Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0091%/8h= −10.0% APRpaid last 24h +0.033%

Price spread now: Phoenix against BingX+0.048%109s7-day average +0.112% · you sell dearer than you buy

Net, funding: paid 7d − costs+$13as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$220.216% of the position

Long on BingX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.345%+$35 on $10k

Price spread, last 7 days+0.081%+$8 · spread now +0.048%, 7d avg +0.112%

Together, before fees+0.426%+$43 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 Phoenix is 0.064% cheaper against BingX than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.112%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.345%, so the current rate has only just turned against you. The two prices were read 109 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX HYPE-USDT	93.874	0.0100	pay 0.0050% / 4h	9m 37s	—	$54.2M	—
Short	Phoenix HYPE	93.919	0.0009	get 0.0001% / 1h	9m 37s	$217K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.048%Rate

Funding earned: −$19.21
Price spread: +0.048% → +0.112%: −$6.39
Slippage, 4 orders: −$4.57
Fee BingX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$47.17
Costs to cover: 0.216%
Break-even: never at this rate

Slippage from BingX: live order book, 4 min ago; Phoenix: live order book, 9 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, 4 min ago	0.11 bp	5.1 bp −$5	6.3 bp −$63	11.0 bp −$1,097	14.5 bp −$7,227
Sell Phoenix live order book, 9 min ago	1.17 bp	5.7 bp −$6	9.5 bp −$95	117.2 bp −$11.7K	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	−0.1256%	1h	93.812	−0.066%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0400%	1h	93.863	−0.012%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.783	−0.097%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0111%	1h	93.820	−0.058%	$705K	$917K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.927	+0.056%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.894	+0.021%	$86K	$368K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0003%	4h	93.918	+0.047%	$170K	$590K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.941	+0.072%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.939	+0.069%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.933	+0.063%	$27K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPEshort	+0.0009%	1h	93.919	+0.048%	$217K	$1.2M	10x
Derive HYPE-PERP	+0.0011%	1h	93.847	−0.029%	$16.4M	$7.1M	10x	as long as short
Aster HYPEUSDT	+0.0015%	4h	93.900	+0.028%	$8.9M	$36.1M	300x	as long as short
Bybit HYPEUSDT	+0.0021%	8h	93.910	+0.038%	$323.1M	$284.0M	75x	as long as short
Phemex HYPEUSDT	+0.0041%	8h	93.840	−0.036%	$12.8M	$2.6M	50x	as long as short
Binance HYPEUSDT	+0.0051%	4h	93.915	+0.044%	$383.9M	$898.3M	75x	as long as short
MEXC HYPE_USDT	+0.0054%	4h	93.876	+0.002%	$88.4M	$82.2M	100x	as long as short
edgeX HYPEUSDC	+0.0061%	4h	93.800	−0.078%	$5.1M	$29.6M	30x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.892	+0.019%	$60K	$1.2M	50x	as long as short
Gate HYPE_USDT	+0.0072%	4h	93.876	+0.002%	$44.1M	$59.9M	75x	as long as short
Bullet HYPE-USD	+0.0087%	1h	93.899	+0.026%	$113K	$578K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0090%	8h	93.915	+0.044%	$115.8M	$322.9M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.942	+0.072%	$18.9M	$60.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.940	+0.070%	$3.1M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.890	+0.017%	$399K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.922	+0.051%	$341K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.870	−0.004%	$38K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.912	+0.041%	$5.7M	$44.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.007	+0.142%	$2.04B	$679.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.906	+0.034%	$10.1M	$14.5M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.889	+0.016%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.888	+0.015%	$46.5M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.934	+0.064%	$227.5M	$102.3M	75x	as long as short
BingX HYPE-USDTlong	+0.0100%	4h	93.874	long leg	—	$54.2M	—
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.927	+0.056%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.811	−0.067%	$31.2M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.855	−0.020%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.859	−0.016%	$359K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.889	+0.016%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.946	+0.077%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.965	+0.097%	$472K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.909	+0.037%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.977	+0.110%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.891	+0.018%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.571%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.862	−0.013%	$18.3M	$42.8M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.010	+0.145%	$4.9M	$5.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0154%	8h	93.929	+0.059%	$1.9M	$5.0M	2.3x	as long as short
HTX HYPE-USDT	+0.0192%	4h	94.063	+0.201%	$1.5M	$7.8M	75x	as long as short
BloFin HYPE-USDT	+0.0212%	4h	93.801	−0.078%	$16.9M	$12.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.932	+0.061%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.936	+0.066%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0303%	1h	94.001	+0.135%	$7.5M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0163%	1h	93.924	+0.053%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0577%	1h	94.004	+0.139%	$21.0M	$29.5M	50x	as long as short