Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0045%/8h= −5.0% APRpaid last 24h +0.001%

Price spread now: Phemex against SoDEX+0.003%7-day average +0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$560.561% of the position

Long on SoDEX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.003%$0 on $10k

Price spread, last 3 days (all we have)−0.006%−$1 · spread now +0.003%, 7d avg +0.010%

Together, before fees−0.009%−$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.010%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX HYPE-USD	94.181	0.0100	pay 0.0013% / 1h	47m 08s	$2.0M	$2.0M	10x
Short	Phemex HYPEUSDT	94.184	0.0055	get 0.0055% / 8h	47m 08s	$12.8M	$2.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against SoDEX. 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 SoDEXbpFee PhemexbpOrdersPrice spread, now +0.003%Rate

Funding earned: −$9.52
Price spread: +0.003% → +0.010%: −$0.73
Slippage, 4 orders: −$36.1
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$66.35
Costs to cover: 0.561%
Break-even: never at this rate

Slippage from SoDEX: live order book, 2 min ago; Phemex: 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 SoDEX live order book, 2 min ago	0.11 bp	7.0 bp −$7	13.2 bp −$132	95.2 bp −$9,525	doesn't fit
Sell Phemex live order book, 2 min ago	1.59 bp	21.3 bp −$21	42.1 bp −$421	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	−0.0608%	1h	94.153	−0.030%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0456%	1h	94.045	−0.144%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	94.086	−0.101%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.219	+0.040%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.266	+0.091%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.183	+0.002%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.183	+0.002%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	94.176	−0.005%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0013%	4h	94.159	−0.023%	$165K	$551K	20x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	94.174	−0.007%	$324.8M	$281.3M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0043%	4h	94.195	+0.015%	$8.9M	$35.8M	300x	as long as short
Ondo Perps HYPE-USD.P	+0.0050%	1h	94.100	−0.086%	$704K	$908K	10x	as long as short
Phemex HYPEUSDTshort	+0.0055%	8h	94.184	+0.003%	$12.8M	$2.6M	50x
01 Exchange HYPEUSD	+0.0072%	1h	94.168	−0.014%	$86K	$364K	20x	as long as short
Gate HYPE_USDT	+0.0074%	4h	94.184	+0.003%	$44.3M	$58.3M	75x	as long as short
MEXC HYPE_USDT	+0.0074%	4h	94.185	+0.004%	$88.4M	$81.0M	100x	as long as short
Binance HYPEUSDT	+0.0079%	4h	94.190	+0.010%	$385.9M	$889.5M	75x	as long as short
edgeX HYPEUSDC	+0.0079%	4h	94.119	−0.065%	$5.1M	$29.8M	30x	as long as short
Derive HYPE-PERP	+0.0095%	1h	94.122	−0.063%	$16.5M	$6.9M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.235	+0.057%	$19.1M	$59.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.222	+0.044%	$3.1M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.149	−0.034%	$64K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.176	−0.005%	$342K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.180	−0.001%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.152	−0.030%	$5.8M	$44.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.212	+0.033%	$10.2M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.186	+0.005%	$116.0M	$319.2M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.095	−0.091%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.199	+0.019%	$47.3M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.188	+0.007%	$228.1M	$102.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.179	−0.002%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.208	+0.029%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.073	−0.114%	$32.2M	$53.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.151	−0.031%	$7.6M	$45.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.127	−0.057%	$336K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.194	+0.014%	$681K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.237	+0.060%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.202	+0.022%	$486K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	94.174	−0.008%	$113K	$577K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.178	−0.003%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.189	+0.008%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USDlong	+0.0100%	1h	94.181	long leg	$2.0M	$2.0M	10x
Injective HYPE/USDC PERP	+0.0104%	1h	94.140	−0.044%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.147	−0.036%	$18.7M	$42.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.178	−0.003%	$401K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0126%	8h	94.250	+0.073%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.210	+0.031%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0231%	4h	94.338	+0.167%	$1.5M	$7.7M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0238%	1h	94.264	+0.088%	$7.4M	$4.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	94.167	−0.015%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.198	+0.018%	$2.8M	$6.9M	20x	as long as short
BloFin HYPE-USDT	+0.0315%	4h	94.189	+0.008%	$17.0M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0341% / S −0.0165%	1h	94.175	−0.006%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0576%	1h	94.284	+0.109%	$21.1M	$29.1M	50x	as long as short
Hyperliquid HYPE	+0.0677%	1h	94.291	+0.117%	$2.06B	$667.8M	10x	as long as short