Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h +0.025%

Price spread now: Phoenix against Binance+0.317%85s7-day average +0.096% · you sell dearer than you buy

Net, funding: paid 7d − costs+$5as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$240.235% of the position

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.282%+$28 on $10k

Price spread, last 7 days−0.201%−$20 · spread now +0.317%, 7d avg +0.096%

Together, before fees+0.081%+$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.221% dearer against Binance than usual: you sell high and buy low (spread +0.317% now, against its 7-day average of +0.096%): +$22 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 23 days. Mind the row above: over the last 7 days funding on this pair paid +0.282%, so the current rate has only just turned against you. The two prices were read 85 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance HYPEUSDT	93.309	0.0100	pay 0.0050% / 4h	2h 08m	$385.1M	$889.8M	75x
Short	Phoenix HYPE	93.605	0.0068	get 0.0009% / 1h	8m 03s	$216K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Binance. 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 BinancebpFee PhoenixbpOrdersPrice spread, now +0.317%Rate

Funding earned: −$6.62
Price spread: +0.317% → +0.096%: $22.13
Slippage, 4 orders: −$6.51
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$8
Costs to cover: 0.235%
Break-even: never at this rate

Slippage from Binance: live order book, 6 min ago; Phoenix: live order book, 5 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 Binance live order book, 6 min ago	0.05 bp	5.1 bp −$5	6.6 bp −$66	13.3 bp −$1,332	34.8 bp −$17.4K
Sell Phoenix live order book, 5 min ago	1.50 bp	6.3 bp −$6	12.8 bp −$128	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	−0.0896%	1h	93.344	+0.037%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0254%	1h	93.424	+0.124%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0230%	1h	93.240	−0.074%	$700K	$931K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.323	+0.015%	$90K	$356K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.296	−0.014%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0035%	1h	93.258	−0.055%	$16.4M	$7.1M	10x	as long as short
Bullet HYPE-USD	−0.0022%	1h	93.304	−0.006%	$110K	$580K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.383	+0.079%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.278	−0.034%	$23K	$334K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.340	+0.033%	$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	+0.0009%	4h	93.300	−0.010%	$8.9M	$35.8M	300x	as long as short
Bybit HYPEUSDT	+0.0029%	8h	93.310	+0.001%	$324.9M	$287.2M	75x	as long as short
Gate HYPE_USDT	+0.0030%	4h	93.299	−0.011%	$43.9M	$57.8M	75x	as long as short
Popdex HYPEUSDT	+0.0032%	1h	93.305	−0.004%	$58K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0054%	4h	93.327	+0.019%	$165K	$539K	20x	as long as short
Phoenix HYPEshort	+0.0068%	1h	93.605	+0.317%	$216K	$1.2M	10x
SoDEX HYPE-USD	+0.0090%	1h	93.304	−0.005%	$2.0M	$2.0M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.341	+0.035%	$18.6M	$59.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.333	+0.026%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.323	+0.015%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.320	+0.012%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.305	−0.005%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.390	+0.087%	$2.03B	$670.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.321	+0.013%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDTlong	+0.0100%	4h	93.309	long leg	$385.1M	$889.8M	75x
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.291	−0.019%	$114.6M	$315.0M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.284	−0.027%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.285	−0.026%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.306	−0.003%	$93.1M	$82.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.316	+0.007%	$46.1M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.321	+0.013%	$226.7M	$102.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.294	−0.016%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.334	+0.027%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.263	−0.050%	$29.1M	$50.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.311	+0.002%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.267	−0.045%	$405K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.324	+0.016%	$675K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.330	+0.022%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.341	+0.034%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.299	−0.011%	$75K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.358	+0.052%	$32K	$1.6M	20x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.343	+0.036%	$12.7M	$2.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0101%	8h	93.395	+0.092%	$1.9M	$5.2M	2.3x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.292	−0.018%	$18.3M	$41.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.311	+0.002%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0115%	4h	93.290	−0.021%	$5.1M	$29.4M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.390	+0.087%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.304	−0.005%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.910	+0.644%	$31K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0292%	4h	93.469	+0.171%	$1.5M	$7.7M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0328%	1h	93.420	+0.119%	$7.4M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.346	+0.040%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.271	−0.041%	$17.1M	$12.4M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.369	+0.064%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.430	+0.130%	$19.1M	$26.2M	50x	as long as short