Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0917%/8h= −100.4% APRpaid last 24h −0.014%

Price spread now: Phemex against Kraken Futures−0.127%7-day average −0.028% · you buy dearer than you sell

Net, funding: paid 7d − costs−$69as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$610.613% of the position

Long on Kraken Futures Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.073%−$7 on $10k

Price spread, last 3 days (all we have)+0.095%+$10 · spread now −0.127%, 7d avg −0.028%

Together, before fees+0.023%+$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$28 a day on $10k at the current rate, and Phemex is 0.099% cheaper against Kraken Futures than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.028%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.073% in total (about -3.8% 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	Kraken Futures PF_HYPEUSD	94.327	0.0669	pay 0.0084% / 1h	37m 26s	$21.1M	$29.7M	50x
Short	Phemex HYPEUSDT	94.207	−0.0248	pay 0.0248% / 8h	7h 37m	$12.8M	$2.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Kraken Futures. 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 Kraken FuturesbpFee PhemexbpOrdersPrice spread, now −0.127%Rate

Funding earned: −$192.59
Price spread: −0.127% → −0.028%: −$9.93
Slippage, 4 orders: −$39.31
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$263.83
Costs to cover: 0.613%
Break-even: never at this rate

Slippage from Kraken Futures: 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 Kraken Futures live order book, 2 min ago	1.96 bp	10.9 bp −$11	13.5 bp −$135	19.3 bp −$1,928	62.3 bp −$31.2K
Sell Phemex live order book, 2 min ago	1.43 bp	25.0 bp −$25	45.6 bp −$456	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
Hibachi HYPE/USDT-P	−0.1464%	1h	94.187	−0.148%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	94.137	−0.201%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0266%	1h	94.083	−0.258%	$22K	$23K	10x	as long as short
Phemex HYPEUSDTshort	−0.0248%	8h	94.207	−0.127%	$12.8M	$2.6M	50x
dYdX HYPE-USD	−0.0202%	1h	94.245	−0.087%	$129K	$30K	5x	as long as short
Ondo Perps HYPE-USD.P	−0.0164%	1h	94.180	−0.156%	$705K	$937K	10x	as long as short
Bullet HYPE-USD	−0.0087%	1h	94.221	−0.112%	$112K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.238	−0.094%	$86K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.245	−0.087%	$3K	$331	25x	as long as short
Bybit HYPEUSDT	−0.0017%	8h	94.204	−0.130%	$323.7M	$280.7M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0012%	4h	94.205	−0.129%	$170K	$592K	20x	as long as short
Gate HYPE_USDT	−0.0006%	4h	94.227	−0.106%	$44.6M	$59.4M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.278	−0.051%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.232	−0.100%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0018%	4h	94.247	−0.085%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	94.173	−0.163%	$219K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0044%	4h	94.229	−0.104%	$89.2M	$82.3M	100x	as long as short
Derive HYPE-PERP	+0.0045%	1h	94.175	−0.161%	$16.4M	$7.3M	10x	as long as short
Binance HYPEUSDT	+0.0046%	4h	94.243	−0.089%	$384.7M	$893.4M	75x	as long as short
Bluefin HYPE-PERP	+0.0051%	1h	94.215	−0.118%	$76K	$171K	20x	as long as short
edgeX HYPEUSDC	+0.0058%	4h	94.030	−0.314%	$5.1M	$29.8M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0081%	8h	94.231	−0.101%	$116.3M	$319.6M	50x	as long as short
Popdex HYPEUSDT	+0.0088%	1h	94.224	−0.109%	$63K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.304	−0.024%	$19.1M	$58.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.260	−0.071%	$3.1M	$12.1M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.206	−0.128%	$401K	$193K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.281	−0.049%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.220	−0.113%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.228	−0.104%	$6.7M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.329	+0.002%	$2.05B	$674.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.263	−0.068%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.243	−0.089%	$46.7M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.232	−0.100%	$228.6M	$101.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.236	−0.096%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.265	−0.065%	$7.8M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.010	−0.335%	$31.6M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.045	−0.299%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.037	−0.307%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.047	−0.297%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.247	−0.084%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.244	−0.088%	$481K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.268	−0.062%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.236	−0.096%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.120	−0.219%	$205K	$4K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.209	−0.125%	$19.2M	$44.0M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.260	−0.071%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0181%	4h	94.032	−0.312%	$17.0M	$12.3M	75x	as long as short
Kalshi KXHYPEPERP	+0.0198%	8h	94.281	−0.048%	$1.9M	$5.1M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.260	−0.071%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.272	−0.058%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.221	−0.112%	$77K	$144K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0157%	1h	94.228	−0.105%	$1.5M	—	100x	as long as short
HTX HYPE-USDT	+0.0430%	4h	94.403	+0.081%	$1.5M	$6.3M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0450%	1h	94.326	−0.001%	$7.5M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0669%	1h	94.327	long leg	$21.1M	$29.7M	50x