Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h −0.032%

Price spread now: Bitget against Phoenix−0.192%7-day average −0.116% · you buy dearer than you sell

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$240.239% of the position

Long on Phoenix Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.345%−$34 on $10k

Price spread, last 7 days+0.079%+$8 · spread now −0.192%, 7d avg −0.116%

Together, before fees−0.266%−$27 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bitget is 0.077% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.192% now, against its 7-day average of −0.116%). If the spread goes back, that is −$8 on $10k: about 8.1 days of funding at the current rate (+$1 a day). Mind the row above: over the last 7 days funding on this pair cost −0.345%, 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	93.605	0.0068	pay 0.0009% / 1h	13m 30s	$216K	$1.2M	10x
Short	Bitget HYPEUSDT	93.425	0.0100	get 0.0050% / 4h	2h 13m	$227.0M	$102.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.192%Rate

Funding earned: $6.62
Price spread: −0.192% → −0.116%: −$7.68
Slippage, 4 orders: −$4.94
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$25
Costs to cover: 0.239%
Break-even: 33.4 days

Slippage from Phoenix: live order book, 5 min ago; Bitget: 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	0.96 bp	5.4 bp −$5	9.8 bp −$98	doesn't fit	doesn't fit
Sell Bitget live order book, 6 min ago	0.05 bp	6.7 bp −$7	14.2 bp −$142	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	−0.0928%	1h	93.539	−0.070%	$198K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0264%	1h	93.630	+0.027%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0233%	1h	93.440	−0.176%	$702K	$932K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.537	−0.073%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.470	−0.144%	$90K	$346K	20x	as long as short
Bullet HYPE-USD	−0.0025%	1h	93.421	−0.197%	$111K	$581K	20x	as long as short
Derive HYPE-PERP	−0.0021%	1h	93.489	−0.124%	$16.4M	$7.0M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.567	−0.041%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.445	−0.171%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.564	−0.044%	$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	93.486	−0.127%	$8.9M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0026%	4h	93.467	−0.147%	$44.0M	$57.5M	75x	as long as short
Bybit HYPEUSDT	+0.0034%	8h	93.450	−0.166%	$325.5M	$287.0M	75x	as long as short
Popdex HYPEUSDT	+0.0048%	1h	93.449	−0.167%	$59K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0059%	4h	93.542	−0.067%	$177K	$520K	20x	as long as short
Phoenix HYPElong	+0.0068%	1h	93.605	long leg	$216K	$1.2M	10x
Lighter HYPE	+0.0096%	1h	93.500	−0.112%	$18.6M	$59.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.523	−0.088%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.479	−0.135%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.490	−0.123%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.445	−0.171%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.554	−0.055%	$2.04B	$670.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.511	−0.101%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.452	−0.164%	$385.8M	$889.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.435	−0.182%	$114.8M	$315.5M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.440	−0.176%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.690	+0.090%	$205K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.476	−0.138%	$93.5M	$82.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.502	−0.110%	$46.4M	$18.8M	75x	as long as short
Bitget HYPEUSDTshort	+0.0100%	4h	93.425	−0.192%	$227.0M	$102.5M	75x
BingX HYPE-USDT	+0.0100%	4h	93.463	−0.152%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.569	−0.038%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.561	−0.047%	$29.2M	$50.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.632	+0.029%	$7.5M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.558	−0.050%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.583	−0.024%	$677K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.480	−0.134%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.530	−0.080%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.612	+0.007%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.531	−0.079%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.521	−0.090%	$12.7M	$2.6M	50x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.513	−0.099%	—	$454K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.443	−0.173%	$18.3M	$41.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.505	−0.107%	$398K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0117%	8h	93.630	+0.027%	$1.9M	$5.3M	2.3x	as long as short
edgeX HYPEUSDC	+0.0118%	4h	93.534	−0.075%	$5.1M	$29.7M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.570	−0.037%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.435	−0.181%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.910	+0.326%	$31K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0296%	4h	93.740	+0.144%	$1.5M	$7.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0327%	1h	93.655	+0.053%	$7.4M	$4.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.532	−0.078%	$17.0M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0346% / S −0.0171%	1h	93.576	−0.031%	$1.5M	—	100x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.523	−0.088%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.635	+0.032%	$19.2M	$26.0M	50x	as long as short