Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0077%/8h= +8.4% APRpaid last 24h −0.002%

Price spread now: ApeX Omni against Phemex+0.003%7-day average −0.017% · you sell dearer than you buy

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$550.547% of the position

Long on Phemex Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.003%$0 on $10k

Price spread, last 3 days (all we have)−0.070%−$7 · spread now +0.003%, 7d avg −0.017%

Together, before fees−0.074%−$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and ApeX Omni is 0.020% dearer against Phemex than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.017%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	94.030	0.0023	pay 0.0023% / 8h	7h 58m	$12.8M	$2.6M	50x
Short	ApeX Omni HYPEUSDT	94.033	0.0100	get 0.0013% / 1h	58m 55s	$340K	$1.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Phemex. 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 PhemexbpFee ApeX OmnibpOrdersPrice spread, now +0.003%Rate

Funding earned: $16.15
Price spread: +0.003% → −0.017%: $2.04
Slippage, 4 orders: −$32.69
Fee Phemex: 6 bp × 2 orders: −$12
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$36.49
Costs to cover: 0.547%
Break-even: 22.8 days

Slippage from Phemex: live order book, 5 min ago; ApeX Omni: live order book, just now.

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 Phemex live order book, 5 min ago	3.30 bp	18.8 bp −$19	34.6 bp −$346	doesn't fit	doesn't fit
Sell ApeX Omni live order book, just now	2.18 bp	7.2 bp −$7	10.5 bp −$105	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	−0.1416%	1h	93.956	−0.078%	$199K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0339%	1h	93.995	−0.038%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.854	−0.187%	$1.2M	$3.8M	10x	as long as short
01 Exchange HYPEUSD	−0.0200%	1h	94.009	−0.022%	$86K	$368K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.049	+0.020%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0074%	1h	93.960	−0.074%	$705K	$924K	10x	as long as short
Bullet HYPE-USD	−0.0051%	1h	93.986	−0.047%	$112K	$578K	20x	as long as short
dYdX HYPE-USD	−0.0021%	1h	94.052	+0.024%	$128K	$30K	5x	as long as short
Derive HYPE-PERP	−0.0015%	1h	93.908	−0.130%	$16.4M	$7.2M	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0007%	4h	93.971	−0.063%	$169K	$594K	20x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	94.012	−0.020%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.001	−0.031%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	94.114	+0.089%	$218K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0019%	4h	93.997	−0.036%	$8.9M	$36.1M	300x	as long as short
Phemex HYPEUSDTlong	+0.0023%	8h	94.030	long leg	$12.8M	$2.6M	50x
MEXC HYPE_USDT	+0.0044%	4h	93.940	−0.096%	$88.4M	$81.0M	100x	as long as short
SoDEX HYPE-USD	+0.0045%	1h	93.972	−0.062%	$2.0M	$2.0M	10x	as long as short
Binance HYPEUSDT	+0.0047%	4h	93.897	−0.141%	$383.8M	$899.5M	75x	as long as short
edgeX HYPEUSDC	+0.0053%	4h	93.991	−0.041%	$5.1M	$29.7M	30x	as long as short
Gate HYPE_USDT	+0.0066%	4h	93.955	−0.080%	$44.3M	$58.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0085%	8h	93.921	−0.116%	$115.9M	$322.6M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.026	−0.005%	$18.9M	$58.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.999	−0.033%	$3.1M	$12.0M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.014	−0.017%	$60K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.004	−0.028%	$400K	$190K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.104	+0.078%	$342K	$171K	20x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.023	−0.007%	$6.6M	$44.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.062	+0.034%	$2.05B	$680.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.027	−0.004%	$10.1M	$14.6M	20x	as long as short
Bybit HYPEUSDT	+0.0100%	8h	93.886	−0.153%	$323.1M	$283.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.889	−0.150%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.968	−0.066%	$46.5M	$18.5M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.952	−0.083%	$227.6M	$101.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.934	−0.102%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.971	−0.063%	$7.7M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.972	−0.061%	$31.4M	$54.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.052	+0.023%	$7.6M	$45.4M	10x	as long as short
ApeX Omni HYPEUSDTshort	+0.0100%	1h	94.033	+0.003%	$340K	$1.1M	50x
StandX HYPE-USD	+0.0100%	1h	94.047	+0.018%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.043	+0.013%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.034	+0.004%	$472K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.016	−0.015%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.146	+0.123%	$1.5M	$7.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.925	−0.111%	$18.4M	$42.7M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.080	+0.053%	$4.9M	$5.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0162%	8h	94.045	+0.016%	$1.9M	$5.1M	2.3x	as long as short
BloFin HYPE-USDT	+0.0188%	4h	93.972	−0.062%	$17.0M	$12.6M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.990	−0.043%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.009	−0.022%	$2.8M	$6.9M	20x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	94.000	−0.032%	$77K	$142K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0157%	1h	93.998	−0.034%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0378%	1h	94.079	+0.052%	$7.5M	$4.7M	50x	as long as short
Bluefin HYPE-PERP	+0.0558%	1h	93.999	−0.033%	$76K	$171K	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.089	+0.063%	$21.0M	$29.5M	50x	as long as short