Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0151%/8h= +16.6% APRpaid last 24h +0.008%

Price spread now: Bulk against Phemex−0.434%7-day average +0.024% · 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−$96as in the Price arb table

costs, in and out, $10k−$500.501% of the position

Long on Phemex Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)0.000%$0 on $10k

Price spread, last 3 days (all we have)+0.394%+$39 · spread now −0.434%, 7d avg +0.024%

Together, before fees+0.394%+$39 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bulk is 0.458% cheaper against Phemex than usual: you would sell low and buy high (spread −0.434% now, against its 7-day average of +0.024%). If the spread goes back, that is −$46 on $10k: about 10 days of funding at the current rate (+$5 a day). At the pace of the last 3 days (0.000% in total) that is about years.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	93.936	−0.0051	get 0.0051% / 8h	7h 16m	$12.8M	$2.6M	50x
Short	Bulk HYPE-USD	93.528	0.0100	get 0.0013% / 1h	16m 00s	$204K	$12K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now −0.434%Rate

Funding earned: $31.79
Price spread: −0.434% → +0.024%: −$45.83
Slippage, 4 orders: −$31.09
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$64.13
Costs to cover: 0.501%
Break-even: 21.1 days

Slippage from Phemex: live order book, 3 min ago; Bulk: live order book, 58 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, 3 min ago	5.08 bp	18.7 bp −$19	36.8 bp −$368	doesn't fit	doesn't fit
Sell Bulk live order book, 58 min ago	0.53 bp	6.0 bp −$6	7.6 bp −$76	13.2 bp −$1,324	37.8 bp −$18.9K

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	−0.1280%	1h	93.530	−0.432%	$198K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.701	−0.250%	$1.3M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0197%	1h	93.835	−0.108%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0134%	1h	93.730	−0.219%	$708K	$958K	10x	as long as short
dYdX HYPE-USD	−0.0103%	1h	93.818	−0.125%	$129K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	93.855	−0.086%	$85K	$361K	20x	as long as short
Bullet HYPE-USD	−0.0085%	1h	93.875	−0.065%	$113K	$581K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.610	−0.347%	$3K	$331	25x	as long as short
Phemex HYPEUSDTlong	−0.0051%	8h	93.936	long leg	$12.8M	$2.6M	50x
Gate HYPE_USDT	−0.0048%	4h	93.978	+0.045%	$44.5M	$60.1M	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	93.892	−0.047%	$159K	$645K	20x	as long as short
Bybit HYPEUSDT	−0.0013%	8h	93.970	+0.036%	$323.4M	$281.1M	75x	as long as short
Aster HYPEUSDT	−0.0004%	4h	93.898	−0.041%	$8.9M	$36.2M	300x	as long as short
Perpl HYPE	0.0000%	43m	93.792	−0.154%	$23K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.926	−0.010%	$27K	—	150x	as long as short
Derive HYPE-PERP	+0.0009%	1h	93.884	−0.055%	$16.4M	$7.3M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.678	−0.275%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0042%	4h	93.950	+0.015%	$88.5M	$83.2M	100x	as long as short
Binance HYPEUSDT	+0.0042%	4h	93.993	+0.061%	$383.4M	$896.1M	75x	as long as short
edgeX HYPEUSDC	+0.0057%	4h	93.961	+0.027%	$5.1M	$30.0M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0074%	8h	93.988	+0.055%	$116.1M	$317.3M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.937	+0.001%	$400K	$180K	20x	as long as short
Bluefin HYPE-PERP	+0.0090%	1h	93.939	+0.003%	$76K	$171K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.974	+0.040%	$19.1M	$60.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.954	+0.019%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.849	−0.093%	$65K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.871	−0.069%	$341K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.830	−0.113%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.805	−0.139%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.998	+0.066%	$2.05B	$676.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.835	−0.107%	$10.2M	$14.6M	20x	as long as short
Bulk HYPE-USDshort	+0.0100%	1h	93.528	−0.434%	$204K	$12K	10x
KuCoin HYPEUSDTM	+0.0100%	4h	93.956	+0.021%	$46.8M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.989	+0.056%	$227.8M	$101.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.963	+0.029%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.963	+0.029%	$7.7M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.810	−0.134%	$31.4M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.991	+0.059%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.940	+0.004%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.666	−0.287%	$677K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.816	−0.128%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.874	−0.066%	$475K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.014	+0.083%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.952	+0.017%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.967	+0.033%	$18.3M	$45.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.980	+0.047%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0168%	4h	93.581	−0.378%	$17.0M	$12.1M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.590%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.865	−0.075%	$2.7M	$6.8M	20x	as long as short
Kalshi KXHYPEPERP	+0.0227%	8h	93.872	−0.068%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	93.843	−0.099%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0156%	1h	93.911	−0.027%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0373%	4h	94.100	+0.175%	$1.5M	$6.0M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.050	+0.121%	$21.0M	$29.8M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0729%	1h	94.061	+0.133%	$7.5M	$4.6M	50x	as long as short