Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0057%/8h= +6.2% APRpaid last 24h −0.020%

Price spread now: KuCoin against Phoenix−0.206%7-day average −0.101% · you buy dearer than you sell

Net, funding: paid 7d − costs−$61as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$340.345% of the position

Long on Phoenix Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.267%−$27 on $10k

Price spread, last 7 days+0.098%+$10 · spread now −0.206%, 7d avg −0.101%

Together, before fees−0.168%−$17 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.104% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.206% now, against its 7-day average of −0.101%). If the spread goes back, that is −$10 on $10k: about 6.1 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.267%, 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	92.430	0.0043	pay 0.0005% / 1h	47m 09s	$209K	$1.2M	10x
Short	KuCoin HYPEUSDTM	92.240	0.0100	get 0.0050% / 4h	47m 09s	$45.8M	$18.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.206%Rate

Funding earned: $11.93
Price spread: −0.206% → −0.101%: −$10.43
Slippage, 4 orders: −$15.5
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$32.99
Costs to cover: 0.345%
Break-even: 26.4 days

Slippage from Phoenix: live order book, 1 min ago; KuCoin: live order book, 2 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, 1 min ago	1.52 bp	6.3 bp −$6	12.8 bp −$128	doesn't fit	doesn't fit
Sell KuCoin live order book, 2 min ago	0.60 bp	11.7 bp −$12	17.8 bp −$178	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
Arcus HYPE-USD	−0.0948%	1h	92.199	−0.250%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0648%	1h	92.231	−0.216%	$193K	$228K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0124%	1h	92.461	+0.034%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	92.209	−0.239%	$86K	$352K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.187	−0.263%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0070%	4h	92.190	−0.260%	$157K	$663K	20x	as long as short
Bullet HYPE-USD	−0.0064%	1h	92.248	−0.197%	$110K	$580K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0040%	1h	92.170	−0.281%	$699K	$1.1M	10x	as long as short
Aster HYPEUSDT	−0.0011%	4h	92.192	−0.257%	$8.6M	$36.4M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.238	−0.208%	$126K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	92.283	−0.159%	$22K	$310K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.260	−0.184%	$61K	—	150x	as long as short
BingX HYPE-USDT	+0.0030%	4h	92.199	−0.250%	—	$53.2M	—	as long as short
Bybit HYPEUSDT	+0.0037%	8h	92.190	−0.260%	$315.5M	$280.8M	75x	as long as short
Derive HYPE-PERP	+0.0041%	1h	92.169	−0.283%	$16.0M	$7.5M	10x	as long as short
Phoenix HYPElong	+0.0043%	1h	92.430	long leg	$209K	$1.2M	10x
Gate HYPE_USDT	+0.0046%	4h	92.242	−0.203%	$44.3M	$54.7M	75x	as long as short
Phemex HYPEUSDT	+0.0056%	8h	92.244	−0.201%	$12.5M	$2.7M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	92.200	−0.249%	$112.6M	$300.5M	50x	as long as short
MEXC HYPE_USDT	+0.0076%	4h	92.192	−0.257%	$87.1M	$80.4M	100x	as long as short
Binance HYPEUSDT	+0.0078%	4h	92.217	−0.231%	$370.7M	$896.7M	75x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	92.257	−0.187%	$67K	$1.2M	50x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	92.311	−0.128%	$4.9M	$29.4M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0091%	8h	92.253	−0.191%	$338K	$163K	20x	as long as short
ApeX Omni HYPEUSDT	+0.0093%	1h	92.333	−0.105%	$337K	$1.0M	50x	as long as short
Lighter HYPE	+0.0096%	1h	92.213	−0.235%	$16.0M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.206	−0.242%	$3.1M	$11.6M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.220	−0.227%	$13K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.287	−0.155%	$5.8M	$43.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.277	−0.166%	$2.01B	$663.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.260	−0.184%	$10.0M	$15.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	+0.400%	$202K	$13K	10x	as long as short
KuCoin HYPEUSDTMshort	+0.0100%	4h	92.240	−0.206%	$45.8M	$18.3M	75x
Bitget HYPEUSDT	+0.0100%	4h	92.184	−0.266%	$223.2M	$97.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.181	−0.269%	$7.2M	$10.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.469	+0.042%	$28.5M	$57.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.327	−0.111%	$7.5M	$45.9M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.258	−0.186%	$663K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.271	−0.172%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.267	−0.176%	$474K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.240	−0.206%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.191	−0.259%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.370	−0.065%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.163	−0.289%	$18.1M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.215	−0.233%	$390K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.617%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.260	−0.184%	$4.7M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0260%	1h	92.223	−0.224%	$78K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0261%	8h	92.317	−0.122%	$1.8M	$5.4M	2.3x	as long as short
BloFin HYPE-USDT	+0.0311%	4h	92.180	−0.270%	$16.7M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0329% / S −0.0153%	1h	92.254	−0.191%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0334%	1h	92.237	−0.209%	$20.5M	$30.4M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0433%	1h	92.286	−0.156%	$7.5M	$4.4M	50x	as long as short
Bluefin HYPE-PERP	+0.0527%	1h	92.201	−0.248%	$78K	$169K	20x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.349	−0.088%	$3.1M	$6.4M	20x	as long as short