Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0037%/8h= −4.0% APRpaid last 24h −0.057%

Price spread now: Nado against HTX−0.118%7-day average −0.054% · 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−$33as in the Price arb table

costs, in and out, $10k−$260.265% of the position

Long on HTX Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.058%−$6 on $10k

Price spread, last 4 days (all we have)+0.397%+$40 · spread now −0.118%, 7d avg −0.054%

Together, before fees+0.339%+ Points / potential airdropNado: Active · farm board+$34 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Nado is 0.064% cheaper against HTX than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.054%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX HYPE-USDT	93.400	0.0137	pay 0.0068% / 4h	1h 10m	$1.4M	$6.0M	75x
Short	Nado HYPE-PERP	93.290	0.0100	get 0.0012% / 1h	10m 18s	$5.8M	$43.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.118%Rate

Funding earned: −$7.72
Price spread: −0.118% → −0.054%: −$6.39
Slippage, 4 orders: −$7.49
Fee HTX: 6 bp × 2 orders: −$12
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$40.6
Costs to cover: 0.265%
Break-even: never at this rate

Slippage from HTX: live order book, 4 min ago; Nado: live order book, 4 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, 4 min ago	2.63 bp	9.6 bp −$10	13.6 bp −$136	50.2 bp −$5,016	doesn't fit
Sell Nado live order book, 4 min ago	0.05 bp	3.8 bp −$4	6.0 bp −$60	27.7 bp −$2,768	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	−0.0984%	1h	93.267	−0.142%	$197K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.182	−0.233%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0129%	1h	93.170	−0.246%	$698K	$1.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.300	−0.107%	$3K	$331	25x	as long as short
Aftermath Perps HYPEUSD	−0.0074%	1h	93.238	−0.173%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.309	−0.097%	$85K	$345K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0048%	4h	93.217	−0.196%	$155K	$654K	20x	as long as short
Phemex HYPEUSDT	−0.0003%	8h	93.277	−0.132%	$12.6M	$2.7M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.319	−0.087%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.259	−0.151%	$23K	$319K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.252	−0.159%	$63K	—	150x	as long as short
Bullet HYPE-USD	+0.0005%	1h	93.217	−0.196%	$111K	$579K	20x	as long as short
Aster HYPEUSDT	+0.0024%	4h	93.297	−0.110%	$8.8M	$35.9M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.156	−0.261%	$212K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0036%	4h	93.234	−0.178%	—	$53.0M	—	as long as short
Gate HYPE_USDT	+0.0046%	4h	93.238	−0.173%	$44.6M	$55.5M	75x	as long as short
Bybit HYPEUSDT	+0.0047%	8h	93.223	−0.190%	$320.7M	$276.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0074%	8h	93.218	−0.195%	$113.8M	$299.3M	50x	as long as short
Derive HYPE-PERP	+0.0086%	1h	93.202	−0.212%	$16.2M	$7.5M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.316	−0.090%	$16.2M	$62.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.311	−0.095%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.290	−0.118%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.336	−0.069%	$340K	$162K	20x	as long as short
MEXC HYPE_USDT	+0.0098%	4h	93.241	−0.170%	$89.5M	$81.2M	100x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.255	−0.155%	$377.1M	$880.3M	75x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.230	−0.182%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERPshort	+0.0100%	1h	93.290	−0.118%	$5.8M	$43.0M	10x
Hyperliquid HYPE	+0.0100%	1h	93.332	−0.073%	$2.03B	$657.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.337	−0.067%	$10.0M	$14.8M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.307	−0.100%	$45.9M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.229	−0.183%	$225.5M	$96.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.280	−0.128%	$7.4M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.197	−0.218%	$31.4M	$53.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.122	−0.298%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.125	−0.294%	$338K	$998K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.265	−0.145%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.325	−0.080%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.299	−0.108%	$473K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.197	−0.217%	$79K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.323	−0.082%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.238	−0.173%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.155	−0.262%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.191	−0.223%	$18.3M	$42.9M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.233	−0.178%	$397K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0112%	4h	93.083	−0.340%	$5.0M	$28.9M	30x	as long as short
HTX HYPE-USDTlong	+0.0137%	4h	93.400	long leg	$1.4M	$6.0M	75x
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.300	−0.107%	$4.8M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0259%	1h	93.213	−0.200%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0268%	8h	93.317	−0.089%	$1.9M	$5.2M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0308%	1h	93.304	−0.103%	$7.4M	$4.3M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.251	−0.159%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0338%	4h	93.247	−0.164%	$17.0M	$11.5M	75x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.387	−0.014%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.160	−0.257%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0686%	1h	93.312	−0.095%	$20.7M	$29.8M	50x	as long as short