Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0043%/8h= +4.8% APRpaid last 24h +0.043%

Price spread now: Phemex against Orderly−0.010%53s7-day average +0.016% · you buy dearer than you sell

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

Long on Orderly Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.165%+$16 on $10k

Price spread, last 4 days (all we have)−0.016%−$2 · spread now −0.010%, 7d avg +0.016%

Together, before fees+0.148%+$15 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.026% cheaper against Orderly than usual: you would sell low and buy high (spread −0.010% now, against its 7-day average of +0.016%). If the spread goes back, that is −$3 on $10k: about 48 hours of funding at the current rate (+$1 a day). The two prices were read 53 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	Orderly PERP_HYPE_USDC	94.385	−0.0008	get 0.0004% / 4h	11m 29s	$147K	$686K	20x
Short	Phemex HYPEUSDT	94.376	0.0035	get 0.0035% / 8h	11m 29s	$12.9M	$2.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Orderly. 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 OrderlybpFee PhemexbpOrdersPrice spread, now −0.010%Rate

Funding earned: $9.11
Price spread: −0.010% → +0.016%: −$2.6
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$11.49
Costs to cover: 0.180%
Break-even: 15.8 days

Slippage unknown: Orderly: no order-book sample; Phemex: live order book, 3 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 Orderly no order-book sample	—	—	—	—	—
Sell Phemex live order book, 3 min ago	4.29 bp	19.2 bp −$19	33.6 bp −$336	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1656%	1h	94.413	+0.030%	$204K	$266K	7x	as long as short
Bluefin HYPE-PERP	−0.0393%	1h	94.351	−0.036%	$80K	$151K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0204%	1h	94.380	−0.005%	$711K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0186%	1h	94.400	+0.016%	$112K	$575K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0166%	1h	94.427	+0.044%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.435	+0.053%	$88K	$365K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.408	+0.024%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.396	+0.012%	$1.0M	$3.5M	10x	as long as short
Derive HYPE-PERP	−0.0036%	1h	94.320	−0.069%	$16.4M	$7.4M	10x	as long as short
BingX HYPE-USDT	−0.0020%	4h	94.391	+0.006%	—	$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	−0.0020%	8h	94.400	+0.016%	$317.3M	$288.4M	75x	as long as short
Lighter HYPE	−0.0016%	1h	94.424	+0.041%	$16.4M	$64.6M	20x	as long as short
Orderly PERP_HYPE_USDClong	−0.0008%	4h	94.385	long leg	$147K	$686K	20x
dYdX HYPE-USD	0.0000%	1h	94.388	+0.003%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.507	+0.129%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.527	+0.150%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.422	+0.039%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.430	+0.048%	$124K	—	150x	as long as short
Polymarket Perps HYPE-USD	+0.0015%	1h	94.427	+0.044%	$498K	$2.8M	20x	as long as short
Bitget HYPEUSDT	+0.0022%	4h	94.383	−0.002%	$226.6M	$100.1M	75x	as long as short
Phemex HYPEUSDTshort	+0.0035%	8h	94.376	−0.010%	$12.9M	$2.9M	50x
Paradex HYPE-USD-PERP	+0.0038%	8h	94.445	+0.064%	$337K	$154K	20x	as long as short
Vest HYPE-PERP	+0.0051%	1h	94.472	+0.092%	—	$190K	5x	as long as short
SoDEX HYPE-USD	+0.0054%	1h	94.375	−0.011%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.420	+0.037%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0065%	8h	94.400	+0.016%	$117.8M	$325.0M	50x	as long as short
edgeX HYPEUSDC	+0.0083%	4h	94.403	+0.019%	$5.0M	$30.8M	30x	as long as short
Gate HYPE_USDT	+0.0092%	4h	94.387	+0.002%	$50.3M	$56.8M	75x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.418	+0.035%	$3.2M	$10.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.415	+0.032%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.400	+0.016%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.415	+0.031%	$7.2M	$52.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.492	+0.113%	$2.08B	$688.9M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.398	+0.014%	$8.8M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.446	+0.065%	$10.2M	$15.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.402	+0.018%	$378.5M	$932.5M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.307	−0.083%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.404	+0.020%	$89.6M	$84.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.405	+0.021%	$46.9M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.344	−0.043%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.390	+0.006%	$29.6M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.478	+0.098%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.458	+0.077%	$350K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.428	+0.046%	$683K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.493	+0.114%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.512	+0.135%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.392	+0.007%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.364	−0.022%	$399K	$153K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.434	+0.052%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.376%	$31K	$340K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.408	+0.025%	$20.2M	$30.2M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0237%	1h	94.467	+0.087%	$7.4M	$4.3M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.447	+0.066%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.386	+0.001%	$83K	$122K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.436	+0.054%	$17.1M	$12.4M	75x	as long as short