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Funding arb · Price arb /

HYPE

all HYPE markets
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Alert: funding
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Alert: spread
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Funding you earn now, next payment 00:00 UTC+0.0289%/8h= +31.6% APRpaid last 24h +0.052%
Price spread now: Hyperliquid against Phemex+0.131%7-day average +0.038% · you sell dearer than you buy
Net, funding: paid 7d − costs−$41as in the Funding arb table
Net, price: spread back to 7d avg − costs−$38as in the Price arb table
costs, in and out, $10k−$470.471% of the position
Long on PhemexShort on Hyperliquid
What this pair did over the last
the charts below follow
Funding, last 7 days+0.060%+$6 on $10k
Price spread, last 3 days (all we have)−0.031%−$3 · spread now +0.131%, 7d avg +0.038%
Together, before fees+0.028%+ Points / potential airdropHyperliquid: Season 2 · farm board+$3 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Hyperliquid is 0.093% dearer against Phemex than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.038%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.060% in total (about 3.1% 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.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhemex HYPEUSDT93.6960.0078pay 0.0078% / 8h59m 08s$12.8M$2.6M50x
ShortHyperliquid HYPE93.8190.0366get 0.0046% / 1h59m 08s$2.04B$666.3M10x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Hyperliquid 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

Funding earned
$60.61
Price spread: +0.131% → +0.038%
$9.31
Slippage, 4 orders
−$26.13
Fee Phemex: 6 bp × 2 orders
−$12
Fee Hyperliquid: 4.5 bp × 2 orders
−$9
Net
$22.79
Costs to cover
0.471%
Break-even
4.4 days
Slippage from Phemex: live order book, 5 min ago; Hyperliquid: live order book, 5 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Phemex live order book, 5 min ago3.31 bp16.2 bp −$1632.8 bp −$328doesn't fitdoesn't fit
Sell Hyperliquid live order book, 5 min ago0.05 bp4.6 bp −$55.2 bp −$52doesn't fitdoesn't fit

HYPE on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Aftermath Perps HYPEUSD−0.0489%1h93.552−0.154%$22K$22K10xas long as short
Hibachi HYPE/USDT-P−0.0464%1h93.565−0.140%$198K$228K7xas long as short
Arcus HYPE-USD−0.0233%1h93.659−0.039%$1.2M$3.8M10xas long as short
Hotstuff HYPE-PERP−0.0080%1h93.776+0.085%$3K$33125xas long as short
dYdX HYPE-USD0.0000%1h93.819+0.131%$128K$32K5xas long as short
Perpl HYPE0.0000%43m93.745+0.052%$23K$330K10xas long as short
gTrade (Gains Network) HYPE/USDL +0.0002% / S −0.0002%1h93.780+0.090%$28K—150xas long as short
Orderly PERP_HYPE_USDC+0.0014%4h93.761+0.069%$176K$524K20xas long as short
Bybit HYPEUSDT+0.0019%8h93.721+0.027%$324.1M$280.4M75xas long as short
Aster HYPEUSDT+0.0020%4h93.774+0.084%$8.9M$35.7M300xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Phoenix HYPE+0.0034%1h93.753+0.061%$215K$1.2M10xas long as short
01 Exchange HYPEUSD+0.0040%1h93.790+0.100%$91K$355K20xas long as short
Derive HYPE-PERP+0.0061%1h93.704+0.009%$16.4M$6.9M10xas long as short
MEXC HYPE_USDT+0.0062%4h93.755+0.063%$90.7M$80.2M100xas long as short
Gate HYPE_USDT+0.0066%4h93.742+0.049%$44.2M$57.6M75xas long as short
Binance HYPEUSDT+0.0067%4h93.750+0.058%$384.8M$885.1M75xas long as short
edgeX HYPEUSDC+0.0071%4h93.562−0.143%$5.1M$29.7M30xas long as short
Phemex HYPEUSDTlong+0.0078%8h93.696long leg$12.8M$2.6M50x
Ondo Perps HYPE-USD.P+0.0084%1h93.690−0.006%$701K$901K10xas long as short
Lighter HYPE+0.0096%1h93.803+0.114%$18.7M$58.5M20xas long as short
Lighter RH HYPE+0.0096%1h93.794+0.105%$3.0M$12.1M20xas long as short
Popdex HYPEUSDT+0.0096%1h93.749+0.057%$63K$1.2M50xas long as short
Aevo HYPE-PERP+0.0096%1h93.727+0.033%$399K$318K20xas long as short
Paradex HYPE-USD-PERP+0.0099%8h93.769+0.078%$341K$169K20xas long as short
Katana Perps HYPE-USD+0.0100%8h93.730+0.036%$29K$1.6M10xas long as short
Nado HYPE-PERP+0.0100%1h93.769+0.078%$5.9M$44.1M10xas long as short
Pacifica HYPE+0.0100%1h93.790+0.101%$10.1M$14.5M20xas long as short
OKX HYPE-USDT-SWAP+0.0100%8h93.731+0.037%$114.6M$313.5M50xas long as short
KuCoin HYPEUSDTM+0.0100%4h93.768+0.077%$47.2M$18.3M75xas long as short
Bitget HYPEUSDT+0.0100%4h93.717+0.022%$227.2M$102.3M75xas long as short
BingX HYPE-USDT+0.0100%4h93.742+0.049%—$53.9M—as long as short
Backpack HYPE_USDC_PERP+0.0100%1h93.764+0.073%$7.9M$10.5M20xas long as short
Variational Omni HYPE+0.0100%8h93.552−0.153%$30.9M$51.8M—as long as short
GRVT HYPE_USDT_Perp+0.0100%4h93.616−0.085%$7.5M$45.5M10xas long as short
ApeX Omni HYPEUSDT+0.0100%1h93.565−0.140%$416K$1.0M50xas long as short
StandX HYPE-USD+0.0100%1h93.677−0.020%$677K$2.5M20xas long as short
Vest HYPE-PERP+0.0100%1h93.756+0.064%—$454K5xas long as short
Polymarket Perps HYPE-USD+0.0100%1h93.772+0.081%$496K$2.5M20xas long as short
Bullet HYPE-USD+0.0100%1h93.753+0.061%$112K$577K20xas long as short
Bluefin HYPE-PERP+0.0100%1h93.764+0.073%$76K$166K20xas long as short
SunX HYPE-USDT+0.0100%4h93.820+0.132%$32K$1.6M20xas long as short
SoDEX HYPE-USD+0.0100%1h93.759+0.067%$2.0M$2.0M10xas long as short
Bulk HYPE-USD+0.0100%1h93.680−0.017%$205K$7K10xas long as short
Injective HYPE/USDC PERP+0.0104%1h93.680−0.017%$30K$338K12xas long as short
Extended HYPE-USD+0.0104%1h93.733+0.039%$18.3M$41.6M50xas long as short
Kalshi KXHYPEPERP+0.0120%8h93.804+0.115%$1.9M$5.1M2.3xas long as short
Coinbase International HYPE-PERP-INTX+0.0152%1h93.790+0.100%$4.9M$5.7M50xas long as short
Deribit HYPE_USDC-PERPETUAL+0.0219%1h93.849+0.163%$7.4M$4.5M50xas long as short
HTX HYPE-USDT+0.0219%4h93.915+0.234%$1.5M$7.7M75xas long as short
Reya HYPERUSDPERP+0.0248%1h93.740+0.047%$77K$155K15xas long as short
BloFin HYPE-USDT+0.0267%4h93.753+0.061%$17.0M$12.3M75xas long as short
RISEx HYPE/USDC+0.0284%1h93.796+0.107%$2.8M$6.8M20xas long as short
GMX HYPE/USD [WBTC.b-USDC]L +0.0340% / S −0.0165%1h93.752+0.060%$1.4M—100xas long as short
Hyperliquid HYPEshort+0.0366%1h93.819+0.131%$2.04B$666.3M10x
Kraken Futures PF_HYPEUSD+0.0578%1h93.876+0.192%$21.0M$28.9M50xas long as short