Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0090%/8h= −9.8% APRpaid last 24h +0.005%

Price spread now: Phemex against BingX−0.043%7-day average +0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$530.532% of the position

Long on BingX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.078%+$8 on $10k

Price spread, last 3 days (all we have)+0.052%+$5 · spread now −0.043%, 7d avg +0.023%

Together, before fees+0.129%+$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phemex is 0.066% cheaper against BingX than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.023%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.078%, 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	BingX HYPE-USDT	93.349	0.0006	pay 0.0003% / 4h	2h 05m	—	$53.4M	—
Short	Phemex HYPEUSDT	93.309	−0.0084	pay 0.0084% / 8h	6h 05m	$12.6M	$2.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against BingX. 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 BingXbpFee PhemexbpOrdersPrice spread, now −0.043%Rate

Funding earned: −$18.84
Price spread: −0.043% → +0.023%: −$6.58
Slippage, 4 orders: −$31.19
Fee BingX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$78.61
Costs to cover: 0.532%
Break-even: never at this rate

Slippage from BingX: live order book, 3 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 BingX live order book, 3 min ago	0.11 bp	5.1 bp −$5	6.4 bp −$64	8.5 bp −$850	14.0 bp −$6,997
Sell Phemex live order book, 3 min ago	4.40 bp	22.1 bp −$22	32.2 bp −$322	doesn't fit	doesn't fit

HYPE on 54 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	−0.1112%	1h	93.252	−0.104%	$196K	$227K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.226	−0.132%	$1.2M	$3.8M	10x	as long as short
Phemex HYPEUSDTshort	−0.0084%	8h	93.309	−0.043%	$12.6M	$2.7M	50x
Hotstuff HYPE-PERP	−0.0080%	1h	93.329	−0.021%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0066%	1h	93.230	−0.127%	$699K	$904K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0054%	4h	93.358	+0.010%	$156K	$645K	20x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.411	+0.066%	$85K	$347K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0037%	1h	93.519	+0.182%	$22K	$21K	10x	as long as short
Aster HYPEUSDT	−0.0005%	4h	93.336	−0.014%	$8.8M	$35.8M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.389	+0.043%	$128K	$31K	5x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	0.0000%	4h	93.315	−0.036%	$44.2M	$55.4M	75x	as long as short
Perpl HYPE	0.0000%	43m	93.395	+0.050%	$22K	$323K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.400	+0.055%	$26K	—	150x	as long as short
Backpack HYPE_USDC_PERP	+0.0005%	1h	93.296	−0.057%	$7.4M	$10.4M	20x	as long as short
BingX HYPE-USDTlong	+0.0006%	4h	93.349	long leg	—	$53.4M	—
Bybit HYPEUSDT	+0.0012%	8h	93.331	−0.019%	$320.3M	$277.2M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.484	+0.145%	$210K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0066%	1h	93.394	+0.048%	$111K	$577K	20x	as long as short
MEXC HYPE_USDT	+0.0070%	4h	93.359	+0.011%	$88.1M	$83.5M	100x	as long as short
Binance HYPEUSDT	+0.0072%	4h	93.349	0.000%	$380.1M	$881.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0075%	8h	93.365	+0.017%	$114.7M	$302.9M	50x	as long as short
edgeX HYPEUSDC	+0.0081%	4h	93.375	+0.028%	$5.0M	$29.9M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.371	+0.024%	$16.3M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.367	+0.019%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.400	+0.055%	$67K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.373	+0.026%	$397K	$172K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.385	+0.038%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.390	+0.044%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.376	+0.029%	$5.7M	$43.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.453	+0.111%	$2.04B	$657.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.376	+0.029%	$10.0M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.760	+0.440%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.358	+0.010%	$46.2M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.342	−0.007%	$225.8M	$97.3M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.349	0.000%	$31.1M	$54.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.391	+0.045%	$7.5M	$47.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.374	+0.027%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.362	+0.014%	$666K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.428	+0.085%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.418	+0.074%	$475K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.357	+0.009%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.358	+0.009%	$16.2M	$7.7M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.486	+0.147%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.385	+0.039%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.310	−0.041%	$18.3M	$43.7M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.460	+0.119%	$4.9M	$5.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	94.180	+0.890%	$31K	$339K	12x	as long as short
HTX HYPE-USDT	+0.0187%	4h	93.568	+0.235%	$1.4M	$5.9M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.491	+0.152%	$3.2M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0256%	1h	93.398	+0.052%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0279%	8h	93.371	+0.024%	$1.9M	$4.9M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.403	+0.057%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0446%	1h	93.480	+0.140%	$7.4M	$4.4M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0682%	1h	93.446	+0.104%	$20.8M	$29.8M	50x	as long as short