Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0382%/8h= −41.8% APRpaid last 24h −0.004%

Price spread now: Phemex against Binance−0.048%7-day average −0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$510.509% of the position

Long on Binance Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.001%$0 on $10k

Price spread, last 4 days (all we have)−0.043%−$4 · spread now −0.048%, 7d avg −0.001%

Together, before fees−0.044%−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Phemex is 0.047% cheaper against Binance than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.001%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.001% in total (about -0.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance HYPEUSDT	95.283	0.0100	pay 0.0050% / 4h	1h 58m	$382.9M	$858.8M	75x
Short	Phemex HYPEUSDT	95.237	−0.0282	pay 0.0282% / 8h	5h 58m	$13.0M	$2.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Binance. 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 BinancebpFee PhemexbpOrdersPrice spread, now −0.048%Rate

Funding earned: −$80.25
Price spread: −0.048% → −0.001%: −$4.73
Slippage, 4 orders: −$28.9
Fee Binance: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$135.88
Costs to cover: 0.509%
Break-even: never at this rate

Slippage from Binance: live order book, 9 min ago; Phemex: 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 Binance live order book, 9 min ago	0.05 bp	6.2 bp −$6	8.3 bp −$83	15.7 bp −$1,574	36.2 bp −$18.1K
Sell Phemex live order book, 4 min ago	1.42 bp	17.6 bp −$18	37.8 bp −$378	doesn't fit	doesn't fit

HYPE on 54 exchanges

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	−0.1320%	1h	95.200	−0.088%	$212K	$261K	7x	as long as short
Bullet HYPE-USD	−0.0400%	1h	95.257	−0.027%	$114K	$582K	20x	as long as short
Phemex HYPEUSDTshort	−0.0282%	8h	95.237	−0.048%	$13.0M	$2.5M	50x
Kraken Futures PF_HYPEUSD	−0.0251%	1h	95.280	−0.003%	$18.6M	$35.3M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0141%	1h	95.192	−0.095%	$22K	$17K	10x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.242	−0.043%	$1.1M	$2.4M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0125%	1h	95.140	−0.150%	$690K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	95.259	−0.025%	$92K	$346K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.191	−0.097%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0070%	4h	95.272	−0.012%	$54.6M	$53.0M	75x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.310	+0.028%	$4.7M	$5.6M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0039%	4h	95.248	−0.037%	$148K	$643K	20x	as long as short
Aster HYPEUSDT	−0.0025%	4h	95.272	−0.012%	$9.0M	$33.0M	300x	as long as short
Lighter HYPE	−0.0024%	1h	95.263	−0.022%	$16.3M	$57.4M	20x	as long as short
OKX HYPE-USDT-SWAP	−0.0009%	8h	95.254	−0.031%	$119.3M	$304.6M	50x	as long as short
Popdex HYPEUSDT	−0.0008%	1h	95.251	−0.034%	$274K	$1.0M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	95.259	−0.025%	$129K	$94K	5x	as long as short
Perpl HYPE	0.0000%	43m	95.283	0.000%	$24K	$254K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.303	+0.021%	$100K	—	150x	as long as short
Bulk HYPE-USD	+0.0016%	1h	95.192	−0.096%	$232K	$12K	10x	as long as short
Phoenix HYPE	+0.0017%	1h	95.204	−0.083%	$201K	$945K	10x	as long as short
Bitget HYPEUSDT	+0.0020%	4h	95.271	−0.013%	$229.0M	$87.2M	75x	as long as short
Bybit HYPEUSDT	+0.0033%	8h	95.280	−0.003%	$321.2M	$266.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0044%	1h	95.363	+0.084%	$7.5M	$4.3M	50x	as long as short
Vest HYPE-PERP	+0.0054%	1h	95.309	+0.028%	—	$80K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0073%	8h	95.262	−0.022%	$340K	$35K	20x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	95.110	−0.182%	$5.1M	$29.5M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.290	+0.007%	$3.3M	$9.9M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.180	−0.108%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.288	+0.006%	$7.3M	$52.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.365	+0.086%	$2.11B	$649.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.286	+0.003%	$10.3M	$13.3M	20x	as long as short
Binance HYPEUSDTlong	+0.0100%	4h	95.283	long leg	$382.9M	$858.8M	75x
MEXC HYPE_USDT	+0.0100%	4h	95.279	−0.004%	$90.8M	$83.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.271	−0.013%	$48.1M	$17.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	95.280	−0.003%	—	$48.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.326	+0.045%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.143	−0.147%	$30.0M	$53.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.108	−0.184%	$7.7M	$40.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.136	−0.154%	$347K	$883K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.226	−0.060%	$693K	$2.8M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.290	+0.007%	$504K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	95.278	−0.005%	$79K	$136K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.372	+0.093%	$33K	$1.4M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	95.281	−0.002%	$2.1M	$373K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.397	+0.120%	$1.4M	$5.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.249	−0.036%	$18.4M	$40.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.272	−0.011%	$403K	$130K	20x	as long as short
Kalshi KXHYPEPERP	+0.0122%	8h	95.349	+0.069%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.282	−0.002%	$3.2M	$5.5M	20x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	95.230	−0.056%	$85K	$100K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.246	−0.039%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	95.205	−0.082%	$17.3M	$11.6M	75x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.400	+0.123%	$31K	$334K	12x	as long as short