Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0018%/8h= +1.9% APRpaid last 24h +0.022%

Price spread now: Phemex against gTrade (Gains Network)−0.023%7-day average — · you buy dearer than you sell

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

Long on gTrade (Gains Network)Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Phemex is 0.023% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.023% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2 on $10k: about 4.4 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) HYPE/USD	93.436	L +0.0002% / S −0.0002%	pay 0.0000% / 1h	0m 30s	$62K	—	150x
Short	Phemex HYPEUSDT	93.414	0.0020	get 0.0020% / 8h	3h 00m	$12.6M	$2.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee PhemexbpOrdersPrice spread, now −0.023%Rate

Funding earned: $3.68
Price spread: −0.023% → 0.000%: −$2.31
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$20.63
Costs to cover: 0.220%
Break-even: 46.3 days

Slippage unknown: gTrade (Gains Network): 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell Phemex live order book, 3 min ago	8.09 bp	24.6 bp −$25	31.3 bp −$313	doesn't fit	doesn't fit

gTrade (Gains Network): 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	−0.1872%	1h	93.287	−0.159%	$196K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0335%	1h	93.287	−0.159%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	93.416	−0.021%	$1.0M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.405	−0.033%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0041%	4h	93.402	−0.036%	$146K	$664K	20x	as long as short
Bullet HYPE-USD	−0.0016%	1h	93.424	−0.012%	$112K	$578K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0011%	1h	93.370	−0.070%	$703K	$1.2M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.405	−0.032%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.440	+0.005%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USDlong	L +0.0002% / S −0.0002%	1h	93.436	long leg	$62K	—	150x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange HYPEUSD	+0.0016%	1h	93.474	+0.041%	$88K	$366K	20x	as long as short
Phemex HYPEUSDTshort	+0.0020%	8h	93.414	−0.023%	$12.6M	$2.7M	50x
Bitget HYPEUSDT	+0.0024%	4h	93.452	+0.018%	$226.2M	$99.0M	75x	as long as short
Bybit HYPEUSDT	+0.0025%	8h	93.450	+0.015%	$318.0M	$283.6M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.446	+0.011%	$209K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0058%	4h	93.431	−0.005%	$45.9M	$55.2M	75x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.448	+0.013%	$77K	$1.1M	50x	as long as short
edgeX HYPEUSDC	+0.0082%	4h	93.336	−0.107%	$5.0M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.463	+0.029%	$340K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.414	−0.023%	$16.1M	$63.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.418	−0.019%	$3.1M	$11.7M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.440	+0.005%	$28K	$1.8M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.447	+0.013%	$7.5M	$47.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.494	+0.063%	$2.03B	$666.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.453	+0.019%	$8.7M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.452	+0.017%	$10.1M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.448	+0.013%	$374.9M	$909.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.462	+0.028%	$114.7M	$306.3M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.328	−0.115%	$203K	$3K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.450	+0.015%	$91.9M	$81.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.449	+0.014%	$46.2M	$18.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.442	+0.007%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.444	+0.009%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.379	−0.061%	$28.8M	$56.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.407	−0.031%	$7.5M	$47.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.335	−0.108%	$342K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.397	−0.041%	$667K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.480	+0.047%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.472	+0.039%	$490K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.393	−0.046%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.388	−0.051%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.306	−0.139%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.407	−0.031%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.550	+0.122%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.422	−0.014%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.398	−0.040%	$395K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.500	+0.069%	$4.8M	$5.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0145%	8h	93.417	−0.020%	$1.8M	$5.5M	2.3x	as long as short
Kraken Futures PF_HYPEUSD	+0.0196%	1h	93.476	+0.044%	$20.8M	$29.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.170	−0.284%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0267%	1h	93.450	+0.015%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.442	+0.007%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.430	−0.006%	$16.8M	$11.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0467%	1h	93.502	+0.071%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	93.511	+0.080%	$3.2M	$6.3M	20x	as long as short