Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0068%/8h= +7.4% APRpaid last 24h −0.002%

Price spread now: Bullet against Phemex−0.028%7-day average −0.002% · 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−$55as in the Price arb table

costs, in and out, $10k−$520.524% of the position

Long on Phemex Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.007%−$1 on $10k

Price spread, last 4 days (all we have)+0.198%+$20 · spread now −0.028%, 7d avg −0.002%

Together, before fees+0.191%+$19 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bullet is 0.026% cheaper against Phemex than usual: you would sell low and buy high (spread −0.028% now, against its 7-day average of −0.002%). If the spread goes back, that is −$3 on $10k: about 31 hours of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	93.302	−0.0059	get 0.0059% / 8h	5h 39m	$12.6M	$2.7M	50x
Short	Bullet HYPE-USD	93.276	0.0009	get 0.0001% / 1h	39m 16s	$111K	$578K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.028%Rate

Funding earned: $14.19
Price spread: −0.028% → −0.002%: −$2.62
Slippage, 4 orders: −$32.39
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$40.82
Costs to cover: 0.524%
Break-even: 27.1 days

Slippage from Phemex: live order book, 5 min ago; Bullet: live order book, 25 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, 5 min ago	1.76 bp	15.0 bp −$15	32.6 bp −$326	doesn't fit	doesn't fit
Sell Bullet live order book, 25 min ago	0.48 bp	7.4 bp −$7	10.8 bp −$108	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	−0.1280%	1h	93.334	+0.035%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.167	−0.145%	$1.2M	$3.8M	10x	as long as short
Bluefin HYPE-PERP	−0.0185%	1h	93.253	−0.053%	$79K	$170K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.343	+0.044%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0073%	1h	93.270	−0.034%	$700K	$981K	10x	as long as short
Phemex HYPEUSDTlong	−0.0059%	8h	93.302	long leg	$12.6M	$2.7M	50x
01 Exchange HYPEUSD	−0.0048%	1h	93.273	−0.031%	$85K	$345K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0046%	4h	93.270	−0.034%	$155K	$633K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0040%	1h	93.403	+0.108%	$22K	$21K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.361	+0.063%	$128K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.299	−0.004%	$23K	$322K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.299	−0.004%	$62K	—	150x	as long as short
Bullet HYPE-USDshort	+0.0009%	1h	93.276	−0.028%	$111K	$578K	20x
Aster HYPEUSDT	+0.0016%	4h	93.285	−0.018%	$8.8M	$35.6M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.398	+0.103%	$213K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0026%	4h	93.285	−0.018%	—	$53.1M	—	as long as short
Bybit HYPEUSDT	+0.0033%	8h	93.260	−0.045%	$321.3M	$277.0M	75x	as long as short
Gate HYPE_USDT	+0.0044%	4h	93.291	−0.012%	$44.5M	$54.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0077%	8h	93.267	−0.038%	$114.1M	$301.7M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.291	−0.012%	$16.3M	$61.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.283	−0.020%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.269	−0.035%	$69K	$1.2M	50x	as long as short
MEXC HYPE_USDT	+0.0096%	4h	93.298	−0.004%	$89.8M	$80.7M	100x	as long as short
Binance HYPEUSDT	+0.0097%	4h	93.275	−0.029%	$378.5M	$876.8M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.366	+0.069%	$339K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.290	−0.013%	$17K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.321	+0.021%	$5.8M	$43.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.377	+0.080%	$2.04B	$653.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.327	+0.027%	$10.0M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.580	+0.298%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.339	+0.040%	$45.9M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.304	+0.002%	$225.6M	$96.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.315	+0.014%	$7.4M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.317	+0.016%	$31.1M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.553	+0.269%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.487	+0.198%	$340K	$999K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.408	+0.114%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.362	+0.065%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.317	+0.016%	$471K	$2.5M	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.266	−0.038%	$16.2M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.358	+0.060%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.261	−0.044%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.241	−0.065%	$18.4M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.269	−0.036%	$397K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0108%	4h	93.349	+0.050%	$5.1M	$29.6M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.350	+0.051%	$4.9M	$5.4M	50x	as long as short
HTX HYPE-USDT	+0.0197%	4h	93.450	+0.159%	$1.4M	$6.0M	75x	as long as short
Reya HYPERUSDPERP	+0.0257%	1h	93.278	−0.025%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0278%	8h	93.362	+0.064%	$1.9M	$5.1M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0318%	1h	93.368	+0.071%	$7.4M	$4.4M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.306	+0.005%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0337%	4h	93.271	−0.033%	$16.9M	$11.6M	75x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.364	+0.066%	$3.2M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.220	−0.088%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0686%	1h	93.323	+0.023%	$20.7M	$30.1M	50x	as long as short