Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0151%/8h= −16.6% APRpaid last 24h −0.008%

Price spread now: Phemex against Bulk+0.436%7-day average −0.024% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$4as in the Price arb table

costs, in and out, $10k−$500.501% of the position

Long on Bulk Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)0.000%$0 on $10k

Price spread, last 3 days (all we have)−0.396%−$40 · spread now +0.436%, 7d avg −0.024%

Together, before fees−0.396%−$40 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.460% dearer against Bulk than usual: you sell high and buy low (spread +0.436% now, against its 7-day average of −0.024%): +$46 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 10 days. At the pace of the last 3 days (0.000% in total) that is about years.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk HYPE-USD	93.528	0.0100	pay 0.0013% / 1h	16m 06s	$204K	$12K	10x
Short	Phemex HYPEUSDT	93.936	−0.0051	pay 0.0051% / 8h	7h 16m	$12.8M	$2.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bulk. 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 BulkbpFee PhemexbpOrdersPrice spread, now +0.436%Rate

Funding earned: −$31.79
Price spread: +0.436% → −0.024%: $46.02
Slippage, 4 orders: −$31.09
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$35.86
Costs to cover: 0.501%
Break-even: never at this rate

Slippage from Bulk: live order book, 58 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 Bulk live order book, 58 min ago	0.53 bp	4.0 bp −$4	5.9 bp −$59	12.3 bp −$1,232	35.8 bp −$17.9K
Sell Phemex live order book, 3 min ago	5.08 bp	21.3 bp −$21	37.2 bp −$372	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	−0.1280%	1h	93.530	+0.002%	$198K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.701	+0.185%	$1.3M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0197%	1h	93.835	+0.328%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0134%	1h	93.730	+0.216%	$708K	$958K	10x	as long as short
dYdX HYPE-USD	−0.0103%	1h	93.818	+0.310%	$129K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	93.855	+0.349%	$85K	$361K	20x	as long as short
Bullet HYPE-USD	−0.0085%	1h	93.875	+0.371%	$113K	$581K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.610	+0.087%	$3K	$331	25x	as long as short
Phemex HYPEUSDTshort	−0.0051%	8h	93.936	+0.436%	$12.8M	$2.6M	50x
Gate HYPE_USDT	−0.0048%	4h	93.978	+0.481%	$44.5M	$60.1M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0027%	4h	93.892	+0.389%	$159K	$645K	20x	as long as short
Bybit HYPEUSDT	−0.0013%	8h	93.970	+0.472%	$323.4M	$281.1M	75x	as long as short
Aster HYPEUSDT	−0.0004%	4h	93.898	+0.395%	$8.9M	$36.2M	300x	as long as short
Perpl HYPE	0.0000%	43m	93.792	+0.282%	$23K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.926	+0.425%	$27K	—	150x	as long as short
Derive HYPE-PERP	+0.0009%	1h	93.884	+0.381%	$16.4M	$7.3M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.678	+0.160%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0042%	4h	93.950	+0.451%	$88.5M	$83.2M	100x	as long as short
Binance HYPEUSDT	+0.0042%	4h	93.993	+0.497%	$383.4M	$896.1M	75x	as long as short
edgeX HYPEUSDC	+0.0057%	4h	93.961	+0.463%	$5.1M	$30.0M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0074%	8h	93.988	+0.491%	$116.1M	$317.3M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.937	+0.437%	$400K	$180K	20x	as long as short
Bluefin HYPE-PERP	+0.0090%	1h	93.939	+0.439%	$76K	$171K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.974	+0.476%	$19.1M	$60.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.954	+0.455%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.849	+0.343%	$65K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.871	+0.367%	$341K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.830	+0.323%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.805	+0.296%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.998	+0.502%	$2.05B	$676.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.835	+0.328%	$10.2M	$14.6M	20x	as long as short
Bulk HYPE-USDlong	+0.0100%	1h	93.528	long leg	$204K	$12K	10x
KuCoin HYPEUSDTM	+0.0100%	4h	93.956	+0.457%	$46.8M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.989	+0.493%	$227.8M	$101.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.963	+0.465%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.963	+0.465%	$7.7M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.810	+0.302%	$31.4M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.991	+0.495%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.940	+0.440%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.666	+0.147%	$677K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.816	+0.307%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.874	+0.370%	$475K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.014	+0.519%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.952	+0.453%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.967	+0.469%	$18.3M	$45.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.980	+0.483%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0168%	4h	93.581	+0.056%	$17.0M	$12.1M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+1.028%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.865	+0.360%	$2.7M	$6.8M	20x	as long as short
Kalshi KXHYPEPERP	+0.0227%	8h	93.872	+0.367%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	93.843	+0.336%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0156%	1h	93.911	+0.409%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0373%	4h	94.100	+0.611%	$1.5M	$6.0M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.050	+0.558%	$21.0M	$29.8M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0729%	1h	94.061	+0.570%	$7.5M	$4.6M	50x	as long as short