Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0358%/8h= −39.2% APRpaid last 24h −0.002%

Price spread now: Phemex against Vest−0.157%45s7-day average +0.017% · you buy dearer than you sell

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

Long on Vest Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.116%+$12 on $10k

Price spread, last 4 days (all we have)−0.007%−$1 · spread now −0.157%, 7d avg +0.017%

Together, before fees+0.109%+ Points / potential airdropVest: Active · farm board+$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Phemex is 0.174% cheaper against Vest than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of +0.017%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.116%, so the current rate has only just turned against you. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.116% in total (about 11.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Vest HYPE-PERP	95.182	0.0100	pay 0.0013% / 1h	30m 34s	—	$80K	5x
Short	Phemex HYPEUSDT	95.033	−0.0258	pay 0.0258% / 8h	5h 30m	$13.0M	$2.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Vest. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee VestbpFee PhemexbpOrdersPrice spread, now −0.157%Rate

Funding earned: −$75.09
Price spread: −0.157% → +0.017%: −$17.37
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$106.45
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Vest: no order-book sample; Phemex: live order book, 2 min ago. 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 Vest no order-book sample	—	—	—	—	—
Sell Phemex live order book, 2 min ago	3.26 bp	21.8 bp −$22	39.4 bp −$394	doesn't fit	doesn't fit

Vest: 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 54 exchanges

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
Phemex HYPEUSDTshort	−0.0258%	8h	95.033	−0.157%	$13.0M	$2.3M	50x
Kraken Futures PF_HYPEUSD	−0.0251%	1h	95.093	−0.094%	$18.5M	$34.9M	50x	as long as short
Hibachi HYPE/USDT-P	−0.0232%	1h	95.274	+0.096%	$218K	$275K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0192%	1h	95.169	−0.014%	$22K	$17K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0139%	1h	95.110	−0.076%	$687K	$1.3M	10x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.079	−0.109%	$1.0M	$2.4M	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	95.093	−0.094%	$101K	$344K	20x	as long as short
ApeX Omni HYPEUSDT	−0.0082%	1h	95.192	+0.010%	$343K	$901K	50x	as long as short
Gate HYPE_USDT	−0.0082%	4h	95.072	−0.116%	$55.1M	$53.6M	75x	as long as short
Bullet HYPE-USD	−0.0080%	1h	95.130	−0.055%	$113K	$580K	20x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hotstuff HYPE-PERP	−0.0080%	1h	95.162	−0.021%	$3K	$331	25x	as long as short
Bluefin HYPE-PERP	−0.0074%	1h	95.102	−0.084%	$79K	$133K	20x	as long as short
Lighter HYPE	−0.0064%	1h	95.090	−0.097%	$16.4M	$58.0M	20x	as long as short
Aster HYPEUSDT	−0.0060%	4h	95.085	−0.102%	$9.0M	$32.7M	300x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.130	−0.055%	$4.7M	$5.5M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0053%	4h	95.091	−0.096%	$148K	$642K	20x	as long as short
OKX HYPE-USDT-SWAP	−0.0021%	8h	95.109	−0.077%	$118.9M	$303.4M	50x	as long as short
Phoenix HYPE	−0.0008%	1h	95.062	−0.126%	$199K	$1.1M	10x	as long as short
Bitget HYPEUSDT	−0.0002%	4h	95.131	−0.054%	$228.7M	$85.6M	75x	as long as short
Perpl HYPE	0.0000%	43m	95.116	−0.070%	$24K	$251K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.169	−0.014%	$114K	—	150x	as long as short
Popdex HYPEUSDT	+0.0008%	1h	95.112	−0.074%	$275K	$1.0M	50x	as long as short
Bybit HYPEUSDT	+0.0023%	8h	95.120	−0.065%	$320.6M	$262.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0034%	1h	95.196	+0.014%	$7.5M	$4.3M	50x	as long as short
dYdX HYPE-USD	+0.0038%	1h	95.147	−0.037%	$128K	$94K	5x	as long as short
edgeX HYPEUSDC	+0.0054%	4h	95.040	−0.149%	$5.1M	$28.8M	30x	as long as short
MEXC HYPE_USDT	+0.0056%	4h	95.148	−0.036%	$90.1M	$84.0M	100x	as long as short
Binance HYPEUSDT	+0.0057%	4h	95.124	−0.061%	$382.6M	$848.8M	75x	as long as short
BingX HYPE-USDT	+0.0062%	4h	95.086	−0.101%	—	$49.0M	—	as long as short
StandX HYPE-USD	+0.0081%	1h	95.129	−0.056%	$692K	$2.7M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0083%	8h	95.095	−0.091%	$339K	$30K	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.107	−0.079%	$3.4M	$10.1M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	95.121	−0.064%	$402K	$130K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.060	−0.128%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.053	−0.135%	$7.3M	$51.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.108	−0.078%	$10.2M	$13.2M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.174	−0.009%	$230K	$17K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.102	−0.084%	$47.6M	$17.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.007	−0.184%	$7.0M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.093	−0.094%	$29.6M	$52.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.092	−0.095%	$7.7M	$40.5M	10x	as long as short
Vest HYPE-PERPlong	+0.0100%	1h	95.182	long leg	—	$80K	5x
Polymarket Perps HYPE-USD	+0.0100%	1h	95.163	−0.020%	$504K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.178	−0.005%	$33K	$1.4M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	95.090	−0.097%	$2.1M	$334K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.172	−0.011%	$1.4M	$5.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.049	−0.140%	$18.3M	$39.1M	50x	as long as short
Kalshi KXHYPEPERP	+0.0129%	8h	95.264	+0.086%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.152	−0.032%	$3.1M	$5.2M	20x	as long as short
Hyperliquid HYPE	+0.0208%	1h	95.240	+0.061%	$2.11B	$646.0M	10x	as long as short
BloFin HYPE-USDT	+0.0225%	4h	95.060	−0.128%	$17.4M	$11.4M	75x	as long as short
Reya HYPERUSDPERP	+0.0269%	1h	95.088	−0.099%	$85K	$90K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	95.150	−0.034%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.500	+0.334%	$31K	$334K	12x	as long as short