Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0307%/8h= +33.6% APRpaid last 24h −0.018%

Price spread now: Phemex against Bluefin+0.020%7-day average +0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs−$61as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$720.715% of the position

Long on Bluefin Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.110%+$11 on $10k

Price spread, last 4 days (all we have)−0.013%−$1 · spread now +0.020%, 7d avg +0.016%

Together, before fees+0.097%+$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.016%, so right now this pair is about funding alone: +$9 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.110% in total (about 5.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin HYPE-PERP	95.116	−0.0543	get 0.0068% / 1h	3m 37s	$79K	$148K	20x
Short	Phemex HYPEUSDT	95.135	−0.0236	pay 0.0236% / 8h	7h 03m	$13.0M	$2.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bluefin. 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 BluefinbpFee PhemexbpOrdersPrice spread, now +0.020%Rate

Funding earned: $64.39
Price spread: +0.020% → +0.016%: $0.41
Slippage, 4 orders: −$52.55
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$6.75
Costs to cover: 0.715%
Break-even: 7.7 days

Slippage from Bluefin: live order book, 30 min ago; Phemex: live order book, 5 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 Bluefin live order book, 30 min ago	4.08 bp	15.4 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	7.04 bp	17.0 bp −$17	35.3 bp −$353	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	−0.0984%	1h	95.153	+0.039%	$212K	$265K	7x	as long as short
Bluefin HYPE-PERPlong	−0.0543%	1h	95.116	long leg	$79K	$148K	20x
Phemex HYPEUSDTshort	−0.0236%	8h	95.135	+0.020%	$13.0M	$2.8M	50x
Aftermath Perps HYPEUSD	−0.0231%	1h	95.209	+0.098%	$22K	$19K	10x	as long as short
Bullet HYPE-USD	−0.0202%	1h	95.139	+0.024%	$113K	$580K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0143%	1h	95.100	−0.017%	$696K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	95.202	+0.090%	$91K	$357K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	95.149	+0.035%	$1.0M	$3.1M	10x	as long as short
dYdX HYPE-USD	−0.0103%	1h	95.179	+0.067%	$131K	$93K	5x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.158	+0.044%	$3K	$331	25x	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	−0.0052%	4h	95.170	+0.057%	$53.1M	$57.0M	75x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	95.143	+0.028%	$18.9M	$35.6M	50x	as long as short
Vest HYPE-PERP	−0.0016%	1h	95.235	+0.125%	—	$97K	5x	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	95.117	+0.001%	$148K	$668K	20x	as long as short
BingX HYPE-USDT	−0.0004%	4h	95.175	+0.062%	—	$50.4M	—	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	95.280	+0.172%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	95.187	+0.075%	$19K	$272K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.137	+0.022%	$87K	—	150x	as long as short
Bybit HYPEUSDT	+0.0004%	8h	95.170	+0.057%	$319.9M	$282.9M	75x	as long as short
Phoenix HYPE	+0.0008%	1h	95.295	+0.188%	$212K	$1.2M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	95.170	+0.057%	$4.7M	$5.7M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0032%	8h	95.158	+0.044%	$118.8M	$321.7M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0047%	8h	95.194	+0.082%	$340K	$38K	20x	as long as short
Bitget HYPEUSDT	+0.0048%	4h	95.187	+0.075%	$228.6M	$93.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0057%	1h	95.087	−0.030%	$7.5M	$10.1M	20x	as long as short
Aster HYPEUSDT	+0.0083%	4h	95.175	+0.062%	$9.0M	$36.4M	300x	as long as short
SoDEX HYPE-USD	+0.0089%	1h	95.139	+0.024%	$2.1M	$1.7M	10x	as long as short
Lighter HYPE	+0.0096%	1h	95.164	+0.050%	$16.3M	$64.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.180	+0.067%	$3.2M	$10.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	95.207	+0.096%	$273K	$1.3M	50x	as long as short
edgeX HYPEUSDC	+0.0097%	4h	95.221	+0.110%	$5.1M	$31.0M	30x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	95.140	+0.025%	$40K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.205	+0.094%	$7.2M	$55.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.294	+0.187%	$2.10B	$672.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.200	+0.088%	$10.3M	$14.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	95.187	+0.075%	$383.1M	$908.9M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.176	+0.063%	$222K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.177	+0.064%	$87.2M	$89.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.180	+0.067%	$47.5M	$18.3M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.229	+0.119%	$29.9M	$55.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.275	+0.167%	$7.7M	$43.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.259	+0.150%	$349K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.261	+0.152%	$693K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.201	+0.089%	$501K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.063	−0.056%	$33K	$1.5M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.289	+0.182%	$1.4M	$6.7M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.146	+0.031%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.160	+0.047%	$402K	$136K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.210	+0.099%	$3.2M	$6.2M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0149%	1h	95.234	+0.124%	$7.5M	$4.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.480	+0.383%	$31K	$340K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	95.129	+0.013%	$84K	$92K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.211	+0.100%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	95.168	+0.055%	$17.2M	$12.3M	75x	as long as short