Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0069%/8h= −7.5% APRpaid last 24h −0.009%

Price spread now: Phemex against Extended+0.032%7-day average +0.048% · you sell dearer than you buy

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$440.439% of the position

Long on Extended Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.025%−$2 on $10k

Price spread, last 4 days (all we have)−0.035%−$4 · spread now +0.032%, 7d avg +0.048%

Together, before fees−0.060%+ Points / potential airdropExtended: Active · farm board−$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.048%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended HYPE-USD	94.426	0.0104	pay 0.0013% / 1h	16m 35s	$18.3M	$43.1M	50x
Short	Phemex HYPEUSDT	94.457	0.0035	get 0.0035% / 8h	16m 35s	$12.9M	$2.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Extended. 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 ExtendedbpFee PhemexbpOrdersPrice spread, now +0.032%Rate

Funding earned: −$14.44
Price spread: +0.032% → +0.048%: −$1.58
Slippage, 4 orders: −$26.91
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$59.92
Costs to cover: 0.439%
Break-even: never at this rate

Slippage from Extended: live order book, 3 min ago; Phemex: live order book, 2 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 Extended live order book, 3 min ago	0.05 bp	3.1 bp −$3	6.4 bp −$64	26.6 bp −$2,656	doesn't fit
Sell Phemex live order book, 2 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	−0.1720%	1h	94.369	−0.061%	$202K	$255K	7x	as long as short
Bluefin HYPE-PERP	−0.0393%	1h	94.426	0.000%	$80K	$152K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0215%	1h	94.390	−0.039%	$712K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0199%	1h	94.473	+0.049%	$111K	$576K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0153%	1h	94.288	−0.146%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.470	+0.046%	$88K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.450	+0.025%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0061%	1h	94.393	−0.036%	$16.4M	$7.5M	10x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.446	+0.021%	$1.0M	$3.6M	10x	as long as short
Lighter HYPE	−0.0032%	1h	94.444	+0.018%	$16.4M	$64.5M	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	94.430	+0.004%	$317.4M	$289.0M	75x	as long as short
BingX HYPE-USDT	−0.0018%	4h	94.473	+0.049%	—	$52.8M	—	as long as short
Orderly PERP_HYPE_USDC	−0.0009%	4h	94.431	+0.005%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.464	+0.040%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.530	+0.110%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.117	−0.328%	$208K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.481	+0.058%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.480	+0.057%	$124K	—	150x	as long as short
Polymarket Perps HYPE-USD	+0.0012%	1h	94.478	+0.055%	$498K	$2.8M	20x	as long as short
Bitget HYPEUSDT	+0.0026%	4h	94.429	+0.003%	$226.9M	$100.1M	75x	as long as short
Phemex HYPEUSDTshort	+0.0035%	8h	94.457	+0.032%	$12.9M	$2.9M	50x
Paradex HYPE-USD-PERP	+0.0036%	8h	94.488	+0.065%	$338K	$154K	20x	as long as short
Vest HYPE-PERP	+0.0042%	1h	94.514	+0.092%	—	$190K	5x	as long as short
SoDEX HYPE-USD	+0.0052%	1h	94.456	+0.031%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.440	+0.014%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	94.440	+0.014%	$117.9M	$325.3M	50x	as long as short
edgeX HYPEUSDC	+0.0091%	4h	94.281	−0.154%	$5.0M	$30.7M	30x	as long as short
Gate HYPE_USDT	+0.0092%	4h	94.450	+0.025%	$50.2M	$56.8M	75x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.448	+0.023%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.451	+0.026%	$81K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.440	+0.014%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.455	+0.031%	$7.2M	$53.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.543	+0.123%	$2.08B	$688.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.475	+0.052%	$8.9M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.477	+0.054%	$10.2M	$15.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.454	+0.030%	$378.7M	$933.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.307	−0.127%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.449	+0.024%	$89.7M	$84.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.442	+0.017%	$46.9M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.397	−0.031%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.079	−0.368%	$29.4M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.361	−0.069%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.316	−0.117%	$370K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.453	+0.028%	$683K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.500	+0.078%	$33K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.543	+0.123%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USDlong	+0.0104%	1h	94.426	long leg	$18.3M	$43.1M	50x
Aevo HYPE-PERP	+0.0104%	1h	94.420	−0.007%	$399K	$154K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.501	+0.079%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.332%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0194%	1h	94.543	+0.123%	$7.5M	$4.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.495	+0.073%	$20.2M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.473	+0.049%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.437	+0.011%	$85K	$120K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.465	+0.041%	$17.1M	$12.4M	75x	as long as short