Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0180%/8h= +19.7% APRpaid last 24h +0.054%

Price spread now: Phemex against Hotstuff−0.074%7-day average — · you buy dearer than you sell

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

Long on Hotstuff 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—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Funding pays, the price is against you. Phemex is 0.074% cheaper against Hotstuff than usual: you would sell low and buy high (spread −0.074% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 33 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff HYPE-PERP	93.339	−0.0080	get 0.0010% / 1h	43m 21s	$3K	$331	25x
Short	Phemex HYPEUSDT	93.270	0.0100	get 0.0100% / 8h	1h 43m	$12.7M	$2.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Hotstuff. 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 HotstuffbpFee PhemexbpOrdersPrice spread, now −0.074%Rate

Funding earned: $37.8
Price spread: −0.074% → 0.000%: −$7.39
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: $13.41
Costs to cover: 0.170%
Break-even: 4.5 days

Slippage unknown: Hotstuff: no order-book sample; Phemex: live order book, 6 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 Hotstuff no order-book sample	—	—	—	—	—
Sell Phemex live order book, 6 min ago	0.86 bp	18.7 bp −$19	35.5 bp −$355	doesn't fit	doesn't fit

Hotstuff: 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
Aftermath Perps HYPEUSD	−0.0355%	1h	93.211	−0.137%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.292	−0.050%	$1.2M	$4.0M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0112%	1h	93.291	−0.051%	$197K	$230K	7x	as long as short
Hotstuff HYPE-PERPlong	−0.0080%	1h	93.339	long leg	$3K	$331	25x
Ondo Perps HYPE-USD.P	−0.0038%	1h	93.150	−0.202%	$699K	$924K	10x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	93.375	+0.039%	$90K	$362K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.336	−0.004%	$127K	$32K	5x	as long as short
Popdex HYPEUSDT	0.0000%	1h	93.345	+0.006%	$57K	$1.2M	50x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.293	−0.049%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.303	−0.039%	$23K	$331K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.345	+0.006%	$20K	—	150x	as long as short
Aster HYPEUSDT	+0.0011%	4h	93.331	−0.009%	$8.9M	$36.0M	300x	as long as short
Derive HYPE-PERP	+0.0016%	1h	93.235	−0.112%	$16.3M	$7.1M	10x	as long as short
Bybit HYPEUSDT	+0.0031%	8h	93.300	−0.042%	$324.1M	$286.8M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.278	−0.065%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0037%	4h	93.316	−0.025%	$171K	$519K	20x	as long as short
Gate HYPE_USDT	+0.0070%	4h	93.325	−0.015%	$43.8M	$57.7M	75x	as long as short
Bullet HYPE-USD	+0.0082%	1h	93.301	−0.041%	$111K	$578K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.332	−0.008%	$18.5M	$58.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.298	−0.044%	$3.1M	$12.1M	20x	as long as short
Binance HYPEUSDT	+0.0096%	4h	93.328	−0.012%	$383.5M	$891.6M	75x	as long as short
MEXC HYPE_USDT	+0.0098%	4h	93.344	+0.005%	$90.4M	$81.6M	100x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.342	+0.003%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.320	−0.020%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.344	+0.006%	$5.9M	$44.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.359	+0.021%	$2.03B	$672.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.324	−0.016%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.308	−0.033%	$114.1M	$314.2M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.884	−0.487%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.331	−0.009%	$47.2M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.338	−0.001%	$226.3M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.310	−0.031%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.294	−0.048%	$7.9M	$11.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.236	−0.110%	$28.9M	$50.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.228	−0.119%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.375	+0.039%	$413K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.274	−0.070%	$675K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.337	−0.003%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.364	+0.027%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.311	−0.030%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.309	−0.032%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.265	−0.079%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDTshort	+0.0100%	8h	93.270	−0.074%	$12.7M	$2.6M	50x
Extended HYPE-USD	+0.0104%	1h	93.319	−0.021%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.271	−0.072%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0107%	4h	93.311	−0.030%	$5.1M	$29.6M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.390	+0.055%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.300	−0.042%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.317	−0.023%	$78K	$158K	15x	as long as short
HTX HYPE-USDT	+0.0276%	4h	93.368	+0.031%	$1.5M	$7.7M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.399	+0.065%	$2.8M	$6.8M	20x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.188	−0.162%	$16.9M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0159%	1h	93.341	+0.002%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0350%	1h	93.366	+0.029%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.394	+0.059%	$20.8M	$28.7M	50x	as long as short