Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0130%/8h= +14.2% APRpaid last 24h +0.047%

Price spread now: Phoenix against Gate−0.391%7-day average +0.117% · you buy dearer than you sell

Net, funding: paid 7d − costs+$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$79as in the Price arb table

costs, in and out, $10k−$280.282% of the position

Long on Gate Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.346%+$35 on $10k

Price spread, last 7 days+0.511%+$51 · spread now −0.391%, 7d avg +0.117%

Together, before fees+0.856%+$86 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.509% cheaper against Gate than usual: you would sell low and buy high (spread −0.391% now, against its 7-day average of +0.117%). If the spread goes back, that is −$51 on $10k: about 13 days of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate HYPE_USDT	93.536	−0.0070	get 0.0035% / 4h	2h 32m	$44.4M	$54.6M	75x
Short	Phoenix HYPE	93.170	0.0060	get 0.0007% / 1h	32m 56s	$210K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.391%Rate

Funding earned: $27.29
Price spread: −0.391% → +0.117%: −$50.85
Slippage, 4 orders: −$6.23
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$51.8
Costs to cover: 0.282%
Break-even: 20.3 days

Slippage from Gate: live order book, 1 min ago; Phoenix: 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 Gate live order book, 1 min ago	0.21 bp	11.1 bp −$11	15.8 bp −$158	33.0 bp −$3,301	59.9 bp −$29.9K
Sell Phoenix live order book, 5 min ago	0.05 bp	3.6 bp −$4	7.0 bp −$70	141.8 bp −$14.2K	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	−0.0904%	1h	93.476	−0.064%	$196K	$231K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.285	−0.268%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0167%	1h	93.383	−0.163%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0117%	1h	93.350	−0.199%	$698K	$986K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.559	+0.025%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0077%	8h	93.417	−0.127%	$12.7M	$2.7M	50x	as long as short
Gate HYPE_USDTlong	−0.0070%	4h	93.536	long leg	$44.4M	$54.6M	75x
Backpack HYPE_USDC_PERP	−0.0068%	1h	93.397	−0.149%	$7.8M	$10.4M	20x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.429	−0.114%	$85K	$353K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0057%	4h	93.410	−0.135%	$156K	$652K	20x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0019%	4h	93.498	−0.041%	$8.9M	$36.2M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.439	−0.103%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.410	−0.135%	$22K	$331K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.440	−0.103%	$26K	—	150x	as long as short
Bybit HYPEUSDT	+0.0002%	8h	93.510	−0.028%	$321.3M	$285.1M	75x	as long as short
BingX HYPE-USDT	+0.0005%	4h	93.516	−0.021%	—	$53.8M	—	as long as short
MEXC HYPE_USDT	+0.0050%	4h	93.528	−0.009%	$88.1M	$82.7M	100x	as long as short
Binance HYPEUSDT	+0.0054%	4h	93.510	−0.028%	$380.4M	$905.5M	75x	as long as short
edgeX HYPEUSDC	+0.0059%	4h	93.458	−0.084%	$5.1M	$30.0M	30x	as long as short
Bullet HYPE-USD	+0.0059%	1h	93.438	−0.105%	$112K	$578K	20x	as long as short
Phoenix HYPEshort	+0.0060%	1h	93.170	−0.391%	$210K	$1.2M	10x
OKX HYPE-USDT-SWAP	+0.0065%	8h	93.555	+0.020%	$115.0M	$315.5M	50x	as long as short
Derive HYPE-PERP	+0.0076%	1h	93.401	−0.144%	$16.2M	$7.7M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	93.458	−0.083%	$339K	$165K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.436	−0.107%	$16.4M	$62.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.430	−0.113%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.385	−0.161%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.435	−0.108%	$397K	$177K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.350	−0.199%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.379	−0.167%	$5.7M	$45.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.527	−0.010%	$2.04B	$670.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.451	−0.091%	$10.0M	$14.8M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.472	−0.068%	$46.1M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.532	−0.004%	$226.3M	$100.4M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.411	−0.134%	$31.0M	$54.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.516	−0.021%	$7.5M	$48.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.468	−0.073%	$338K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.511	−0.027%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.501	−0.038%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.438	−0.105%	$468K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.428	−0.115%	$79K	$173K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.499	−0.040%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.432	−0.111%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.348	−0.201%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.510	−0.028%	$18.4M	$44.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.440	−0.103%	$4.9M	$5.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.490	−0.049%	$30K	$339K	12x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.442	−0.100%	$2.7M	$6.7M	20x	as long as short
HTX HYPE-USDT	+0.0218%	4h	93.571	+0.037%	$1.4M	$6.2M	75x	as long as short
Reya HYPERUSDPERP	+0.0254%	1h	93.408	−0.137%	$79K	$142K	15x	as long as short
Kalshi KXHYPEPERP	+0.0266%	8h	93.577	+0.044%	$1.9M	$5.1M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0158%	1h	93.449	−0.093%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0445%	1h	93.531	−0.005%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0682%	1h	93.528	−0.009%	$20.9M	$30.1M	50x	as long as short