Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.004%

Price spread now: Bluefin against Phemex−0.033%7-day average −0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$76as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$640.642% of the position

Long on Phemex Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.114%−$11 on $10k

Price spread, last 3 days (all we have)+0.023%+$2 · spread now −0.033%, 7d avg −0.016%

Together, before fees−0.091%−$9 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	93.675	0.0100	pay 0.0100% / 8h	2h 20m	$12.8M	$2.6M	50x
Short	Bluefin HYPE-PERP	93.644	0.0100	get 0.0013% / 1h	20m 27s	$76K	$168K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin 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 BluefinbpOrdersPrice spread, now −0.033%Rate

Funding earned: $0
Price spread: −0.033% → −0.016%: −$1.69
Slippage, 4 orders: −$45.19
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$65.88
Costs to cover: 0.642%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Bluefin: live order book, 4 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	3.10 bp	21.5 bp −$21	37.9 bp −$379	doesn't fit	doesn't fit
Sell Bluefin live order book, 4 min ago	1.92 bp	12.2 bp −$12	doesn't fit	doesn't fit	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	−0.1000%	1h	93.664	−0.011%	$198K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0286%	1h	93.656	−0.021%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0232%	1h	93.550	−0.133%	$703K	$934K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.631	−0.047%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.634	−0.044%	$90K	$344K	20x	as long as short
Bullet HYPE-USD	−0.0025%	1h	93.603	−0.077%	$112K	$583K	20x	as long as short
Derive HYPE-PERP	−0.0021%	1h	93.590	−0.091%	$16.4M	$7.0M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.721	+0.049%	$128K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.632	−0.046%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.650	−0.027%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0026%	4h	93.611	−0.068%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0032%	4h	93.614	−0.065%	$44.1M	$57.1M	75x	as long as short
Bybit HYPEUSDT	+0.0036%	8h	93.606	−0.074%	$326.0M	$287.0M	75x	as long as short
Popdex HYPEUSDT	+0.0056%	1h	93.604	−0.076%	$59K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0062%	4h	93.619	−0.060%	$175K	$536K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.733	+0.062%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.657	−0.019%	$18.6M	$59.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.648	−0.029%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.631	−0.047%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.640	−0.037%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.605	−0.075%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.707	+0.034%	$2.04B	$670.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.661	−0.015%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.616	−0.063%	$386.3M	$888.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.604	−0.076%	$115.0M	$316.0M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.591	−0.090%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.690	+0.016%	$205K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.601	−0.079%	$93.7M	$82.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.621	−0.058%	$46.5M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.626	−0.052%	$227.4M	$102.3M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.621	−0.058%	—	$54.3M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.648	−0.029%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.652	−0.025%	$29.0M	$50.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.753	+0.083%	$7.5M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.664	−0.012%	$407K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.704	+0.031%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.657	−0.019%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.647	−0.030%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERPshort	+0.0100%	1h	93.644	−0.033%	$76K	$168K	20x
SunX HYPE-USDT	+0.0100%	4h	93.744	+0.074%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.621	−0.058%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDTlong	+0.0100%	8h	93.675	long leg	$12.8M	$2.6M	50x
Deribit HYPE_USDC-PERPETUAL	+0.0102%	1h	93.730	+0.059%	$7.4M	$4.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.594	−0.087%	$18.3M	$41.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.644	−0.033%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0106%	4h	93.684	+0.009%	$5.1M	$29.7M	30x	as long as short
Kalshi KXHYPEPERP	+0.0128%	8h	93.747	+0.077%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.700	+0.027%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.604	−0.076%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.600	−0.080%	$30K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0306%	4h	93.825	+0.160%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0164%	1h	93.654	−0.022%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.613	−0.066%	$17.0M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.671	−0.005%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0572%	1h	93.757	+0.087%	$19.2M	$26.0M	50x	as long as short