Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0268%/8h= −29.3% APRpaid last 24h −0.059%

Price spread now: 01 Exchange against HTX−0.171%7-day average −0.011% · 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−$46as in the Price arb table

costs, in and out, $10k−$300.304% of the position

Long on HTX Short on 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.066%−$7 on $10k

Price spread, last 3 days (all we have)+0.368%+$37 · spread now −0.171%, 7d avg −0.011%

Together, before fees+0.301%+$30 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 01 Exchange is 0.160% cheaper against HTX than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of −0.011%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.066% in total (about -7.2% 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	93.346	0.0236	pay 0.0118% / 4h	1h 16m	$1.5M	$7.7M	75x
Short	01 Exchange HYPEUSD	93.186	−0.0032	pay 0.0004% / 1h	16m 42s	$90K	$361K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now −0.171%Rate

Funding earned: −$56.18
Price spread: −0.171% → −0.011%: −$16
Slippage, 4 orders: −$11.36
Fee HTX: 6 bp × 2 orders: −$12
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$102.53
Costs to cover: 0.304%
Break-even: never at this rate

Slippage from HTX: live order book, 2 min ago; 01 Exchange: live order book, 2 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, 2 min ago	0.05 bp	9.8 bp −$10	13.1 bp −$131	39.0 bp −$3,897	doesn't fit
Sell 01 Exchange live order book, 2 min ago	0.11 bp	6.4 bp −$6	9.1 bp −$91	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	−0.0436%	1h	93.156	−0.204%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0336%	1h	93.268	−0.084%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.198	−0.159%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0123%	1h	93.170	−0.189%	$699K	$931K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.208	−0.148%	$3K	$331	25x	as long as short
01 Exchange HYPEUSDshort	−0.0032%	1h	93.186	−0.171%	$90K	$361K	20x
Popdex HYPEUSDT	−0.0008%	1h	93.175	−0.183%	$58K	$1.2M	50x	as long as short
Aster HYPEUSDT	0.0000%	4h	93.218	−0.137%	$8.8M	$35.9M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.278	−0.073%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.200	−0.156%	$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 −0.0002%	1h	93.201	−0.155%	$27K	—	150x	as long as short
Orderly PERP_HYPE_USDC	+0.0021%	4h	93.191	−0.166%	$172K	$518K	20x	as long as short
Bybit HYPEUSDT	+0.0021%	8h	93.230	−0.124%	$323.0M	$286.2M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.249	−0.104%	$214K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0035%	1h	93.158	−0.201%	$112K	$579K	20x	as long as short
Derive HYPE-PERP	+0.0047%	1h	93.134	−0.227%	$16.3M	$7.0M	10x	as long as short
Binance HYPEUSDT	+0.0065%	4h	93.252	−0.101%	$381.8M	$894.8M	75x	as long as short
Gate HYPE_USDT	+0.0066%	4h	93.247	−0.106%	$43.9M	$58.6M	75x	as long as short
MEXC HYPE_USDT	+0.0066%	4h	93.254	−0.099%	$90.1M	$82.3M	100x	as long as short
edgeX HYPEUSDC	+0.0079%	4h	93.210	−0.146%	$5.1M	$29.7M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.281	−0.070%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.267	−0.085%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.199	−0.158%	$396K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.249	−0.104%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.250	−0.103%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.162	−0.197%	$5.9M	$44.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.273	−0.078%	$2.03B	$669.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.273	−0.078%	$10.0M	$14.4M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.249	−0.104%	$114.2M	$313.9M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.232	−0.122%	$204K	$8K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.261	−0.091%	$47.0M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.264	−0.088%	$226.2M	$103.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.241	−0.112%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.204	−0.152%	$7.8M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.153	−0.206%	$29.0M	$50.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.253	−0.100%	$7.5M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.262	−0.090%	$415K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.239	−0.115%	$674K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.223	−0.132%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.192	−0.165%	$493K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.168	−0.191%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.224	−0.131%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.171	−0.187%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.222	−0.133%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.251	−0.101%	$18.2M	$41.9M	50x	as long as short
Kalshi KXHYPEPERP	+0.0115%	8h	93.300	−0.049%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.270	−0.081%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDTlong	+0.0236%	4h	93.346	long leg	$1.5M	$7.7M	75x
Injective HYPE/USDC PERP	+0.0239%	1h	93.190	−0.167%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.164	−0.195%	$77K	$159K	15x	as long as short
BloFin HYPE-USDT	+0.0265%	4h	93.192	−0.165%	$16.8M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.324	−0.023%	$2.7M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0297%	1h	93.271	−0.080%	$7.4M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.194	−0.162%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0466%	1h	93.282	−0.069%	$20.9M	$29.0M	50x	as long as short