Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0311%/8h= −34.0% APRpaid last 24h −0.009%

Price spread now: Phemex against Extended+0.081%7-day average +0.051% · you sell dearer than you buy

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$430.432% of the position

Long on Extended Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.025%−$2 on $10k

Price spread, last 3 days (all we have)−0.071%−$7 · spread now +0.081%, 7d avg +0.051%

Together, before fees−0.096%+ Points / potential airdropExtended: Active · farm board−$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.030% dearer against Extended than usual: you sell high and buy low (spread +0.081% now, against its 7-day average of +0.051%): +$3 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 8 hours. At the pace of the last 7 days (−0.025% in total) that is about 8.5 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.025% in total (about -1.3% 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	Extended HYPE-USD	94.019	0.0104	pay 0.0013% / 1h	39m 24s	$18.9M	$43.5M	50x
Short	Phemex HYPEUSDT	94.095	−0.0207	pay 0.0207% / 8h	7h 39m	$12.8M	$2.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Extended. 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 ExtendedbpFee PhemexbpOrdersPrice spread, now +0.081%Rate

Funding earned: −$65.24
Price spread: +0.081% → +0.051%: $3
Slippage, 4 orders: −$26.25
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$105.49
Costs to cover: 0.432%
Break-even: never at this rate

Slippage from Extended: 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 Extended live order book, 5 min ago	0.05 bp	2.6 bp −$3	4.0 bp −$40	20.2 bp −$2,023	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	−0.052%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.949	−0.074%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0273%	1h	94.036	+0.018%	$22K	$23K	10x	as long as short
Phemex HYPEUSDTshort	−0.0207%	8h	94.095	+0.081%	$12.8M	$2.6M	50x
Ondo Perps HYPE-USD.P	−0.0182%	1h	94.020	+0.001%	$705K	$937K	10x	as long as short
dYdX HYPE-USD	−0.0168%	1h	94.085	+0.071%	$128K	$29K	5x	as long as short
Bullet HYPE-USD	−0.0085%	1h	94.024	+0.006%	$112K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.057	+0.041%	$85K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.074	+0.059%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0054%	4h	94.051	+0.034%	$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	94.010	−0.009%	$323.2M	$280.8M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0012%	4h	94.077	+0.062%	$170K	$592K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.084	+0.070%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.064	+0.048%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0017%	4h	94.079	+0.064%	$8.9M	$36.0M	300x	as long as short
Derive HYPE-PERP	+0.0024%	1h	94.038	+0.021%	$16.4M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	94.122	+0.110%	$219K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0044%	4h	94.040	+0.023%	$88.8M	$82.2M	100x	as long as short
Bluefin HYPE-PERP	+0.0045%	1h	94.071	+0.056%	$76K	$171K	20x	as long as short
Binance HYPEUSDT	+0.0045%	4h	94.045	+0.028%	$383.9M	$893.7M	75x	as long as short
edgeX HYPEUSDC	+0.0057%	4h	94.034	+0.016%	$5.1M	$29.8M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0081%	8h	94.028	+0.010%	$116.0M	$318.9M	50x	as long as short
Popdex HYPEUSDT	+0.0088%	1h	94.029	+0.011%	$64K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.122	+0.110%	$18.9M	$58.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.092	+0.078%	$3.1M	$12.0M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.074	+0.059%	$400K	$193K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.105	+0.092%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.050	+0.033%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.044	+0.027%	$6.6M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.139	+0.128%	$2.05B	$673.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.084	+0.069%	$10.2M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.816	−0.215%	$204K	$5K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.049	+0.032%	$46.6M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.040	+0.023%	$228.1M	$101.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.043	+0.026%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.102	+0.089%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.010	−0.009%	$31.6M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.030	+0.012%	$7.6M	$45.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.016	−0.003%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.051	+0.034%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.075	+0.060%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.050	+0.033%	$480K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.158	+0.148%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.081	+0.066%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USDlong	+0.0104%	1h	94.019	long leg	$18.9M	$43.5M	50x
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.170	+0.161%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0182%	4h	94.026	+0.008%	$17.0M	$12.3M	75x	as long as short
Kalshi KXHYPEPERP	+0.0193%	8h	94.147	+0.136%	$1.9M	$5.1M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.260	+0.257%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.083	+0.068%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.030	+0.011%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0157%	1h	94.061	+0.045%	$1.5M	—	100x	as long as short
HTX HYPE-USDT	+0.0414%	4h	94.258	+0.255%	$1.5M	$6.3M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0462%	1h	94.178	+0.169%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.171	+0.162%	$21.0M	$29.7M	50x	as long as short