Funding arb · Price arb / Crypto

HYPE

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LONGAvantis▾Katana Perps −0.0774%Kraken Futures −0.0062%Kalshi 0.0000%dYdX +0.0062%Deribit +0.0072%Lighter +0.0096%Lighter RH +0.0096%Popdex +0.0096%edgeX +0.0097%Paradex +0.0097%Nado +0.0100%Hyperliquid +0.0100%Aster +0.0100%Pacifica +0.0100%Binance +0.0100%Bybit +0.0100%OKX +0.0100%Ondo Perps +0.0100%Arcus +0.0100%Bulk +0.0100%Gate +0.0100%MEXC +0.0100%KuCoin +0.0100%Bitget +0.0100%BingX +0.0100%Backpack +0.0100%Variational Omni +0.0100%ApeX Omni +0.0100%StandX +0.0100%Polymarket Perps +0.0100%Reya +0.0100%Bullet +0.0100%Orderly +0.0100%Bluefin +0.0100%Derive +0.0100%SunX +0.0100%SoDEX +0.0100%HTX +0.0100%Phemex +0.0100%Extended +0.0104%Aevo +0.0104%GRVT +0.0108%Perpl +0.0112%N1 +0.0160%Aftermath Perps +0.0160%Avantis +0.0233%RISEx +0.0257%gTrade (Gains Network) +0.0277%GMX +0.0316%BloFin +0.0340%Vest Markets +0.0534%Injective +0.0658%Coinbase International +0.0744%Hibachi +0.0896%

⇄⇅

SHORTPhoenix▾Hibachi +0.0896%Coinbase International +0.0744%Injective +0.0658%Vest Markets +0.0534%gTrade (Gains Network) −0.0467%Phoenix +0.0459%BloFin +0.0340%GMX −0.0276%RISEx +0.0257%Aftermath Perps +0.0160%N1 +0.0160%Perpl +0.0112%GRVT +0.0108%Extended +0.0104%Aevo +0.0104%Hyperliquid +0.0100%Aster +0.0100%Pacifica +0.0100%Binance +0.0100%Bybit +0.0100%OKX +0.0100%Ondo Perps +0.0100%Arcus +0.0100%Bulk +0.0100%Gate +0.0100%MEXC +0.0100%KuCoin +0.0100%Bitget +0.0100%BingX +0.0100%Backpack +0.0100%Variational Omni +0.0100%ApeX Omni +0.0100%StandX +0.0100%Polymarket Perps +0.0100%Reya +0.0100%Bullet +0.0100%Orderly +0.0100%Bluefin +0.0100%Derive +0.0100%SunX +0.0100%SoDEX +0.0100%HTX +0.0100%Phemex +0.0100%Nado +0.0100%Paradex +0.0097%edgeX +0.0097%Popdex +0.0096%Lighter +0.0096%Lighter RH +0.0096%Deribit +0.0072%dYdX +0.0062%Kalshi 0.0000%Kraken Futures −0.0062%Katana Perps −0.0774%

Backtest 30d☆

Leg	Exchange	Price	Fund. /8h	Each payment	Next in	OI	Vol 24h	Lev
LONG	AvantisHYPE/USD	90.039	L +0.0233S +0.0034	pay 0.0029% / 1h	2m 03s	$55K	—	20x	Long Avantis
SHORT	PhoenixHYPE	90.442	+0.0459	get 0.0057% / 1h	2m 03s	$1.0M	$1.5M	10x	Short Phoenix

Price gap+0.447%60s

Funding gap+0.0226% /8h

Both sides work: funding pays +$7 a day on $10k, and the gap is 0.447% above zero (no 7-day history yet): +$45 more if it goes back.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid +0.100% in total, about +0.0047%/8h on average.

Price and funding

Price spreadPricesFundingLeg ratesP&L

1m5m15m1h

1h · history

24H3D7D14D30D90D

Price spread?

Prices?

Funding?per 8h

PRICE SPREAD · 7D

Now+0.447%

Average—

Range—

Wider than now—

FUNDING SPREAD · 7D

Average /8h—

Highest—

Lowest—

Paid you—

Where the spread has been, last 7D▾

share of time at each level

Funding on every exchange

/8h

24H3D7D14D30D90D

AvantisPhoenix

HYPE on 55 exchanges

lowest funding first

Before you open

3 ok · 2 to watch

• i
  Note: Order book unknown—

  No order-book sample for Avantis: its slippage is not counted.
• i
  Note: Margin at max leverage$500 + $1,000

  Avantis 20x, Phoenix 10x. Keep about 2× this so a sharp move doesn’t liquidate one leg.
• ✓
  OK: Same payment interval1h / 1h

  Both legs pay at the same time.

  Long Avantis · 1h−$6.99

  Short Phoenix · 1h+$13.77

  now+6h+12h+18h+24h

  Next 24h at the current rates, on $10k a leg: +$6.78Long Avantis: 24 payments, −$6.99; short Phoenix: 24 payments, +$13.77.
• !
  Watch: Prices read 60 s apart+0.447% vs —

  Part of this gap may be the market moving.
• !
  Watch: Long leg is thinner$55K vs $1.0M OI

  Avantis sets your exit cost. Check its book before closing.
• ✓
  OK: Points on a legAvantis Season 3

  Volume here counts toward the points program.
• ✓
  OK: No KYC on either legAvantis No · Phoenix No

  Both exchanges let you trade without ID.

Profit calculator

both legs, in and out

Position, each leg

$10k$100k$1M

Hold for

1 day7 days30 days

Orders

takermaker

Price spread

to 7d avgclosesnot counted

Funding rate

range avgcurrent

Funding earned+0.0047%/8h × 21 periods+$9.96

Price spreadprices read too far apart to compare—

Slippage, 4 ordersno data for Avantis—

Fee Avantis bp × 2 orders−$9.00

Fee Phoenix bp × 2 orders−$7.00

Net, fees only · 7 days · $10k−$6.04

price spread not counted: prices read too far apart

Costs to cover0.160%Break-even11.3 days

Slippage: Avantis: no order-book sample; Phoenix: live order book, 3 min ago

Cost to enter

taker + slippage from mid, one side

Leg½ spr$10k$100k$1M$5M

BUY · LONGAvantis—————

SELL · SHORTPhoenix1.115.5 bp−$510.2 bp−$102132.1 bp−$13.2Kdoesn’t fit

Closing costs about the same again.
Avantis: no data.

Alert

FundingSpread

Tell me when it goes above%/8hNot more often than everymin

Create alert

HYPE news

posts that mention HYPE, from every exchangeSearch all news →

09-30 18:40	Hotstuff	Listing	HYPE-PERP no longer reported ($HYPE) seen by our collector
09-29 15:00	Coinbase International	Other	Assets you swore you'd never sell: - HYPE - ZEC Assets you can now instantly borrow up to $100k against instead of selling: - HYPE - ZEC Guess that works out. @coinbase on X ↗
09-29 14:58	BingX	Contest	Your next trade could come with extra rewards 😎 Share a 200,000 USDT prize pool, with up to 500 USDT per trader. New users can claim 15 USDT trading BTC, ETH or HYPE, plus daily trading rewards of 15 USDT. Join on BingX before Oct 7👇 @BingXOfficial on X ↗
09-28 18:50	Aevo	Other	bitcoin:native is back near $83k after trading above $86k last week. Whether you trade the continuation or pullback, all options and this week’s Perp Majors count toward the volume requirement for our year-end reward. This week’s Perp Majors include: BTC, ETH, SOL, ZEC, NEAR, HYPE, LIT, SPY, QQQ, HOOD, SNDK, MU, NVDA, TSLA, GOOGL. @aevoxyz on X ↗
09-28 15:17	OKX	Other	New X Drops just went live in Europe. Trade XDP, HYPE, TAO, LINK, PUMP, UNI, LTC, DOGE, FET, or AAVE for a share of 23M $XDP. $XDP trades get a 3× boost. @okx on X ↗
09-24 07:40	Binance	Listing	Binance will list @HyperliquidX (HYPE) with the Seed Tag applied. More info → @binance on X ↗