Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0338%/8h= −37.1% APRpaid last 24h +0.009%

Price spread now: Phemex against Coinbase International−0.105%7-day average +0.038% · you buy dearer than you sell

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$72as in the Price arb table

costs, in and out, $10k−$570.572% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.096%+$10 on $10k

Price spread, last 3 days (all we have)+0.126%+$13 · spread now −0.105%, 7d avg +0.038%

Together, before fees+0.221%+$22 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Phemex is 0.143% cheaper against Coinbase International than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.038%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.096%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.096% in total (about 5.0% 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	Coinbase International HYPE-PERP-INTX	94.170	0.0144	pay 0.0018% / 1h	39m 12s	$4.9M	$5.5M	50x
Short	Phemex HYPEUSDT	94.071	−0.0194	pay 0.0194% / 8h	7h 39m	$12.8M	$2.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Coinbase International. 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 Coinbase InternationalbpFee PhemexbpOrdersPrice spread, now −0.105%Rate

Funding earned: −$71.06
Price spread: −0.105% → +0.038%: −$14.3
Slippage, 4 orders: −$35.23
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$142.58
Costs to cover: 0.572%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 5 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 Coinbase International live order book, 5 min ago	3.19 bp	9.2 bp −$9	14.5 bp −$145	33.3 bp −$3,329	doesn't fit
Sell Phemex live order book, 5 min ago	3.35 bp	26.0 bp −$26	46.7 bp −$467	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	−0.1472%	1h	93.969	−0.213%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.949	−0.235%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0273%	1h	94.036	−0.143%	$22K	$23K	10x	as long as short
Phemex HYPEUSDTshort	−0.0194%	8h	94.071	−0.105%	$12.8M	$2.6M	50x
Ondo Perps HYPE-USD.P	−0.0182%	1h	94.020	−0.159%	$705K	$937K	10x	as long as short
dYdX HYPE-USD	−0.0168%	1h	94.085	−0.090%	$128K	$29K	5x	as long as short
Bullet HYPE-USD	−0.0085%	1h	94.024	−0.155%	$112K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.057	−0.120%	$85K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.074	−0.102%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0054%	4h	94.033	−0.145%	$44.4M	$59.3M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0033%	8h	94.000	−0.181%	$323.1M	$280.7M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0012%	4h	94.035	−0.143%	$170K	$592K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.084	−0.091%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.064	−0.112%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0017%	4h	94.057	−0.120%	$8.9M	$36.0M	300x	as long as short
Derive HYPE-PERP	+0.0024%	1h	93.986	−0.195%	$16.4M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	94.122	−0.051%	$219K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0044%	4h	94.040	−0.138%	$88.8M	$82.2M	100x	as long as short
Bluefin HYPE-PERP	+0.0045%	1h	94.018	−0.161%	$76K	$170K	20x	as long as short
Binance HYPEUSDT	+0.0045%	4h	94.028	−0.151%	$383.9M	$892.7M	75x	as long as short
edgeX HYPEUSDC	+0.0057%	4h	94.034	−0.145%	$5.1M	$29.8M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0081%	8h	94.010	−0.170%	$116.0M	$318.8M	50x	as long as short
Popdex HYPEUSDT	+0.0088%	1h	94.029	−0.150%	$64K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.074	−0.102%	$18.9M	$58.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.043	−0.135%	$3.1M	$12.0M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.035	−0.143%	$400K	$193K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.105	−0.069%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.050	−0.127%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.044	−0.133%	$6.6M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.139	−0.033%	$2.05B	$673.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.084	−0.092%	$10.2M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.816	−0.376%	$204K	$5K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.049	−0.128%	$46.6M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.026	−0.153%	$228.1M	$101.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.035	−0.143%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.102	−0.072%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.010	−0.169%	$31.6M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.030	−0.149%	$7.6M	$45.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.016	−0.164%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.051	−0.126%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.075	−0.101%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.050	−0.127%	$480K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.111	−0.063%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.011	−0.169%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.991	−0.190%	$18.9M	$43.5M	50x	as long as short
Coinbase International HYPE-PERP-INTXlong	+0.0144%	1h	94.170	long leg	$4.9M	$5.5M	50x
BloFin HYPE-USDT	+0.0181%	4h	94.032	−0.147%	$17.0M	$12.3M	75x	as long as short
Kalshi KXHYPEPERP	+0.0193%	8h	94.119	−0.054%	$1.9M	$5.1M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.260	+0.096%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.083	−0.092%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.030	−0.149%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0157%	1h	94.061	−0.116%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0356%	1h	94.112	−0.062%	$7.5M	$4.6M	50x	as long as short
HTX HYPE-USDT	+0.0413%	4h	94.220	+0.053%	$1.5M	$6.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.111	−0.062%	$21.0M	$29.7M	50x	as long as short