Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0094%/8h= −10.3% APRpaid last 24h −0.039%

Price spread now: Perpl against Phoenix+0.012%7-day average −0.080% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days−0.418%−$42 on $10k

Price spread, last 3 days (all we have)−0.144%−$14 · spread now +0.012%, 7d avg −0.080%

Together, before fees−0.562%+ Points / potential airdropPerpl: Active · farm board−$56 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Perpl is 0.093% dearer against Phoenix than usual: you sell high and buy low (spread +0.012% now, against its 7-day average of −0.080%): +$9 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.3 days. At the pace of the last 7 days (−0.418% in total) that is about 37 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix HYPE	93.336	0.0094	pay 0.0012% / 1h	54m 38s	$215K	$1.2M	10x
Short	Perpl HYPE	93.348	0	get 0.0000% / 43m	41m 38s	$24K	$343K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now +0.012%Rate

Funding earned: −$19.81
Price spread: +0.012% → −0.080%: $9.29
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$31.32
Costs to cover: 0.208%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 4 min ago; Perpl: no order-book sample. Net counts fees only.

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, 4 min ago	1.07 bp	5.5 bp −$6	10.1 bp −$101	doesn't fit	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1328%	1h	93.228	−0.116%	$197K	$235K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0196%	1h	93.160	−0.189%	$699K	$948K	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	93.365	+0.031%	$89K	$340K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0102%	1h	93.323	−0.014%	$22K	$22K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.294	−0.045%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0002%	4h	93.185	−0.162%	$44.0M	$56.1M	75x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.247	−0.095%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.463	+0.136%	$1.9M	$5.4M	2.3x	as long as short
Perpl HYPEshort	0.0000%	43m	93.348	+0.012%	$24K	$343K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.400	+0.069%	$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	+0.0004%	4h	93.236	−0.108%	$8.9M	$36.3M	300x	as long as short
Derive HYPE-PERP	+0.0037%	1h	93.341	+0.006%	$16.4M	$7.1M	10x	as long as short
Bybit HYPEUSDT	+0.0041%	8h	93.190	−0.156%	$324.9M	$288.4M	75x	as long as short
Popdex HYPEUSDT	+0.0056%	1h	93.354	+0.019%	$56K	$1.2M	50x	as long as short
Bullet HYPE-USD	+0.0068%	1h	93.366	+0.032%	$112K	$583K	20x	as long as short
Orderly PERP_HYPE_USDC	+0.0078%	4h	93.393	+0.061%	$180K	$536K	20x	as long as short
Phoenix HYPElong	+0.0094%	1h	93.336	long leg	$215K	$1.2M	10x
Lighter HYPE	+0.0096%	1h	93.274	−0.067%	$18.5M	$58.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.237	−0.106%	$3.1M	$12.3M	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.230	−0.114%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.279	−0.061%	$6.0M	$44.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.282	−0.058%	$2.03B	$667.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.249	−0.093%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.210	−0.135%	$385.8M	$890.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.174	−0.174%	$114.6M	$315.7M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.185	−0.162%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.386	+0.054%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.209	−0.136%	$92.0M	$81.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.213	−0.132%	$46.2M	$19.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.187	−0.160%	$226.4M	$102.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.188	−0.159%	—	$54.6M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.382	+0.049%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.285	−0.055%	$28.8M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.319	−0.019%	$7.5M	$46.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.338	+0.002%	$405K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.361	+0.027%	$675K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.391	+0.059%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.394	+0.062%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.404	+0.073%	$76K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.334	−0.002%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.384	+0.051%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.374	+0.041%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.246	−0.096%	$339K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.177	−0.170%	$18.4M	$41.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.401	+0.069%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0120%	4h	93.294	−0.045%	$5.1M	$29.4M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.390	+0.058%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0244%	1h	93.376	+0.043%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.210	−0.135%	$30K	$231K	12x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0165%	1h	93.400	+0.069%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.352	+0.017%	$17.2M	$12.5M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0403%	1h	93.491	+0.166%	$7.4M	$4.6M	50x	as long as short
HTX HYPE-USDT	+0.0422%	4h	93.533	+0.211%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.279	−0.061%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.492	+0.167%	$18.8M	$24.8M	50x	as long as short