Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.053%

Price spread now: HTX against Phemex+0.064%7-day average +0.044% · you sell dearer than you buy

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$620.622% of the position

Long on Phemex Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.056%+$6 on $10k

Price spread, last 4 days (all we have)−0.068%−$7 · spread now +0.064%, 7d avg +0.044%

Together, before fees−0.012%−$1 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: HTX is 0.020% dearer against Phemex than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of +0.044%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	94.821	0.0100	pay 0.0100% / 8h	7h 48m	$12.9M	$2.9M	50x
Short	HTX HYPE-USDT	94.882	0.0100	get 0.0050% / 4h	3h 48m	$1.4M	$6.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.064%Rate

Funding earned: $0
Price spread: +0.064% → +0.044%: $2.03
Slippage, 4 orders: −$38.17
Fee Phemex: 6 bp × 2 orders: −$12
Fee HTX: 6 bp × 2 orders: −$12
Net: −$60.14
Costs to cover: 0.622%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; HTX: 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	6.33 bp	21.8 bp −$22	38.5 bp −$385	doesn't fit	doesn't fit
Sell HTX live order book, 1 min ago	0.05 bp	12.6 bp −$13	15.8 bp −$158	47.5 bp −$4,754	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	−0.1320%	1h	94.754	−0.071%	$208K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0390%	1h	94.763	−0.061%	$80K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0315%	1h	94.788	−0.035%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0183%	1h	94.803	−0.019%	$112K	$577K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.741	−0.084%	$1.0M	$3.5M	10x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	94.837	+0.017%	$89K	$365K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.940	+0.125%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0057%	1h	94.680	−0.149%	$715K	$1.3M	10x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.784	−0.040%	$19.3M	$34.5M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	94.776	−0.047%	$147K	$685K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	94.698	−0.129%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.763	−0.061%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.773	−0.051%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.830	+0.010%	$85K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.810	−0.012%	$209K	$1.2M	10x	as long as short
Bitget HYPEUSDT	+0.0014%	4h	94.820	−0.001%	$227.7M	$99.9M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.750	−0.075%	$4.8M	$6.3M	50x	as long as short
Derive HYPE-PERP	+0.0051%	1h	94.682	−0.146%	$16.4M	$7.4M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0052%	8h	94.713	−0.114%	$338K	$154K	20x	as long as short
Vest HYPE-PERP	+0.0061%	1h	94.826	+0.006%	—	$190K	5x	as long as short
OKX HYPE-USDT-SWAP	+0.0064%	8h	94.791	−0.032%	$118.4M	$329.1M	50x	as long as short
SoDEX HYPE-USD	+0.0083%	1h	94.781	−0.042%	$2.1M	$2.0M	10x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	94.791	−0.032%	$5.0M	$30.7M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.804	−0.018%	$16.3M	$62.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.805	−0.017%	$3.2M	$10.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.797	−0.025%	$147K	$1.3M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.740	−0.085%	$43K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.787	−0.035%	$7.3M	$52.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.901	+0.084%	$2.09B	$691.8M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.791	−0.032%	$9.6M	$37.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.708	−0.119%	$10.2M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.807	−0.015%	$381.4M	$937.6M	75x	as long as short
Bybit HYPEUSDT	+0.0100%	8h	94.805	−0.017%	$317.6M	$292.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.690	−0.138%	$221K	$14K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.833	+0.013%	$51.1M	$54.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.806	−0.016%	$93.9M	$85.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.813	−0.008%	$47.3M	$19.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.792	−0.031%	—	$53.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.779	−0.044%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.809	−0.012%	$30.0M	$55.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.848	+0.029%	$7.7M	$44.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.799	−0.023%	$352K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.762	−0.062%	$695K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.830	+0.009%	$500K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.916	+0.100%	$33K	$1.6M	20x	as long as short
HTX HYPE-USDTshort	+0.0100%	4h	94.882	+0.064%	$1.4M	$6.9M	75x
Phemex HYPEUSDTlong	+0.0100%	8h	94.821	long leg	$12.9M	$2.9M	50x
Extended HYPE-USD	+0.0104%	1h	94.767	−0.057%	$18.6M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.884	+0.066%	$401K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.782	−0.041%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.368%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0246%	1h	94.900	+0.083%	$7.5M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.738	−0.087%	$83K	$115K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0327% / S −0.0152%	1h	94.836	+0.015%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.724	−0.102%	$17.2M	$12.4M	75x	as long as short