Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0070%/8h= −7.7% APRpaid last 24h +0.025%

Price spread now: Phemex against Gate−0.084%7-day average +0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$78as in the Price arb table

costs, in and out, $10k−$670.669% of the position

Long on Gate Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.083%+$8 on $10k

Price spread, last 3 days (all we have)+0.101%+$10 · spread now −0.084%, 7d avg +0.030%

Together, before fees+0.183%+$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phemex is 0.115% cheaper against Gate than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of +0.030%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.083%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate HYPE_USDT	93.846	−0.0044	get 0.0022% / 4h	2h 30m	$44.5M	$54.8M	75x
Short	Phemex HYPEUSDT	93.767	−0.0114	pay 0.0114% / 8h	6h 30m	$12.7M	$2.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Gate. 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 GatebpFee PhemexbpOrdersPrice spread, now −0.084%Rate

Funding earned: −$14.75
Price spread: −0.084% → +0.030%: −$11.46
Slippage, 4 orders: −$39.87
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$93.08
Costs to cover: 0.669%
Break-even: never at this rate

Slippage from Gate: live order book, 4 min ago; Phemex: live order book, 4 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 Gate live order book, 4 min ago	0.21 bp	11.1 bp −$11	15.8 bp −$158	33.0 bp −$3,301	59.9 bp −$29.9K
Sell Phemex live order book, 4 min ago	3.48 bp	21.1 bp −$21	37.6 bp −$376	doesn't fit	doesn't fit

HYPE on 54 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	−0.0888%	1h	93.597	−0.265%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.607	−0.255%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0162%	1h	93.512	−0.356%	$22K	$21K	10x	as long as short
Phemex HYPEUSDTshort	−0.0114%	8h	93.767	−0.084%	$12.7M	$2.7M	50x
Ondo Perps HYPE-USD.P	−0.0086%	1h	93.600	−0.262%	$701K	$987K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.716	−0.139%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0057%	4h	93.781	−0.069%	$156K	$650K	20x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.787	−0.063%	$86K	$351K	20x	as long as short
Backpack HYPE_USDC_PERP	−0.0048%	1h	93.796	−0.053%	$7.8M	$10.3M	20x	as long as short
Gate HYPE_USDTlong	−0.0044%	4h	93.846	long leg	$44.5M	$54.8M	75x

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0014%	4h	93.757	−0.095%	$8.9M	$36.0M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.699	−0.157%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.716	−0.139%	$22K	$331K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.800	−0.049%	$26K	—	150x	as long as short
Bybit HYPEUSDT	+0.0006%	8h	93.820	−0.028%	$322.3M	$282.3M	75x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.846	0.000%	—	$53.9M	—	as long as short
Bullet HYPE-USD	+0.0054%	1h	93.763	−0.088%	$112K	$578K	20x	as long as short
MEXC HYPE_USDT	+0.0054%	4h	93.864	+0.019%	$88.1M	$82.8M	100x	as long as short
edgeX HYPEUSDC	+0.0059%	4h	93.458	−0.414%	$5.1M	$30.0M	30x	as long as short
Binance HYPEUSDT	+0.0060%	4h	93.828	−0.019%	$381.7M	$898.5M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.705	−0.150%	$211K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	93.844	−0.002%	$115.4M	$310.6M	50x	as long as short
Derive HYPE-PERP	+0.0079%	1h	93.765	−0.086%	$16.3M	$7.7M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.804	−0.045%	$341K	$164K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.835	−0.011%	$16.4M	$62.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.835	−0.012%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.755	−0.097%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.820	−0.027%	$399K	$177K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.730	−0.124%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.725	−0.129%	$5.7M	$45.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.951	+0.112%	$2.05B	$670.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.745	−0.108%	$10.1M	$14.8M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.833	−0.014%	$46.3M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.850	+0.004%	$227.1M	$99.5M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.610	−0.251%	$31.0M	$54.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.468	−0.403%	$7.5M	$48.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.468	−0.403%	$338K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.655	−0.204%	$668K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.775	−0.076%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.788	−0.062%	$469K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.807	−0.042%	$79K	$172K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.858	+0.013%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.824	−0.023%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.348	−0.531%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.785	−0.065%	$18.3M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.820	−0.028%	$4.9M	$5.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.610	−0.251%	$30K	$339K	12x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.774	−0.077%	$3.0M	$6.8M	20x	as long as short
HTX HYPE-USDT	+0.0218%	4h	93.950	+0.111%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0254%	1h	93.749	−0.104%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0268%	8h	93.789	−0.061%	$1.9M	$5.1M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0158%	1h	93.780	−0.070%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0539%	1h	93.922	+0.081%	$7.5M	$4.4M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0679%	1h	93.913	+0.072%	$21.0M	$30.0M	50x	as long as short