Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0367%/8h= +40.2% APRpaid last 24h +0.023%

Price spread now: RISEx against Phemex+0.021%7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$460.462% of the position

Long on Phemex Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.102%+$10 on $10k

Price spread, last 3 days (all we have)+0.081%+$8 · spread now +0.021%, 7d avg +0.005%

Together, before fees+0.183%+$18 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.005%, so right now this pair is about funding alone: +$11 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.102% in total (about 11.2% 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	93.345	0.0100	pay 0.0100% / 8h	2h 10m	$12.7M	$2.6M	50x
Short	RISEx HYPE/USDC	93.365	0.0467	get 0.0058% / 1h	10m 52s	$2.7M	$6.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now +0.021%Rate

Funding earned: $77.06
Price spread: +0.021% → +0.005%: $1.56
Slippage, 4 orders: −$28.21
Fee Phemex: 6 bp × 2 orders: −$12
Fee RISEx: 3 bp × 2 orders: −$6
Net: $32.41
Costs to cover: 0.462%
Break-even: 4.1 days

Slippage from Phemex: live order book, 3 min ago; RISEx: live order book, 3 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, 3 min ago	3.48 bp	20.6 bp −$21	37.3 bp −$373	doesn't fit	doesn't fit
Sell RISEx live order book, 3 min ago	0.05 bp	4.5 bp −$5	6.4 bp −$64	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	−0.0920%	1h	93.381	+0.039%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0255%	1h	93.542	+0.211%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0234%	1h	93.410	+0.070%	$700K	$932K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.337	−0.009%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.305	−0.043%	$90K	$351K	20x	as long as short
Derive HYPE-PERP	−0.0025%	1h	93.309	−0.039%	$16.4M	$7.1M	10x	as long as short
Bullet HYPE-USD	−0.0016%	1h	93.307	−0.041%	$111K	$581K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.383	+0.041%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.290	−0.059%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.335	−0.011%	$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	+0.0011%	4h	93.299	−0.049%	$8.9M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0024%	4h	93.302	−0.046%	$43.9M	$57.6M	75x	as long as short
Bybit HYPEUSDT	+0.0031%	8h	93.286	−0.063%	$324.9M	$287.2M	75x	as long as short
Popdex HYPEUSDT	+0.0040%	1h	93.287	−0.062%	$58K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0056%	4h	93.307	−0.041%	$163K	$543K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.605	+0.279%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.331	−0.015%	$18.6M	$59.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.322	−0.025%	$3.1M	$12.4M	20x	as long as short
SoDEX HYPE-USD	+0.0097%	1h	93.287	−0.062%	$2.0M	$2.0M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.308	−0.040%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.320	−0.027%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.286	−0.063%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.393	+0.051%	$2.03B	$671.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.307	−0.041%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.305	−0.043%	$385.2M	$889.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.295	−0.054%	$114.6M	$315.0M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.271	−0.079%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.285	−0.064%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.305	−0.043%	$93.2M	$82.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.308	−0.040%	$46.2M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.320	−0.027%	$226.7M	$102.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.300	−0.048%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.335	−0.011%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.561	+0.231%	$29.2M	$50.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.439	+0.101%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.558	+0.228%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.510	+0.177%	$676K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.330	−0.016%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.285	−0.064%	$75K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.369	+0.026%	$32K	$1.6M	20x	as long as short
Phemex HYPEUSDTlong	+0.0100%	8h	93.345	long leg	$12.7M	$2.6M	50x
Vest HYPE-PERP	+0.0100%	1h	93.344	−0.001%	—	$454K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.293	−0.056%	$18.3M	$41.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.347	+0.002%	$397K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0108%	8h	93.396	+0.055%	$1.9M	$5.3M	2.3x	as long as short
edgeX HYPEUSDC	+0.0118%	4h	93.534	+0.203%	$5.1M	$29.7M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.390	+0.048%	$4.9M	$5.7M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0243%	1h	93.405	+0.064%	$7.4M	$4.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.286	−0.063%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.910	+0.605%	$31K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0297%	4h	93.487	+0.152%	$1.5M	$7.7M	75x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.289	−0.060%	$17.1M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0346% / S −0.0171%	1h	93.337	−0.009%	$1.5M	—	100x	as long as short
RISEx HYPE/USDCshort	+0.0467%	1h	93.365	+0.021%	$2.7M	$6.8M	20x
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.412	+0.072%	$19.1M	$26.1M	50x	as long as short