Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0058%/8h= −6.3% APRpaid last 24h −0.007%

Price spread now: Phemex against Aevo+0.017%7-day average +0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs−$73as in the Funding arb table

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$710.711% of the position

Long on Aevo Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.015%−$2 on $10k

Price spread, last 4 days (all we have)−0.013%−$1 · spread now +0.017%, 7d avg +0.006%

Together, before fees−0.028%−$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.006%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo HYPE-PERP	93.716	0.0104	pay 0.0013% / 1h	20m 54s	$396K	$158K	20x
Short	Phemex HYPEUSDT	93.732	0.0046	get 0.0046% / 8h	2h 20m	$12.8M	$2.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Aevo. 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 AevobpFee PhemexbpOrdersPrice spread, now +0.017%Rate

Funding earned: −$12.18
Price spread: +0.017% → +0.006%: $1.05
Slippage, 4 orders: −$43.07
Fee Aevo: 8 bp × 2 orders: −$16
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$82.2
Costs to cover: 0.711%
Break-even: never at this rate

Slippage from Aevo: live order book, 28 min ago; Phemex: live order book, 3 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 Aevo live order book, 28 min ago	7.18 bp	15.4 bp −$15	17.9 bp −$179	23.3 bp −$2,333	doesn't fit
Sell Phemex live order book, 3 min ago	3.06 bp	16.1 bp −$16	36.9 bp −$369	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
Hibachi HYPE/USDT-P	−0.1392%	1h	93.393	−0.345%	$197K	$238K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0396%	1h	93.328	−0.414%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.513	−0.217%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0049%	1h	93.749	+0.035%	$111K	$581K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0019%	4h	93.684	−0.034%	$146K	$672K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.560	−0.167%	$128K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	93.791	+0.080%	$88K	$365K	20x	as long as short
Perpl HYPE	0.0000%	43m	93.772	+0.059%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.760	+0.047%	$62K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	93.637	−0.085%	$1.0M	$3.9M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDT	+0.0012%	4h	93.897	+0.193%	$226.6M	$99.0M	75x	as long as short
Bybit HYPEUSDT	+0.0018%	8h	93.870	+0.164%	$318.7M	$282.6M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.624	−0.098%	$208K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0032%	1h	93.620	−0.103%	$704K	$1.2M	10x	as long as short
Phemex HYPEUSDTshort	+0.0046%	8h	93.732	+0.017%	$12.8M	$2.8M	50x
edgeX HYPEUSDC	+0.0094%	4h	93.211	−0.539%	$5.0M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	93.566	−0.160%	$340K	$157K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.725	+0.010%	$16.2M	$63.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.741	+0.026%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.758	+0.044%	$73K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.690	−0.028%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.731	+0.015%	$8.0M	$48.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.810	+0.100%	$2.04B	$667.5M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.771	+0.058%	$8.7M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.590	−0.135%	$10.1M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.849	+0.141%	$376.3M	$914.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.919	+0.216%	$115.4M	$312.7M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.358	−0.382%	$216K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.792	+0.081%	$47.3M	$54.5M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.919	+0.216%	$90.6M	$81.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.905	+0.201%	$46.4M	$18.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.789	+0.078%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.778	+0.066%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.699	−0.019%	$28.6M	$56.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.275	−0.471%	$7.5M	$47.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.227	−0.522%	$342K	$997K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.427	−0.309%	$668K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.723	+0.007%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.730	+0.015%	$486K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.721	+0.005%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.698	−0.019%	$16.2M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.593	−0.132%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.717	+0.001%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.849	+0.142%	$1.4M	$6.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.891	+0.187%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERPlong	+0.0104%	1h	93.716	long leg	$396K	$158K	20x
Kalshi KXHYPEPERP	+0.0113%	8h	93.680	−0.039%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.620	−0.103%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.800	+0.089%	$4.6M	$5.8M	50x	as long as short
Reya HYPERUSDPERP	+0.0269%	1h	93.767	+0.054%	$80K	$127K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	93.765	+0.052%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0340%	1h	93.796	+0.085%	$20.9M	$29.4M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.730	+0.015%	$16.8M	$12.0M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0486%	1h	93.802	+0.091%	$7.5M	$4.1M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.742	+0.027%	$3.2M	$6.2M	20x	as long as short