Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0148%/8h= −16.2% APRpaid last 24h +0.050%

Price spread now: Phemex against Aftermath Perps−0.029%7-day average — · you buy dearer than you sell

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

Long on Aftermath Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Phemex is 0.029% cheaper against Aftermath Perps than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aftermath Perps HYPEUSD	95.236	−0.0125	get 0.0016% / 1h	51m 33s	$22K	$17K	10x
Short	Phemex HYPEUSDT	95.208	−0.0274	pay 0.0274% / 8h	5h 51m	$13.0M	$2.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Aftermath Perps. 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 Aftermath PerpsbpFee PhemexbpOrdersPrice spread, now −0.029%Rate

Funding earned: −$31.1
Price spread: −0.029% → 0.000%: −$2.95
Slippage, 4 orders: no order book: not counted
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$55.04
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Aftermath Perps: no order-book sample; Phemex: live order book, 6 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 Aftermath Perps no order-book sample	—	—	—	—	—
Sell Phemex live order book, 6 min ago	3.36 bp	16.7 bp −$17	33.8 bp −$338	doesn't fit	doesn't fit

Aftermath Perps: 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
Hibachi HYPE/USDT-P	−0.1128%	1h	95.252	+0.016%	$215K	$263K	7x	as long as short
Phemex HYPEUSDTshort	−0.0274%	8h	95.208	−0.029%	$13.0M	$2.5M	50x
Kraken Futures PF_HYPEUSD	−0.0251%	1h	95.177	−0.062%	$18.5M	$35.2M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0183%	1h	95.090	−0.153%	$689K	$1.3M	10x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.142	−0.099%	$1.1M	$2.4M	10x	as long as short
Aftermath Perps HYPEUSDlong	−0.0125%	1h	95.236	long leg	$22K	$17K	10x
Lighter HYPE	−0.0120%	1h	95.103	−0.140%	$16.3M	$57.5M	20x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	95.163	−0.077%	$95K	$339K	20x	as long as short
Bullet HYPE-USD	−0.0087%	1h	95.180	−0.059%	$114K	$581K	20x	as long as short
Gate HYPE_USDT	−0.0086%	4h	95.127	−0.115%	$54.7M	$53.1M	75x	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	95.191	−0.047%	$3K	$331	25x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.130	−0.111%	$4.7M	$5.6M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0043%	4h	95.115	−0.127%	$148K	$643K	20x	as long as short
Aster HYPEUSDT	−0.0040%	4h	95.132	−0.109%	$9.0M	$32.8M	300x	as long as short
Popdex HYPEUSDT	−0.0024%	1h	95.173	−0.066%	$274K	$1.0M	50x	as long as short
OKX HYPE-USDT-SWAP	−0.0013%	8h	95.154	−0.086%	$119.2M	$302.8M	50x	as long as short
Phoenix HYPE	−0.0008%	1h	95.326	+0.094%	$199K	$1.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	95.169	−0.071%	$129K	$94K	5x	as long as short
Perpl HYPE	0.0000%	43m	95.139	−0.101%	$24K	$251K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.192	−0.047%	$100K	—	150x	as long as short
Bitget HYPEUSDT	+0.0018%	4h	95.167	−0.073%	$228.7M	$86.8M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0023%	1h	95.251	+0.016%	$7.5M	$4.3M	50x	as long as short
Bybit HYPEUSDT	+0.0024%	8h	95.170	−0.069%	$320.5M	$265.9M	75x	as long as short
SoDEX HYPE-USD	+0.0025%	1h	95.155	−0.085%	$2.1M	$373K	10x	as long as short
Bulk HYPE-USD	+0.0074%	1h	95.269	+0.034%	$232K	$12K	10x	as long as short
Paradex HYPE-USD-PERP	+0.0075%	8h	95.125	−0.117%	$339K	$35K	20x	as long as short
edgeX HYPEUSDC	+0.0078%	4h	95.131	−0.110%	$5.1M	$29.2M	30x	as long as short
Bluefin HYPE-PERP	+0.0079%	1h	95.172	−0.067%	$79K	$135K	20x	as long as short
MEXC HYPE_USDT	+0.0086%	4h	95.132	−0.109%	$90.2M	$83.1M	100x	as long as short
Binance HYPEUSDT	+0.0086%	4h	95.161	−0.079%	$382.6M	$852.4M	75x	as long as short
StandX HYPE-USD	+0.0091%	1h	95.125	−0.117%	$692K	$2.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.125	−0.117%	$3.3M	$10.0M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.110	−0.132%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.105	−0.138%	$7.4M	$51.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.267	+0.032%	$2.11B	$645.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.158	−0.082%	$10.3M	$13.3M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.105	−0.138%	$48.1M	$17.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	95.159	−0.081%	—	$49.3M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.206	−0.032%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.251	+0.015%	$30.0M	$53.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.192	−0.046%	$7.7M	$39.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.135	−0.106%	$347K	$882K	50x	as long as short
Vest HYPE-PERP	+0.0100%	1h	95.200	−0.038%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.189	−0.049%	$504K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.245	+0.009%	$33K	$1.4M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.284	+0.050%	$1.4M	$5.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.133	−0.108%	$18.4M	$39.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.173	−0.067%	$402K	$130K	20x	as long as short
Kalshi KXHYPEPERP	+0.0124%	8h	95.233	−0.003%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.199	−0.039%	$3.2M	$5.5M	20x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	95.128	−0.113%	$85K	$96K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.199	−0.039%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0336%	4h	95.165	−0.075%	$17.3M	$11.5M	75x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.500	+0.277%	$31K	$334K	12x	as long as short