Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0084%/8h= −9.2% APRpaid last 24h −0.015%

Price spread now: Derive against Phemex−0.073%7-day average −0.041% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days−0.026%−$3 on $10k

Price spread, last 3 days (all we have)+0.058%+$6 · spread now −0.073%, 7d avg −0.041%

Together, before fees+0.032%+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Derive is 0.032% cheaper against Phemex than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.041%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	93.340	0.0100	pay 0.0100% / 8h	1h 42m	$12.7M	$2.6M	50x
Short	Derive HYPE-PERP	93.272	0.0016	get 0.0002% / 1h	42m 55s	$16.3M	$7.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 DerivebpOrdersPrice spread, now −0.073%Rate

Funding earned: −$17.73
Price spread: −0.073% → −0.041%: −$3.18
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Derive: 3 bp × 2 orders: −$6
Net: −$38.92
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 6 min ago; Derive: no order-book sample. Net counts fees only.

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, 6 min ago	0.86 bp	22.5 bp −$23	37.1 bp −$371	doesn't fit	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Aftermath Perps HYPEUSD	−0.0355%	1h	93.211	−0.138%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.292	−0.051%	$1.2M	$4.0M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0112%	1h	93.291	−0.052%	$197K	$230K	7x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.339	−0.001%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0038%	1h	93.150	−0.204%	$699K	$924K	10x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	93.375	+0.037%	$90K	$362K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.336	−0.005%	$127K	$32K	5x	as long as short
Popdex HYPEUSDT	0.0000%	1h	93.345	+0.005%	$57K	$1.2M	50x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.402	+0.066%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.303	−0.040%	$23K	$331K	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 −0.0001%	1h	93.345	+0.005%	$20K	—	150x	as long as short
Aster HYPEUSDT	+0.0011%	4h	93.379	+0.041%	$8.9M	$36.0M	300x	as long as short
Derive HYPE-PERPshort	+0.0016%	1h	93.272	−0.073%	$16.3M	$7.1M	10x
Bybit HYPEUSDT	+0.0031%	8h	93.390	+0.054%	$324.4M	$286.8M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.278	−0.066%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0037%	4h	93.316	−0.026%	$171K	$519K	20x	as long as short
Gate HYPE_USDT	+0.0070%	4h	93.394	+0.058%	$43.8M	$57.7M	75x	as long as short
Bullet HYPE-USD	+0.0082%	1h	93.301	−0.042%	$111K	$578K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.388	+0.052%	$18.5M	$58.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.357	+0.018%	$3.1M	$12.1M	20x	as long as short
Binance HYPEUSDT	+0.0096%	4h	93.391	+0.055%	$383.8M	$891.7M	75x	as long as short
MEXC HYPE_USDT	+0.0098%	4h	93.387	+0.050%	$90.4M	$81.6M	100x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.342	+0.002%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.320	−0.021%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.344	+0.005%	$5.9M	$44.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.397	+0.061%	$2.03B	$672.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.324	−0.017%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.384	+0.047%	$114.1M	$314.5M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.884	−0.488%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.410	+0.075%	$47.3M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.414	+0.079%	$226.5M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.380	+0.043%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.389	+0.052%	$7.9M	$11.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.236	−0.111%	$28.9M	$50.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.228	−0.120%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.375	+0.037%	$413K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.274	−0.071%	$675K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.337	−0.004%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.364	+0.026%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.311	−0.031%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.391	+0.055%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.328	−0.013%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDTlong	+0.0100%	8h	93.340	long leg	$12.7M	$2.6M	50x
Extended HYPE-USD	+0.0104%	1h	93.369	+0.031%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.325	−0.016%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0107%	4h	93.311	−0.031%	$5.1M	$29.6M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.390	+0.054%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.250	−0.096%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.317	−0.024%	$78K	$158K	15x	as long as short
HTX HYPE-USDT	+0.0274%	4h	93.500	+0.171%	$1.5M	$7.7M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.399	+0.063%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0328%	1h	93.412	+0.077%	$7.4M	$4.6M	50x	as long as short
BloFin HYPE-USDT	+0.0336%	4h	93.332	−0.009%	$16.9M	$12.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0159%	1h	93.341	+0.001%	$1.5M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.444	+0.112%	$20.8M	$28.6M	50x	as long as short