Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0260%/8h= −28.5% APRpaid last 24h +0.033%

Price spread now: HTX against Kraken Futures+0.120%7-day average +0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$390.393% of the position

Long on Kraken Futures Short on HTX

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)−0.187%−$19 · spread now +0.120%, 7d avg +0.006%

Together, before fees−0.210%−$21 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.114% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.120% now, against its 7-day average of +0.006%): +$11 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 35 hours. At the pace of the last 7 days (−0.023% in total) that is about 34 days.

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	Kraken Futures PF_HYPEUSD	94.268	0.0670	pay 0.0084% / 1h	24m 34s	$21.0M	$29.7M	50x
Short	HTX HYPE-USDT	94.381	0.0410	get 0.0205% / 4h	3h 24m	$1.5M	$6.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Kraken Futures. 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 Kraken FuturesbpFee HTXbpOrdersPrice spread, now +0.120%Rate

Funding earned: −$54.59
Price spread: +0.120% → +0.006%: $11.43
Slippage, 4 orders: −$17.32
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$82.48
Costs to cover: 0.393%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 5 min ago; HTX: 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 Kraken Futures live order book, 5 min ago	1.33 bp	8.8 bp −$9	14.1 bp −$141	20.5 bp −$2,053	62.6 bp −$31.3K
Sell HTX live order book, 4 min ago	2.65 bp	12.1 bp −$12	16.1 bp −$161	68.6 bp −$6,859	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	−0.1360%	1h	94.120	−0.157%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	94.026	−0.257%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0219%	1h	94.155	−0.120%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0146%	1h	94.090	−0.189%	$711K	$959K	10x	as long as short
dYdX HYPE-USD	−0.0127%	1h	94.123	−0.153%	$129K	$31K	5x	as long as short
Phemex HYPEUSDT	−0.0119%	8h	94.144	−0.131%	$12.8M	$2.6M	50x	as long as short
Bullet HYPE-USD	−0.0106%	1h	94.136	−0.140%	$113K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.104	−0.174%	$86K	$360K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.136	−0.140%	$3K	$331	25x	as long as short
Bybit HYPEUSDT	−0.0023%	8h	94.090	−0.189%	$323.2M	$280.4M	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	−0.0019%	4h	94.133	−0.143%	$160K	$645K	20x	as long as short
Gate HYPE_USDT	−0.0002%	4h	94.123	−0.154%	$44.5M	$59.8M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.167	−0.107%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.166	−0.108%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0021%	4h	94.155	−0.120%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	94.222	−0.049%	$219K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0040%	1h	94.125	−0.152%	$16.5M	$7.3M	10x	as long as short
MEXC HYPE_USDT	+0.0050%	4h	94.124	−0.153%	$89.2M	$82.7M	100x	as long as short
Binance HYPEUSDT	+0.0053%	4h	94.121	−0.155%	$383.9M	$893.2M	75x	as long as short
edgeX HYPEUSDC	+0.0057%	4h	94.108	−0.170%	$5.1M	$29.9M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0078%	8h	94.098	−0.180%	$116.1M	$318.5M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.155	−0.119%	$19.2M	$59.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.149	−0.126%	$3.0M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.098	−0.180%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.178	−0.095%	$401K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.153	−0.122%	$342K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.100	−0.178%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.097	−0.181%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.249	−0.020%	$2.05B	$671.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.144	−0.131%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.146	−0.129%	$46.6M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.136	−0.140%	$228.2M	$100.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.115	−0.162%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.184	−0.089%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.149	−0.126%	$31.5M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.151	−0.124%	$7.6M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.088	−0.191%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.161	−0.113%	$681K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.162	−0.112%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.172	−0.102%	$481K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.167	−0.107%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.214	−0.057%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.184	−0.089%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.151	−0.124%	$205K	$2K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.080	−0.200%	$18.8M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.210	−0.061%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.236%	$31K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0206%	4h	94.153	−0.122%	$17.1M	$12.2M	75x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.146	−0.129%	$2.8M	$6.8M	20x	as long as short
Kalshi KXHYPEPERP	+0.0225%	8h	94.235	−0.035%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.134	−0.143%	$79K	$142K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0155%	1h	94.181	−0.092%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0398%	1h	94.264	−0.004%	$7.5M	$4.6M	50x	as long as short
HTX HYPE-USDTshort	+0.0410%	4h	94.381	+0.120%	$1.5M	$6.3M	75x
Kraken Futures PF_HYPEUSDlong	+0.0670%	1h	94.268	long leg	$21.0M	$29.7M	50x