Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0074%/8h= −8.1% APRpaid last 24h +0.020%

Price spread now: Phoenix against Binance+0.087%7-day average +0.093% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$200.199% of the position

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.266%+$27 on $10k

Price spread, last 7 days+0.019%+$2 · spread now +0.087%, 7d avg +0.093%

Together, before fees+0.285%+$29 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.093%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.266%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance HYPEUSDT	93.224	0.0100	pay 0.0050% / 4h	2h 41m	$373.8M	$912.0M	75x
Short	Phoenix HYPE	93.305	0.0026	get 0.0003% / 1h	41m 24s	$209K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.087%Rate

Funding earned: −$15.61
Price spread: +0.087% → +0.093%: −$0.65
Slippage, 4 orders: −$2.9
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$36.16
Costs to cover: 0.199%
Break-even: never at this rate

Slippage from Binance: live order book, 3 min ago; Phoenix: live order book, 7 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, 3 min ago	0.05 bp	5.3 bp −$5	7.9 bp −$79	15.6 bp −$1,562	doesn't fit
Sell Phoenix live order book, 7 min ago	0.05 bp	3.6 bp −$4	6.8 bp −$68	127.6 bp −$12.8K	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	−0.1760%	1h	93.205	−0.020%	$196K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0367%	1h	93.431	+0.221%	$22K	$21K	10x	as long as short
Bullet HYPE-USD	−0.0081%	1h	93.186	−0.042%	$111K	$578K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.322	+0.105%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0025%	4h	93.316	+0.098%	$146K	$663K	20x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.252	+0.030%	$87K	$366K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.319	+0.101%	$128K	$29K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.398	+0.186%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.239	+0.016%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.196	−0.031%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus HYPE-USD	+0.0011%	1h	93.207	−0.019%	$1.0M	$3.9M	10x	as long as short
Bitget HYPEUSDT	+0.0016%	4h	93.210	−0.015%	$225.5M	$98.8M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0019%	1h	93.260	+0.038%	$701K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0023%	8h	93.181	−0.046%	$316.7M	$283.7M	75x	as long as short
Phoenix HYPEshort	+0.0026%	1h	93.305	+0.087%	$209K	$1.2M	10x
Phemex HYPEUSDT	+0.0032%	8h	93.352	+0.137%	$12.6M	$2.7M	50x	as long as short
edgeX HYPEUSDC	+0.0084%	4h	93.341	+0.125%	$5.0M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.282	+0.062%	$339K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.267	+0.045%	$16.1M	$63.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.269	+0.048%	$3.1M	$11.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.225	+0.001%	$77K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.230	+0.006%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.219	−0.006%	$8.0M	$48.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.267	+0.046%	$2.03B	$668.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.236	+0.013%	$8.7M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.267	+0.046%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDTlong	+0.0100%	4h	93.224	long leg	$373.8M	$912.0M	75x
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.207	−0.019%	$114.4M	$308.7M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.224	0.000%	$46.5M	$54.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.223	−0.001%	$90.5M	$80.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.183	−0.044%	$46.0M	$18.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.236	+0.013%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.373	+0.159%	$7.3M	$10.9M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.419	+0.208%	$28.7M	$56.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.468	+0.261%	$7.5M	$47.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.345	+0.129%	$342K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.354	+0.139%	$668K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.298	+0.079%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.237	+0.014%	$501K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.325	+0.108%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.321	+0.103%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.299	+0.080%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.331	+0.114%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.500	+0.296%	$1.4M	$6.4M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.344	+0.129%	$215K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.196	−0.030%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.328	+0.111%	$395K	$161K	20x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.330	+0.113%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.360	+0.146%	$4.8M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0268%	1h	93.204	−0.022%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.209	−0.016%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.333	+0.117%	$16.8M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0341%	1h	93.414	+0.204%	$20.8M	$29.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0457%	1h	93.433	+0.224%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.302	+0.083%	$3.2M	$6.2M	20x	as long as short