Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0083%/8h= +9.1% APRpaid last 24h −0.022%

Price spread now: Coinbase International against Phemex+0.150%7-day average −0.041% · you sell dearer than you buy

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$560.565% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.105%−$10 on $10k

Price spread, last 3 days (all we have)−0.151%−$15 · spread now +0.150%, 7d avg −0.041%

Together, before fees−0.256%−$26 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Coinbase International is 0.191% dearer against Phemex than usual: you sell high and buy low: +$19 more if the spread goes back to its 7-day average of −0.041%. Mind the row above: over the last 7 days funding on this pair cost −0.105%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	93.520	0.0093	pay 0.0093% / 8h	1h 03m	$12.7M	$2.6M	50x
Short	Coinbase International HYPE-PERP-INTX	93.660	0.0176	get 0.0022% / 1h	3m 32s	$4.9M	$5.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.150%Rate

Funding earned: $17.46
Price spread: +0.150% → −0.041%: $19.06
Slippage, 4 orders: −$34.5
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$19.99
Costs to cover: 0.565%
Break-even: 15.0 days

Slippage from Phemex: live order book, 5 min ago; Coinbase International: live order book, 5 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, 5 min ago	2.25 bp	21.5 bp −$21	36.5 bp −$365	doesn't fit	doesn't fit
Sell Coinbase International live order book, 5 min ago	0.54 bp	6.8 bp −$7	12.3 bp −$123	32.8 bp −$3,278	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	−0.0483%	1h	93.360	−0.171%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0440%	1h	93.547	+0.029%	$198K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.529	+0.010%	$1.2M	$3.9M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0126%	1h	93.560	+0.043%	$699K	$899K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.591	+0.076%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.578	+0.062%	$91K	$358K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.615	+0.101%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.604	+0.090%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.599	+0.085%	$27K	—	150x	as long as short
Popdex HYPEUSDT	+0.0008%	1h	93.563	+0.046%	$62K	$1.2M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0011%	4h	93.620	+0.106%	$8.9M	$35.7M	300x	as long as short
Orderly PERP_HYPE_USDC	+0.0016%	4h	93.584	+0.068%	$176K	$524K	20x	as long as short
Bybit HYPEUSDT	+0.0020%	8h	93.541	+0.022%	$323.8M	$281.5M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.456	−0.068%	$214K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0061%	1h	93.532	+0.013%	$16.3M	$7.0M	10x	as long as short
MEXC HYPE_USDT	+0.0062%	4h	93.600	+0.086%	$90.6M	$82.4M	100x	as long as short
Bullet HYPE-USD	+0.0064%	1h	93.564	+0.047%	$111K	$577K	20x	as long as short
Gate HYPE_USDT	+0.0064%	4h	93.594	+0.079%	$44.2M	$59.0M	75x	as long as short
edgeX HYPEUSDC	+0.0065%	4h	93.415	−0.112%	$5.1M	$29.6M	30x	as long as short
Binance HYPEUSDT	+0.0065%	4h	93.592	+0.077%	$384.1M	$884.5M	75x	as long as short
Phemex HYPEUSDTlong	+0.0093%	8h	93.520	long leg	$12.7M	$2.6M	50x
Lighter HYPE	+0.0096%	1h	93.658	+0.147%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.641	+0.129%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.579	+0.063%	$398K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.614	+0.101%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.600	+0.086%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.599	+0.085%	$5.9M	$44.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.619	+0.106%	$2.04B	$664.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.641	+0.129%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.541	+0.022%	$114.5M	$312.4M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.626	+0.113%	$47.2M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.568	+0.051%	$226.9M	$102.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.592	+0.077%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.601	+0.087%	$7.9M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.352	−0.179%	$30.8M	$51.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.460	−0.064%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.209	−0.333%	$415K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.564	+0.047%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.601	+0.086%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.590	+0.075%	$495K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.571	+0.055%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.622	+0.109%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.575	+0.059%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.280	−0.257%	$204K	$8K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.587	+0.072%	$18.3M	$41.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0120%	8h	93.583	+0.067%	$1.9M	$5.2M	2.3x	as long as short
Coinbase International HYPE-PERP-INTXshort	+0.0176%	1h	93.660	+0.150%	$4.9M	$5.7M	50x
HTX HYPE-USDT	+0.0220%	4h	93.750	+0.246%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.350	−0.182%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0242%	4h	93.400	−0.128%	$16.9M	$12.4M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	93.556	+0.039%	$77K	$155K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.644	+0.133%	$2.8M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	93.593	+0.078%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0359%	1h	93.675	+0.166%	$7.4M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0464%	1h	93.696	+0.188%	$20.9M	$28.9M	50x	as long as short