Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0092%/8h= −10.0% APRpaid last 24h +0.012%

Price spread now: Phoenix against KuCoin+0.137%7-day average +0.099% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$320.317% of the position

Long on KuCoin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.250%+$25 on $10k

Price spread, last 7 days−0.024%−$2 · spread now +0.137%, 7d avg +0.099%

Together, before fees+0.226%+$23 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.037% dearer against KuCoin than usual: you sell high and buy low (spread +0.137% now, against its 7-day average of +0.099%): +$4 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 33 hours. Mind the row above: over the last 7 days funding on this pair paid +0.250%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin HYPEUSDTM	95.012	0.0100	pay 0.0050% / 4h	3h 13m	$47.4M	$18.6M	75x
Short	Phoenix HYPE	95.142	0.0008	get 0.0001% / 1h	13m 20s	$212K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against KuCoin. 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 KuCoinbpFee PhoenixbpOrdersPrice spread, now +0.137%Rate

Funding earned: −$19.23
Price spread: +0.137% → +0.099%: $3.74
Slippage, 4 orders: −$12.73
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$47.22
Costs to cover: 0.317%
Break-even: never at this rate

Slippage from KuCoin: live order book, 6 min ago; Phoenix: 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 KuCoin live order book, 6 min ago	0.74 bp	7.8 bp −$8	12.4 bp −$124	doesn't fit	doesn't fit
Sell Phoenix live order book, 5 min ago	1.47 bp	6.3 bp −$6	10.0 bp −$100	134.4 bp −$13.4K	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	−0.0832%	1h	95.006	−0.006%	$211K	$265K	7x	as long as short
Bluefin HYPE-PERP	−0.0543%	1h	94.976	−0.038%	$79K	$149K	20x	as long as short
Phemex HYPEUSDT	−0.0240%	8h	95.055	+0.045%	$13.0M	$2.8M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0239%	1h	95.082	+0.074%	$22K	$19K	10x	as long as short
Bullet HYPE-USD	−0.0207%	1h	95.037	+0.026%	$113K	$576K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0138%	1h	95.000	−0.013%	$705K	$1.3M	10x	as long as short
dYdX HYPE-USD	−0.0125%	1h	95.078	+0.070%	$130K	$93K	5x	as long as short
Arcus HYPE-USD	−0.0112%	1h	95.030	+0.019%	$1.0M	$3.2M	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	95.064	+0.055%	$90K	$352K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.069	+0.060%	$3K	$331	25x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_HYPEUSD	−0.0047%	1h	95.013	+0.001%	$18.9M	$35.7M	50x	as long as short
Bybit HYPEUSDT	−0.0014%	8h	95.005	−0.007%	$319.3M	$287.1M	75x	as long as short
Gate HYPE_USDT	−0.0008%	4h	94.997	−0.016%	$52.7M	$56.5M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0005%	4h	95.001	−0.012%	$147K	$670K	20x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	95.123	+0.117%	$1.9M	$5.5M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	95.045	+0.035%	$19K	$273K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.045	+0.035%	$85K	—	150x	as long as short
Phoenix HYPEshort	+0.0008%	1h	95.142	+0.137%	$212K	$1.2M	10x
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	95.060	+0.051%	$4.7M	$5.8M	50x	as long as short
Vest HYPE-PERP	+0.0019%	1h	95.131	+0.126%	—	$126K	5x	as long as short
OKX HYPE-USDT-SWAP	+0.0035%	8h	95.000	−0.013%	$118.5M	$322.6M	50x	as long as short
Bitget HYPEUSDT	+0.0042%	4h	95.004	−0.008%	$228.3M	$94.5M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0048%	8h	95.070	+0.061%	$340K	$38K	20x	as long as short
Backpack HYPE_USDC_PERP	+0.0057%	1h	95.031	+0.020%	$7.6M	$10.1M	20x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	95.053	+0.043%	$5.1M	$31.1M	30x	as long as short
Aster HYPEUSDT	+0.0095%	4h	95.019	+0.007%	$9.0M	$36.6M	300x	as long as short
SoDEX HYPE-USD	+0.0095%	1h	95.018	+0.006%	$2.1M	$1.9M	10x	as long as short
Lighter HYPE	+0.0096%	1h	95.019	+0.007%	$16.3M	$63.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.030	+0.019%	$3.2M	$10.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	95.044	+0.034%	$150K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	95.040	+0.029%	$40K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.035	+0.024%	$5.6M	$52.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.176	+0.173%	$2.10B	$679.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.099	+0.092%	$10.3M	$14.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	95.016	+0.004%	$382.5M	$914.1M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.126	+0.120%	$222K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.022	+0.011%	$98.1M	$89.1M	100x	as long as short
KuCoin HYPEUSDTMlong	+0.0100%	4h	95.012	long leg	$47.4M	$18.6M	75x
BingX HYPE-USDT	+0.0100%	4h	95.016	+0.004%	—	$52.4M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	95.091	+0.083%	$29.9M	$56.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.088	+0.080%	$7.7M	$44.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.029	+0.018%	$348K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.098	+0.091%	$692K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.041	+0.031%	$500K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.990	−0.023%	$33K	$1.5M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.176	+0.173%	$1.4M	$6.7M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.981	−0.033%	$18.3M	$42.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.039	+0.029%	$402K	$136K	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0108%	1h	95.097	+0.089%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.079	+0.071%	$3.1M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.380	+0.387%	$31K	$340K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	95.013	+0.001%	$85K	$93K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.092	+0.085%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	95.015	+0.003%	$17.2M	$12.3M	75x	as long as short