Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0213%/8h= −23.4% APRpaid last 24h −0.047%

Price spread now: Phemex against HTX−0.136%7-day average −0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs−$70as in the Funding arb table

Net, price: spread back to 7d avg − costs−$75as in the Price arb table

costs, in and out, $10k−$650.654% of the position

Long on HTX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.049%−$5 on $10k

Price spread, last 3 days (all we have)+0.147%+$15 · spread now −0.136%, 7d avg −0.035%

Together, before fees+0.098%+$10 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 0.101% cheaper against HTX than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.035%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.049% in total (about -2.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX HYPE-USDT	93.167	0.0211	pay 0.0106% / 4h	1h 54m	$1.4M	$5.9M	75x
Short	Phemex HYPEUSDT	93.040	−0.0002	pay 0.0002% / 8h	5h 54m	$12.6M	$2.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against HTX. 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 HTXbpFee PhemexbpOrdersPrice spread, now −0.136%Rate

Funding earned: −$44.82
Price spread: −0.136% → −0.035%: −$10.14
Slippage, 4 orders: −$41.35
Fee HTX: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$120.31
Costs to cover: 0.654%
Break-even: never at this rate

Slippage from HTX: live order book, 4 min ago; Phemex: live order book, 4 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 HTX live order book, 4 min ago	0.75 bp	11.3 bp −$11	14.1 bp −$141	52.5 bp −$5,246	doesn't fit
Sell Phemex live order book, 4 min ago	6.83 bp	17.0 bp −$17	33.3 bp −$333	doesn't fit	doesn't fit

HYPE on 54 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	−0.1144%	1h	93.108	−0.064%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	92.891	−0.296%	$1.2M	$3.8M	10x	as long as short
Bluefin HYPE-PERP	−0.0329%	1h	92.965	−0.217%	$79K	$170K	20x	as long as short
ApeX Omni HYPEUSDT	−0.0172%	1h	93.008	−0.171%	$336K	$1.0M	50x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	93.000	−0.179%	$84K	$346K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.041	−0.135%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0051%	4h	92.984	−0.196%	$155K	$639K	20x	as long as short
Bullet HYPE-USD	−0.0045%	1h	93.012	−0.166%	$111K	$578K	20x	as long as short
Aster HYPEUSDT	−0.0004%	4h	93.044	−0.132%	$8.8M	$35.4M	300x	as long as short
Phemex HYPEUSDTshort	−0.0002%	8h	93.040	−0.136%	$12.6M	$2.7M	50x

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	93.063	−0.112%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.011	−0.168%	$22K	$321K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.020	−0.157%	$25K	—	150x	as long as short
BingX HYPE-USDT	+0.0008%	4h	93.084	−0.089%	—	$53.2M	—	as long as short
Aftermath Perps HYPEUSD	+0.0017%	1h	93.219	+0.055%	$22K	$21K	10x	as long as short
Bybit HYPEUSDT	+0.0017%	8h	93.060	−0.115%	$320.4M	$275.8M	75x	as long as short
Gate HYPE_USDT	+0.0030%	4h	93.084	−0.089%	$44.4M	$54.2M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0034%	1h	93.000	−0.179%	$696K	$906K	10x	as long as short
Phoenix HYPE	+0.0060%	1h	93.056	−0.119%	$210K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0076%	4h	93.090	−0.083%	$87.6M	$79.8M	100x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	93.061	−0.114%	$114.3M	$300.2M	50x	as long as short
Binance HYPEUSDT	+0.0077%	4h	93.083	−0.090%	$378.5M	$873.1M	75x	as long as short
edgeX HYPEUSDC	+0.0091%	4h	92.963	−0.219%	$5.0M	$29.7M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.064	−0.111%	$16.3M	$61.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.030	−0.147%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.986	−0.194%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.041	−0.135%	$338K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.990	−0.190%	$38K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.022	−0.156%	$5.7M	$43.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.145	−0.024%	$2.03B	$659.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.035	−0.142%	$10.0M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.070	−0.104%	$46.0M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.061	−0.114%	$225.2M	$96.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.044	−0.132%	$7.3M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.170	+0.003%	$31.0M	$54.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.978	−0.203%	$7.5M	$46.3M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.240	+0.078%	$665K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.069	−0.105%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.011	−0.167%	$473K	$2.4M	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.962	−0.220%	$16.1M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.110	−0.061%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.000	−0.179%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.998	−0.182%	$202K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.051	−0.124%	$18.3M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.996	−0.183%	$396K	$170K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.070	−0.104%	$4.9M	$5.4M	50x	as long as short
HTX HYPE-USDTlong	+0.0211%	4h	93.167	long leg	$1.4M	$5.9M	75x
Reya HYPERUSDPERP	+0.0256%	1h	92.984	−0.197%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0273%	8h	93.088	−0.085%	$1.9M	$4.8M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0287%	1h	93.079	−0.094%	$7.4M	$4.4M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.028	−0.149%	$1.4M	—	100x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.090	−0.083%	$3.2M	$6.7M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	92.930	−0.254%	$30K	$338K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0687%	1h	93.071	−0.103%	$20.7M	$30.0M	50x	as long as short