Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0503%/8h= −55.0% APRpaid last 24h −0.047%

Price spread now: Arcus against Phemex−0.086%7-day average −0.047% · 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−$51as in the Price arb table

costs, in and out, $10k−$470.470% of the position

Long on Phemex Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.079%−$8 on $10k

Price spread, last 3 days (all we have)+0.085%+$8 · spread now −0.086%, 7d avg −0.047%

Together, before fees+0.005%+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Arcus is 0.039% cheaper against Phemex than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.047%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.079% in total (about -8.4% 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	Phemex HYPEUSDT	94.039	−0.0123	get 0.0123% / 8h	7h 14m	$12.8M	$2.6M	50x
Short	Arcus HYPE-USD	93.958	−0.0625	pay 0.0078% / 1h	14m 23s	$1.2M	$3.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus 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 ArcusbpOrdersPrice spread, now −0.086%Rate

Funding earned: −$105.55
Price spread: −0.086% → −0.047%: −$3.87
Slippage, 4 orders: −$30.46
Fee Phemex: 6 bp × 2 orders: −$12
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$156.39
Costs to cover: 0.470%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Arcus: 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 Phemex live order book, 5 min ago	5.08 bp	18.7 bp −$19	36.8 bp −$368	doesn't fit	doesn't fit
Sell Arcus live order book, 5 min ago	0.64 bp	3.6 bp −$4	5.2 bp −$52	91.4 bp −$9,138	doesn't fit

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	−0.1240%	1h	93.973	−0.070%	$199K	$228K	7x	as long as short
Arcus HYPE-USDshort	−0.0625%	1h	93.958	−0.086%	$1.2M	$3.9M	10x
Aftermath Perps HYPEUSD	−0.0203%	1h	93.924	−0.122%	$22K	$21K	10x	as long as short
Phemex HYPEUSDTlong	−0.0123%	8h	94.039	long leg	$12.8M	$2.6M	50x
Ondo Perps HYPE-USD.P	−0.0116%	1h	94.010	−0.031%	$708K	$960K	10x	as long as short
dYdX HYPE-USD	−0.0099%	1h	94.086	+0.050%	$129K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	94.079	+0.043%	$85K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.066	+0.029%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0071%	1h	94.050	+0.012%	$113K	$581K	20x	as long as short
Gate HYPE_USDT	−0.0034%	4h	94.065	+0.028%	$44.5M	$60.2M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0027%	4h	94.066	+0.029%	$160K	$646K	20x	as long as short
Bybit HYPEUSDT	−0.0011%	8h	94.079	+0.043%	$323.8M	$280.4M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.082	+0.046%	$23K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.099	+0.064%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0008%	4h	94.086	+0.050%	$8.9M	$36.1M	300x	as long as short
Derive HYPE-PERP	+0.0017%	1h	93.989	−0.053%	$16.4M	$7.3M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.678	−0.384%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0044%	4h	94.078	+0.041%	$88.7M	$83.2M	100x	as long as short
Binance HYPEUSDT	+0.0051%	4h	94.110	+0.076%	$383.9M	$895.3M	75x	as long as short
edgeX HYPEUSDC	+0.0062%	4h	93.602	−0.464%	$5.1M	$30.1M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0075%	8h	94.106	+0.071%	$116.3M	$316.8M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	94.049	+0.011%	$400K	$180K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.101	+0.066%	$19.1M	$60.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.085	+0.049%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.072	+0.035%	$65K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.112	+0.077%	$342K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.080	+0.044%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.068	+0.031%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.113	+0.079%	$2.05B	$676.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.103	+0.068%	$10.2M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.528	−0.543%	$204K	$12K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.069	+0.032%	$46.7M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.070	+0.033%	$227.9M	$101.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.084	+0.048%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.064	+0.027%	$7.7M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.810	−0.243%	$31.4M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.614	−0.452%	$7.5M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.656	−0.407%	$339K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.843	−0.208%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.085	+0.048%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.100	+0.065%	$475K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.104	+0.069%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.142	+0.110%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.076	+0.039%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.036	−0.003%	$18.4M	$45.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.060	+0.022%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0181%	4h	94.072	+0.035%	$17.1M	$12.2M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.480%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.110	+0.076%	$2.7M	$6.8M	20x	as long as short
Kalshi KXHYPEPERP	+0.0227%	8h	94.094	+0.058%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	94.059	+0.022%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0156%	1h	94.094	+0.059%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0379%	4h	94.200	+0.171%	$1.5M	$6.0M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0622%	1h	94.165	+0.134%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.160	+0.129%	$21.0M	$29.8M	50x	as long as short