Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0103%/8h= +11.3% APRpaid last 24h +0.013%

Price spread now: Phemex against Derive+0.066%7-day average +0.041% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Derive Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.024%+$2 on $10k

Price spread, last 3 days (all we have)−0.057%−$6 · spread now +0.066%, 7d avg +0.041%

Together, before fees−0.033%−$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Phemex is 0.025% dearer against Derive than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.041%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive HYPE-PERP	93.345	−0.0003	get 0.0000% / 1h	35m 38s	$16.4M	$7.1M	10x
Short	Phemex HYPEUSDT	93.407	0.0100	get 0.0100% / 8h	2h 35m	$12.7M	$2.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Derive. 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 DerivebpFee PhemexbpOrdersPrice spread, now +0.066%Rate

Funding earned: $21.58
Price spread: +0.066% → +0.041%: $2.5
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: $6.08
Costs to cover: 0.180%
Break-even: 5.0 days

Slippage unknown: Derive: no order-book sample; Phemex: live order book, 3 min ago. Net counts fees only.

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 Derive no order-book sample	—	—	—	—	—
Sell Phemex live order book, 3 min ago	3.48 bp	17.7 bp −$18	36.4 bp −$364	doesn't fit	doesn't fit

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1120%	1h	93.436	+0.097%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0256%	1h	93.396	+0.054%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0249%	1h	93.370	+0.026%	$701K	$941K	10x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	93.435	+0.096%	$89K	$348K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.300	−0.049%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0016%	1h	93.392	+0.050%	$112K	$583K	20x	as long as short
Derive HYPE-PERPlong	−0.0003%	1h	93.345	long leg	$16.4M	$7.1M	10x
dYdX HYPE-USD	0.0000%	1h	93.485	+0.149%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.417	+0.076%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.424	+0.084%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0012%	4h	93.455	+0.118%	$8.9M	$35.9M	300x	as long as short
Gate HYPE_USDT	+0.0018%	4h	93.409	+0.068%	$44.1M	$56.5M	75x	as long as short
Bybit HYPEUSDT	+0.0035%	8h	93.462	+0.125%	$325.7M	$287.4M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.527	+0.195%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0070%	4h	93.408	+0.067%	$180K	$529K	20x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	93.399	+0.057%	$56K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.498	+0.164%	$18.5M	$59.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.473	+0.137%	$3.1M	$12.3M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.462	+0.125%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.400	+0.058%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.405	+0.064%	$6.0M	$44.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.486	+0.151%	$2.03B	$667.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.491	+0.156%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.458	+0.121%	$385.4M	$888.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.465	+0.128%	$114.8M	$315.2M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.458	+0.121%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.403	+0.061%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.488	+0.153%	$92.8M	$82.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.451	+0.113%	$46.4M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.501	+0.167%	$227.1M	$102.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.470	+0.133%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.436	+0.097%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.375	+0.032%	$28.9M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.408	+0.068%	$7.5M	$44.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.381	+0.038%	$405K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.490	+0.155%	$676K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.453	+0.115%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.436	+0.097%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.398	+0.056%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.443	+0.105%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.389	+0.047%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDTshort	+0.0100%	8h	93.407	+0.066%	$12.7M	$2.6M	50x
Extended HYPE-USD	+0.0104%	1h	93.401	+0.060%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.373	+0.029%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0113%	4h	93.336	−0.010%	$5.1M	$29.5M	30x	as long as short
Kalshi KXHYPEPERP	+0.0116%	8h	93.483	+0.147%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.400	+0.058%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.397	+0.055%	$78K	$158K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0253%	1h	93.491	+0.156%	$7.4M	$4.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.330	−0.017%	$30K	$231K	12x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0164%	1h	93.444	+0.106%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.449	+0.111%	$17.1M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0340%	4h	93.662	+0.339%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.477	+0.140%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.492	+0.157%	$19.2M	$25.9M	50x	as long as short