Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:20 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.020%

Price spread now: Phemex against Perpl−0.097%7-day average +0.010% · you buy dearer than you sell

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

Long on Perpl Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.153%+$15 on $10k

Price spread, last 3 days (all we have)+0.013%+$1 · spread now −0.097%, 7d avg +0.010%

Together, before fees+0.166%+ Points / potential airdropPerpl: Active · farm board+$17 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.107% cheaper against Perpl than usual: you would sell low and buy high (spread −0.097% now, against its 7-day average of +0.010%). If the spread goes back, that is −$11 on $10k: about 3.6 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl HYPE	93.565	0	get 0.0000% / 43m	20m 36s	$23K	$337K	10x
Short	Phemex HYPEUSDT	93.474	0.0100	get 0.0100% / 8h	2h 33m	$12.7M	$2.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Perpl. 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 PerplbpFee PhemexbpOrdersPrice spread, now −0.097%Rate

Funding earned: $21
Price spread: −0.097% → +0.010%: −$10.71
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$15.51
Costs to cover: 0.258%
Break-even: 12.2 days

Slippage unknown: Perpl: no order-book sample; Phemex: live order book, 5 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 Perpl no order-book sample	—	—	—	—	—
Sell Phemex live order book, 5 min ago	3.48 bp	17.7 bp −$18	36.4 bp −$364	doesn't fit	doesn't fit

Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1104%	1h	93.433	−0.141%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0265%	1h	93.465	−0.107%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0238%	1h	93.450	−0.123%	$701K	$940K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.587	+0.023%	$89K	$348K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.527	−0.041%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0028%	1h	93.471	−0.101%	$112K	$583K	20x	as long as short
Derive HYPE-PERP	−0.0003%	1h	93.441	−0.133%	$16.4M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.563	−0.002%	$127K	$32K	5x	as long as short
Perpl HYPElong	0.0000%	43m	93.565	long leg	$23K	$337K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.528	−0.040%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0017%	4h	93.542	−0.025%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0032%	4h	93.550	−0.016%	$44.1M	$56.5M	75x	as long as short
Bybit HYPEUSDT	+0.0037%	8h	93.550	−0.016%	$325.9M	$287.3M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.464	−0.108%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0070%	4h	93.501	−0.069%	$180K	$529K	20x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	93.550	−0.016%	$57K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.568	+0.003%	$18.6M	$59.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.539	−0.028%	$3.1M	$12.3M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.578	+0.013%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.560	−0.006%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.550	−0.016%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.576	+0.012%	$2.04B	$668.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.574	+0.009%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.550	−0.016%	$385.8M	$888.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.526	−0.042%	$114.9M	$315.6M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.533	−0.034%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.403	−0.174%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.555	−0.011%	$92.8M	$82.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.535	−0.032%	$46.4M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.573	+0.008%	$227.3M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.543	−0.024%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.515	−0.054%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.402	−0.175%	$28.9M	$49.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.500	−0.069%	$7.5M	$45.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.482	−0.089%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.503	−0.066%	$676K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.530	−0.038%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.526	−0.042%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.495	−0.075%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.552	−0.014%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.487	−0.084%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDTshort	+0.0100%	8h	93.474	−0.097%	$12.7M	$2.6M	50x
Extended HYPE-USD	+0.0104%	1h	93.549	−0.018%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.517	−0.051%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0117%	4h	93.456	−0.117%	$5.1M	$29.6M	30x	as long as short
Kalshi KXHYPEPERP	+0.0119%	8h	93.583	+0.019%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.400	−0.177%	$4.9M	$5.7M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0242%	1h	93.592	+0.029%	$7.4M	$4.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.494	−0.076%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.350	−0.230%	$30K	$231K	12x	as long as short
HTX HYPE-USDT	+0.0335%	4h	93.662	+0.103%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0164%	1h	93.526	−0.041%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.449	−0.124%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.617	+0.055%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.581	+0.017%	$19.2M	$25.9M	50x	as long as short