Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0062%/8h= +6.8% APRpaid last 24h −0.016%

Price spread now: BingX against Phemex+0.032%7-day average −0.023% · you sell dearer than you buy

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$510.506% of the position

Long on Phemex Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.086%−$9 on $10k

Price spread, last 3 days (all we have)−0.013%−$1 · spread now +0.032%, 7d avg −0.023%

Together, before fees−0.100%−$10 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 BingX is 0.055% dearer against Phemex than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.023%. Mind the row above: over the last 7 days funding on this pair cost −0.086%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	93.826	0.0038	pay 0.0038% / 8h	5m 07s	$12.8M	$2.6M	50x
Short	BingX HYPE-USDT	93.856	0.0100	get 0.0050% / 4h	5m 07s	—	$54.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.032%Rate

Funding earned: $13.07
Price spread: +0.032% → −0.023%: $5.5
Slippage, 4 orders: −$28.58
Fee Phemex: 6 bp × 2 orders: −$12
Fee BingX: 5 bp × 2 orders: −$10
Net: −$32.01
Costs to cover: 0.506%
Break-even: 24.1 days

Slippage from Phemex: live order book, 4 min ago; BingX: live order book, 9 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, 4 min ago	3.30 bp	19.0 bp −$19	37.4 bp −$374	doesn't fit	doesn't fit
Sell BingX live order book, 9 min ago	0.11 bp	5.1 bp −$5	7.9 bp −$79	11.5 bp −$1,153	15.7 bp −$7,847

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	−0.1360%	1h	93.771	−0.059%	$198K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0367%	1h	93.895	+0.073%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.732	−0.100%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0126%	1h	93.760	−0.070%	$704K	$919K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.817	−0.010%	$86K	$368K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.842	+0.017%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0010%	1h	93.784	−0.045%	$16.4M	$7.2M	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0004%	4h	93.844	+0.019%	$170K	$593K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.866	+0.042%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.854	+0.030%	$23K	$329K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.864	+0.041%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	93.978	+0.162%	$217K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0014%	4h	93.909	+0.088%	$8.9M	$36.1M	300x	as long as short
Bybit HYPEUSDT	+0.0019%	8h	93.844	+0.019%	$322.9M	$283.8M	75x	as long as short
Phemex HYPEUSDTlong	+0.0038%	8h	93.826	long leg	$12.8M	$2.6M	50x
Binance HYPEUSDT	+0.0047%	4h	93.934	+0.115%	$384.0M	$898.2M	75x	as long as short
MEXC HYPE_USDT	+0.0048%	4h	93.860	+0.036%	$88.2M	$82.3M	100x	as long as short
Popdex HYPEUSDT	+0.0056%	1h	93.830	+0.004%	$60K	$1.2M	50x	as long as short
edgeX HYPEUSDC	+0.0064%	4h	93.859	+0.035%	$5.1M	$29.7M	30x	as long as short
Gate HYPE_USDT	+0.0066%	4h	93.853	+0.029%	$44.1M	$60.0M	75x	as long as short
Bullet HYPE-USD	+0.0087%	1h	93.827	+0.001%	$112K	$578K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0088%	8h	93.856	+0.032%	$115.8M	$322.5M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.916	+0.096%	$18.9M	$60.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.890	+0.068%	$3.0M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.865	+0.041%	$399K	$318K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.820	−0.006%	$36K	$1.6M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.874	+0.051%	$341K	$171K	20x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.838	+0.013%	$5.7M	$44.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.946	+0.128%	$2.04B	$679.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.850	+0.026%	$10.1M	$14.5M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.889	+0.067%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.855	+0.031%	$46.5M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.864	+0.041%	$227.3M	$102.1M	75x	as long as short
BingX HYPE-USDTshort	+0.0100%	4h	93.856	+0.032%	—	$54.2M	—
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.890	+0.068%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.812	−0.015%	$31.3M	$54.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.967	+0.150%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.849	+0.025%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.908	+0.087%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.866	+0.043%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.853	+0.029%	$470K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.864	+0.041%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.862	+0.038%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.861	+0.037%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.622%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.834	+0.009%	$18.3M	$42.8M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.940	+0.122%	$4.9M	$5.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0156%	8h	93.911	+0.091%	$1.9M	$5.0M	2.3x	as long as short
BloFin HYPE-USDT	+0.0187%	4h	93.859	+0.035%	$17.0M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0192%	4h	94.012	+0.198%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	93.822	−0.005%	$77K	$142K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0261%	1h	93.954	+0.136%	$7.5M	$4.6M	50x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.879	+0.057%	$2.8M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0163%	1h	93.856	+0.032%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0577%	1h	93.980	+0.164%	$21.0M	$29.5M	50x	as long as short