Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.1310%/8h= −143.4% APRpaid last 24h −0.254%

Price spread now: Hibachi against Phemex+0.036%7-day average −0.088% · you sell dearer than you buy

Net, funding: paid 7d − costs−$269as in the Funding arb table

Net, price: spread back to 7d avg − costs−$86as in the Price arb table

costs, in and out, $10k−$990.986% of the position

Long on Phemex Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days−1.703%−$170 on $10k

Price spread, last 4 days (all we have)−0.169%−$17 · spread now +0.036%, 7d avg −0.088%

Together, before fees−1.872%+ Points / potential airdropHibachi: Active · farm board−$187 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hibachi is 0.124% dearer against Phemex than usual: you sell high and buy low (spread +0.036% now, against its 7-day average of −0.088%): +$12 on $10k if it goes back. Holding the pair costs −$39 a day in funding at the current rate, which eats that in about 8 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	93.817	0.0054	pay 0.0054% / 8h	1h 58m	$12.8M	$2.8M	50x
Short	Hibachi HYPE/USDT-P	93.851	−0.1256	pay 0.0157% / 1h	58m 05s	$200K	$242K	7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi 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 HibachibpOrdersPrice spread, now +0.036%Rate

Funding earned: −$275.06
Price spread: +0.036% → −0.088%: $12.44
Slippage, 4 orders: −$77.56
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$361.19
Costs to cover: 0.986%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; Hibachi: live order book, 51 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	3.34 bp	20.3 bp −$20	38.7 bp −$387	doesn't fit	doesn't fit
Sell Hibachi live order book, 51 min ago	24.38 bp	28.9 bp −$29	48.6 bp −$486	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-Pshort	−0.1256%	1h	93.851	+0.036%	$200K	$242K	7x
Aftermath Perps HYPEUSD	−0.0276%	1h	94.143	+0.348%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.992	+0.187%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.848	+0.033%	$86K	$372K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0016%	4h	93.764	−0.056%	$150K	$680K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.005	+0.200%	$129K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.809	−0.008%	$22K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.828	+0.012%	$63K	—	150x	as long as short
BingX HYPE-USDT	+0.0014%	4h	93.792	−0.027%	—	$53.7M	—	as long as short
Bybit HYPEUSDT	+0.0018%	8h	93.772	−0.048%	$316.9M	$287.2M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	+0.0026%	1h	94.145	+0.350%	$209K	$1.1M	10x	as long as short
Bluefin HYPE-PERP	+0.0027%	1h	93.785	−0.034%	$79K	$166K	20x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	93.784	−0.035%	$226.1M	$99.3M	75x	as long as short
Phemex HYPEUSDTlong	+0.0054%	8h	93.817	long leg	$12.8M	$2.8M	50x
edgeX HYPEUSDC	+0.0080%	4h	94.128	+0.332%	$5.0M	$30.5M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.952	+0.144%	$1.0M	$4.0M	10x	as long as short
SoDEX HYPE-USD	+0.0088%	1h	93.785	−0.034%	$2.0M	$1.9M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	94.023	+0.220%	$342K	$158K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.804	−0.014%	$16.2M	$63.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.801	−0.017%	$3.1M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.893	+0.081%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.910	+0.099%	$22K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.778	−0.041%	$6.1M	$50.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.863	+0.049%	$2.05B	$682.5M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.818	+0.001%	$8.9M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.020	+0.217%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.793	−0.026%	$377.0M	$928.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.785	−0.034%	$115.8M	$316.5M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0100%	1h	93.920	+0.110%	$709K	$1.2M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.213	+0.423%	$217K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.777	−0.043%	$48.3M	$54.7M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.792	−0.027%	$87.9M	$82.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.791	−0.028%	$46.3M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.799	−0.019%	$7.2M	$10.8M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.028	+0.224%	$28.8M	$56.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.099	+0.301%	$7.7M	$48.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.152	+0.357%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.969	+0.162%	$681K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.931	+0.121%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.907	+0.096%	$477K	$2.8M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.812	−0.005%	$112K	$581K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.782	−0.037%	$16.4M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.888	+0.076%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.950	+0.142%	$1.4M	$6.7M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.743	−0.079%	$18.3M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.797	−0.021%	$396K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0111%	8h	93.863	+0.049%	$1.8M	$5.6M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.830	+0.014%	$4.7M	$6.1M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.860	+0.046%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	93.797	−0.021%	$77K	$130K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0315%	1h	93.880	+0.067%	$7.4M	$4.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	93.835	+0.019%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.949	+0.141%	$17.0M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0414%	1h	93.840	+0.025%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.978	+0.171%	$3.2M	$6.4M	20x	as long as short