Settings8H · net · $10k
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Funding arb · Price arb /

HYPE

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 06:00 UTC−0.0083%/8h= −9.1% APRnext payment −$0.10 per $10,000 · paid last 24h +0.007%
Price spread now: Phoenix against Backpack+0.102%7-day average −0.160% · you sell dearer than you buy
Net, funding: paid 7d − costs+$2as in the Funding arb table
Net, price: spread back to 7d avg − costs+$8as in the Price arb table
costs, in and out, $10k−$180.183% of the position
Long on BackpackShort on Phoenix
What this pair did over the last
the charts below follow
Funding, last 7 days+0.203%+$20 on $10k
Price spread, last 7 days+0.756%+$76 · spread now +0.102%, 7d avg −0.160%
Together, before fees+0.959%+$96 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Phoenix is 0.262% dearer against Backpack than usual: you sell high and buy low (spread +0.102% now, against its 7-day average of −0.160%): +$26 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 11 days. Mind the row above: over the last 7 days funding on this pair paid +0.203%, so the current rate has only just turned against you.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBackpack HYPE_USDC_PERP93.3870.0100pay 0.0013% / 1h34m 31s$7.2M$10.6M20x
ShortPhoenix HYPE93.4820.0017get 0.0002% / 1h34m 31s$209K$1.1M10x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Phoenix against Backpack. 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

Funding earned
−$17.42
Price spread: +0.102% → −0.160%
$26.2
Slippage, 4 orders
−$1.29
Fee Backpack: 5 bp × 2 orders
−$10
Fee Phoenix: 3.5 bp × 2 orders
−$7
Net
−$9.52
Costs to cover
0.183%
Break-even
from the start
Slippage from Backpack: live order book, 5 min ago; Phoenix: live order book, 9 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Backpack live order book, 5 min ago0.05 bp5.1 bp −$56.2 bp −$6264.8 bp −$6,481doesn't fit
Sell Phoenix live order book, 9 min ago0.05 bp3.6 bp −$46.7 bp −$67123.6 bp −$12.4Kdoesn't fit

HYPE on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Hibachi HYPE/USDT-P−0.1048%1h93.346−0.044%$198K$240K7xas long as short
Aftermath Perps HYPEUSD−0.0190%1h93.520+0.143%$22K$21K10xas long as short
Ondo Perps HYPE-USD.P−0.0088%1h93.330−0.061%$703K$1.2M10xas long as short
Hotstuff HYPE-PERP−0.0080%1h93.362−0.027%$3K$33125xas long as short
Bullet HYPE-USD−0.0075%1h93.339−0.051%$110K$580K20xas long as short
01 Exchange HYPEUSD−0.0048%1h93.405+0.019%$86K$369K20xas long as short
Bluefin HYPE-PERP−0.0035%1h93.333−0.058%$79K$155K20xas long as short
Orderly PERP_HYPE_USDC−0.0021%4h93.334−0.057%$145K$685K20xas long as short
dYdX HYPE-USD0.0000%1h93.345−0.045%$128K$28K5xas long as short
Kalshi KXHYPEPERP0.0000%8h93.442+0.059%$1.8M$5.6M2.3xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Perpl HYPE0.0000%43m93.338−0.053%$20K$289K10xas long as short
gTrade (Gains Network) HYPE/USDL +0.0002% / S −0.0001%1h93.368−0.021%$83K—150xas long as short
BingX HYPE-USDT+0.0002%4h93.368−0.020%—$53.6M—as long as short
Bybit HYPEUSDT+0.0002%8h93.370−0.018%$315.0M$287.9M75xas long as short
Derive HYPE-PERP+0.0007%1h93.302−0.091%$16.2M$7.5M10xas long as short
Phoenix HYPEshort+0.0017%1h93.482+0.102%$209K$1.1M10x
Bitget HYPEUSDT+0.0042%4h93.391+0.004%$225.0M$99.8M75xas long as short
Paradex HYPE-USD-PERP+0.0076%8h93.425+0.040%$334K$161K20xas long as short
edgeX HYPEUSDC+0.0080%4h93.460+0.079%$5.0M$30.6M30xas long as short
Arcus HYPE-USD+0.0084%1h93.364−0.025%$1.0M$4.0M10xas long as short
Popdex HYPEUSDT+0.0088%1h93.374−0.014%$80K$1.2M50xas long as short
Phemex HYPEUSDT+0.0091%8h93.382−0.005%$12.7M$2.8M50xas long as short
Lighter HYPE+0.0096%1h93.397+0.011%$16.1M$63.9M20xas long as short
Lighter RH HYPE+0.0096%1h93.395+0.009%$3.1M$11.1M20xas long as short
Katana Perps HYPE-USD+0.0100%8h93.350−0.040%$21K$1.7M10xas long as short
Nado HYPE-PERP+0.0100%1h93.382−0.006%$7.4M$50.9M10xas long as short
Hyperliquid HYPE+0.0100%1h93.464+0.082%$2.04B$681.6M10xas long as short
Aster HYPEUSDT+0.0100%4h93.378−0.009%$8.8M$37.1M300xas long as short
Pacifica HYPE+0.0100%1h93.420+0.035%$10.1M$15.4M20xas long as short
Binance HYPEUSDT+0.0100%4h93.388+0.001%$373.9M$929.7M75xas long as short
OKX HYPE-USDT-SWAP+0.0100%8h93.359−0.030%$115.3M$314.6M50xas long as short
Gate HYPE_USDT+0.0100%4h93.378−0.010%$48.4M$55.2M75xas long as short
MEXC HYPE_USDT+0.0100%4h93.3870.000%$89.3M$83.9M100xas long as short
KuCoin HYPEUSDTM+0.0100%4h93.380−0.007%$46.2M$18.7M75xas long as short
Backpack HYPE_USDC_PERPlong+0.0100%1h93.387long leg$7.2M$10.6M20x
Variational Omni HYPE+0.0100%8h93.339−0.052%$28.7M$56.3M—as long as short
GRVT HYPE_USDT_Perp+0.0100%4h93.507+0.128%$7.5M$48.3M10xas long as short
ApeX Omni HYPEUSDT+0.0100%1h93.469+0.088%$350K$1.0M50xas long as short
StandX HYPE-USD+0.0100%1h93.396+0.010%$676K$2.7M20xas long as short
Vest HYPE-PERP+0.0100%1h93.417+0.032%—$243K5xas long as short
Polymarket Perps HYPE-USD+0.0100%1h93.364−0.025%$469K$2.8M20xas long as short
SunX HYPE-USDT+0.0100%4h93.385−0.002%$32K$1.6M20xas long as short
SoDEX HYPE-USD+0.0100%1h93.344−0.046%$2.0M$1.9M10xas long as short
HTX HYPE-USDT+0.0100%4h93.504+0.125%$1.4M$6.7M75xas long as short
Bulk HYPE-USD+0.0100%1h93.507+0.129%$216K$15K10xas long as short
Extended HYPE-USD+0.0104%1h93.349−0.041%$18.2M$43.2M50xas long as short
Aevo HYPE-PERP+0.0104%1h93.384−0.003%$395K$159K20xas long as short
Coinbase International HYPE-PERP-INTX+0.0120%1h93.440+0.057%$4.7M$6.1M50xas long as short
GMX HYPE/USD [WBTC.b-USDC]L +0.0152% / S +0.0022%1h93.385−0.003%$1.4M—100xas long as short
Injective HYPE/USDC PERP+0.0205%1h93.290−0.104%$30K$339K12xas long as short
Deribit HYPE_USDC-PERPETUAL+0.0264%1h93.435+0.051%$7.4M$4.2M50xas long as short
Reya HYPERUSDPERP+0.0271%1h93.334−0.057%$77K$129K15xas long as short
BloFin HYPE-USDT+0.0340%4h93.358−0.031%$16.9M$12.2M75xas long as short
Kraken Futures PF_HYPEUSD+0.0416%1h93.416+0.031%$20.8M$29.6M50xas long as short
RISEx HYPE/USDC+0.0559%1h93.421+0.036%$3.2M$6.4M20xas long as short