Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0174%/8h= −19.0% APRpaid last 24h −0.035%

Price spread now: Phemex against HTX−0.171%7-day average −0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$77as in the Price arb table

costs, in and out, $10k−$630.633% of the position

Long on HTX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.037%−$4 on $10k

Price spread, last 3 days (all we have)+0.231%+$23 · spread now −0.171%, 7d avg −0.029%

Together, before fees+0.194%+$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Phemex is 0.142% cheaper against HTX than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.029%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX HYPE-USDT	93.500	0.0274	pay 0.0137% / 4h	1h 42m	$1.5M	$7.7M	75x
Short	Phemex HYPEUSDT	93.340	0.0100	get 0.0100% / 8h	1h 42m	$12.7M	$2.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against HTX. 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 HTXbpFee PhemexbpOrdersPrice spread, now −0.171%Rate

Funding earned: −$36.53
Price spread: −0.171% → −0.029%: −$14.17
Slippage, 4 orders: −$39.25
Fee HTX: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$113.95
Costs to cover: 0.633%
Break-even: never at this rate

Slippage from HTX: live order book, 2 min ago; Phemex: live order book, 2 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 HTX live order book, 2 min ago	1.28 bp	10.6 bp −$11	13.7 bp −$137	39.5 bp −$3,952	doesn't fit
Sell Phemex live order book, 2 min ago	2.31 bp	20.7 bp −$21	41.8 bp −$418	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
Aftermath Perps HYPEUSD	−0.0360%	1h	93.244	−0.274%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.335	−0.176%	$1.2M	$4.0M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0128%	1h	93.251	−0.266%	$197K	$230K	7x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.338	−0.173%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0044%	1h	93.150	−0.374%	$699K	$924K	10x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	93.431	−0.074%	$90K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.419	−0.086%	$127K	$32K	5x	as long as short
Popdex HYPEUSDT	0.0000%	1h	93.398	−0.109%	$57K	$1.2M	50x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.402	−0.105%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.351	−0.160%	$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	93.434	−0.071%	$20K	—	150x	as long as short
Aster HYPEUSDT	+0.0012%	4h	93.387	−0.121%	$8.9M	$36.0M	300x	as long as short
Derive HYPE-PERP	+0.0016%	1h	93.337	−0.175%	$16.3M	$7.1M	10x	as long as short
Bybit HYPEUSDT	+0.0031%	8h	93.390	−0.118%	$324.3M	$287.0M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.278	−0.237%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0037%	4h	93.373	−0.136%	$171K	$519K	20x	as long as short
Gate HYPE_USDT	+0.0062%	4h	93.383	−0.125%	$43.8M	$57.8M	75x	as long as short
Bullet HYPE-USD	+0.0078%	1h	93.370	−0.139%	$112K	$578K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.412	−0.094%	$18.5M	$58.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.421	−0.084%	$3.1M	$12.1M	20x	as long as short
MEXC HYPE_USDT	+0.0096%	4h	93.396	−0.111%	$90.4M	$81.6M	100x	as long as short
Binance HYPEUSDT	+0.0096%	4h	93.415	−0.091%	$383.9M	$891.8M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.383	−0.125%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.380	−0.128%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.397	−0.110%	$5.9M	$44.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.420	−0.085%	$2.03B	$672.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.393	−0.114%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.363	−0.147%	$114.2M	$314.3M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.884	−0.659%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.404	−0.103%	$47.3M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.367	−0.142%	$226.4M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.405	−0.102%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.389	−0.119%	$7.9M	$11.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.236	−0.282%	$28.9M	$50.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.228	−0.291%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.375	−0.134%	$413K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.274	−0.242%	$675K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.420	−0.086%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.381	−0.127%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.434	−0.071%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.365	−0.144%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDTshort	+0.0100%	8h	93.340	−0.171%	$12.7M	$2.6M	50x
Vest HYPE-PERP	+0.0100%	1h	93.402	−0.105%	—	$454K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.346	−0.165%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.385	−0.123%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0107%	4h	93.311	−0.203%	$5.1M	$29.6M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.420	−0.086%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.250	−0.267%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.382	−0.126%	$78K	$158K	15x	as long as short
HTX HYPE-USDTlong	+0.0274%	4h	93.500	long leg	$1.5M	$7.7M	75x
RISEx HYPE/USDC	+0.0280%	1h	93.449	−0.055%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0328%	1h	93.464	−0.039%	$7.4M	$4.6M	50x	as long as short
BloFin HYPE-USDT	+0.0336%	4h	93.332	−0.180%	$16.9M	$12.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0159%	1h	93.414	−0.092%	$1.5M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.503	+0.004%	$20.8M	$28.8M	50x	as long as short