Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0004%/8h= −0.5% APRpaid last 24h −0.007%

Price spread now: Binance against Phemex+0.092%7-day average −0.002% · 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−$44as in the Price arb table

costs, in and out, $10k−$530.530% of the position

Long on Phemex Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.019%−$2 on $10k

Price spread, last 3 days (all we have)−0.027%−$3 · spread now +0.092%, 7d avg −0.002%

Together, before fees−0.046%−$5 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Binance is 0.094% dearer against Phemex than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of −0.002%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	93.842	0.0074	pay 0.0074% / 8h	56m 33s	$12.8M	$2.6M	50x
Short	Binance HYPEUSDT	93.928	0.0070	get 0.0035% / 4h	56m 33s	$385.6M	$885.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.092%Rate

Funding earned: −$0.91
Price spread: +0.092% → −0.002%: $9.37
Slippage, 4 orders: −$31.05
Fee Phemex: 6 bp × 2 orders: −$12
Fee Binance: 5 bp × 2 orders: −$10
Net: −$44.58
Costs to cover: 0.530%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Binance: 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	3.52 bp	17.5 bp −$18	33.9 bp −$339	doesn't fit	doesn't fit
Sell Binance live order book, 2 min ago	0.05 bp	5.1 bp −$5	6.0 bp −$60	15.2 bp −$1,519	35.5 bp −$17.7K

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	−0.0504%	1h	93.735	−0.114%	$198K	$228K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0486%	1h	93.638	−0.218%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.847	+0.005%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.892	+0.053%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.912	+0.075%	$128K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.882	+0.043%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.922	+0.085%	$28K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0003%	1h	93.830	−0.013%	$703K	$903K	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0014%	4h	93.908	+0.070%	$176K	$526K	20x	as long as short
Bybit HYPEUSDT	+0.0018%	8h	93.920	+0.083%	$324.9M	$280.7M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0024%	4h	93.933	+0.097%	$8.9M	$35.8M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	93.805	−0.039%	$215K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0063%	1h	93.839	−0.003%	$16.4M	$6.9M	10x	as long as short
Gate HYPE_USDT	+0.0064%	4h	93.909	+0.071%	$44.5M	$57.9M	75x	as long as short
MEXC HYPE_USDT	+0.0066%	4h	93.923	+0.086%	$90.7M	$80.3M	100x	as long as short
Binance HYPEUSDTshort	+0.0070%	4h	93.928	+0.092%	$385.6M	$885.5M	75x
Phemex HYPEUSDTlong	+0.0074%	8h	93.842	long leg	$12.8M	$2.6M	50x
edgeX HYPEUSDC	+0.0078%	4h	93.744	−0.104%	$5.1M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.966	+0.132%	$19.0M	$58.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.954	+0.119%	$3.1M	$12.2M	20x	as long as short
01 Exchange HYPEUSD	+0.0096%	1h	93.968	+0.134%	$91K	$355K	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.925	+0.088%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.852	+0.011%	$399K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.929	+0.093%	$341K	$169K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.920	+0.083%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.919	+0.083%	$5.9M	$44.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.953	+0.118%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.919	+0.082%	$115.0M	$314.6M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.936	+0.100%	$47.3M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.918	+0.081%	$227.6M	$102.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.912	+0.075%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.926	+0.090%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.552	−0.309%	$30.9M	$51.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.616	−0.241%	$7.5M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.759	−0.088%	$393K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.862	+0.021%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.914	+0.076%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.911	+0.074%	$484K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.888	+0.049%	$113K	$577K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.903	+0.065%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.979	+0.146%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.904	+0.066%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.680	−0.173%	$205K	$7K	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	93.750	−0.098%	$30K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.901	+0.063%	$18.6M	$42.0M	50x	as long as short
Kalshi KXHYPEPERP	+0.0120%	8h	93.972	+0.139%	$1.9M	$5.1M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.870	+0.030%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0221%	4h	94.082	+0.256%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	93.885	+0.046%	$77K	$142K	15x	as long as short
BloFin HYPE-USDT	+0.0266%	4h	93.898	+0.060%	$17.0M	$12.3M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0272%	1h	93.995	+0.163%	$7.4M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.981	+0.148%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	93.877	+0.037%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0577%	1h	94.020	+0.190%	$21.0M	$29.0M	50x	as long as short
Hyperliquid HYPE	+0.0577%	1h	93.962	+0.128%	$2.05B	$667.6M	10x	as long as short