Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0094%/8h= +10.3% APRpaid last 24h +0.039%

Price spread now: Phoenix against Perpl+0.136%61s7-day average +0.080% · you sell dearer than you buy

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

Long on Perpl Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.418%+$42 on $10k

Price spread, last 3 days (all we have)−0.004%$0 · spread now +0.136%, 7d avg +0.080%

Together, before fees+0.414%+ Points / potential airdropPerpl: Active · farm board+$41 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Phoenix is 0.055% dearer against Perpl than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.080%. The two prices were read 61 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	Perpl HYPE	93.210	0	get 0.0000% / 43m	40m 57s	$23K	$343K	10x
Short	Phoenix HYPE	93.336	0.0094	get 0.0012% / 1h	53m 57s	$215K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.136%Rate

Funding earned: $19.81
Price spread: +0.136% → +0.080%: $5.5
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $4.52
Costs to cover: 0.208%
Break-even: 5.4 days

Slippage unknown: Perpl: no order-book sample; Phoenix: live order book, 4 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 Phoenix live order book, 4 min ago	1.07 bp	5.5 bp −$6	9.5 bp −$95	123.8 bp −$12.4K	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	−0.1328%	1h	93.228	+0.019%	$197K	$235K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0196%	1h	93.160	−0.053%	$699K	$948K	10x	as long as short
Aftermath Perps HYPEUSD	−0.0107%	1h	93.328	+0.127%	$22K	$22K	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	93.219	+0.010%	$89K	$340K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.208	−0.002%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0002%	4h	93.244	+0.037%	$44.1M	$56.1M	75x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.247	+0.040%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.304	+0.101%	$1.9M	$5.4M	2.3x	as long as short
Perpl HYPElong	0.0000%	43m	93.210	long leg	$23K	$343K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.272	+0.066%	$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	+0.0004%	4h	93.238	+0.030%	$8.9M	$36.3M	300x	as long as short
Derive HYPE-PERP	+0.0037%	1h	93.192	−0.019%	$16.4M	$7.1M	10x	as long as short
Bybit HYPEUSDT	+0.0040%	8h	93.228	+0.020%	$325.0M	$288.4M	75x	as long as short
Bullet HYPE-USD	+0.0045%	1h	93.214	+0.005%	$112K	$583K	20x	as long as short
Orderly PERP_HYPE_USDC	+0.0078%	4h	93.262	+0.056%	$180K	$536K	20x	as long as short
Phoenix HYPEshort	+0.0094%	1h	93.336	+0.136%	$215K	$1.2M	10x
Lighter HYPE	+0.0096%	1h	93.297	+0.094%	$18.5M	$58.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.271	+0.066%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.204	−0.006%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.230	+0.022%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.203	−0.007%	$6.0M	$44.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.288	+0.084%	$2.03B	$668.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.249	+0.042%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.258	+0.052%	$385.6M	$891.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.216	+0.007%	$114.6M	$316.0M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.185	−0.026%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.386	+0.189%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.240	+0.033%	$92.0M	$81.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.243	+0.036%	$46.2M	$19.5M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.244	+0.037%	$226.5M	$102.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.236	+0.028%	—	$54.6M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.274	+0.069%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.285	+0.080%	$28.8M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.319	+0.117%	$7.5M	$46.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.338	+0.138%	$405K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.369	+0.171%	$675K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.268	+0.062%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.254	+0.048%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.226	+0.017%	$76K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.243	+0.036%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.237	+0.029%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.278	+0.073%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.246	+0.039%	$339K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.216	+0.007%	$18.4M	$41.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.243	+0.036%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0120%	4h	93.294	+0.090%	$5.1M	$29.4M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.290	+0.086%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0244%	1h	93.221	+0.012%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.210	0.000%	$30K	$231K	12x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0165%	1h	93.258	+0.051%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.352	+0.153%	$17.2M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0414%	4h	93.378	+0.181%	$1.5M	$7.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0447%	1h	93.346	+0.146%	$7.4M	$4.6M	50x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.279	+0.074%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.407	+0.211%	$19.2M	$25.7M	50x	as long as short