Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0347%/8h= −38.0% APRpaid last 24h −0.019%

Price spread now: Ondo Perps against Phemex−0.113%7-day average −0.094% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.121%−$12 on $10k

Price spread, last 3 days (all we have)+0.109%+$11 · spread now −0.113%, 7d avg −0.094%

Together, before fees−0.012%+ Points / potential airdropOndo Perps: Active · farm board−$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.094%, so right now this pair is about funding alone: −$10 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.121% in total (about -6.3% 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	93.546	0.0100	pay 0.0100% / 8h	2h 28m	$12.7M	$2.6M	50x
Short	Ondo Perps HYPE-USD.P	93.440	−0.0247	pay 0.0031% / 1h	28m 15s	$701K	$939K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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

Position, each leg$Hold fordaysFee PhemexbpFee Ondo PerpsbpOrdersPrice spread, now −0.113%Rate

Funding earned: −$72.91
Price spread: −0.113% → −0.094%: −$1.97
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$91.88
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 6 min ago; Ondo Perps: no order-book sample. Net counts fees only.

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	2.73 bp	20.4 bp −$20	32.7 bp −$327	doesn't fit	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1024%	1h	93.496	−0.054%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0276%	1h	93.540	−0.007%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.Pshort	−0.0247%	1h	93.440	−0.113%	$701K	$939K	10x
Hotstuff HYPE-PERP	−0.0080%	1h	93.541	−0.005%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.560	+0.015%	$89K	$349K	20x	as long as short
Bullet HYPE-USD	−0.0038%	1h	93.523	−0.025%	$112K	$583K	20x	as long as short
Derive HYPE-PERP	−0.0007%	1h	93.491	−0.059%	$16.4M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.563	+0.018%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.578	+0.034%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.571	+0.026%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0018%	4h	93.538	−0.009%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0024%	4h	93.534	−0.013%	$44.1M	$56.6M	75x	as long as short
Bybit HYPEUSDT	+0.0037%	8h	93.530	−0.017%	$325.8M	$287.0M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0067%	4h	93.539	−0.007%	$175K	$535K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.549	+0.003%	$216K	$1.2M	10x	as long as short
Popdex HYPEUSDT	+0.0072%	1h	93.535	−0.012%	$57K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.589	+0.046%	$18.5M	$59.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.564	+0.019%	$3.1M	$12.3M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.576	+0.032%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.560	+0.015%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.525	−0.022%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.623	+0.082%	$2.04B	$669.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.569	+0.025%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.536	−0.011%	$385.9M	$887.5M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.517	−0.031%	$114.9M	$315.2M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.523	−0.025%	$1.2M	$4.0M	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.534	−0.013%	$93.5M	$82.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.569	+0.025%	$46.4M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.552	+0.006%	$227.3M	$102.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.535	−0.012%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.551	+0.005%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.541	−0.006%	$28.9M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.580	+0.037%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.558	+0.013%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.602	+0.060%	$677K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.573	+0.029%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.571	+0.027%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.536	−0.011%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.577	+0.033%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.526	−0.021%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDTlong	+0.0100%	8h	93.546	long leg	$12.7M	$2.6M	50x
Bulk HYPE-USD	+0.0100%	1h	93.556	+0.011%	$204K	$12K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.515	−0.033%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.534	−0.012%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0116%	4h	93.544	−0.002%	$5.1M	$29.6M	30x	as long as short
Kalshi KXHYPEPERP	+0.0127%	8h	93.629	+0.089%	$1.9M	$5.3M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0177%	1h	93.627	+0.087%	$7.4M	$4.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.600	+0.058%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.526	−0.022%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.510	−0.038%	$30K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0323%	4h	93.707	+0.172%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0164%	1h	93.576	+0.032%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.513	−0.035%	$17.0M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.609	+0.067%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.632	+0.092%	$19.2M	$26.0M	50x	as long as short