Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0029%/8h= +3.2% APRpaid last 24h −0.024%

Price spread now: Binance against Phoenix−0.058%7-day average −0.096% · you buy dearer than you sell

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$220.221% of the position

Long on Phoenix Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.280%−$28 on $10k

Price spread, last 7 days−0.055%−$5 · spread now −0.058%, 7d avg −0.096%

Together, before fees−0.335%−$34 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Binance is 0.038% dearer against Phoenix than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.096%. Mind the row above: over the last 7 days funding on this pair cost −0.280%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix HYPE	93.030	0.0034	pay 0.0004% / 1h	23m 14s	$214K	$1.2M	10x
Short	Binance HYPEUSDT	92.976	0.0064	get 0.0032% / 4h	1h 23m	$380.8M	$895.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Phoenix. 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 PhoenixbpFee BinancebpOrdersPrice spread, now −0.058%Rate

Funding earned: $6.14
Price spread: −0.058% → −0.096%: $3.79
Slippage, 4 orders: −$5.09
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$12.17
Costs to cover: 0.221%
Break-even: 20.9 days

Slippage from Phoenix: live order book, 5 min ago; Binance: live order book, 6 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 Phoenix live order book, 5 min ago	1.08 bp	5.6 bp −$6	10.5 bp −$105	doesn't fit	doesn't fit
Sell Binance live order book, 6 min ago	0.05 bp	5.5 bp −$6	8.4 bp −$84	16.8 bp −$1,679	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
Aftermath Perps HYPEUSD	−0.0405%	1h	93.001	−0.032%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0296%	1h	93.001	−0.031%	$196K	$230K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0134%	1h	92.940	−0.097%	$698K	$926K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	92.940	−0.097%	$1.2M	$4.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.998	−0.034%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	92.991	−0.042%	$90K	$361K	20x	as long as short
Popdex HYPEUSDT	−0.0016%	1h	92.980	−0.054%	$58K	$1.2M	50x	as long as short
Aster HYPEUSDT	−0.0008%	4h	92.987	−0.046%	$8.8M	$36.0M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.011	−0.021%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.978	−0.056%	$23K	$331K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.017	−0.014%	$20K	—	150x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	92.970	−0.064%	$322.3M	$287.3M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0022%	4h	92.990	−0.043%	$171K	$518K	20x	as long as short
Derive HYPE-PERP	+0.0033%	1h	92.953	−0.083%	$16.2M	$7.1M	10x	as long as short
Phoenix HYPElong	+0.0034%	1h	93.030	long leg	$214K	$1.2M	10x
Gate HYPE_USDT	+0.0046%	4h	92.975	−0.059%	$43.8M	$58.5M	75x	as long as short
Bullet HYPE-USD	+0.0057%	1h	92.980	−0.054%	$111K	$580K	20x	as long as short
MEXC HYPE_USDT	+0.0062%	4h	93.004	−0.028%	$90.4M	$82.1M	100x	as long as short
Binance HYPEUSDTshort	+0.0064%	4h	92.976	−0.058%	$380.8M	$895.5M	75x
edgeX HYPEUSDC	+0.0074%	4h	92.953	−0.083%	$5.0M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.053	+0.025%	$18.5M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.984	−0.049%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	92.976	−0.058%	$396K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	92.949	−0.087%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.030	0.000%	$34K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.983	−0.051%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.034	+0.004%	$2.02B	$668.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.007	−0.025%	$9.9M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.990	−0.043%	$113.5M	$313.8M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.030	0.000%	$203K	$8K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.003	−0.029%	$46.9M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.997	−0.035%	$225.4M	$103.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.978	−0.056%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.005	−0.027%	$7.8M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.933	−0.104%	$28.9M	$50.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.008	−0.023%	$7.5M	$45.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.016	−0.015%	$414K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.007	−0.025%	$673K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.021	−0.010%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.013	−0.018%	$492K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.006	−0.026%	$75K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.005	−0.027%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.998	−0.034%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	92.994	−0.039%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.980	−0.054%	$18.3M	$42.0M	50x	as long as short
Kalshi KXHYPEPERP	+0.0108%	8h	93.055	+0.027%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	92.990	−0.043%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	92.880	−0.161%	$30K	$338K	12x	as long as short
HTX HYPE-USDT	+0.0239%	4h	93.147	+0.126%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	92.965	−0.070%	$76K	$159K	15x	as long as short
BloFin HYPE-USDT	+0.0254%	4h	92.996	−0.037%	$16.9M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.047	+0.018%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0158%	1h	93.011	−0.020%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0363%	1h	93.104	+0.080%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0467%	1h	93.104	+0.080%	$20.8M	$29.0M	50x	as long as short