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Funding arb · Price arb /

HYPE

all HYPE markets
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Alert: funding
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Alert: spread
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Funding you earn now, next payment 06:00 UTC+0.1057%/8h= +115.7% APRnext payment +$1.32 per $10,000 · paid last 24h +0.271%
Price spread now: Phoenix against Hibachi+0.166%61s7-day average +0.159% · you sell dearer than you buy
Net, funding: paid 7d − costs+$127as in the Funding arb table
Net, price: spread back to 7d avg − costs—prices read too far apart to compare
costs, in and out, $10k−$700.701% of the position
Long on HibachiShort on Phoenix
What this pair did over the last
the charts below follow
Funding, last 7 days+1.969%+$197 on $10k
Price spread, last 4 days (all we have)−0.016%−$2 · spread now +0.166%, 7d avg +0.159%
Together, before fees+1.953%+ Points / potential airdropHibachi: Active · farm board+$195 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.159%, so right now this pair is about funding alone: +$32 a day on $10k at the current rate. The two prices were read 61 seconds apart, so part of this spread may be the market moving, not a spread.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongHibachi HYPE/USDT-P93.327−0.1040get 0.0130% / 1h33m 42s$198K$240K7x
ShortPhoenix HYPE93.4820.0017get 0.0002% / 1h33m 42s$209K$1.1M10x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Phoenix 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

Funding earned
$221.98
Price spread: +0.166% → +0.159%
$0.7
Slippage, 4 orders
−$54.11
Fee Hibachi: 4.5 bp × 2 orders
−$9
Fee Phoenix: 3.5 bp × 2 orders
−$7
Net
$152.56
Costs to cover
0.701%
Break-even
2.2 days
Slippage from Hibachi: live order book, 10 min ago; Phoenix: live order book, 4 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Hibachi live order book, 10 min ago18.66 bp33.9 bp −$3453.7 bp −$537doesn't fitdoesn't fit
Sell Phoenix live order book, 4 min ago1.28 bp5.9 bp −$610.1 bp −$101134.1 bp −$13.4Kdoesn't fit

HYPE on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Hibachi HYPE/USDT-Plong−0.1040%1h93.327long leg$198K$240K7x
Aftermath Perps HYPEUSD−0.0185%1h93.490+0.175%$22K$21K10xas long as short
Bullet HYPE-USD−0.0083%1h93.356+0.031%$110K$579K20xas long as short
Ondo Perps HYPE-USD.P−0.0081%1h93.330+0.003%$703K$1.2M10xas long as short
Hotstuff HYPE-PERP−0.0080%1h93.362+0.038%$3K$33125xas long as short
01 Exchange HYPEUSD−0.0048%1h93.405+0.084%$86K$369K20xas long as short
Bluefin HYPE-PERP−0.0033%1h93.387+0.065%$79K$155K20xas long as short
Orderly PERP_HYPE_USDC−0.0021%4h93.357+0.032%$145K$685K20xas long as short
dYdX HYPE-USD0.0000%1h93.436+0.117%$128K$28K5xas long as short
Kalshi KXHYPEPERP0.0000%8h93.467+0.150%$1.8M$5.6M2.3xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Perpl HYPE0.0000%43m93.338+0.012%$20K$289K10xas long as short
gTrade (Gains Network) HYPE/USDL +0.0002% / S −0.0001%1h93.400+0.079%$83K—150xas long as short
BingX HYPE-USDT+0.0002%4h93.497+0.182%—$53.5M—as long as short
Bybit HYPEUSDT+0.0002%8h93.460+0.143%$315.4M$287.9M75xas long as short
Derive HYPE-PERP+0.0007%1h93.302−0.026%$16.2M$7.5M10xas long as short
Phoenix HYPEshort+0.0017%1h93.482+0.166%$209K$1.1M10x
Bitget HYPEUSDT+0.0042%4h93.493+0.178%$225.3M$99.8M75xas long as short
Paradex HYPE-USD-PERP+0.0076%8h93.517+0.204%$334K$161K20xas long as short
edgeX HYPEUSDC+0.0080%4h93.460+0.143%$5.0M$30.6M30xas long as short
Arcus HYPE-USD+0.0084%1h93.474+0.158%$1.0M$4.0M10xas long as short
Popdex HYPEUSDT+0.0088%1h93.374+0.051%$80K$1.2M50xas long as short
Phemex HYPEUSDT+0.0091%8h93.404+0.083%$12.7M$2.8M50xas long as short
Lighter HYPE+0.0096%1h93.466+0.150%$16.1M$64.0M20xas long as short
Lighter RH HYPE+0.0096%1h93.475+0.159%$3.1M$11.1M20xas long as short
Katana Perps HYPE-USD+0.0100%8h93.350+0.025%$21K$1.7M10xas long as short
Nado HYPE-PERP+0.0100%1h93.360+0.036%$7.4M$50.9M10xas long as short
Hyperliquid HYPE+0.0100%1h93.509+0.195%$2.04B$681.6M10xas long as short
Aster HYPEUSDT+0.0100%4h93.463+0.146%$8.8M$37.1M300xas long as short
Pacifica HYPE+0.0100%1h93.485+0.170%$10.1M$15.4M20xas long as short
Binance HYPEUSDT+0.0100%4h93.463+0.146%$374.2M$930.3M75xas long as short
OKX HYPE-USDT-SWAP+0.0100%8h93.482+0.166%$115.3M$315.0M50xas long as short
Gate HYPE_USDT+0.0100%4h93.412+0.091%$48.4M$55.3M75xas long as short
MEXC HYPE_USDT+0.0100%4h93.500+0.186%$89.6M$83.9M100xas long as short
KuCoin HYPEUSDTM+0.0100%4h93.502+0.188%$46.3M$18.7M75xas long as short
Backpack HYPE_USDC_PERP+0.0100%1h93.445+0.127%$7.2M$10.6M20xas long as short
Variational Omni HYPE+0.0100%8h93.339+0.013%$28.7M$56.3M—as long as short
GRVT HYPE_USDT_Perp+0.0100%4h93.507+0.193%$7.5M$48.3M10xas long as short
ApeX Omni HYPEUSDT+0.0100%1h93.469+0.152%$350K$1.0M50xas long as short
StandX HYPE-USD+0.0100%1h93.396+0.074%$676K$2.7M20xas long as short
Vest HYPE-PERP+0.0100%1h93.436+0.117%—$243K5xas long as short
Polymarket Perps HYPE-USD+0.0100%1h93.394+0.072%$469K$2.8M20xas long as short
SunX HYPE-USDT+0.0100%4h93.415+0.095%$32K$1.6M20xas long as short
SoDEX HYPE-USD+0.0100%1h93.388+0.066%$2.0M$1.9M10xas long as short
HTX HYPE-USDT+0.0100%4h93.525+0.212%$1.4M$6.7M75xas long as short
Bulk HYPE-USD+0.0100%1h93.507+0.193%$216K$15K10xas long as short
Extended HYPE-USD+0.0104%1h93.482+0.166%$18.2M$43.2M50xas long as short
Aevo HYPE-PERP+0.0104%1h93.405+0.084%$395K$159K20xas long as short
Coinbase International HYPE-PERP-INTX+0.0120%1h93.440+0.121%$4.7M$6.1M50xas long as short
GMX HYPE/USD [WBTC.b-USDC]L +0.0152% / S +0.0022%1h93.385+0.062%$1.4M—100xas long as short
Injective HYPE/USDC PERP+0.0205%1h93.290−0.039%$30K$339K12xas long as short
Reya HYPERUSDPERP+0.0271%1h93.348+0.023%$77K$129K15xas long as short
BloFin HYPE-USDT+0.0340%4h93.358+0.033%$16.9M$12.2M75xas long as short
Deribit HYPE_USDC-PERPETUAL+0.0360%1h93.474+0.158%$7.4M$4.2M50xas long as short
Kraken Futures PF_HYPEUSD+0.0416%1h93.455+0.137%$20.9M$29.6M50xas long as short
RISEx HYPE/USDC+0.0559%1h93.547+0.236%$3.2M$6.4M20xas long as short