Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h −0.005%

Price spread now: Bullet against Phemex−0.009%7-day average −0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$530.531% of the position

Long on Phemex Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.007%−$1 on $10k

Price spread, last 4 days (all we have)+0.069%+$7 · spread now −0.009%, 7d avg −0.002%

Together, before fees+0.062%+$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.002%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	92.910	0.0040	pay 0.0040% / 8h	3h 47m	$12.5M	$2.7M	50x
Short	Bullet HYPE-USD	92.901	0.0072	get 0.0009% / 1h	47m 57s	$112K	$578K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against Phemex. 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 PhemexbpFee BulletbpOrdersPrice spread, now −0.009%Rate

Funding earned: $6.76
Price spread: −0.009% → −0.002%: −$0.68
Slippage, 4 orders: −$33.12
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$47.05
Costs to cover: 0.531%
Break-even: 55.7 days

Slippage from Phemex: live order book, 6 min ago; Bullet: live order book, 6 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 Phemex live order book, 6 min ago	3.55 bp	20.7 bp −$21	35.4 bp −$354	doesn't fit	doesn't fit
Sell Bullet live order book, 6 min ago	0.05 bp	5.5 bp −$6	9.6 bp −$96	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	−0.0728%	1h	92.719	−0.205%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0266%	1h	92.926	+0.017%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.905	−0.005%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.925	+0.016%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0062%	4h	92.870	−0.043%	$157K	$660K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.948	+0.041%	$127K	$29K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.006	+0.103%	$1.8M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	92.980	+0.076%	$22K	$301K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.936	+0.028%	$62K	—	150x	as long as short
Phoenix HYPE	+0.0026%	1h	93.032	+0.131%	$210K	$1.2M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0035%	8h	92.901	−0.010%	$316.2M	$282.2M	75x	as long as short
Phemex HYPEUSDTlong	+0.0040%	8h	92.910	long leg	$12.5M	$2.7M	50x
Ondo Perps HYPE-USD.P	+0.0054%	1h	92.920	+0.011%	$699K	$1.1M	10x	as long as short
01 Exchange HYPEUSD	+0.0056%	1h	92.971	+0.066%	$87K	$362K	20x	as long as short
Bullet HYPE-USDshort	+0.0072%	1h	92.901	−0.009%	$112K	$578K	20x
Bitget HYPEUSDT	+0.0078%	4h	92.924	+0.015%	$225.1M	$99.0M	75x	as long as short
edgeX HYPEUSDC	+0.0086%	4h	92.935	+0.027%	$4.9M	$29.6M	30x	as long as short
Aster HYPEUSDT	+0.0087%	4h	92.924	+0.015%	$8.7M	$36.2M	300x	as long as short
Lighter HYPE	+0.0096%	1h	92.944	+0.036%	$16.1M	$62.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.935	+0.027%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.939	+0.031%	$70K	$1.1M	50x	as long as short
Gate HYPE_USDT	+0.0096%	4h	92.925	+0.016%	$44.7M	$53.8M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.016	+0.114%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.920	+0.011%	$39K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.984	+0.080%	$7.4M	$45.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.962	+0.056%	$2.03B	$665.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.009	+0.107%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.932	+0.024%	$373.7M	$904.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.928	+0.019%	$113.9M	$304.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.942	+0.034%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.920	+0.011%	$87.4M	$80.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.923	+0.014%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.913	+0.003%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.921	+0.012%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.989	+0.085%	$28.6M	$57.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.015	+0.113%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.928	+0.019%	$351K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.904	−0.006%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.984	+0.079%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.980	+0.075%	$469K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.876	−0.037%	$79K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.886	−0.025%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.997	+0.094%	$31K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.907	−0.003%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.897	−0.014%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.912	+0.002%	$393K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.970	+0.065%	$4.7M	$5.6M	50x	as long as short
HTX HYPE-USDT	+0.0179%	4h	93.116	+0.222%	$1.4M	$6.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.978	+0.073%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.150	+0.258%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0264%	1h	92.927	+0.018%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.926	+0.017%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.915	+0.005%	$16.7M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0363%	1h	93.002	+0.099%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	93.007	+0.104%	$3.2M	$6.4M	20x	as long as short