Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0063%/8h= −6.8% APRpaid last 24h −0.029%

Price spread now: gTrade (Gains Network) against Phemex+0.033%7-day average — · you sell dearer than you buy

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

Long on Phemex Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. gTrade (Gains Network) is 0.033% dearer against Phemex than usual: you sell high and buy low (spread +0.033% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 42 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	94.047	0.0065	pay 0.0065% / 8h	49m 34s	$12.8M	$2.6M	50x
Short	gTrade (Gains Network) HYPE/USD	94.078	L +0.0002% / S −0.0003%	get 0.0000% / 1h	49m 34s	$27K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now +0.033%Rate

Funding earned: −$13.13
Price spread: +0.033% → 0.000%: $3.3
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$31.83
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 4 min ago; gTrade (Gains Network): 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, 4 min ago	3.51 bp	20.5 bp −$21	36.3 bp −$363	doesn't fit	doesn't fit
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

gTrade (Gains Network): 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
Hibachi HYPE/USDT-P	−0.0608%	1h	94.035	−0.013%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0456%	1h	93.938	−0.116%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	94.042	−0.005%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.129	+0.087%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.092	+0.048%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.113	+0.070%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USDshort	L +0.0002% / S −0.0003%	1h	94.078	+0.033%	$27K	—	150x
Phoenix HYPE	+0.0009%	1h	94.035	−0.013%	$215K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0013%	4h	94.076	+0.031%	$176K	$526K	20x	as long as short
Bybit HYPEUSDT	+0.0021%	8h	94.120	+0.078%	$324.8M	$280.9M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0037%	4h	94.124	+0.082%	$8.9M	$35.8M	300x	as long as short
Ondo Perps HYPE-USD.P	+0.0059%	1h	94.020	−0.029%	$704K	$907K	10x	as long as short
Phemex HYPEUSDTlong	+0.0065%	8h	94.047	long leg	$12.8M	$2.6M	50x
Gate HYPE_USDT	+0.0074%	4h	94.115	+0.072%	$44.3M	$58.1M	75x	as long as short
Binance HYPEUSDT	+0.0076%	4h	94.146	+0.105%	$385.8M	$888.1M	75x	as long as short
MEXC HYPE_USDT	+0.0076%	4h	94.131	+0.089%	$88.2M	$80.9M	100x	as long as short
01 Exchange HYPEUSD	+0.0080%	1h	94.124	+0.082%	$86K	$364K	20x	as long as short
Derive HYPE-PERP	+0.0082%	1h	94.015	−0.034%	$16.5M	$6.9M	10x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	94.085	+0.040%	$5.1M	$29.8M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.172	+0.133%	$19.1M	$59.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.157	+0.117%	$3.1M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.135	+0.094%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.066	+0.020%	$400K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.144	+0.103%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.120	+0.078%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.093	+0.049%	$5.9M	$44.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.152	+0.112%	$10.2M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.120	+0.078%	$116.0M	$317.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.095	+0.052%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.150	+0.110%	$47.3M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.129	+0.087%	$228.0M	$102.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.117	+0.074%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.087	+0.043%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.073	+0.028%	$32.2M	$53.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.128	+0.087%	$7.6M	$45.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.072	+0.027%	$335K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.098	+0.054%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.141	+0.099%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.130	+0.088%	$485K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	94.055	+0.008%	$113K	$578K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.049	+0.002%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.078	+0.033%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.056	+0.010%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.050	+0.003%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.097	+0.053%	$18.7M	$42.0M	50x	as long as short
Kalshi KXHYPEPERP	+0.0124%	8h	94.129	+0.087%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.120	+0.078%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0229%	4h	94.242	+0.207%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	94.065	+0.019%	$77K	$142K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0281%	1h	94.156	+0.116%	$7.4M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.166	+0.127%	$2.8M	$6.8M	20x	as long as short
BloFin HYPE-USDT	+0.0303%	4h	94.097	+0.053%	$17.0M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	94.070	+0.025%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0576%	1h	94.176	+0.138%	$21.1M	$29.0M	50x	as long as short
Hyperliquid HYPE	+0.0723%	1h	94.212	+0.175%	$2.05B	$666.8M	10x	as long as short