Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0281%/8h= −30.7% APRpaid last 24h +0.012%

Price spread now: Hyperliquid against HTX−0.184%7-day average +0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$310.306% of the position

Long on HTX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.023%+$2 on $10k

Price spread, last 3 days (all we have)+0.267%+$27 · spread now −0.184%, 7d avg +0.007%

Together, before fees+0.290%+ Points / potential airdropHyperliquid: Season 2 · farm board+$29 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Hyperliquid is 0.191% cheaper against HTX than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of +0.007%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.023% in total (about 1.2% 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	94.250	0.0381	pay 0.0190% / 4h	3h 13m	$1.5M	$6.0M	75x
Short	Hyperliquid HYPE	94.077	0.0100	get 0.0013% / 1h	13m 29s	$2.05B	$676.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −0.184%Rate

Funding earned: −$58.95
Price spread: −0.184% → +0.007%: −$19.09
Slippage, 4 orders: −$9.63
Fee HTX: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$108.67
Costs to cover: 0.306%
Break-even: never at this rate

Slippage from HTX: live order book, 1 min ago; Hyperliquid: live order book, 11 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	0.85 bp	10.1 bp −$10	13.0 bp −$130	52.1 bp −$5,212	doesn't fit
Sell Hyperliquid live order book, 11 min ago	0.05 bp	4.9 bp −$5	5.0 bp −$50	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-P	−0.1240%	1h	93.973	−0.294%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.916	−0.354%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0203%	1h	93.924	−0.346%	$22K	$21K	10x	as long as short
Phemex HYPEUSDT	−0.0144%	8h	94.067	−0.194%	$12.8M	$2.6M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0116%	1h	93.980	−0.286%	$708K	$961K	10x	as long as short
dYdX HYPE-USD	−0.0097%	1h	94.086	−0.174%	$129K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.021	−0.243%	$85K	$360K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.024	−0.240%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0071%	1h	94.050	−0.212%	$113K	$581K	20x	as long as short
Gate HYPE_USDT	−0.0048%	4h	94.025	−0.239%	$44.5M	$60.3M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0027%	4h	94.066	−0.195%	$160K	$646K	20x	as long as short
Bybit HYPEUSDT	−0.0013%	8h	93.980	−0.286%	$323.5M	$280.3M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.082	−0.178%	$23K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.099	−0.160%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0013%	4h	94.099	−0.161%	$8.9M	$36.1M	300x	as long as short
Derive HYPE-PERP	+0.0017%	1h	94.042	−0.221%	$16.4M	$7.3M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.678	−0.607%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0050%	4h	94.032	−0.231%	$88.6M	$83.3M	100x	as long as short
Binance HYPEUSDT	+0.0051%	4h	94.020	−0.244%	$383.5M	$894.9M	75x	as long as short
edgeX HYPEUSDC	+0.0058%	4h	93.999	−0.266%	$5.1M	$30.1M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0075%	8h	93.990	−0.276%	$116.2M	$316.0M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.059	−0.203%	$19.0M	$60.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.042	−0.221%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.002	−0.263%	$65K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.095	−0.164%	$400K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.066	−0.195%	$342K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.980	−0.286%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.025	−0.239%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPEshort	+0.0100%	1h	94.077	−0.184%	$2.05B	$676.4M	10x
Pacifica HYPE	+0.0100%	1h	94.043	−0.220%	$10.2M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.528	−0.766%	$204K	$12K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.017	−0.247%	$46.7M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.998	−0.267%	$227.6M	$101.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.002	−0.263%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.123	−0.135%	$7.7M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.810	−0.466%	$31.4M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.085	−0.175%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.061	−0.201%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.100	−0.159%	$672K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.048	−0.215%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.027	−0.237%	$475K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.104	−0.155%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.141	−0.116%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.108	−0.151%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.989	−0.277%	$18.4M	$45.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.140	−0.117%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0181%	4h	94.072	−0.189%	$17.1M	$12.2M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.255%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.035	−0.228%	$2.7M	$6.8M	20x	as long as short
Kalshi KXHYPEPERP	+0.0232%	8h	94.152	−0.104%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	93.994	−0.271%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0156%	1h	94.094	−0.165%	$1.4M	—	100x	as long as short
HTX HYPE-USDTlong	+0.0381%	4h	94.250	long leg	$1.5M	$6.0M	75x
Deribit HYPE_USDC-PERPETUAL	+0.0547%	1h	94.197	−0.056%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0670%	1h	94.196	−0.057%	$21.0M	$29.8M	50x	as long as short