Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.005%

Price spread now: Phemex against Backpack−0.016%7-day average −0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$520.518% of the position

Long on Backpack Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.047%−$5 on $10k

Price spread, last 3 days (all we have)−0.014%−$1 · spread now −0.016%, 7d avg −0.007%

Together, before fees−0.061%−$6 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack HYPE_USDC_PERP	93.330	0.0100	pay 0.0013% / 1h	40m 36s	$7.9M	$11.2M	20x
Short	Phemex HYPEUSDT	93.315	0.0100	get 0.0100% / 8h	1h 40m	$12.7M	$2.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Backpack. 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 BackpackbpFee PhemexbpOrdersPrice spread, now −0.016%Rate

Funding earned: $0
Price spread: −0.016% → −0.007%: −$0.94
Slippage, 4 orders: −$29.84
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$52.79
Costs to cover: 0.518%
Break-even: never at this rate

Slippage from Backpack: live order book, 4 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 Backpack live order book, 4 min ago	0.05 bp	5.1 bp −$5	6.7 bp −$67	99.9 bp −$9,988	doesn't fit
Sell Phemex live order book, 3 min ago	2.31 bp	20.7 bp −$21	41.8 bp −$418	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	−0.0360%	1h	93.272	−0.062%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0160%	1h	93.252	−0.084%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.266	−0.069%	$1.2M	$4.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.329	−0.001%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0068%	1h	93.270	−0.064%	$700K	$924K	10x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	93.312	−0.019%	$90K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.344	+0.015%	$127K	$32K	5x	as long as short
Popdex HYPEUSDT	0.0000%	1h	93.291	−0.042%	$58K	$1.2M	50x	as long as short
Perpl HYPE	0.0000%	43m	93.313	−0.018%	$23K	$331K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.342	+0.013%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0014%	4h	93.317	−0.014%	$8.9M	$36.0M	300x	as long as short
Derive HYPE-PERP	+0.0016%	1h	93.265	−0.070%	$16.3M	$7.1M	10x	as long as short
Bybit HYPEUSDT	+0.0029%	8h	93.290	−0.043%	$323.9M	$286.8M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.374	+0.047%	$214K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0036%	4h	93.311	−0.020%	$171K	$519K	20x	as long as short
Gate HYPE_USDT	+0.0056%	4h	93.296	−0.036%	$43.7M	$57.8M	75x	as long as short
Bullet HYPE-USD	+0.0069%	1h	93.299	−0.033%	$112K	$578K	20x	as long as short
Binance HYPEUSDT	+0.0096%	4h	93.287	−0.046%	$383.5M	$892.0M	75x	as long as short
Lighter HYPE	+0.0096%	1h	93.347	+0.018%	$18.5M	$58.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.323	−0.008%	$3.1M	$12.1M	20x	as long as short
MEXC HYPE_USDT	+0.0096%	4h	93.292	−0.041%	$90.4M	$81.6M	100x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.305	−0.027%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.290	−0.043%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.285	−0.048%	$5.9M	$44.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.335	+0.005%	$2.03B	$672.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.329	−0.001%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.281	−0.053%	$114.0M	$313.9M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.390	+0.064%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.311	−0.020%	$47.2M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.310	−0.021%	$226.2M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.293	−0.040%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERPlong	+0.0100%	1h	93.330	long leg	$7.9M	$11.2M	20x
Variational Omni HYPE	+0.0100%	8h	93.236	−0.101%	$28.9M	$50.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.228	−0.109%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.375	+0.048%	$413K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.385	+0.059%	$675K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.341	+0.012%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.326	−0.004%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.289	−0.044%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.429	+0.106%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.321	−0.010%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDTshort	+0.0100%	8h	93.315	−0.016%	$12.7M	$2.6M	50x
Extended HYPE-USD	+0.0104%	1h	93.278	−0.056%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.277	−0.057%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0104%	4h	93.291	−0.042%	$5.1M	$29.5M	30x	as long as short
Kalshi KXHYPEPERP	+0.0107%	8h	93.452	+0.131%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.350	+0.021%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.340	+0.011%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.296	−0.036%	$78K	$158K	15x	as long as short
HTX HYPE-USDT	+0.0269%	4h	93.471	+0.151%	$1.5M	$7.7M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.363	+0.035%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0296%	1h	93.401	+0.076%	$7.4M	$4.6M	50x	as long as short
BloFin HYPE-USDT	+0.0337%	4h	93.319	−0.012%	$16.9M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0159%	1h	93.329	−0.001%	$1.5M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.434	+0.112%	$20.8M	$28.8M	50x	as long as short