Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0242%/8h= −26.5% APRpaid last 24h +0.009%

Price spread now: Phemex against Nado−0.017%7-day average +0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$470.467% of the position

Long on Nado Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.012%+$1 on $10k

Price spread, last 3 days (all we have)+0.006%+$1 · spread now −0.017%, 7d avg +0.018%

Together, before fees+0.018%+ Points / potential airdropNado: Active · farm board+$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Phemex is 0.035% cheaper against Nado than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.018%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.012% in total (about 1.3% 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	Nado HYPE-PERP	93.904	0.0100	pay 0.0012% / 1h	25m 38s	$5.8M	$45.1M	10x
Short	Phemex HYPEUSDT	93.889	−0.0142	pay 0.0142% / 8h	6h 25m	$12.7M	$2.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Nado. 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 NadobpFee PhemexbpOrdersPrice spread, now −0.017%Rate

Funding earned: −$50.84
Price spread: −0.017% → +0.018%: −$3.45
Slippage, 4 orders: −$27.67
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$100.96
Costs to cover: 0.467%
Break-even: never at this rate

Slippage from Nado: live order book, 4 min ago; Phemex: live order book, 3 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 Nado live order book, 4 min ago	0.05 bp	3.8 bp −$4	6.0 bp −$60	25.3 bp −$2,530	doesn't fit
Sell Phemex live order book, 3 min ago	2.51 bp	16.3 bp −$16	35.2 bp −$352	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	−0.0920%	1h	93.818	−0.092%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.740	−0.175%	$1.2M	$3.8M	10x	as long as short
Phemex HYPEUSDTshort	−0.0142%	8h	93.889	−0.017%	$12.7M	$2.7M	50x
Aftermath Perps HYPEUSD	−0.0134%	1h	93.748	−0.167%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.874	−0.032%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0077%	1h	93.860	−0.047%	$703K	$929K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0057%	4h	93.919	+0.015%	$157K	$646K	20x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.884	−0.022%	$85K	$350K	20x	as long as short
Backpack HYPE_USDC_PERP	−0.0042%	1h	93.896	−0.009%	$7.8M	$10.3M	20x	as long as short
Gate HYPE_USDT	−0.0028%	4h	93.865	−0.042%	$44.4M	$55.0M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	−0.0002%	4h	93.865	−0.042%	—	$53.7M	—	as long as short
Aster HYPEUSDT	−0.0001%	4h	93.912	+0.008%	$8.9M	$35.9M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.860	−0.048%	$129K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.962	+0.061%	$22K	$326K	10x	as long as short
Bybit HYPEUSDT	+0.0002%	8h	93.860	−0.047%	$322.3M	$281.1M	75x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.969	+0.068%	$26K	—	150x	as long as short
Phoenix HYPE	+0.0060%	1h	93.904	−0.001%	$211K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0066%	4h	93.854	−0.054%	$87.8M	$82.9M	100x	as long as short
OKX HYPE-USDT-SWAP	+0.0068%	8h	93.882	−0.024%	$115.3M	$308.8M	50x	as long as short
Binance HYPEUSDT	+0.0068%	4h	93.861	−0.046%	$382.0M	$893.9M	75x	as long as short
edgeX HYPEUSDC	+0.0071%	4h	93.800	−0.111%	$5.1M	$29.9M	30x	as long as short
Bullet HYPE-USD	+0.0072%	1h	93.934	+0.031%	$112K	$578K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.905	0.000%	$341K	$164K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.856	−0.051%	$16.4M	$62.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.852	−0.056%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.928	+0.025%	$67K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.961	+0.060%	$400K	$177K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.923	+0.019%	$16.3M	$7.7M	10x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.860	−0.047%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERPlong	+0.0100%	1h	93.904	long leg	$5.8M	$45.1M	10x
Hyperliquid HYPE	+0.0100%	1h	93.929	+0.026%	$2.05B	$672.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.889	−0.017%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.886	−0.020%	$46.5M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.870	−0.037%	$227.5M	$98.6M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.910	+0.005%	$31.1M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.824	−0.086%	$7.6M	$47.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.834	−0.075%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.938	+0.036%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.981	+0.082%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.974	+0.074%	$475K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.920	+0.017%	$80K	$172K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.020	+0.123%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.936	+0.034%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.880	−0.026%	$204K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.836	−0.073%	$18.3M	$44.3M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.920	+0.017%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.920	+0.017%	$31K	$339K	12x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.936	+0.034%	$3.2M	$7.0M	20x	as long as short
HTX HYPE-USDT	+0.0218%	4h	94.100	+0.208%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0255%	1h	93.947	+0.045%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0273%	8h	94.001	+0.103%	$1.9M	$4.9M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0156%	1h	93.969	+0.069%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0442%	1h	94.042	+0.146%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0678%	1h	94.030	+0.133%	$21.0M	$29.8M	50x	as long as short