Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0385%/8h= +42.1% APRpaid last 24h −0.001%

Price spread now: Vest against Phemex+0.081%7-day average −0.018% · you sell dearer than you buy

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

Long on Phemex Short on Vest

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.113%−$11 on $10k

Price spread, last 4 days (all we have)−0.105%−$11 · spread now +0.081%, 7d avg −0.018%

Together, before fees−0.218%+ Points / potential airdropVest: Active · farm board−$22 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Vest is 0.099% dearer against Phemex than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of −0.018%. Mind the row above: over the last 4 days funding on this pair cost −0.113%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.113% in total (about -11.6% 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	94.705	−0.0317	get 0.0317% / 8h	7h 54m	$12.9M	$2.9M	50x
Short	Vest HYPE-PERP	94.782	0.0068	get 0.0008% / 1h	54m 08s	—	$190K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Vest 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 VestbpOrdersPrice spread, now +0.081%Rate

Funding earned: $80.8
Price spread: +0.081% → −0.018%: $9.9
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Vest: 1 bp × 2 orders: −$2
Net: $76.7
Costs to cover: 0.140%
Break-even: 0.4 days

Slippage unknown: Phemex: live order book, 5 min ago; Vest: 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, 5 min ago	4.07 bp	24.7 bp −$25	36.2 bp −$362	doesn't fit	doesn't fit
Sell Vest no order-book sample	—	—	—	—	—

Vest: 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	−0.1440%	1h	94.577	−0.135%	$207K	$267K	7x	as long as short
Bluefin HYPE-PERP	−0.0319%	1h	94.724	+0.020%	$80K	$151K	20x	as long as short
Phemex HYPEUSDTlong	−0.0317%	8h	94.705	long leg	$12.9M	$2.9M	50x
Aftermath Perps HYPEUSD	−0.0290%	1h	94.642	−0.067%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0166%	1h	94.742	+0.039%	$112K	$575K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.710	+0.005%	$1.0M	$3.5M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0086%	1h	94.600	−0.111%	$714K	$1.2M	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.759	+0.057%	$87K	$364K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.731	+0.027%	$3K	$331	25x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.771	+0.070%	$20.3M	$30.3M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0007%	4h	94.713	+0.008%	$147K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.712	+0.008%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.850	+0.153%	$1.9M	$5.5M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.723	+0.019%	$210K	$1.2M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.737	+0.033%	$19K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.763	+0.061%	$124K	—	150x	as long as short
Bitget HYPEUSDT	+0.0012%	4h	94.726	+0.022%	$227.1M	$99.7M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.680	−0.026%	$4.7M	$6.2M	50x	as long as short
Derive HYPE-PERP	+0.0022%	1h	94.691	−0.015%	$16.4M	$7.4M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0048%	8h	94.754	+0.051%	$339K	$154K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0063%	8h	94.743	+0.040%	$118.0M	$327.1M	50x	as long as short
Gate HYPE_USDT	+0.0064%	4h	94.727	+0.023%	$50.9M	$53.6M	75x	as long as short
Vest HYPE-PERPshort	+0.0068%	1h	94.782	+0.081%	—	$190K	5x
Lighter HYPE	+0.0080%	1h	94.736	+0.032%	$16.2M	$61.7M	20x	as long as short
Bybit HYPEUSDT	+0.0085%	8h	94.735	+0.032%	$318.4M	$288.2M	75x	as long as short
edgeX HYPEUSDC	+0.0093%	4h	94.691	−0.015%	$5.0M	$30.6M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.739	+0.036%	$3.2M	$10.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.743	+0.040%	$143K	$1.2M	50x	as long as short
SoDEX HYPE-USD	+0.0099%	1h	94.730	+0.026%	$2.1M	$1.9M	10x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.700	−0.005%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.726	+0.023%	$7.3M	$52.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.835	+0.137%	$2.08B	$687.2M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.726	+0.022%	$9.6M	$37.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.749	+0.046%	$10.2M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.773	+0.072%	$380.6M	$932.9M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.685	−0.022%	$219K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.740	+0.037%	$93.6M	$84.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.733	+0.030%	$46.9M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.745	+0.042%	—	$53.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.702	−0.003%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.549	−0.164%	$29.9M	$55.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.625	−0.084%	$7.6M	$44.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.574	−0.138%	$351K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.668	−0.039%	$693K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.800	+0.100%	$500K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.834	+0.136%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.850	+0.153%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.707	+0.002%	$18.4M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.779	+0.078%	$401K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.767	+0.065%	$3.2M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	94.480	−0.238%	$31K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.727	+0.023%	$83K	$118K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0327% / S −0.0152%	1h	94.789	+0.088%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.671	−0.036%	$15.8M	$12.4M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0373%	1h	94.834	+0.136%	$7.5M	$4.4M	50x	as long as short