Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0340%/8h= +37.3% APRpaid last 24h +0.006%

Price spread now: KuCoin against Phemex+0.044%7-day average −0.013% · 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−$52as in the Price arb table

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

Long on Phemex Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.008%+$1 on $10k

Price spread, last 4 days (all we have)+0.119%+$12 · spread now +0.044%, 7d avg −0.013%

Together, before fees+0.126%+$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and KuCoin is 0.057% dearer against Phemex than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.013%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.008% in total (about 0.4% 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	94.897	−0.0240	get 0.0240% / 8h	7h 45m	$12.9M	$2.9M	50x
Short	KuCoin HYPEUSDTM	94.939	0.0100	get 0.0050% / 4h	3h 45m	$47.3M	$19.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.044%Rate

Funding earned: $71.49
Price spread: +0.044% → −0.013%: $5.73
Slippage, 4 orders: −$33.93
Fee Phemex: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $19.29
Costs to cover: 0.579%
Break-even: 5.1 days

Slippage from Phemex: live order book, 4 min ago; KuCoin: live order book, 4 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, 4 min ago	4.70 bp	23.5 bp −$24	40.8 bp −$408	doesn't fit	doesn't fit
Sell KuCoin live order book, 4 min ago	0.74 bp	8.7 bp −$9	13.1 bp −$131	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-P	−0.1216%	1h	94.851	−0.049%	$208K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0392%	1h	94.736	−0.170%	$80K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0305%	1h	94.858	−0.041%	$22K	$20K	10x	as long as short
Phemex HYPEUSDTlong	−0.0240%	8h	94.897	long leg	$12.9M	$2.9M	50x
Bullet HYPE-USD	−0.0160%	1h	94.904	+0.007%	$112K	$577K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.883	−0.015%	$1.0M	$3.5M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.906	+0.009%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	94.948	+0.054%	$89K	$365K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0056%	1h	94.850	−0.050%	$707K	$1.3M	10x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.905	+0.008%	$19.2M	$35.1M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0005%	4h	94.913	+0.017%	$148K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.913	+0.017%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.968	+0.075%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.923	+0.028%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.943	+0.049%	$95K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.846	−0.054%	$211K	$1.2M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.960	+0.066%	$4.8M	$6.4M	50x	as long as short
Bitget HYPEUSDT	+0.0018%	4h	94.938	+0.043%	$228.0M	$99.9M	75x	as long as short
Derive HYPE-PERP	+0.0051%	1h	94.682	−0.226%	$16.4M	$7.4M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0055%	8h	94.938	+0.044%	$339K	$154K	20x	as long as short
Vest HYPE-PERP	+0.0057%	1h	94.972	+0.079%	—	$190K	5x	as long as short
OKX HYPE-USDT-SWAP	+0.0061%	8h	94.935	+0.040%	$118.6M	$329.7M	50x	as long as short
Gate HYPE_USDT	+0.0082%	4h	94.925	+0.030%	$51.2M	$54.2M	75x	as long as short
SoDEX HYPE-USD	+0.0085%	1h	94.949	+0.055%	$2.1M	$2.0M	10x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	94.770	−0.134%	$5.0M	$30.8M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.930	+0.035%	$16.3M	$62.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.933	+0.038%	$3.2M	$10.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.909	+0.013%	$148K	$1.3M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.860	−0.039%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.877	−0.021%	$7.3M	$52.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.049	+0.160%	$2.09B	$692.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.903	+0.007%	$9.7M	$37.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.919	+0.023%	$10.2M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.947	+0.053%	$382.3M	$938.3M	75x	as long as short
Bybit HYPEUSDT	+0.0100%	8h	94.940	+0.045%	$318.1M	$293.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.690	−0.218%	$221K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.936	+0.041%	$94.4M	$85.5M	100x	as long as short
KuCoin HYPEUSDTMshort	+0.0100%	4h	94.939	+0.044%	$47.3M	$19.1M	75x
BingX HYPE-USDT	+0.0100%	4h	94.939	+0.044%	—	$53.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.904	+0.007%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.929	+0.034%	$30.1M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.757	−0.148%	$7.7M	$44.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.921	+0.025%	$346K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.911	+0.015%	$696K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.973	+0.080%	$501K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.961	+0.067%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.105	+0.219%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.910	+0.014%	$18.5M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.938	+0.043%	$401K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.921	+0.026%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.288%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0161%	1h	95.018	+0.128%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.880	−0.018%	$83K	$115K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0327% / S −0.0152%	1h	94.950	+0.055%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.887	−0.011%	$17.2M	$12.7M	75x	as long as short