Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0215%/8h= −23.5% APRpaid last 24h +0.002%

Price spread now: Phemex against Gate−0.025%7-day average +0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$610.613% of the position

Long on Gate Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.066%+$7 on $10k

Price spread, last 4 days (all we have)−0.012%−$1 · spread now −0.025%, 7d avg +0.026%

Together, before fees+0.054%+$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Phemex is 0.051% cheaper against Gate than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.026%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.066%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.066% in total (about 3.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate HYPE_USDT	95.261	−0.0070	get 0.0035% / 4h	1h 56m	$54.7M	$53.0M	75x
Short	Phemex HYPEUSDT	95.237	−0.0285	pay 0.0285% / 8h	5h 56m	$13.0M	$2.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Gate. 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 GatebpFee PhemexbpOrdersPrice spread, now −0.025%Rate

Funding earned: −$45.05
Price spread: −0.025% → +0.026%: −$5.14
Slippage, 4 orders: −$34.26
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$111.45
Costs to cover: 0.613%
Break-even: never at this rate

Slippage from Gate: 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 Gate live order book, 6 min ago	0.37 bp	10.0 bp −$10	14.5 bp −$145	29.6 bp −$2,964	53.5 bp −$26.8K
Sell Phemex live order book, 6 min ago	1.42 bp	17.6 bp −$18	37.8 bp −$378	doesn't fit	doesn't fit

HYPE on 54 exchanges

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	−0.1304%	1h	95.234	−0.029%	$213K	$261K	7x	as long as short
Phemex HYPEUSDTshort	−0.0285%	8h	95.237	−0.025%	$13.0M	$2.5M	50x
Kraken Futures PF_HYPEUSD	−0.0251%	1h	95.265	+0.004%	$18.6M	$35.2M	50x	as long as short
Bullet HYPE-USD	−0.0201%	1h	95.266	+0.006%	$114K	$582K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0138%	1h	95.229	−0.033%	$22K	$17K	10x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.262	+0.001%	$1.1M	$2.4M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0116%	1h	95.220	−0.043%	$690K	$1.3M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.191	−0.073%	$3K	$331	25x	as long as short
Gate HYPE_USDTlong	−0.0070%	4h	95.261	long leg	$54.7M	$53.0M	75x
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.260	−0.001%	$4.7M	$5.6M	50x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange HYPEUSD	−0.0048%	1h	95.280	+0.020%	$92K	$346K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0039%	4h	95.237	−0.025%	$148K	$643K	20x	as long as short
Aster HYPEUSDT	−0.0026%	4h	95.265	+0.004%	$9.0M	$32.9M	300x	as long as short
OKX HYPE-USDT-SWAP	−0.0009%	8h	95.245	−0.017%	$119.3M	$304.2M	50x	as long as short
Lighter HYPE	−0.0008%	1h	95.252	−0.009%	$16.3M	$57.4M	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	95.259	−0.002%	$129K	$94K	5x	as long as short
Perpl HYPE	0.0000%	43m	95.283	+0.023%	$24K	$254K	10x	as long as short
Deribit HYPE_USDC-PERPETUAL	0.0000%	1h	95.343	+0.086%	$7.5M	$4.3M	50x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.309	+0.050%	$100K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	95.204	−0.060%	$201K	$945K	10x	as long as short
Bitget HYPEUSDT	+0.0020%	4h	95.265	+0.004%	$228.9M	$87.0M	75x	as long as short
Bybit HYPEUSDT	+0.0034%	8h	95.273	+0.013%	$321.0M	$266.6M	75x	as long as short
Popdex HYPEUSDT	+0.0056%	1h	95.271	+0.010%	$274K	$1.0M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0074%	8h	95.266	+0.005%	$340K	$35K	20x	as long as short
Bulk HYPE-USD	+0.0074%	1h	95.269	+0.008%	$232K	$12K	10x	as long as short
Vest HYPE-PERP	+0.0075%	1h	95.332	+0.074%	—	$80K	5x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	95.110	−0.159%	$5.1M	$29.5M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.287	+0.027%	$3.3M	$9.9M	20x	as long as short
MEXC HYPE_USDT	+0.0098%	4h	95.267	+0.006%	$90.8M	$83.0M	100x	as long as short
Binance HYPEUSDT	+0.0098%	4h	95.264	+0.003%	$382.8M	$857.4M	75x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.230	−0.033%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.278	+0.018%	$7.3M	$52.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.295	+0.036%	$10.3M	$13.3M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.282	+0.022%	$48.1M	$17.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	95.281	+0.021%	—	$48.6M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.328	+0.070%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.143	−0.124%	$30.0M	$53.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.256	−0.005%	$7.7M	$39.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.191	−0.073%	$347K	$883K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.243	−0.019%	$693K	$2.8M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.298	+0.039%	$504K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	95.258	−0.003%	$79K	$136K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.345	+0.088%	$33K	$1.4M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	95.280	+0.020%	$2.1M	$373K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.379	+0.124%	$1.4M	$5.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.224	−0.039%	$18.4M	$39.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.248	−0.014%	$403K	$130K	20x	as long as short
Kalshi KXHYPEPERP	+0.0122%	8h	95.361	+0.105%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.301	+0.042%	$3.2M	$5.5M	20x	as long as short
Hyperliquid HYPE	+0.0146%	1h	95.368	+0.112%	$2.11B	$650.1M	10x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	95.228	−0.035%	$85K	$100K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	95.307	+0.049%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0339%	4h	95.279	+0.019%	$17.3M	$11.5M	75x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.400	+0.146%	$31K	$334K	12x	as long as short