Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0237%/8h= +25.9% APRpaid last 24h −0.012%

Price spread now: GRVT against Phemex−0.470%77s7-day average +0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$560.560% of the position

Long on Phemex Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.016%−$2 on $10k

Price spread, last 3 days (all we have)+0.490%+$49 · spread now −0.470%, 7d avg +0.009%

Together, before fees+0.474%+ Points / potential airdropGRVT: Active · farm board+$47 on $10k · with fees, hour by hour

Funding pays, the price is against you. GRVT is 0.479% cheaper against Phemex than usual: you would sell low and buy high (spread −0.470% now, against its 7-day average of +0.009%). If the spread goes back, that is −$48 on $10k: about 6.7 days of funding at the current rate (+$7 a day). The two prices were read 77 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.016% in total (about -0.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	93.909	−0.0137	get 0.0137% / 8h	6h 27m	$12.7M	$2.7M	50x
Short	GRVT HYPE_USDT_Perp	93.468	0.0100	get 0.0050% / 4h	2h 27m	$7.5M	$48.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.470%Rate

Funding earned: $49.68
Price spread: −0.470% → +0.009%: −$47.88
Slippage, 4 orders: −$34.98
Fee Phemex: 6 bp × 2 orders: −$12
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$54.18
Costs to cover: 0.560%
Break-even: 14.6 days

Slippage from Phemex: live order book, 6 min ago; GRVT: live order book, 1 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, 6 min ago	3.48 bp	25.3 bp −$25	42.5 bp −$425	doesn't fit	doesn't fit
Sell GRVT live order book, 1 min ago	0.05 bp	4.6 bp −$5	4.9 bp −$49	doesn't fit	doesn't fit

HYPE on 54 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	−0.0912%	1h	93.720	−0.201%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.743	−0.177%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0147%	1h	93.636	−0.291%	$22K	$21K	10x	as long as short
Phemex HYPEUSDTlong	−0.0137%	8h	93.909	long leg	$12.7M	$2.7M	50x
Ondo Perps HYPE-USD.P	−0.0088%	1h	93.740	−0.180%	$701K	$958K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.826	−0.088%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0056%	4h	93.911	+0.002%	$157K	$648K	20x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.894	−0.016%	$85K	$350K	20x	as long as short
Backpack HYPE_USDC_PERP	−0.0045%	1h	93.914	+0.005%	$7.8M	$10.3M	20x	as long as short
Gate HYPE_USDT	−0.0044%	4h	93.975	+0.070%	$44.5M	$54.9M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0005%	4h	93.964	+0.059%	$8.9M	$35.9M	300x	as long as short
BingX HYPE-USDT	0.0000%	4h	93.966	+0.061%	—	$53.7M	—	as long as short
dYdX HYPE-USD	0.0000%	1h	93.868	−0.044%	$129K	$31K	5x	as long as short
Bybit HYPEUSDT	0.0000%	8h	93.960	+0.054%	$322.8M	$281.4M	75x	as long as short
Perpl HYPE	0.0000%	43m	93.926	+0.018%	$22K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.956	+0.050%	$26K	—	150x	as long as short
MEXC HYPE_USDT	+0.0058%	4h	93.964	+0.059%	$88.1M	$82.8M	100x	as long as short
edgeX HYPEUSDC	+0.0059%	4h	93.654	−0.271%	$5.1M	$30.1M	30x	as long as short
Phoenix HYPE	+0.0060%	1h	93.705	−0.217%	$211K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0064%	1h	93.911	+0.002%	$112K	$578K	20x	as long as short
Binance HYPEUSDT	+0.0065%	4h	93.976	+0.071%	$382.5M	$895.5M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0068%	8h	93.972	+0.067%	$115.5M	$310.5M	50x	as long as short
Derive HYPE-PERP	+0.0092%	1h	93.908	−0.001%	$16.3M	$7.7M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.901	−0.009%	$341K	$164K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.989	+0.085%	$16.4M	$62.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.988	+0.084%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.877	−0.034%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.965	+0.060%	$400K	$177K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.880	−0.031%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.828	−0.086%	$5.7M	$45.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.088	+0.191%	$2.05B	$671.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.876	−0.035%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.981	+0.077%	$46.6M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.974	+0.069%	$227.3M	$98.6M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.610	−0.318%	$31.0M	$54.8M	—	as long as short
GRVT HYPE_USDT_Perpshort	+0.0100%	4h	93.468	−0.470%	$7.5M	$48.0M	10x
ApeX Omni HYPEUSDT	+0.0100%	1h	93.658	−0.267%	$338K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.837	−0.077%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.902	−0.008%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.950	+0.044%	$470K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.929	+0.021%	$80K	$172K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.933	+0.026%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.957	+0.051%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.348	−0.598%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.940	+0.033%	$18.3M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	94.010	+0.108%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.790	−0.127%	$30K	$339K	12x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.923	+0.015%	$3.2M	$7.0M	20x	as long as short
HTX HYPE-USDT	+0.0220%	4h	94.050	+0.150%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0255%	1h	93.904	−0.006%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0270%	8h	93.922	+0.014%	$1.9M	$5.1M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0156%	1h	93.929	+0.021%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0484%	1h	94.058	+0.159%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0678%	1h	94.051	+0.151%	$21.0M	$29.7M	50x	as long as short