Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0181%/8h= +19.8% APRpaid last 24h +0.048%

Price spread now: Kraken Futures against Phemex+0.079%7-day average +0.031% · you sell dearer than you buy

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$580.579% of the position

Long on Phemex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.132%+$13 on $10k

Price spread, last 4 days (all we have)−0.051%−$5 · spread now +0.079%, 7d avg +0.031%

Together, before fees+0.081%+$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Kraken Futures is 0.048% dearer against Phemex than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	94.359	0.0042	pay 0.0042% / 8h	39m 28s	$12.9M	$2.9M	50x
Short	Kraken Futures PF_HYPEUSD	94.434	0.0223	get 0.0028% / 1h	39m 28s	$20.2M	$30.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.079%Rate

Funding earned: $37.92
Price spread: +0.079% → +0.031%: $4.79
Slippage, 4 orders: −$35.88
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$15.18
Costs to cover: 0.579%
Break-even: 9.8 days

Slippage from Phemex: live order book, 5 min ago; Kraken Futures: live order book, 5 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, 5 min ago	2.38 bp	21.5 bp −$22	40.7 bp −$407	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 5 min ago	1.11 bp	11.4 bp −$11	15.0 bp −$150	20.8 bp −$2,084	64.5 bp −$32.2K

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	−0.1536%	1h	94.127	−0.246%	$201K	$252K	7x	as long as short
Bluefin HYPE-PERP	−0.0370%	1h	94.339	−0.021%	$80K	$154K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0199%	1h	94.210	−0.158%	$712K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0171%	1h	94.385	+0.027%	$112K	$576K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0145%	1h	94.442	+0.088%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.334	−0.026%	$87K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.383	+0.025%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.271	−0.093%	$1.0M	$3.6M	10x	as long as short
Bybit HYPEUSDT	−0.0015%	8h	94.340	−0.020%	$317.3M	$289.3M	75x	as long as short
Derive HYPE-PERP	−0.0008%	1h	94.322	−0.040%	$16.5M	$7.5M	10x	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	94.308	−0.054%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.474	+0.122%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.440	+0.086%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.367	+0.008%	$19K	$287K	10x	as long as short
Orderly PERP_HYPE_USDC	0.0000%	4h	94.347	−0.013%	$146K	$685K	20x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.410	+0.054%	$123K	—	150x	as long as short
Bitget HYPEUSDT	+0.0038%	4h	94.352	−0.007%	$226.8M	$99.7M	75x	as long as short
Phemex HYPEUSDTlong	+0.0042%	8h	94.359	long leg	$12.9M	$2.9M	50x
Lighter HYPE	+0.0048%	1h	94.330	−0.031%	$16.3M	$64.0M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0051%	8h	94.279	−0.085%	$337K	$156K	20x	as long as short
Polymarket Perps HYPE-USD	+0.0062%	1h	94.386	+0.029%	$495K	$2.8M	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.460	+0.107%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0081%	8h	94.363	+0.004%	$117.5M	$324.8M	50x	as long as short
edgeX HYPEUSDC	+0.0093%	4h	94.370	+0.012%	$5.0M	$30.6M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.330	−0.031%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.322	−0.039%	$81K	$1.2M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0099%	1h	94.461	+0.108%	$7.4M	$4.3M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.330	−0.031%	$30K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.367	+0.008%	$7.4M	$52.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.452	+0.099%	$2.08B	$687.9M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.309	−0.053%	$8.8M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.300	−0.062%	$10.2M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.322	−0.039%	$378.0M	$933.9M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.280	−0.084%	$218K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.366	+0.007%	$49.7M	$56.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.373	+0.015%	$90.8M	$82.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.369	+0.011%	$46.8M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.268	−0.096%	—	$53.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.364	+0.005%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.327	−0.034%	$29.5M	$54.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.408	+0.052%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.340	−0.020%	$369K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.414	+0.058%	$683K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.438	+0.084%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.366	+0.007%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.517	+0.167%	$1.4M	$6.8M	75x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.431	+0.076%	—	$190K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.254	−0.111%	$18.3M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.372	+0.014%	$399K	$159K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0021%	1h	94.427	+0.072%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.400	+0.043%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSDshort	+0.0223%	1h	94.434	+0.079%	$20.2M	$30.2M	50x
RISEx HYPE/USDC	+0.0249%	1h	94.332	−0.029%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.349	−0.010%	$84K	$124K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.388	+0.031%	$17.1M	$12.4M	75x	as long as short