Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0036%/8h= −4.0% APRpaid last 24h −0.049%

Price spread now: Gate against Phoenix−0.040%77s7-day average −0.118% · you buy dearer than you sell

Net, funding: paid 7d − costs−$64as 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−$290.292% of the position

Long on Phoenix Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.352%−$35 on $10k

Price spread, last 7 days−0.078%−$8 · spread now −0.040%, 7d avg −0.118%

Together, before fees−0.431%−$43 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.078% dearer against Phoenix than usual: you sell high and buy low (spread −0.040% now, against its 7-day average of −0.118%): +$8 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 7.1 days. At the pace of the last 7 days (−0.352% in total) that is about 37 hours. The two prices were read 77 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	93.603	0.0068	pay 0.0009% / 1h	16m 07s	$216K	$1.2M	10x
Short	Gate HYPE_USDT	93.566	0.0032	get 0.0016% / 4h	2h 16m	$43.9M	$57.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.040%Rate

Funding earned: −$7.66
Price spread: −0.040% → −0.118%: $7.82
Slippage, 4 orders: −$7.19
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$29.03
Costs to cover: 0.292%
Break-even: never at this rate

Slippage from Phoenix: live order book, 7 min ago; Gate: live order book, 3 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, 7 min ago	1.28 bp	5.8 bp −$6	11.2 bp −$112	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	0.05 bp	7.7 bp −$8	13.5 bp −$135	29.0 bp −$2,896	51.6 bp −$25.8K

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	−0.0960%	1h	93.583	−0.021%	$198K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0274%	1h	93.648	+0.048%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0235%	1h	93.590	−0.014%	$702K	$934K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.588	−0.016%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.592	−0.012%	$90K	$347K	20x	as long as short
Bullet HYPE-USD	−0.0027%	1h	93.569	−0.036%	$111K	$582K	20x	as long as short
Derive HYPE-PERP	−0.0021%	1h	93.524	−0.085%	$16.4M	$7.0M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.645	+0.045%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.628	+0.026%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.609	+0.006%	$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	+0.0021%	4h	93.575	−0.030%	$8.9M	$35.8M	300x	as long as short
Gate HYPE_USDTshort	+0.0032%	4h	93.566	−0.040%	$43.9M	$57.3M	75x
Bybit HYPEUSDT	+0.0035%	8h	93.570	−0.035%	$325.9M	$287.0M	75x	as long as short
Popdex HYPEUSDT	+0.0048%	1h	93.574	−0.031%	$59K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0059%	4h	93.602	−0.001%	$177K	$520K	20x	as long as short
Phoenix HYPElong	+0.0068%	1h	93.603	long leg	$216K	$1.2M	10x
Lighter HYPE	+0.0096%	1h	93.617	+0.015%	$18.6M	$59.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.603	0.000%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.613	+0.011%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.590	−0.014%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.567	−0.038%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.679	+0.081%	$2.04B	$670.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.620	+0.018%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.564	−0.042%	$386.1M	$888.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.556	−0.050%	$114.9M	$315.9M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.569	−0.036%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.690	+0.093%	$205K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.564	−0.042%	$93.6M	$82.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.575	−0.030%	$46.4M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.580	−0.025%	$227.3M	$102.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.572	−0.033%	—	$54.3M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.606	+0.003%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.660	+0.061%	$29.2M	$50.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.579	−0.026%	$7.5M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.678	+0.080%	$407K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.594	−0.010%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.615	+0.013%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.616	+0.014%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.590	−0.014%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.656	+0.057%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.565	−0.041%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.622	+0.020%	$12.8M	$2.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0102%	1h	93.672	+0.074%	$7.4M	$4.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.553	−0.053%	$18.3M	$41.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.580	−0.024%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0107%	4h	93.571	−0.034%	$5.1M	$29.7M	30x	as long as short
Kalshi KXHYPEPERP	+0.0119%	8h	93.666	+0.067%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.680	+0.082%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.567	−0.038%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.910	+0.328%	$31K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0298%	4h	93.778	+0.187%	$1.5M	$7.6M	75x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.599	−0.004%	$17.0M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0346% / S −0.0171%	1h	93.612	+0.009%	$1.5M	—	100x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.648	+0.048%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0572%	1h	93.677	+0.079%	$19.2M	$26.1M	50x	as long as short