Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0172%/8h= −18.8% APRpaid last 24h −0.024%

Price spread now: 01 Exchange against Phemex+0.034%7-day average +0.018% · 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−$59as in the Price arb table

costs, in and out, $10k−$610.611% of the position

Long on Phemex Short on 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.030%−$3 on $10k

Price spread, last 3 days (all we have)+0.122%+$12 · spread now +0.034%, 7d avg +0.018%

Together, before fees+0.092%+$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.018%, so right now this pair is about funding alone: −$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	93.656	0.0100	pay 0.0100% / 8h	2h 25m	$12.8M	$2.6M	50x
Short	01 Exchange HYPEUSD	93.688	−0.0072	pay 0.0009% / 1h	25m 57s	$90K	$349K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now +0.034%Rate

Funding earned: −$36.12
Price spread: +0.034% → +0.018%: $1.63
Slippage, 4 orders: −$42.05
Fee Phemex: 6 bp × 2 orders: −$12
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$95.54
Costs to cover: 0.611%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 min ago; 01 Exchange: live order book, 63 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	1.76 bp	17.0 bp −$17	30.2 bp −$302	doesn't fit	doesn't fit
Sell 01 Exchange live order book, 63 min ago	0.21 bp	10.5 bp −$11	27.2 bp −$272	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	−0.1016%	1h	93.493	−0.174%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0286%	1h	93.576	−0.086%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0243%	1h	93.570	−0.092%	$702K	$939K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.557	−0.106%	$3K	$331	25x	as long as short
01 Exchange HYPEUSDshort	−0.0072%	1h	93.688	+0.034%	$90K	$349K	20x
Bullet HYPE-USD	−0.0035%	1h	93.676	+0.021%	$112K	$583K	20x	as long as short
Derive HYPE-PERP	−0.0009%	1h	93.629	−0.029%	$16.4M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.644	−0.013%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.671	+0.016%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.718	+0.066%	$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	+0.0020%	4h	93.703	+0.050%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0032%	4h	93.681	+0.027%	$44.1M	$56.9M	75x	as long as short
Bybit HYPEUSDT	+0.0037%	8h	93.700	+0.047%	$326.4M	$287.0M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0066%	4h	93.677	+0.022%	$176K	$535K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.590	−0.070%	$216K	$1.2M	10x	as long as short
Popdex HYPEUSDT	+0.0072%	1h	93.653	−0.003%	$57K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.728	+0.076%	$18.6M	$59.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.704	+0.051%	$3.1M	$12.3M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.676	+0.022%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.640	−0.017%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.653	−0.004%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.772	+0.124%	$2.04B	$669.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.673	+0.018%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.695	+0.042%	$386.5M	$888.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.676	+0.021%	$115.1M	$315.8M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.613	−0.046%	$1.2M	$4.0M	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.713	+0.061%	$93.8M	$82.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.712	+0.060%	$46.5M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.709	+0.057%	$227.6M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.684	+0.030%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.719	+0.067%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.541	−0.123%	$28.9M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.580	−0.081%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.558	−0.105%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.586	−0.075%	$677K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.668	+0.012%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.696	+0.043%	$495K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.694	+0.041%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.696	+0.043%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.679	+0.025%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDTlong	+0.0100%	8h	93.656	long leg	$12.8M	$2.6M	50x
Bulk HYPE-USD	+0.0100%	1h	93.556	−0.106%	$204K	$12K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.679	+0.025%	$18.3M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.677	+0.023%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0116%	4h	93.544	−0.120%	$5.1M	$29.6M	30x	as long as short
Kalshi KXHYPEPERP	+0.0133%	8h	93.760	+0.111%	$1.9M	$5.3M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0166%	1h	93.783	+0.136%	$7.4M	$4.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.690	+0.036%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.665	+0.010%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.500	−0.167%	$30K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0316%	4h	93.850	+0.207%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0164%	1h	93.697	+0.044%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.597	−0.063%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.702	+0.049%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0572%	1h	93.790	+0.143%	$19.2M	$26.0M	50x	as long as short