Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h +0.022%

Price spread now: Phoenix against KuCoin−0.010%48s7-day average +0.102% · you buy dearer than you sell

Net, funding: paid 7d − costs−$8as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$350.352% of the position

Long on KuCoin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.270%+$27 on $10k

Price spread, last 7 days+0.114%+$11 · spread now −0.010%, 7d avg +0.102%

Together, before fees+0.384%+$38 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phoenix is 0.111% cheaper against KuCoin than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of +0.102%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.270%, so the current rate has only just turned against you. The two prices were read 48 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	KuCoin HYPEUSDTM	93.775	0.0100	pay 0.0050% / 4h	2h 16m	$46.4M	$18.0M	75x
Short	Phoenix HYPE	93.766	0.0060	get 0.0007% / 1h	16m 36s	$213K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against KuCoin. 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 KuCoinbpFee PhoenixbpOrdersPrice spread, now −0.010%Rate

Funding earned: −$8.41
Price spread: −0.010% → +0.102%: −$11.12
Slippage, 4 orders: −$16.18
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$54.72
Costs to cover: 0.352%
Break-even: never at this rate

Slippage from KuCoin: live order book, 2 min ago; Phoenix: 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 KuCoin live order book, 2 min ago	0.32 bp	10.6 bp −$11	19.9 bp −$199	doesn't fit	doesn't fit
Sell Phoenix live order book, 2 min ago	0.05 bp	4.7 bp −$5	8.9 bp −$89	140.3 bp −$14.0K	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	−0.1040%	1h	93.615	−0.170%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.624	−0.161%	$1.2M	$3.8M	10x	as long as short
Phemex HYPEUSDT	−0.0106%	8h	93.687	−0.094%	$12.7M	$2.7M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0084%	1h	93.779	+0.004%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.702	−0.078%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0066%	1h	93.650	−0.133%	$701K	$921K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0056%	4h	93.688	−0.093%	$156K	$646K	20x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.793	+0.019%	$85K	$349K	20x	as long as short
Backpack HYPE_USDC_PERP	−0.0031%	1h	93.664	−0.118%	$7.8M	$10.3M	20x	as long as short
Gate HYPE_USDT	−0.0006%	4h	93.735	−0.043%	$44.4M	$55.2M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0005%	4h	93.723	−0.056%	$8.8M	$35.8M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.751	−0.026%	$129K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.707	−0.073%	$22K	$325K	10x	as long as short
BingX HYPE-USDT	+0.0002%	4h	93.743	−0.034%	—	$53.6M	—	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.726	−0.053%	$26K	—	150x	as long as short
Bybit HYPEUSDT	+0.0013%	8h	93.767	−0.009%	$321.9M	$279.8M	75x	as long as short
Phoenix HYPEshort	+0.0060%	1h	93.766	−0.010%	$213K	$1.2M	10x
MEXC HYPE_USDT	+0.0066%	4h	93.719	−0.060%	$88.9M	$83.3M	100x	as long as short
Binance HYPEUSDT	+0.0070%	4h	93.782	+0.007%	$381.8M	$889.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0071%	8h	93.766	−0.010%	$115.4M	$307.7M	50x	as long as short
Bullet HYPE-USD	+0.0073%	1h	93.711	−0.068%	$111K	$577K	20x	as long as short
edgeX HYPEUSDC	+0.0085%	4h	93.690	−0.091%	$5.1M	$30.0M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.752	−0.024%	$16.4M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.772	−0.003%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.778	+0.003%	$67K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.713	−0.066%	$399K	$175K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	93.746	−0.031%	$341K	$164K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.760	−0.016%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.638	−0.146%	$5.7M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.838	+0.067%	$2.05B	$666.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.754	−0.023%	$10.1M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.760	−0.016%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTMlong	+0.0100%	4h	93.775	long leg	$46.4M	$18.0M	75x
Bitget HYPEUSDT	+0.0100%	4h	93.728	−0.050%	$227.0M	$98.2M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.748	−0.029%	$31.1M	$54.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.737	−0.041%	$7.6M	$47.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.706	−0.074%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.696	−0.084%	$669K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.723	−0.056%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.730	−0.048%	$473K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.682	−0.099%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.688	−0.093%	$16.3M	$7.7M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.728	−0.050%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.718	−0.061%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.706	−0.074%	$18.3M	$44.0M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.730	−0.048%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.610	−0.176%	$30K	$339K	12x	as long as short
HTX HYPE-USDT	+0.0195%	4h	93.862	+0.093%	$1.4M	$5.9M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.847	+0.077%	$3.2M	$7.0M	20x	as long as short
Reya HYPERUSDPERP	+0.0255%	1h	93.658	−0.125%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0280%	8h	93.777	+0.002%	$1.9M	$4.9M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0156%	1h	93.730	−0.048%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0401%	1h	93.812	+0.039%	$7.4M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0680%	1h	93.821	+0.049%	$21.0M	$29.8M	50x	as long as short