Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0176%/8h= −19.3% APRpaid last 24h +0.007%

Price spread now: Phemex against Bitget+0.009%7-day average +0.028% · you sell dearer than you buy

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$600.601% of the position

Long on Bitget Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.070%+$7 on $10k

Price spread, last 3 days (all we have)+0.018%+$2 · spread now +0.009%, 7d avg +0.028%

Together, before fees+0.088%+$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.028%, so right now this pair is about funding alone: −$5 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.070%, 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	Bitget HYPEUSDT	93.310	0.0100	pay 0.0050% / 4h	2h 06m	$225.9M	$97.3M	75x
Short	Phemex HYPEUSDT	93.318	−0.0076	pay 0.0076% / 8h	6h 06m	$12.6M	$2.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bitget. 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 BitgetbpFee PhemexbpOrdersPrice spread, now +0.009%Rate

Funding earned: −$37.01
Price spread: +0.009% → +0.028%: −$1.99
Slippage, 4 orders: −$36.12
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$99.13
Costs to cover: 0.601%
Break-even: never at this rate

Slippage from Bitget: live order book, 2 min ago; Phemex: live order book, 2 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 Bitget live order book, 2 min ago	0.16 bp	9.5 bp −$9	15.6 bp −$156	doesn't fit	doesn't fit
Sell Phemex live order book, 2 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	−0.062%	$196K	$227K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.171	−0.149%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.333	+0.025%	$3K	$331	25x	as long as short
Phemex HYPEUSDTshort	−0.0076%	8h	93.318	+0.009%	$12.6M	$2.7M	50x
Ondo Perps HYPE-USD.P	−0.0076%	1h	93.300	−0.011%	$701K	$909K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0055%	4h	93.280	−0.032%	$156K	$645K	20x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.298	−0.013%	$84K	$347K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0038%	1h	93.552	+0.260%	$22K	$21K	10x	as long as short
Aster HYPEUSDT	−0.0010%	4h	93.305	−0.005%	$8.8M	$35.8M	300x	as long as short
Gate HYPE_USDT	−0.0008%	4h	93.316	+0.006%	$44.2M	$55.4M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	93.303	−0.007%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.297	−0.013%	$22K	$323K	10x	as long as short
Backpack HYPE_USDC_PERP	0.0000%	1h	93.301	−0.010%	$7.4M	$10.4M	20x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.311	+0.002%	$25K	—	150x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.322	+0.013%	—	$53.4M	—	as long as short
Bybit HYPEUSDT	+0.0011%	8h	93.303	−0.008%	$320.2M	$277.2M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.484	+0.186%	$210K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0065%	1h	93.283	−0.029%	$111K	$577K	20x	as long as short
MEXC HYPE_USDT	+0.0070%	4h	93.329	+0.020%	$88.1M	$83.5M	100x	as long as short
Binance HYPEUSDT	+0.0070%	4h	93.348	+0.041%	$380.1M	$882.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0075%	8h	93.360	+0.054%	$114.6M	$303.5M	50x	as long as short
edgeX HYPEUSDC	+0.0081%	4h	93.375	+0.070%	$5.0M	$29.9M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.355	+0.048%	$16.3M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.346	+0.039%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.288	−0.024%	$67K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.326	+0.017%	$397K	$172K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.336	+0.028%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.320	+0.011%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.326	+0.017%	$5.7M	$43.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.434	+0.133%	$2.04B	$657.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.335	+0.027%	$10.0M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.760	+0.482%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.326	+0.017%	$46.2M	$18.0M	75x	as long as short
Bitget HYPEUSDTlong	+0.0100%	4h	93.310	long leg	$225.9M	$97.3M	75x
Variational Omni HYPE	+0.0100%	8h	93.519	+0.224%	$31.1M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.391	+0.087%	$7.5M	$47.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.374	+0.069%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.362	+0.056%	$666K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.345	+0.037%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.320	+0.011%	$474K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.264	−0.049%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.276	−0.037%	$16.2M	$7.7M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.402	+0.099%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.340	+0.032%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.282	−0.030%	$18.3M	$43.7M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.430	+0.129%	$4.9M	$5.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	94.180	+0.932%	$31K	$339K	12x	as long as short
HTX HYPE-USDT	+0.0184%	4h	93.450	+0.150%	$1.4M	$5.9M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.381	+0.076%	$3.2M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0256%	1h	93.298	−0.013%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0279%	8h	93.295	−0.016%	$1.9M	$4.9M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.305	−0.006%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0468%	1h	93.418	+0.116%	$7.4M	$4.4M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0683%	1h	93.400	+0.096%	$20.8M	$29.8M	50x	as long as short