Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0561%/8h= −61.4% APRpaid last 24h −0.033%

Price spread now: Phemex against Deribit−0.109%7-day average −0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$530.533% of the position

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.028%+$3 on $10k

Price spread, last 3 days (all we have)+0.071%+$7 · spread now −0.109%, 7d avg −0.033%

Together, before fees+0.099%+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and Phemex is 0.076% cheaper against Deribit than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.033%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.028% in total (about 1.5% 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	Deribit HYPE_USDC-PERPETUAL	93.502	0.0499	pay 0.0062% / 1h	49m 07s	$7.5M	$4.5M	50x
Short	Phemex HYPEUSDT	93.400	−0.0062	pay 0.0062% / 8h	6h 49m	$12.7M	$2.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Deribit. 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 DeribitbpFee PhemexbpOrdersPrice spread, now −0.109%Rate

Funding earned: −$117.82
Price spread: −0.109% → −0.033%: −$7.57
Slippage, 4 orders: −$34.28
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$178.67
Costs to cover: 0.533%
Break-even: never at this rate

Slippage from Deribit: 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 Deribit live order book, 5 min ago	3.49 bp	7.0 bp −$7	12.9 bp −$129	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	3.55 bp	14.6 bp −$15	38.0 bp −$380	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	−0.1064%	1h	93.439	−0.067%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.349	−0.164%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0199%	1h	93.348	−0.165%	$22K	$21K	10x	as long as short
Backpack HYPE_USDC_PERP	−0.0136%	1h	93.390	−0.120%	$7.8M	$10.6M	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0084%	1h	93.450	−0.056%	$699K	$979K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.282	−0.235%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.438	−0.068%	$85K	$361K	20x	as long as short
Gate HYPE_USDT	−0.0072%	4h	93.440	−0.066%	$44.3M	$53.8M	75x	as long as short
Phemex HYPEUSDTshort	−0.0062%	8h	93.400	−0.109%	$12.7M	$2.7M	50x
Orderly PERP_HYPE_USDC	−0.0049%	4h	93.360	−0.152%	$158K	$646K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0024%	4h	93.472	−0.032%	$8.9M	$36.2M	300x	as long as short
ApeX Omni HYPEUSDT	−0.0006%	1h	93.312	−0.203%	$337K	$1.1M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.543	+0.043%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.482	−0.022%	$22K	$333K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.429	−0.078%	$26K	—	150x	as long as short
BingX HYPE-USDT	+0.0012%	4h	93.431	−0.076%	—	$54.2M	—	as long as short
Bybit HYPEUSDT	+0.0025%	8h	93.450	−0.056%	$319.7M	$282.8M	75x	as long as short
edgeX HYPEUSDC	+0.0038%	4h	93.103	−0.426%	$5.0M	$29.8M	30x	as long as short
MEXC HYPE_USDT	+0.0042%	4h	93.395	−0.114%	$87.7M	$82.1M	100x	as long as short
Binance HYPEUSDT	+0.0044%	4h	93.467	−0.037%	$381.0M	$904.4M	75x	as long as short
Derive HYPE-PERP	+0.0053%	1h	93.353	−0.160%	$16.2M	$7.6M	10x	as long as short
Bluefin HYPE-PERP	+0.0056%	1h	93.390	−0.120%	$79K	$173K	20x	as long as short
Phoenix HYPE	+0.0060%	1h	93.190	−0.334%	$212K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0061%	1h	93.389	−0.121%	$111K	$578K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0065%	8h	93.469	−0.035%	$115.3M	$315.8M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.382	−0.129%	$397K	$177K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.425	−0.082%	$16.5M	$62.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.426	−0.081%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.424	−0.083%	$64K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.553	+0.054%	$340K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.430	−0.077%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.425	−0.082%	$6.6M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.502	0.000%	$2.04B	$672.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.512	+0.011%	$10.0M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.421	−0.087%	$46.0M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.463	−0.042%	$226.2M	$100.7M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.281	−0.237%	$30.9M	$55.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.172	−0.353%	$7.5M	$46.9M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.459	−0.046%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.500	−0.002%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.491	−0.012%	$468K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.483	−0.020%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.388	−0.122%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.250	−0.270%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.365	−0.146%	$18.4M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.500	−0.002%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.440	−0.066%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0175%	4h	93.407	−0.102%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.504	+0.002%	$2.7M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0253%	1h	93.435	−0.072%	$79K	$142K	15x	as long as short
Kalshi KXHYPEPERP	+0.0258%	8h	93.590	+0.094%	$1.9M	$5.2M	2.3x	as long as short
HTX HYPE-USDT	+0.0267%	4h	93.558	+0.060%	$1.5M	$6.1M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0158%	1h	93.427	−0.080%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0499%	1h	93.502	long leg	$7.5M	$4.5M	50x
Kraken Futures PF_HYPEUSD	+0.0682%	1h	93.495	−0.007%	$20.9M	$29.9M	50x	as long as short