Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0274%/8h= −30.0% APRpaid last 24h −0.067%

Price spread now: Phemex against Injective+0.127%65s7-day average −0.158% · you sell dearer than you buy

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

Long on Injective Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−2.256%−$226 on $10k

Price spread, last 3 days (all we have)+0.057%+$6 · spread now +0.127%, 7d avg −0.158%

Together, before fees−2.199%−$220 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.285% dearer against Injective than usual: you sell high and buy low (spread +0.127% now, against its 7-day average of −0.158%): +$28 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 3.5 days. At the pace of the last 7 days (−2.256% in total) that is about 21 hours. The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective HYPE/USDC PERP	93.790	0.0137	pay 0.0017% / 1h	27m 43s	$30K	$339K	12x
Short	Phemex HYPEUSDT	93.909	−0.0137	pay 0.0137% / 8h	6h 27m	$12.7M	$2.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpFee PhemexbpOrdersPrice spread, now +0.127%Rate

Funding earned: −$57.49
Price spread: +0.127% → −0.158%: $28.47
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$41.03
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: live order book, 41 min ago; 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 Injective live order book, 41 min ago	36.64 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	3.48 bp	21.1 bp −$21	37.6 bp −$376	doesn't fit	doesn't fit

HYPE on 54 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-P	−0.0912%	1h	93.720	−0.074%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.743	−0.050%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0147%	1h	93.636	−0.164%	$22K	$21K	10x	as long as short
Phemex HYPEUSDTshort	−0.0137%	8h	93.909	+0.127%	$12.7M	$2.7M	50x
Ondo Perps HYPE-USD.P	−0.0088%	1h	93.740	−0.053%	$701K	$958K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.826	+0.038%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0056%	4h	93.911	+0.129%	$157K	$648K	20x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.894	+0.111%	$85K	$350K	20x	as long as short
Backpack HYPE_USDC_PERP	−0.0045%	1h	93.914	+0.132%	$7.8M	$10.3M	20x	as long as short
Gate HYPE_USDT	−0.0044%	4h	93.975	+0.197%	$44.5M	$54.9M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0005%	4h	93.964	+0.186%	$8.9M	$35.9M	300x	as long as short
BingX HYPE-USDT	0.0000%	4h	93.966	+0.188%	—	$53.7M	—	as long as short
dYdX HYPE-USD	0.0000%	1h	93.868	+0.083%	$129K	$31K	5x	as long as short
Bybit HYPEUSDT	0.0000%	8h	93.960	+0.181%	$322.8M	$281.4M	75x	as long as short
Perpl HYPE	0.0000%	43m	93.926	+0.145%	$22K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.956	+0.177%	$26K	—	150x	as long as short
MEXC HYPE_USDT	+0.0058%	4h	93.964	+0.186%	$88.1M	$82.8M	100x	as long as short
edgeX HYPEUSDC	+0.0059%	4h	93.654	−0.145%	$5.1M	$30.1M	30x	as long as short
Phoenix HYPE	+0.0060%	1h	93.705	−0.091%	$211K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0064%	1h	93.911	+0.129%	$112K	$578K	20x	as long as short
Binance HYPEUSDT	+0.0065%	4h	93.976	+0.198%	$382.5M	$895.5M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0068%	8h	93.972	+0.194%	$115.5M	$310.5M	50x	as long as short
Derive HYPE-PERP	+0.0092%	1h	93.908	+0.126%	$16.3M	$7.7M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.901	+0.118%	$341K	$164K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.989	+0.212%	$16.4M	$62.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.988	+0.211%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.877	+0.093%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.965	+0.187%	$400K	$177K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.880	+0.096%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.828	+0.041%	$5.7M	$45.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.088	+0.318%	$2.05B	$671.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.876	+0.092%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.981	+0.204%	$46.6M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.974	+0.196%	$227.3M	$98.6M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.610	−0.191%	$31.0M	$54.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.468	−0.343%	$7.5M	$48.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.658	−0.141%	$338K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.837	+0.050%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.902	+0.119%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.950	+0.171%	$470K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.929	+0.148%	$80K	$172K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.933	+0.152%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.957	+0.178%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.348	−0.472%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.940	+0.159%	$18.3M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	94.010	+0.235%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERPlong	+0.0137%	1h	93.790	long leg	$30K	$339K	12x
RISEx HYPE/USDC	+0.0210%	1h	93.923	+0.142%	$3.2M	$7.0M	20x	as long as short
HTX HYPE-USDT	+0.0220%	4h	94.050	+0.277%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0255%	1h	93.904	+0.121%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0270%	8h	93.922	+0.141%	$1.9M	$5.1M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0156%	1h	93.929	+0.148%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0484%	1h	94.058	+0.286%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0678%	1h	94.051	+0.278%	$21.0M	$29.7M	50x	as long as short