Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0012%/8h= −1.3% APRpaid last 24h −0.007%

Price spread now: RISEx against HTX−0.118%7-day average −0.024% · 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−$38as in the Price arb table

costs, in and out, $10k−$280.281% of the position

Long on HTX Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.073%+$7 on $10k

Price spread, last 3 days (all we have)+0.247%+$25 · spread now −0.118%, 7d avg −0.024%

Together, before fees+0.320%+$32 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and RISEx is 0.094% cheaper against HTX than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.024%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.073%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX HYPE-USDT	93.139	0.0292	pay 0.0146% / 4h	1h 49m	$1.5M	$7.6M	75x
Short	RISEx HYPE/USDC	93.029	0.0280	get 0.0035% / 1h	49m 27s	$2.7M	$6.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now −0.118%Rate

Funding earned: −$2.46
Price spread: −0.118% → −0.024%: −$9.43
Slippage, 4 orders: −$10.15
Fee HTX: 6 bp × 2 orders: −$12
Fee RISEx: 3 bp × 2 orders: −$6
Net: −$40.04
Costs to cover: 0.281%
Break-even: never at this rate

Slippage from HTX: live order book, 5 min ago; RISEx: live order book, 5 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, 5 min ago	1.45 bp	8.5 bp −$8	10.0 bp −$100	40.8 bp −$4,083	doesn't fit
Sell RISEx live order book, 5 min ago	0.97 bp	4.0 bp −$4	6.1 bp −$61	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
Aftermath Perps HYPEUSD	−0.0298%	1h	93.027	−0.121%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	92.927	−0.228%	$1.2M	$4.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.961	−0.191%	$3K	$331	25x	as long as short
Hibachi HYPE/USDT-P	−0.0056%	1h	92.964	−0.188%	$196K	$231K	7x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	92.996	−0.154%	$90K	$365K	20x	as long as short
Derive HYPE-PERP	−0.0002%	1h	92.860	−0.300%	$16.3M	$7.1M	10x	as long as short
Aster HYPEUSDT	0.0000%	4h	92.952	−0.201%	$8.9M	$36.0M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.009	−0.140%	$127K	$32K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.031	−0.116%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	92.957	−0.195%	$23K	$331K	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 −0.0001%	1h	93.029	−0.118%	$20K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0009%	1h	92.900	−0.257%	$697K	$921K	10x	as long as short
Popdex HYPEUSDT	+0.0016%	1h	92.971	−0.180%	$57K	$1.2M	50x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.970	−0.181%	$323.2M	$286.9M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.039	−0.107%	$215K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0041%	4h	92.916	−0.239%	$165K	$515K	20x	as long as short
Gate HYPE_USDT	+0.0060%	4h	92.955	−0.198%	$44.0M	$57.3M	75x	as long as short
Bullet HYPE-USD	+0.0084%	1h	92.988	−0.162%	$112K	$579K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.013	−0.135%	$18.5M	$58.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.978	−0.173%	$3.0M	$12.1M	20x	as long as short
MEXC HYPE_USDT	+0.0098%	4h	92.982	−0.169%	$90.1M	$81.4M	100x	as long as short
Binance HYPEUSDT	+0.0098%	4h	93.000	−0.149%	$382.7M	$892.0M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	92.961	−0.191%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.960	−0.192%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.955	−0.198%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.002	−0.147%	$2.02B	$670.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.981	−0.170%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.976	−0.175%	$113.9M	$314.0M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.884	−0.274%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.997	−0.152%	$47.1M	$19.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.003	−0.146%	$225.4M	$102.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.979	−0.172%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.936	−0.218%	$7.8M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.887	−0.270%	$28.9M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.983	−0.168%	$7.5M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.016	−0.132%	$411K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.000	−0.149%	$673K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.003	−0.146%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.007	−0.142%	$492K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.933	−0.221%	$75K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.019	−0.129%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.913	−0.243%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	92.959	−0.193%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.939	−0.214%	$18.3M	$42.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.912	−0.244%	$395K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0108%	4h	92.923	−0.232%	$5.0M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	92.950	−0.203%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	92.820	−0.342%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	92.985	−0.165%	$77K	$158K	15x	as long as short
RISEx HYPE/USDCshort	+0.0280%	1h	93.029	−0.118%	$2.7M	$6.8M	20x
HTX HYPE-USDTlong	+0.0292%	4h	93.139	long leg	$1.5M	$7.6M	75x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0159%	1h	93.016	−0.132%	$1.5M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.975	−0.176%	$17.0M	$12.4M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0385%	1h	93.019	−0.129%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0467%	1h	93.040	−0.107%	$20.7M	$28.5M	50x	as long as short