Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0289%/8h= −31.6% APRpaid last 24h −0.052%

Price spread now: Phemex against Hyperliquid−0.131%7-day average −0.038% · you buy dearer than you sell

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$470.471% of the position

Long on Hyperliquid Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.060%−$6 on $10k

Price spread, last 3 days (all we have)+0.031%+$3 · spread now −0.131%, 7d avg −0.038%

Together, before fees−0.029%+ Points / potential airdropHyperliquid: Season 2 · farm board−$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Phemex is 0.093% cheaper against Hyperliquid than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.038%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.060% in total (about -3.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid HYPE	93.819	0.0366	pay 0.0046% / 1h	59m 08s	$2.04B	$666.3M	10x
Short	Phemex HYPEUSDT	93.696	0.0078	get 0.0078% / 8h	59m 08s	$12.8M	$2.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Hyperliquid. 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 HyperliquidbpFee PhemexbpOrdersPrice spread, now −0.131%Rate

Funding earned: −$60.61
Price spread: −0.131% → −0.038%: −$9.29
Slippage, 4 orders: −$26.13
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$117.03
Costs to cover: 0.471%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 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 Hyperliquid live order book, 5 min ago	0.05 bp	4.6 bp −$5	6.9 bp −$69	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	3.31 bp	21.8 bp −$22	39.8 bp −$398	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	−0.0489%	1h	93.552	−0.285%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0464%	1h	93.565	−0.271%	$198K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.659	−0.171%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.776	−0.046%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.819	0.000%	$128K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.745	−0.079%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.780	−0.042%	$28K	—	150x	as long as short
Orderly PERP_HYPE_USDC	+0.0014%	4h	93.761	−0.062%	$176K	$524K	20x	as long as short
Bybit HYPEUSDT	+0.0019%	8h	93.721	−0.104%	$324.1M	$280.4M	75x	as long as short
Aster HYPEUSDT	+0.0020%	4h	93.774	−0.047%	$8.9M	$35.7M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	+0.0034%	1h	93.753	−0.070%	$215K	$1.2M	10x	as long as short
01 Exchange HYPEUSD	+0.0040%	1h	93.790	−0.031%	$91K	$355K	20x	as long as short
Derive HYPE-PERP	+0.0061%	1h	93.704	−0.123%	$16.4M	$6.9M	10x	as long as short
MEXC HYPE_USDT	+0.0062%	4h	93.755	−0.068%	$90.7M	$80.2M	100x	as long as short
Gate HYPE_USDT	+0.0066%	4h	93.742	−0.082%	$44.2M	$57.6M	75x	as long as short
Binance HYPEUSDT	+0.0067%	4h	93.750	−0.073%	$384.8M	$885.1M	75x	as long as short
edgeX HYPEUSDC	+0.0071%	4h	93.562	−0.274%	$5.1M	$29.7M	30x	as long as short
Phemex HYPEUSDTshort	+0.0078%	8h	93.696	−0.131%	$12.8M	$2.6M	50x
Ondo Perps HYPE-USD.P	+0.0084%	1h	93.690	−0.137%	$701K	$901K	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.803	−0.017%	$18.7M	$58.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.794	−0.027%	$3.0M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.749	−0.075%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.727	−0.098%	$399K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.769	−0.053%	$341K	$169K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.730	−0.095%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.769	−0.053%	$5.9M	$44.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.790	−0.031%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.731	−0.094%	$114.6M	$313.5M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.768	−0.054%	$47.2M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.717	−0.109%	$227.2M	$102.3M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.742	−0.082%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.764	−0.059%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.552	−0.284%	$30.9M	$51.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.616	−0.216%	$7.5M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.565	−0.271%	$416K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.677	−0.151%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.756	−0.067%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.772	−0.050%	$496K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.753	−0.070%	$112K	$577K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.764	−0.059%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.820	+0.001%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.759	−0.064%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.680	−0.148%	$205K	$7K	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	93.680	−0.148%	$30K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.733	−0.092%	$18.3M	$41.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0120%	8h	93.804	−0.016%	$1.9M	$5.1M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.790	−0.031%	$4.9M	$5.7M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0219%	1h	93.849	+0.032%	$7.4M	$4.5M	50x	as long as short
HTX HYPE-USDT	+0.0219%	4h	93.915	+0.102%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	93.740	−0.084%	$77K	$155K	15x	as long as short
BloFin HYPE-USDT	+0.0267%	4h	93.753	−0.070%	$17.0M	$12.3M	75x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.796	−0.025%	$2.8M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	93.752	−0.071%	$1.4M	—	100x	as long as short
Hyperliquid HYPElong	+0.0366%	1h	93.819	long leg	$2.04B	$666.3M	10x
Kraken Futures PF_HYPEUSD	+0.0578%	1h	93.876	+0.060%	$21.0M	$28.9M	50x	as long as short