Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0066%/8h= −7.2% APRpaid last 24h +0.041%

Price spread now: Phoenix against OKX+0.068%116s7-day average +0.117% · you sell dearer than you buy

Net, funding: paid 7d − costs+$11as 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−$220.220% of the position

Long on OKX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.333%+$33 on $10k

Price spread, last 7 days+0.050%+$5 · spread now +0.068%, 7d avg +0.117%

Together, before fees+0.383%+$38 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phoenix is 0.049% cheaper against OKX than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.117%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.333%, so the current rate has only just turned against you. The two prices were read 116 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	OKX HYPE-USDT-SWAP	93.243	0.0100	pay 0.0100% / 8h	1h 07m	$114.0M	$312.2M	50x
Short	Phoenix HYPE	93.306	0.0034	get 0.0004% / 1h	7m 34s	$214K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against OKX. 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 OKXbpFee PhoenixbpOrdersPrice spread, now +0.068%Rate

Funding earned: −$13.8
Price spread: +0.068% → +0.117%: −$4.94
Slippage, 4 orders: −$5.04
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$40.78
Costs to cover: 0.220%
Break-even: never at this rate

Slippage from OKX: live order book, 2 min ago; Phoenix: live order book, 1 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 OKX live order book, 2 min ago	0.05 bp	5.1 bp −$5	8.3 bp −$83	17.0 bp −$1,702	doesn't fit
Sell Phoenix live order book, 1 min ago	0.96 bp	5.4 bp −$5	9.5 bp −$95	118.2 bp −$11.8K	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
Aftermath Perps HYPEUSD	−0.0466%	1h	93.232	−0.011%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0400%	1h	93.275	+0.034%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.134	−0.117%	$1.2M	$3.9M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0130%	1h	93.160	−0.089%	$699K	$895K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.192	−0.055%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.269	+0.028%	$90K	$358K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.227	−0.017%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.247	+0.004%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.264	+0.023%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0003%	4h	93.205	−0.041%	$8.9M	$35.7M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex HYPEUSDT	+0.0008%	1h	93.241	−0.002%	$58K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0017%	4h	93.247	+0.004%	$176K	$524K	20x	as long as short
Bybit HYPEUSDT	+0.0020%	8h	93.240	−0.003%	$322.8M	$282.1M	75x	as long as short
Phoenix HYPEshort	+0.0034%	1h	93.306	+0.068%	$214K	$1.2M	10x
Bullet HYPE-USD	+0.0047%	1h	93.232	−0.012%	$111K	$577K	20x	as long as short
Derive HYPE-PERP	+0.0050%	1h	93.190	−0.057%	$16.3M	$7.0M	10x	as long as short
Gate HYPE_USDT	+0.0058%	4h	93.178	−0.070%	$44.0M	$58.8M	75x	as long as short
MEXC HYPE_USDT	+0.0060%	4h	93.184	−0.063%	$90.0M	$82.3M	100x	as long as short
Binance HYPEUSDT	+0.0061%	4h	93.246	+0.003%	$382.8M	$886.7M	75x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.250	+0.008%	$5.1M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.246	+0.003%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.235	−0.009%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.229	−0.015%	$397K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.192	−0.055%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.260	+0.018%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.288	+0.049%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.260	+0.018%	$2.03B	$661.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.221	−0.024%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAPlong	+0.0100%	8h	93.243	long leg	$114.0M	$312.2M	50x
KuCoin HYPEUSDTM	+0.0100%	4h	93.229	−0.015%	$47.0M	$18.5M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.238	−0.005%	$226.1M	$102.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.179	−0.069%	—	$53.7M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.258	+0.016%	$7.8M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.212	−0.033%	$30.8M	$51.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.317	+0.080%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.303	+0.064%	$415K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.273	+0.032%	$675K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.283	+0.043%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.259	+0.017%	$493K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.257	+0.015%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.281	+0.041%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.230	−0.014%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.288	+0.048%	$12.7M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.280	+0.040%	$204K	$8K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.146	−0.104%	$18.2M	$41.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0118%	8h	93.365	+0.131%	$1.9M	$5.2M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.260	+0.018%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0220%	4h	93.396	+0.164%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.530	+0.308%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.236	−0.007%	$77K	$159K	15x	as long as short
BloFin HYPE-USDT	+0.0250%	4h	93.270	+0.029%	$16.9M	$12.4M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.288	+0.048%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.260	+0.019%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0361%	1h	93.326	+0.089%	$7.4M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.341	+0.106%	$20.9M	$28.9M	50x	as long as short