Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0152%/8h= +16.6% APRpaid last 24h +0.006%

Price spread now: StandX against Phemex+0.048%7-day average −0.009% · 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−$580.577% of the position

Long on Phemex Short on StandX

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)+0.344%+$34 · spread now +0.048%, 7d avg −0.009%

Together, before fees+0.352%+ Points / potential airdropStandX: Active · farm board+$35 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and StandX is 0.058% dearer against Phemex than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	93.379	−0.0052	get 0.0052% / 8h	5h 33m	$12.6M	$2.7M	50x
Short	StandX HYPE-USD	93.424	0.0100	get 0.0013% / 1h	33m 51s	$667K	$2.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

StandX 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 StandXbpOrdersPrice spread, now +0.048%Rate

Funding earned: $31.82
Price spread: +0.048% → −0.009%: $5.76
Slippage, 4 orders: −$37.67
Fee Phemex: 6 bp × 2 orders: −$12
Fee StandX: 4 bp × 2 orders: −$8
Net: −$20.09
Costs to cover: 0.577%
Break-even: 11.4 days

Slippage from Phemex: live order book, 5 min ago; StandX: live order book, 5 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, 5 min ago	4.39 bp	12.6 bp −$13	32.6 bp −$326	doesn't fit	doesn't fit
Sell StandX live order book, 5 min ago	2.79 bp	10.4 bp −$10	11.3 bp −$113	19.1 bp −$1,908	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	−0.1288%	1h	93.317	−0.066%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.210	−0.181%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0110%	1h	93.330	−0.052%	$699K	$982K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.329	−0.054%	$3K	$331	25x	as long as short
Aftermath Perps HYPEUSD	−0.0058%	1h	93.385	+0.006%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.370	−0.010%	$85K	$344K	20x	as long as short
Phemex HYPEUSDTlong	−0.0052%	8h	93.379	long leg	$12.6M	$2.7M	50x
Orderly PERP_HYPE_USDC	−0.0044%	4h	93.346	−0.035%	$154K	$642K	20x	as long as short
Bullet HYPE-USD	−0.0006%	1h	93.348	−0.033%	$111K	$578K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.361	−0.020%	$128K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.362	−0.018%	$23K	$322K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.360	−0.021%	$62K	—	150x	as long as short
Aster HYPEUSDT	+0.0022%	4h	93.482	+0.110%	$8.8M	$35.5M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.393	+0.015%	$213K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0026%	4h	93.488	+0.117%	—	$53.0M	—	as long as short
Bybit HYPEUSDT	+0.0030%	8h	93.490	+0.119%	$321.7M	$277.3M	75x	as long as short
Gate HYPE_USDT	+0.0046%	4h	93.482	+0.110%	$44.6M	$54.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0077%	8h	93.479	+0.107%	$114.2M	$302.3M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.415	+0.038%	$16.3M	$61.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.414	+0.037%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.355	−0.026%	$69K	$1.2M	50x	as long as short
MEXC HYPE_USDT	+0.0096%	4h	93.504	+0.134%	$89.9M	$80.8M	100x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.353	−0.027%	$339K	$162K	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.488	+0.117%	$379.1M	$876.4M	75x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.370	−0.010%	$17K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.340	−0.041%	$5.8M	$43.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.486	+0.115%	$2.04B	$653.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.357	−0.023%	$10.0M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.364	−0.016%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.510	+0.140%	$46.0M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.489	+0.118%	$226.1M	$96.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.380	+0.001%	$7.4M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.367	−0.013%	$31.1M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.365	−0.015%	$7.5M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.333	−0.049%	$339K	$1.0M	50x	as long as short
StandX HYPE-USDshort	+0.0100%	1h	93.424	+0.048%	$667K	$2.6M	20x
Vest HYPE-PERP	+0.0100%	1h	93.401	+0.024%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.389	+0.011%	$472K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.338	−0.044%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.333	−0.050%	$16.2M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.412	+0.035%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.385	+0.006%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.452	+0.078%	$18.4M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.368	−0.011%	$397K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0110%	4h	93.315	−0.069%	$5.1M	$29.7M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.420	+0.044%	$4.8M	$5.6M	50x	as long as short
HTX HYPE-USDT	+0.0190%	4h	93.501	+0.131%	$1.4M	$6.0M	75x	as long as short
Reya HYPERUSDPERP	+0.0258%	1h	93.348	−0.033%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0278%	8h	93.420	+0.044%	$1.9M	$5.0M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.379	0.000%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0338%	4h	93.380	+0.001%	$17.0M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0339%	1h	93.464	+0.091%	$7.4M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.426	+0.050%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.220	−0.170%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0685%	1h	93.458	+0.085%	$20.8M	$29.8M	50x	as long as short