Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0027%/8h= +3.0% APRpaid last 24h +0.003%

Price spread now: Phemex against Bitget+0.072%46s7-day average +0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as 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−$550.549% of the position

Long on Bitget Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.063%+$6 on $10k

Price spread, last 4 days (all we have)−0.068%−$7 · spread now +0.072%, 7d avg +0.026%

Together, before fees−0.005%$0 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Phemex is 0.046% dearer against Bitget than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.026%. The two prices were read 46 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	Bitget HYPEUSDT	93.176	0.0016	pay 0.0008% / 4h	2h 33m	$225.3M	$98.9M	75x
Short	Phemex HYPEUSDT	93.243	0.0043	get 0.0043% / 8h	2h 33m	$12.6M	$2.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bitget. 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 BitgetbpFee PhemexbpOrdersPrice spread, now +0.072%Rate

Funding earned: $5.69
Price spread: +0.072% → +0.026%: $4.58
Slippage, 4 orders: −$30.86
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$44.59
Costs to cover: 0.549%
Break-even: 61.9 days

Slippage from Bitget: live order book, 6 min ago; Phemex: live order book, 6 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 Bitget live order book, 6 min ago	0.27 bp	9.0 bp −$9	13.1 bp −$131	21.3 bp −$2,129	doesn't fit
Sell Phemex live order book, 6 min ago	4.78 bp	19.7 bp −$20	39.6 bp −$396	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	−0.1616%	1h	93.216	+0.043%	$196K	$234K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0362%	1h	93.332	+0.167%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.200	+0.026%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0059%	1h	93.188	+0.013%	$111K	$578K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0023%	4h	93.228	+0.056%	$146K	$662K	20x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	93.199	+0.025%	$87K	$366K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.206	+0.032%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.213	+0.040%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.217	+0.044%	$62K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	93.193	+0.018%	$1.0M	$4.0M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0013%	1h	93.090	−0.092%	$702K	$1.2M	10x	as long as short
Bitget HYPEUSDTlong	+0.0016%	4h	93.176	long leg	$225.3M	$98.9M	75x
Bybit HYPEUSDT	+0.0021%	8h	93.158	−0.019%	$316.5M	$283.2M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.263	+0.093%	$207K	$1.2M	10x	as long as short
Phemex HYPEUSDTshort	+0.0043%	8h	93.243	+0.072%	$12.6M	$2.7M	50x
Paradex HYPE-USD-PERP	+0.0094%	8h	93.216	+0.043%	$339K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	93.463	+0.308%	$5.0M	$30.0M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.179	+0.004%	$16.1M	$63.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.191	+0.016%	$3.1M	$11.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.193	+0.018%	$75K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.210	+0.036%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.168	−0.009%	$8.0M	$48.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.243	+0.072%	$2.03B	$668.9M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.249	+0.079%	$8.7M	$36.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.211	+0.038%	$10.0M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.174	−0.002%	$373.3M	$913.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.187	+0.012%	$114.2M	$309.1M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.180	+0.004%	$46.6M	$54.3M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.189	+0.014%	$89.7M	$80.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.191	+0.016%	$46.0M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.178	+0.002%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.229	+0.057%	$7.3M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.351	+0.187%	$28.6M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.365	+0.203%	$7.5M	$47.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.496	+0.343%	$343K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.342	+0.178%	$668K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.269	+0.100%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.198	+0.024%	$483K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.207	+0.033%	$79K	$165K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.196	+0.021%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.218	+0.045%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.221	+0.048%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.351	+0.188%	$1.4M	$6.5M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.344	+0.181%	$215K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.159	−0.018%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.212	+0.039%	$394K	$158K	20x	as long as short
Kalshi KXHYPEPERP	+0.0112%	8h	93.383	+0.222%	$1.8M	$5.7M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.350	+0.187%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.310	+0.144%	$4.8M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0269%	1h	93.181	+0.005%	$80K	$129K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.206	+0.033%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.516	+0.365%	$16.9M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0341%	1h	93.292	+0.125%	$20.8M	$29.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0426%	1h	93.304	+0.137%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.294	+0.127%	$3.2M	$6.3M	20x	as long as short