Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0831%/8h= −91.0% APRpaid last 24h −0.258%

Price spread now: Hibachi against HTX−0.186%48s7-day average −0.124% · you buy dearer than you sell

Net, funding: paid 7d − costs−$246as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$790.791% of the position

Long on HTX Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days−1.666%−$167 on $10k

Price spread, last 3 days (all we have)+0.093%+$9 · spread now −0.186%, 7d avg −0.124%

Together, before fees−1.572%+ Points / potential airdropHibachi: Active · farm board−$157 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$25 a day on $10k at the current rate, and Hibachi is 0.062% cheaper against HTX than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.124%). Swap the legs. The two prices were read 48 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	94.338	0.0231	pay 0.0116% / 4h	46m 23s	$1.5M	$7.7M	75x
Short	Hibachi HYPE/USDT-P	94.163	−0.0600	pay 0.0075% / 1h	46m 23s	$199K	$230K	7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi 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 HibachibpOrdersPrice spread, now −0.186%Rate

Funding earned: −$174.55
Price spread: −0.186% → −0.124%: −$6.19
Slippage, 4 orders: −$58.07
Fee HTX: 6 bp × 2 orders: −$12
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$259.82
Costs to cover: 0.791%
Break-even: never at this rate

Slippage from HTX: live order book, 3 min ago; Hibachi: live order book, 33 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	0.05 bp	9.6 bp −$10	14.7 bp −$147	47.9 bp −$4,792	doesn't fit
Sell Hibachi live order book, 33 min ago	16.26 bp	37.8 bp −$38	57.5 bp −$575	doesn't fit	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-Pshort	−0.0600%	1h	94.163	−0.186%	$199K	$230K	7x
Aftermath Perps HYPEUSD	−0.0448%	1h	94.078	−0.276%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	94.140	−0.210%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.233	−0.111%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.266	−0.076%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.221	−0.125%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.263	−0.080%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	94.176	−0.172%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0013%	4h	94.231	−0.113%	$165K	$552K	20x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	94.230	−0.114%	$324.9M	$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	+0.0043%	4h	94.244	−0.100%	$9.0M	$35.9M	300x	as long as short
Ondo Perps HYPE-USD.P	+0.0049%	1h	94.130	−0.220%	$705K	$909K	10x	as long as short
Phemex HYPEUSDT	+0.0055%	8h	94.184	−0.163%	$12.8M	$2.6M	50x	as long as short
01 Exchange HYPEUSD	+0.0064%	1h	94.232	−0.112%	$87K	$364K	20x	as long as short
Gate HYPE_USDT	+0.0074%	4h	94.241	−0.103%	$44.3M	$58.3M	75x	as long as short
MEXC HYPE_USDT	+0.0078%	4h	94.240	−0.104%	$88.7M	$81.0M	100x	as long as short
Binance HYPEUSDT	+0.0079%	4h	94.247	−0.096%	$386.2M	$889.5M	75x	as long as short
edgeX HYPEUSDC	+0.0079%	4h	94.119	−0.232%	$5.1M	$29.8M	30x	as long as short
Derive HYPE-PERP	+0.0095%	1h	94.122	−0.229%	$16.5M	$6.9M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.264	−0.079%	$19.1M	$59.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.255	−0.088%	$3.1M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.225	−0.120%	$64K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.227	−0.117%	$342K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.240	−0.104%	$30K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.225	−0.120%	$5.8M	$44.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.253	−0.090%	$10.2M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.240	−0.104%	$116.1M	$319.5M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.095	−0.257%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.237	−0.107%	$47.3M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.248	−0.095%	$228.2M	$102.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.234	−0.110%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.208	−0.138%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.073	−0.281%	$32.2M	$53.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.151	−0.198%	$7.6M	$45.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.127	−0.224%	$336K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.199	−0.147%	$681K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.278	−0.064%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.267	−0.075%	$486K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	94.256	−0.087%	$113K	$577K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.257	−0.086%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.189	−0.158%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.181	−0.166%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.140	−0.210%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.199	−0.148%	$18.7M	$42.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.261	−0.082%	$401K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0126%	8h	94.250	−0.093%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.210	−0.136%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDTlong	+0.0231%	4h	94.338	long leg	$1.5M	$7.7M	75x
Deribit HYPE_USDC-PERPETUAL	+0.0238%	1h	94.264	−0.078%	$7.4M	$4.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	94.237	−0.107%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.280	−0.062%	$2.8M	$6.9M	20x	as long as short
BloFin HYPE-USDT	+0.0315%	4h	94.189	−0.158%	$17.0M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	94.260	−0.083%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0576%	1h	94.284	−0.058%	$21.1M	$29.1M	50x	as long as short
Hyperliquid HYPE	+0.0657%	1h	94.332	−0.006%	$2.06B	$667.9M	10x	as long as short