Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0035%/8h= −3.8% APRpaid last 24h +0.018%

Price spread now: Phoenix against Phemex−0.068%7-day average +0.071% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$520.517% of the position

Long on Phemex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.257%+$26 on $10k

Price spread, last 4 days (all we have)+0.114%+$11 · spread now −0.068%, 7d avg +0.071%

Together, before fees+0.371%+$37 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 Phoenix is 0.139% cheaper against Phemex than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.071%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.257%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	93.318	0.0060	pay 0.0060% / 8h	2h 22m	$12.7M	$2.8M	50x
Short	Phoenix HYPE	93.255	0.0026	get 0.0003% / 1h	22m 26s	$207K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.068%Rate

Funding earned: −$7.27
Price spread: −0.068% → +0.071%: −$13.88
Slippage, 4 orders: −$32.66
Fee Phemex: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$72.82
Costs to cover: 0.517%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Phoenix: live order book, 1 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, 2 min ago	3.06 bp	24.4 bp −$24	39.8 bp −$398	doesn't fit	doesn't fit
Sell Phoenix live order book, 1 min ago	1.07 bp	5.6 bp −$6	9.6 bp −$96	122.7 bp −$12.3K	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	−0.1408%	1h	93.184	−0.144%	$197K	$238K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0385%	1h	93.269	−0.052%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.373	+0.059%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0055%	1h	93.432	+0.122%	$111K	$581K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0021%	4h	93.428	+0.118%	$146K	$672K	20x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	93.467	+0.160%	$88K	$365K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.395	+0.083%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.399	+0.087%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.450	+0.141%	$62K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	93.368	+0.054%	$1.0M	$3.9M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDT	+0.0012%	4h	93.430	+0.120%	$225.4M	$98.9M	75x	as long as short
Bybit HYPEUSDT	+0.0019%	8h	93.441	+0.132%	$317.3M	$282.2M	75x	as long as short
Phoenix HYPEshort	+0.0026%	1h	93.255	−0.068%	$207K	$1.2M	10x
Ondo Perps HYPE-USD.P	+0.0030%	1h	93.240	−0.084%	$702K	$1.2M	10x	as long as short
Phemex HYPEUSDTlong	+0.0060%	8h	93.318	long leg	$12.7M	$2.8M	50x
edgeX HYPEUSDC	+0.0085%	4h	93.101	−0.233%	$4.9M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	93.398	+0.086%	$340K	$157K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.363	+0.049%	$16.1M	$63.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.365	+0.050%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.435	+0.125%	$75K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.410	+0.099%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.355	+0.039%	$8.0M	$48.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.467	+0.160%	$2.03B	$665.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.427	+0.117%	$8.7M	$36.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.390	+0.077%	$10.1M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.436	+0.126%	$374.7M	$911.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.467	+0.160%	$114.7M	$309.9M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.358	+0.043%	$216K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.414	+0.103%	$47.0M	$54.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.444	+0.135%	$90.3M	$81.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.424	+0.114%	$46.2M	$18.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.431	+0.121%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.329	+0.012%	$7.1M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.070	−0.266%	$28.4M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.294	−0.026%	$7.5M	$47.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.095	−0.239%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.255	−0.068%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.456	+0.148%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.444	+0.135%	$484K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.460	+0.152%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.258	−0.064%	$16.1M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.224	−0.101%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.278	−0.043%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.350	+0.034%	$1.4M	$6.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.370	+0.056%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.249	−0.074%	$394K	$158K	20x	as long as short
Kalshi KXHYPEPERP	+0.0108%	8h	93.314	−0.004%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.140	−0.191%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.250	−0.073%	$4.6M	$5.8M	50x	as long as short
Reya HYPERUSDPERP	+0.0269%	1h	93.415	+0.104%	$80K	$127K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.449	+0.141%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.312	−0.006%	$16.8M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0341%	1h	93.327	+0.009%	$20.8M	$29.5M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0436%	1h	93.348	+0.032%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.470	+0.163%	$3.2M	$6.2M	20x	as long as short