Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0066%/8h= +7.2% APRpaid last 24h −0.033%

Price spread now: BingX against Phoenix−0.155%64s7-day average −0.112% · you buy dearer than you sell

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$230.226% of the position

Long on Phoenix Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.347%−$35 on $10k

Price spread, last 7 days+0.031%+$3 · spread now −0.155%, 7d avg −0.112%

Together, before fees−0.316%−$32 on $10k · with fees, hour by hour

Funding pays, the price is against you. BingX is 0.042% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.155% now, against its 7-day average of −0.112%). If the spread goes back, that is −$4 on $10k: about 2.1 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.347%, so the current rate has only just turned in your favour. The two prices were read 64 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix HYPE	93.039	0.0034	pay 0.0004% / 1h	50m 21s	$215K	$1.2M	10x
Short	BingX HYPE-USDT	92.895	0.0100	get 0.0050% / 4h	1h 50m	—	$54.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.155%Rate

Funding earned: $13.8
Price spread: −0.155% → −0.112%: −$4.23
Slippage, 4 orders: −$5.56
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$12.99
Costs to cover: 0.226%
Break-even: 13.6 days

Slippage from Phoenix: live order book, 3 min ago; BingX: live order book, 4 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, 3 min ago	1.13 bp	5.7 bp −$6	11.0 bp −$110	doesn't fit	doesn't fit
Sell BingX live order book, 4 min ago	0.16 bp	6.0 bp −$6	9.8 bp −$98	12.8 bp −$1,278	15.5 bp −$7,762

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	−0.0298%	1h	93.064	+0.027%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	92.956	−0.089%	$1.2M	$4.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.989	−0.054%	$3K	$331	25x	as long as short
Hibachi HYPE/USDT-P	−0.0048%	1h	92.969	−0.075%	$196K	$231K	7x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	92.976	−0.068%	$90K	$365K	20x	as long as short
Derive HYPE-PERP	−0.0002%	1h	92.860	−0.193%	$16.3M	$7.1M	10x	as long as short
Aster HYPEUSDT	−0.0001%	4h	92.948	−0.098%	$8.9M	$35.9M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.009	−0.033%	$127K	$32K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.038	−0.001%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	92.956	−0.089%	$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	92.932	−0.115%	$20K	—	150x	as long as short
Popdex HYPEUSDT	+0.0016%	1h	92.965	−0.080%	$56K	$1.2M	50x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.910	−0.139%	$323.0M	$286.9M	75x	as long as short
Phoenix HYPElong	+0.0034%	1h	93.039	long leg	$215K	$1.2M	10x
Ondo Perps HYPE-USD.P	+0.0041%	1h	92.880	−0.171%	$697K	$922K	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0041%	4h	92.916	−0.132%	$165K	$515K	20x	as long as short
Gate HYPE_USDT	+0.0058%	4h	92.915	−0.133%	$43.9M	$57.3M	75x	as long as short
Bullet HYPE-USD	+0.0094%	1h	92.929	−0.118%	$112K	$579K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.067	+0.031%	$18.5M	$58.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.016	−0.025%	$3.0M	$12.1M	20x	as long as short
Binance HYPEUSDT	+0.0098%	4h	92.935	−0.112%	$382.4M	$891.6M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.004	−0.037%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.980	−0.063%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.985	−0.058%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.005	−0.037%	$2.02B	$670.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.028	−0.012%	$10.0M	$14.4M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.895	−0.155%	$114.0M	$313.7M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.884	−0.167%	$203K	$10K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.968	−0.076%	$90.6M	$81.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.994	−0.048%	$47.1M	$19.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.916	−0.132%	$225.2M	$102.9M	75x	as long as short
BingX HYPE-USDTshort	+0.0100%	4h	92.895	−0.155%	—	$54.2M	—
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.983	−0.060%	$7.8M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.887	−0.163%	$28.9M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.245	+0.221%	$7.5M	$44.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.016	−0.025%	$411K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.968	−0.076%	$672K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.010	−0.031%	$492K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.933	−0.114%	$75K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.019	−0.021%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.913	−0.135%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	92.980	−0.063%	$12.7M	$2.6M	50x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.998	−0.044%	—	$454K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.890	−0.160%	$18.3M	$42.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.912	−0.136%	$395K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0119%	4h	93.037	−0.002%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	92.950	−0.096%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	92.820	−0.235%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	92.961	−0.084%	$77K	$158K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.052	+0.014%	$2.7M	$6.8M	20x	as long as short
HTX HYPE-USDT	+0.0293%	4h	93.103	+0.069%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0158%	1h	92.955	−0.091%	$1.5M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.975	−0.069%	$17.0M	$12.4M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0385%	1h	93.019	−0.021%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0467%	1h	93.040	+0.001%	$20.7M	$28.5M	50x	as long as short