Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0148%/8h= −16.2% APRpaid last 24h −0.052%

Price spread now: Phemex against Deribit−0.111%7-day average −0.038% · you buy dearer than you sell

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$530.527% of the position

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.009%+$1 on $10k

Price spread, last 4 days (all we have)+0.075%+$8 · spread now −0.111%, 7d avg −0.038%

Together, before fees+0.084%+$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Phemex is 0.073% cheaper against Deribit than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.038%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit HYPE_USDC-PERPETUAL	94.553	0.0184	pay 0.0023% / 1h	13m 28s	$7.4M	$4.3M	50x
Short	Phemex HYPEUSDT	94.448	0.0036	get 0.0036% / 8h	13m 28s	$12.9M	$2.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Deribit. 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 DeribitbpFee PhemexbpOrdersPrice spread, now −0.111%Rate

Funding earned: −$31.1
Price spread: −0.111% → −0.038%: −$7.31
Slippage, 4 orders: −$33.72
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$91.13
Costs to cover: 0.527%
Break-even: never at this rate

Slippage from Deribit: live order book, 1 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 Deribit live order book, 1 min ago	2.64 bp	8.2 bp −$8	12.2 bp −$122	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	1.43 bp	18.9 bp −$19	35.6 bp −$356	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	−0.1672%	1h	94.413	−0.148%	$204K	$266K	7x	as long as short
Bluefin HYPE-PERP	−0.0392%	1h	94.433	−0.127%	$80K	$151K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0214%	1h	94.390	−0.172%	$712K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0182%	1h	94.462	−0.097%	$111K	$575K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0162%	1h	94.403	−0.159%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.470	−0.088%	$88K	$365K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.424	−0.136%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0048%	1h	94.403	−0.159%	$16.4M	$7.4M	10x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.435	−0.125%	$1.0M	$3.6M	10x	as long as short
Lighter HYPE	−0.0032%	1h	94.442	−0.117%	$16.4M	$64.6M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0019%	8h	94.450	−0.109%	$317.4M	$288.9M	75x	as long as short
BingX HYPE-USDT	−0.0018%	4h	94.450	−0.109%	—	$52.8M	—	as long as short
Orderly PERP_HYPE_USDC	−0.0009%	4h	94.433	−0.127%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.464	−0.094%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.538	−0.016%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.527	−0.027%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.464	−0.094%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.481	−0.076%	$124K	—	150x	as long as short
Polymarket Perps HYPE-USD	+0.0014%	1h	94.475	−0.082%	$498K	$2.8M	20x	as long as short
Bitget HYPEUSDT	+0.0024%	4h	94.425	−0.135%	$226.8M	$100.2M	75x	as long as short
Phemex HYPEUSDTshort	+0.0036%	8h	94.448	−0.111%	$12.9M	$2.9M	50x
Paradex HYPE-USD-PERP	+0.0037%	8h	94.486	−0.071%	$338K	$154K	20x	as long as short
Vest HYPE-PERP	+0.0046%	1h	94.519	−0.036%	—	$190K	5x	as long as short
SoDEX HYPE-USD	+0.0055%	1h	94.472	−0.086%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.470	−0.088%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	94.451	−0.108%	$117.8M	$325.7M	50x	as long as short
edgeX HYPEUSDC	+0.0083%	4h	94.403	−0.158%	$5.0M	$30.8M	30x	as long as short
Gate HYPE_USDT	+0.0092%	4h	94.438	−0.122%	$50.3M	$56.8M	75x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.448	−0.111%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.446	−0.113%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.440	−0.120%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.434	−0.125%	$7.2M	$52.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.534	−0.020%	$2.08B	$688.2M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.459	−0.099%	$8.9M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.469	−0.089%	$10.2M	$15.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.457	−0.102%	$378.7M	$933.0M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.307	−0.260%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.456	−0.103%	$89.8M	$84.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.439	−0.121%	$46.9M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.438	−0.122%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.390	−0.172%	$29.6M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.449	−0.110%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.394	−0.168%	$353K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.412	−0.149%	$682K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.540	−0.014%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.574	+0.022%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.414	−0.147%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.472	−0.085%	$399K	$153K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.452	−0.107%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0184%	1h	94.553	long leg	$7.4M	$4.3M	50x
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.198%	$31K	$340K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.510	−0.046%	$20.2M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.472	−0.085%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.435	−0.125%	$83K	$122K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.400	−0.162%	$17.1M	$12.4M	75x	as long as short