Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:29 UTC−0.0037%/8h= −4.1% APRpaid last 24h −0.020%

Price spread now: Perpl against Phemex−0.032%7-day average −0.009% · you buy dearer than you sell

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

Long on Phemex Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days−0.153%−$15 on $10k

Price spread, last 3 days (all we have)+0.067%+$7 · spread now −0.032%, 7d avg −0.009%

Together, before fees−0.086%+ Points / potential airdropPerpl: Active · farm board−$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Perpl is 0.023% cheaper against Phemex than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.009%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	93.889	0.0037	pay 0.0037% / 8h	5m 55s	$12.8M	$2.6M	50x
Short	Perpl HYPE	93.859	0	get 0.0000% / 43m	1m 55s	$23K	$329K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.032%Rate

Funding earned: −$7.81
Price spread: −0.032% → −0.009%: −$2.29
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$35.9
Costs to cover: 0.258%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 3 min ago; Perpl: 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, 3 min ago	3.30 bp	19.0 bp −$19	37.4 bp −$374	doesn't fit	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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	−0.1320%	1h	93.960	+0.075%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0367%	1h	93.902	+0.014%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.759	−0.138%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0122%	1h	93.750	−0.148%	$704K	$916K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.840	−0.052%	$86K	$368K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.872	−0.018%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0004%	4h	93.837	−0.055%	$170K	$593K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.941	+0.056%	$128K	$30K	5x	as long as short
Perpl HYPEshort	0.0000%	43m	93.859	−0.032%	$23K	$329K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.865	−0.025%	$27K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Derive HYPE-PERP	+0.0003%	1h	93.775	−0.121%	$16.4M	$7.2M	10x	as long as short
Phoenix HYPE	+0.0009%	1h	93.978	+0.095%	$217K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0016%	4h	93.868	−0.022%	$8.9M	$36.1M	300x	as long as short
Bybit HYPEUSDT	+0.0019%	8h	93.845	−0.047%	$322.9M	$283.8M	75x	as long as short
Phemex HYPEUSDTlong	+0.0037%	8h	93.889	long leg	$12.8M	$2.6M	50x
Binance HYPEUSDT	+0.0050%	4h	93.846	−0.046%	$383.6M	$898.3M	75x	as long as short
MEXC HYPE_USDT	+0.0052%	4h	93.846	−0.046%	$88.3M	$82.3M	100x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.851	−0.040%	$60K	$1.2M	50x	as long as short
Gate HYPE_USDT	+0.0068%	4h	93.852	−0.039%	$44.1M	$60.0M	75x	as long as short
edgeX HYPEUSDC	+0.0070%	4h	93.898	+0.010%	$5.1M	$29.7M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0089%	8h	93.838	−0.054%	$115.8M	$322.4M	50x	as long as short
Bullet HYPE-USD	+0.0089%	1h	93.824	−0.069%	$112K	$578K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.889	0.000%	$18.9M	$60.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.866	−0.024%	$3.0M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.830	−0.063%	$399K	$318K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.860	−0.031%	$38K	$1.6M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.886	−0.004%	$341K	$171K	20x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.849	−0.043%	$5.7M	$44.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.947	+0.062%	$2.04B	$679.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.871	−0.020%	$10.1M	$14.5M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.889	0.000%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.844	−0.048%	$46.5M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.867	−0.023%	$227.3M	$102.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.852	−0.039%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.869	−0.021%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.812	−0.082%	$31.3M	$54.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.967	+0.083%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.874	−0.016%	$364K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.906	+0.018%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.879	−0.010%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.867	−0.023%	$471K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.827	−0.066%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.873	−0.017%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.828	−0.065%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.555%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.849	−0.042%	$18.3M	$42.8M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.940	+0.054%	$4.9M	$5.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0156%	8h	93.902	+0.014%	$1.9M	$5.0M	2.3x	as long as short
HTX HYPE-USDT	+0.0192%	4h	94.011	+0.130%	$1.5M	$7.8M	75x	as long as short
BloFin HYPE-USDT	+0.0210%	4h	93.870	−0.020%	$17.0M	$12.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	93.819	−0.075%	$77K	$142K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0283%	1h	93.935	+0.049%	$7.5M	$4.6M	50x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.903	+0.015%	$2.8M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0163%	1h	93.861	−0.029%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0578%	1h	93.949	+0.064%	$21.0M	$29.5M	50x	as long as short