Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0058%/8h= +6.4% APRpaid last 24h +0.012%

Price spread now: Backpack against Phemex+0.025%7-day average +0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$570.570% of the position

Long on Phemex Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.054%+$5 on $10k

Price spread, last 3 days (all we have)−0.015%−$2 · spread now +0.025%, 7d avg +0.006%

Together, before fees+0.039%+$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.006%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	93.596	−0.0117	get 0.0117% / 8h	6h 31m	$12.7M	$2.7M	50x
Short	Backpack HYPE_USDC_PERP	93.619	−0.0059	pay 0.0007% / 1h	31m 59s	$7.8M	$10.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now +0.025%Rate

Funding earned: $12.21
Price spread: +0.025% → +0.006%: $1.87
Slippage, 4 orders: −$34.98
Fee Phemex: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$42.9
Costs to cover: 0.570%
Break-even: 31.6 days

Slippage from Phemex: live order book, 2 min ago; Backpack: live order book, 2 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, 2 min ago	3.48 bp	25.3 bp −$25	42.5 bp −$425	doesn't fit	doesn't fit
Sell Backpack live order book, 2 min ago	0.05 bp	5.5 bp −$6	13.5 bp −$135	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	−0.0888%	1h	93.443	−0.163%	$196K	$231K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.522	−0.079%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0171%	1h	93.413	−0.195%	$22K	$21K	10x	as long as short
Phemex HYPEUSDTlong	−0.0117%	8h	93.596	long leg	$12.7M	$2.7M	50x
Ondo Perps HYPE-USD.P	−0.0093%	1h	93.560	−0.038%	$698K	$988K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.482	−0.122%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.662	+0.071%	$86K	$351K	20x	as long as short
Backpack HYPE_USDC_PERPshort	−0.0059%	1h	93.619	+0.025%	$7.8M	$10.4M	20x
Orderly PERP_HYPE_USDC	−0.0057%	4h	93.648	+0.056%	$156K	$652K	20x	as long as short
Gate HYPE_USDT	−0.0056%	4h	93.633	+0.040%	$44.4M	$54.6M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0024%	4h	93.633	+0.040%	$8.9M	$36.2M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.622	+0.028%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.612	+0.017%	$22K	$331K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.686	+0.097%	$26K	—	150x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.635	+0.042%	—	$53.8M	—	as long as short
Bybit HYPEUSDT	+0.0006%	8h	93.640	+0.047%	$321.7M	$284.4M	75x	as long as short
MEXC HYPE_USDT	+0.0054%	4h	93.674	+0.083%	$88.1M	$82.7M	100x	as long as short
Binance HYPEUSDT	+0.0054%	4h	93.676	+0.085%	$381.1M	$904.2M	75x	as long as short
edgeX HYPEUSDC	+0.0059%	4h	93.458	−0.148%	$5.1M	$30.0M	30x	as long as short
Phoenix HYPE	+0.0060%	1h	93.170	−0.455%	$210K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0060%	1h	93.676	+0.085%	$112K	$578K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0065%	8h	93.670	+0.079%	$115.2M	$315.4M	50x	as long as short
Derive HYPE-PERP	+0.0079%	1h	93.626	+0.032%	$16.2M	$7.7M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	93.646	+0.053%	$340K	$165K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.647	+0.054%	$16.4M	$62.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.650	+0.058%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.655	+0.063%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.675	+0.085%	$398K	$177K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.590	−0.006%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.641	+0.048%	$5.7M	$45.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.745	+0.159%	$2.05B	$670.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.619	+0.024%	$10.1M	$14.8M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.675	+0.084%	$46.2M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.683	+0.093%	$226.6M	$100.3M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.411	−0.198%	$31.0M	$54.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.516	−0.085%	$7.5M	$48.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.468	−0.137%	$338K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.477	−0.127%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.666	+0.074%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.708	+0.120%	$469K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.649	+0.057%	$79K	$172K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.748	+0.162%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.644	+0.051%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.348	−0.265%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.648	+0.055%	$18.4M	$44.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.740	+0.154%	$4.9M	$5.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.490	−0.113%	$30K	$339K	12x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.676	+0.085%	$2.7M	$6.7M	20x	as long as short
HTX HYPE-USDT	+0.0218%	4h	93.815	+0.234%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0254%	1h	93.667	+0.076%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0266%	8h	93.514	−0.088%	$1.9M	$5.1M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0158%	1h	93.691	+0.101%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0519%	1h	93.752	+0.167%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0680%	1h	93.731	+0.144%	$20.9M	$30.1M	50x	as long as short