phemex HYPEUSDT	−0.0001%	8h	94.316	−0.133%	$12.9M	$2.9M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.385	−0.060%	$129K	$92K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.349	−0.098%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.320	−0.129%	$19K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USDshort	L +0.0002% / S 0.0000%	1h	94.257	−0.196%	$113K	—	150x
Phoenix HYPE	+0.0008%	1h	94.404	−0.040%	$210K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0010%	1h	94.160	−0.298%	$16.3M	$7.5M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.440	−0.002%	$4.7M	$5.9M	50x	as long as short
Bitget HYPEUSDT	+0.0030%	4h	94.302	−0.148%	$226.8M	$97.9M	75x	as long as short
Vest HYPE-PERP	+0.0038%	1h	94.390	−0.055%	—	$190K	5x	as long as short
Backpack HYPE_USDC_PERP	+0.0038%	1h	94.261	−0.192%	$7.5M	$10.4M	20x	as long as short
SoDEX HYPE-USD	+0.0038%	1h	94.308	−0.142%	$2.1M	$2.0M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0040%	8h	94.317	−0.133%	$337K	$39K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0044%	8h	94.378	−0.068%	$117.7M	$327.1M	50x	as long as short
edgeX HYPEUSDC	+0.0081%	4h	94.269	−0.184%	$5.0M	$31.0M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.298	−0.153%	$16.2M	$62.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.298	−0.152%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.319	−0.130%	$149K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.320	−0.129%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.288	−0.163%	$7.2M	$51.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.394	−0.051%	$2.07B	$689.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.285	−0.166%	$9.6M	$38.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.334	−0.114%	$10.2M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.323	−0.126%	$379.4M	$930.9M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.213	−0.242%	$219K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.294	−0.157%	$93.1M	$86.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.286	−0.165%	$47.1M	$19.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.301	−0.149%	—	$53.0M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	94.329	−0.119%	$29.9M	$56.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.308	−0.142%	$7.6M	$44.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.315	−0.134%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.356	−0.091%	$688K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.406	−0.038%	$498K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.326	−0.123%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDTlong	+0.0100%	4h	94.442	long leg	$1.4M	$6.9M	75x
Extended HYPE-USD	+0.0104%	1h	94.258	−0.195%	$18.2M	$43.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.405	−0.040%	$399K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.331	−0.118%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.771%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0195%	1h	94.388	−0.057%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.297	−0.153%	$83K	$105K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	94.354	−0.093%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.344	−0.104%	$17.3M	$12.5M	75x	as long as short