Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0150%/8h= −16.4% APRpaid last 24h −0.072%

Price spread now: Phemex against Injective−0.368%65s7-day average −0.148% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−2.160%−$216 on $10k

Price spread, last 4 days (all we have)+0.552%+$55 · spread now −0.368%, 7d avg −0.148%

Together, before fees−1.608%−$161 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 0.221% cheaper against Injective than usual: you would sell low and buy high (−$22 if the spread goes back to its 7-day average of −0.148%). Swap the legs. The two prices were read 65 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	Injective HYPE/USDC PERP	94.740	0.0185	pay 0.0023% / 1h	8m 02s	$31K	$340K	12x
Short	Phemex HYPEUSDT	94.391	0.0036	get 0.0036% / 8h	8m 02s	$12.9M	$2.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpFee PhemexbpOrdersPrice spread, now −0.368%Rate

Funding earned: −$31.43
Price spread: −0.368% → −0.148%: −$22.09
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$65.53
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Injective: live order book, 31 min ago; Phemex: live order book, 6 min ago. Net counts fees only.

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 Injective live order book, 31 min ago	24.33 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	4.29 bp	19.2 bp −$19	33.6 bp −$336	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	−0.1608%	1h	94.433	−0.324%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0389%	1h	94.422	−0.336%	$80K	$152K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0201%	1h	94.380	−0.380%	$711K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0198%	1h	94.436	−0.321%	$112K	$575K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0186%	1h	94.443	−0.313%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.471	−0.284%	$88K	$365K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.394	−0.365%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.422	−0.336%	$1.0M	$3.5M	10x	as long as short
Derive HYPE-PERP	−0.0027%	1h	94.383	−0.377%	$16.4M	$7.3M	10x	as long as short
BingX HYPE-USDT	−0.0020%	4h	94.431	−0.326%	—	$52.8M	—	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	94.389	−0.370%	$317.3M	$288.4M	75x	as long as short
Lighter HYPE	−0.0008%	1h	94.428	−0.329%	$16.4M	$64.7M	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0007%	4h	94.416	−0.342%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.466	−0.289%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.520	−0.232%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.468	−0.287%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.447	−0.309%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.463	−0.292%	$124K	—	150x	as long as short
Bitget HYPEUSDT	+0.0020%	4h	94.386	−0.374%	$226.7M	$100.2M	75x	as long as short
Polymarket Perps HYPE-USD	+0.0020%	1h	94.458	−0.298%	$498K	$2.8M	20x	as long as short
Phemex HYPEUSDTshort	+0.0036%	8h	94.391	−0.368%	$12.9M	$2.9M	50x
Paradex HYPE-USD-PERP	+0.0041%	8h	94.479	−0.276%	$338K	$154K	20x	as long as short
SoDEX HYPE-USD	+0.0054%	1h	94.437	−0.320%	$2.1M	$1.9M	10x	as long as short
Vest HYPE-PERP	+0.0063%	1h	94.500	−0.253%	—	$190K	5x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.430	−0.327%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	94.391	−0.368%	$117.8M	$325.0M	50x	as long as short
Gate HYPE_USDT	+0.0090%	4h	94.419	−0.339%	$50.4M	$56.9M	75x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	94.392	−0.367%	$5.0M	$30.6M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.432	−0.325%	$3.2M	$10.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.438	−0.319%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.430	−0.327%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.441	−0.315%	$7.2M	$52.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.503	−0.250%	$2.08B	$687.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.432	−0.325%	$8.8M	$36.8M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.472	−0.283%	$10.2M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.411	−0.347%	$378.6M	$932.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.428	−0.330%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.430	−0.327%	$89.5M	$84.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.424	−0.334%	$46.9M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.383	−0.377%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.383	−0.377%	$29.7M	$54.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.416	−0.342%	$7.6M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.371	−0.389%	$350K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.419	−0.339%	$683K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.464	−0.291%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.552	−0.198%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.376	−0.384%	$18.3M	$43.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.407	−0.351%	$399K	$153K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.482	−0.272%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERPlong	+0.0185%	1h	94.740	long leg	$31K	$340K	12x
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.476	−0.279%	$20.2M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.470	−0.285%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.403	−0.355%	$83K	$121K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0279%	1h	94.532	−0.220%	$7.5M	$4.3M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.399	−0.360%	$17.1M	$12.4M	75x	as long as short