Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0047%/8h= +5.1% APRpaid last 24h +0.047%

Price spread now: HTX against Phemex+0.196%7-day average +0.043% · you sell dearer than you buy

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$550.553% of the position

Long on Phemex Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.050%+$5 on $10k

Price spread, last 4 days (all we have)−0.232%−$23 · spread now +0.196%, 7d avg +0.043%

Together, before fees−0.182%−$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and HTX is 0.154% dearer against Phemex than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of +0.043%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	94.291	0.0053	pay 0.0053% / 8h	1h 17m	$12.9M	$2.9M	50x
Short	HTX HYPE-USDT	94.476	0.0100	get 0.0050% / 4h	1h 17m	$1.4M	$6.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX against Phemex. 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 PhemexbpFee HTXbpOrdersPrice spread, now +0.196%Rate

Funding earned: $9.82
Price spread: +0.196% → +0.043%: $15.35
Slippage, 4 orders: −$31.29
Fee Phemex: 6 bp × 2 orders: −$12
Fee HTX: 6 bp × 2 orders: −$12
Net: −$30.12
Costs to cover: 0.553%
Break-even: 28.5 days

Slippage from Phemex: live order book, 2 min ago; HTX: 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 Phemex live order book, 2 min ago	3.76 bp	15.1 bp −$15	31.3 bp −$313	doesn't fit	doesn't fit
Sell HTX live order book, 2 min ago	0.05 bp	8.6 bp −$9	14.1 bp −$141	45.9 bp −$4,588	doesn't fit

HYPE on 54 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	−0.1080%	1h	94.200	−0.096%	$200K	$237K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0187%	1h	94.206	−0.090%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.341	+0.053%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0060%	1h	94.272	−0.020%	$112K	$579K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0054%	1h	94.170	−0.128%	$709K	$1.2M	10x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	94.310	+0.020%	$86K	$366K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0013%	4h	94.191	−0.106%	$146K	$685K	20x	as long as short
Bluefin HYPE-PERP	−0.0012%	1h	94.222	−0.073%	$80K	$155K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.284	−0.007%	$129K	$26K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.272	−0.020%	$19K	$290K	10x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0001%	8h	94.190	−0.107%	$316.9M	$289.3M	75x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.378	+0.092%	$84K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	94.307	+0.017%	$207K	$1.1M	10x	as long as short
Phemex HYPEUSDTlong	+0.0053%	8h	94.291	long leg	$12.9M	$2.9M	50x
Bitget HYPEUSDT	+0.0054%	4h	94.213	−0.083%	$227.1M	$99.3M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0078%	8h	94.303	+0.013%	$337K	$156K	20x	as long as short
edgeX HYPEUSDC	+0.0084%	4h	94.244	−0.050%	$5.0M	$30.7M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.251	−0.042%	$1.0M	$3.7M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.272	−0.020%	$16.3M	$64.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.285	−0.006%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.259	−0.034%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.290	−0.001%	$17K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.267	−0.025%	$7.5M	$50.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.359	+0.072%	$2.07B	$687.2M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.291	0.000%	$8.8M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.267	−0.025%	$10.2M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.271	−0.021%	$377.2M	$932.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.173	−0.125%	$116.1M	$318.5M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.255	−0.038%	$49.0M	$56.5M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.265	−0.028%	$90.1M	$85.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.261	−0.032%	$46.9M	$18.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.252	−0.041%	—	$53.6M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.359	+0.072%	$7.3M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.229	−0.066%	$29.0M	$56.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.298	+0.007%	$7.6M	$47.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.205	−0.091%	$362K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.276	−0.016%	$681K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.350	+0.062%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.278	−0.014%	$498K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.271	−0.021%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.237	−0.057%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDTshort	+0.0100%	4h	94.476	+0.196%	$1.4M	$6.7M	75x
Bulk HYPE-USD	+0.0100%	1h	94.275	−0.017%	$218K	$15K	10x	as long as short
Kalshi KXHYPEPERP	+0.0100%	8h	94.408	+0.124%	$1.8M	$5.6M	2.3x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.189	−0.108%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.247	−0.047%	$398K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.260	−0.033%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	94.410	+0.126%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0196%	1h	94.304	+0.014%	$7.5M	$4.3M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.610	+0.338%	$31K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.246	−0.047%	$77K	$129K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.278	−0.014%	$16.9M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0413%	1h	94.275	−0.017%	$20.2M	$30.4M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.300	+0.010%	$3.2M	$6.4M	20x	as long as short