Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0212%/8h= +23.2% APRpaid last 24h +0.052%

Price spread now: Deribit against Phemex+0.106%7-day average +0.038% · you sell dearer than you buy

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$530.527% of the position

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.009%−$1 on $10k

Price spread, last 4 days (all we have)−0.070%−$7 · spread now +0.106%, 7d avg +0.038%

Together, before fees−0.079%−$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Deribit is 0.068% dearer against Phemex than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.038%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.009% in total (about -0.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	94.445	0.0035	pay 0.0035% / 8h	12m 35s	$12.9M	$2.9M	50x
Short	Deribit HYPE_USDC-PERPETUAL	94.545	0.0247	get 0.0031% / 1h	12m 35s	$7.4M	$4.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.106%Rate

Funding earned: $44.45
Price spread: +0.106% → +0.038%: $6.79
Slippage, 4 orders: −$33.72
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$1.48
Costs to cover: 0.527%
Break-even: 7.2 days

Slippage from Phemex: live order book, 6 min ago; Deribit: 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 Phemex live order book, 6 min ago	1.43 bp	19.4 bp −$19	37.7 bp −$377	doesn't fit	doesn't fit
Sell Deribit live order book, 1 min ago	2.64 bp	6.2 bp −$6	10.3 bp −$103	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	−0.1672%	1h	94.413	−0.034%	$204K	$266K	7x	as long as short
Bluefin HYPE-PERP	−0.0392%	1h	94.433	−0.013%	$80K	$151K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0215%	1h	94.390	−0.058%	$712K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0182%	1h	94.462	+0.018%	$111K	$575K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0162%	1h	94.403	−0.044%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.428	−0.018%	$88K	$365K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.442	−0.003%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0045%	1h	94.391	−0.057%	$16.4M	$7.4M	10x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.413	−0.034%	$1.0M	$3.5M	10x	as long as short
Lighter HYPE	−0.0032%	1h	94.434	−0.012%	$16.4M	$64.6M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0021%	8h	94.406	−0.041%	$317.3M	$289.0M	75x	as long as short
BingX HYPE-USDT	−0.0018%	4h	94.424	−0.022%	—	$52.8M	—	as long as short
Orderly PERP_HYPE_USDC	−0.0009%	4h	94.433	−0.013%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.464	+0.020%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.539	+0.100%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.527	+0.087%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.422	−0.025%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.481	+0.038%	$124K	—	150x	as long as short
Polymarket Perps HYPE-USD	+0.0014%	1h	94.443	−0.002%	$498K	$2.8M	20x	as long as short
Bitget HYPEUSDT	+0.0022%	4h	94.396	−0.052%	$226.6M	$100.1M	75x	as long as short
Phemex HYPEUSDTlong	+0.0035%	8h	94.445	long leg	$12.9M	$2.9M	50x
Paradex HYPE-USD-PERP	+0.0038%	8h	94.449	+0.004%	$337K	$154K	20x	as long as short
Vest HYPE-PERP	+0.0048%	1h	94.495	+0.053%	—	$190K	5x	as long as short
SoDEX HYPE-USD	+0.0056%	1h	94.458	+0.014%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.470	+0.026%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	94.406	−0.041%	$117.7M	$325.2M	50x	as long as short
edgeX HYPEUSDC	+0.0083%	4h	94.403	−0.044%	$5.0M	$30.8M	30x	as long as short
Gate HYPE_USDT	+0.0090%	4h	94.415	−0.032%	$50.3M	$56.8M	75x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.441	−0.004%	$3.2M	$10.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.416	−0.031%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.400	−0.048%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.412	−0.035%	$7.2M	$52.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.504	+0.063%	$2.08B	$688.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.429	−0.017%	$8.8M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.444	−0.001%	$10.2M	$15.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.423	−0.023%	$378.6M	$932.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.307	−0.146%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.428	−0.018%	$89.6M	$84.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.413	−0.034%	$46.9M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.431	−0.015%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.390	−0.058%	$29.6M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.449	+0.004%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.394	−0.054%	$353K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.454	+0.010%	$683K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.508	+0.067%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.560	+0.122%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.388	−0.060%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.418	−0.028%	$399K	$153K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.452	+0.008%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.312%	$31K	$340K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.496	+0.054%	$20.2M	$30.2M	50x	as long as short
Deribit HYPE_USDC-PERPETUALshort	+0.0247%	1h	94.545	+0.106%	$7.4M	$4.3M	50x
RISEx HYPE/USDC	+0.0249%	1h	94.446	+0.001%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.398	−0.050%	$83K	$122K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.436	−0.010%	$17.1M	$12.4M	75x	as long as short