Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0959%/8h= +105.0% APRpaid last 24h +0.269%

Price spread now: Phemex against Hibachi+0.091%7-day average +0.086% · you sell dearer than you buy

Net, funding: paid 7d − costs+$76as in the Funding arb table

Net, price: spread back to 7d avg − costs−$96as in the Price arb table

costs, in and out, $10k−$960.963% of the position

Long on Hibachi Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+1.726%+$173 on $10k

Price spread, last 4 days (all we have)−0.388%−$39 · spread now +0.091%, 7d avg +0.086%

Together, before fees+1.339%+ Points / potential airdropHibachi: Active · farm board+$134 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.086%, so right now this pair is about funding alone: +$29 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi HYPE/USDT-P	94.453	−0.1016	get 0.0127% / 1h	38m 47s	$207K	$268K	7x
Short	Phemex HYPEUSDT	94.539	−0.0057	pay 0.0057% / 8h	7h 38m	$12.9M	$2.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Hibachi. 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 HibachibpFee PhemexbpOrdersPrice spread, now +0.091%Rate

Funding earned: $201.29
Price spread: +0.091% → +0.086%: $0.52
Slippage, 4 orders: −$75.31
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: $105.49
Costs to cover: 0.963%
Break-even: 3.3 days

Slippage from Hibachi: live order book, 60 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 Hibachi live order book, 60 min ago	17.49 bp	34.1 bp −$34	54.2 bp −$542	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	4.64 bp	14.9 bp −$15	22.4 bp −$224	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-Plong	−0.1016%	1h	94.453	long leg	$207K	$268K	7x
Bluefin HYPE-PERP	−0.0633%	1h	94.510	+0.061%	$80K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0308%	1h	94.738	+0.302%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0188%	1h	94.570	+0.124%	$112K	$578K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0130%	1h	94.530	+0.082%	$704K	$1.3M	10x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.557	+0.111%	$1.0M	$3.5M	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.606	+0.162%	$90K	$367K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.556	+0.109%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0072%	4h	94.488	+0.037%	$51.3M	$54.8M	75x	as long as short
Phemex HYPEUSDTshort	−0.0057%	8h	94.539	+0.091%	$12.9M	$2.9M	50x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.509	+0.060%	$19.0M	$35.3M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	94.547	+0.100%	$147K	$682K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.566	+0.120%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.609	+0.166%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.556	+0.109%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.588	+0.144%	$95K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.747	+0.312%	$210K	$1.2M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.550	+0.103%	$4.7M	$6.4M	50x	as long as short
Bitget HYPEUSDT	+0.0020%	4h	94.559	+0.113%	$227.1M	$99.7M	75x	as long as short
Bybit HYPEUSDT	+0.0040%	8h	94.530	+0.082%	$318.1M	$296.5M	75x	as long as short
Derive HYPE-PERP	+0.0045%	1h	94.501	+0.051%	$16.3M	$7.5M	10x	as long as short
Vest HYPE-PERP	+0.0050%	1h	94.626	+0.183%	—	$190K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0050%	8h	94.564	+0.118%	$338K	$154K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0054%	8h	94.536	+0.088%	$117.8M	$329.2M	50x	as long as short
SoDEX HYPE-USD	+0.0075%	1h	94.523	+0.075%	$2.1M	$2.0M	10x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	94.574	+0.128%	$5.0M	$30.8M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.544	+0.097%	$16.2M	$62.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.542	+0.095%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.573	+0.127%	$148K	$1.3M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.560	+0.114%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.569	+0.123%	$7.3M	$52.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.644	+0.203%	$2.08B	$685.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.528	+0.080%	$9.7M	$37.6M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.594	+0.150%	$10.2M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.540	+0.093%	$380.7M	$939.4M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.690	+0.251%	$221K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.569	+0.123%	$93.8M	$85.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.558	+0.112%	$47.2M	$19.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.504	+0.054%	—	$53.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.470	+0.018%	$7.6M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.549	+0.102%	$30.0M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.786	+0.353%	$7.7M	$44.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.537	+0.089%	$345K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.511	+0.062%	$693K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.648	+0.207%	$499K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.624	+0.181%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.712	+0.275%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.491	+0.041%	$18.4M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.574	+0.128%	$400K	$153K	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0131%	1h	94.609	+0.166%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.613	+0.170%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	94.530	+0.082%	$31K	$340K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.523	+0.074%	$85K	$117K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0152%	1h	94.603	+0.159%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.502	+0.052%	$17.2M	$12.6M	75x	as long as short