Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0393%/8h= −43.1% APRpaid last 24h −0.065%

Price spread now: Phemex against BloFin−0.006%7-day average +0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$101as in the Funding arb table

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

costs, in and out, $10k−$550.546% of the position

Long on BloFin Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.462%−$46 on $10k

Price spread, last 4 days (all we have)+0.117%+$12 · spread now −0.006%, 7d avg +0.004%

Together, before fees−0.344%−$34 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.004%, so right now this pair is about funding alone: −$12 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin HYPE-USDT	93.380	0.0338	pay 0.0169% / 4h	1h 34m	$17.0M	$11.6M	75x
Short	Phemex HYPEUSDT	93.374	−0.0056	pay 0.0056% / 8h	5h 34m	$12.6M	$2.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against BloFin. 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 BloFinbpFee PhemexbpOrdersPrice spread, now −0.006%Rate

Funding earned: −$82.59
Price spread: −0.006% → +0.004%: −$1.08
Slippage, 4 orders: −$30.57
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$138.25
Costs to cover: 0.546%
Break-even: never at this rate

Slippage from BloFin: 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 BloFin live order book, 9 min ago	0.37 bp	7.6 bp −$8	10.3 bp −$103	16.5 bp −$1,647	doesn't fit
Sell Phemex live order book, 4 min ago	4.39 bp	27.6 bp −$28	46.0 bp −$460	doesn't fit	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	−0.1288%	1h	93.317	−0.067%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.210	−0.182%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0110%	1h	93.330	−0.054%	$699K	$982K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.329	−0.055%	$3K	$331	25x	as long as short
Aftermath Perps HYPEUSD	−0.0058%	1h	93.385	+0.005%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.370	−0.011%	$85K	$344K	20x	as long as short
Phemex HYPEUSDTshort	−0.0056%	8h	93.374	−0.006%	$12.6M	$2.7M	50x
Orderly PERP_HYPE_USDC	−0.0044%	4h	93.361	−0.020%	$154K	$640K	20x	as long as short
Bullet HYPE-USD	−0.0006%	1h	93.348	−0.034%	$111K	$578K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.361	−0.021%	$128K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.362	−0.019%	$23K	$322K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.360	−0.022%	$62K	—	150x	as long as short
Aster HYPEUSDT	+0.0022%	4h	93.362	−0.020%	$8.8M	$35.5M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.393	+0.014%	$213K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0026%	4h	93.348	−0.034%	—	$53.0M	—	as long as short
Bybit HYPEUSDT	+0.0030%	8h	93.340	−0.043%	$321.1M	$277.1M	75x	as long as short
Gate HYPE_USDT	+0.0046%	4h	93.329	−0.055%	$44.5M	$54.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0077%	8h	93.340	−0.043%	$114.1M	$301.8M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.362	−0.019%	$16.3M	$61.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.377	−0.003%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.355	−0.027%	$69K	$1.2M	50x	as long as short
MEXC HYPE_USDT	+0.0096%	4h	93.350	−0.032%	$89.8M	$80.8M	100x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.353	−0.028%	$339K	$162K	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.352	−0.030%	$378.6M	$875.8M	75x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.370	−0.011%	$17K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.340	−0.042%	$5.8M	$43.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.438	+0.062%	$2.04B	$653.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.357	−0.025%	$10.0M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.364	−0.017%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.389	+0.010%	$45.9M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.346	−0.036%	$225.7M	$96.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.371	−0.010%	$7.4M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.367	−0.014%	$31.1M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.365	−0.016%	$7.5M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.333	−0.050%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.424	+0.047%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.401	+0.023%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.389	+0.010%	$472K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.371	−0.010%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.373	−0.007%	$16.2M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.399	+0.020%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.398	+0.019%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.290	−0.096%	$18.4M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.389	+0.010%	$397K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0110%	4h	93.315	−0.070%	$5.1M	$29.7M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.440	+0.064%	$4.8M	$5.6M	50x	as long as short
HTX HYPE-USDT	+0.0193%	4h	93.504	+0.133%	$1.4M	$6.0M	75x	as long as short
Reya HYPERUSDPERP	+0.0258%	1h	93.348	−0.034%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0277%	8h	93.438	+0.062%	$1.9M	$5.0M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.379	−0.001%	$1.4M	—	100x	as long as short
BloFin HYPE-USDTlong	+0.0338%	4h	93.380	long leg	$17.0M	$11.6M	75x
Deribit HYPE_USDC-PERPETUAL	+0.0360%	1h	93.481	+0.108%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.426	+0.049%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.220	−0.171%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0685%	1h	93.456	+0.081%	$20.8M	$29.8M	50x	as long as short