Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0138%/8h= +15.1% APRpaid last 24h −0.009%

Price spread now: Derive against Phemex−0.044%7-day average −0.042% · you buy dearer than you sell

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

Long on Phemex Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days−0.021%−$2 on $10k

Price spread, last 3 days (all we have)+0.039%+$4 · spread now −0.044%, 7d avg −0.042%

Together, before fees+0.018%+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.042%, so right now this pair is about funding alone: +$4 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	93.176	−0.0038	get 0.0038% / 8h	5h 56m	$12.6M	$2.7M	50x
Short	Derive HYPE-PERP	93.135	0.0100	get 0.0013% / 1h	56m 16s	$16.2M	$7.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now −0.044%Rate

Funding earned: $28.88
Price spread: −0.044% → −0.042%: −$0.14
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Derive: 3 bp × 2 orders: −$6
Net: $10.74
Costs to cover: 0.180%
Break-even: 4.4 days

Slippage unknown: Phemex: live order book, 3 min ago; Derive: no order-book sample. 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 Phemex live order book, 3 min ago	6.83 bp	27.6 bp −$28	50.0 bp −$500	doesn't fit	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: 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 54 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	−0.1136%	1h	93.001	−0.187%	$195K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.118	−0.062%	$1.2M	$3.8M	10x	as long as short
Bluefin HYPE-PERP	−0.0323%	1h	93.126	−0.054%	$79K	$170K	20x	as long as short
Bullet HYPE-USD	−0.0107%	1h	93.171	−0.005%	$111K	$578K	20x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	93.260	+0.090%	$85K	$346K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.220	+0.047%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0050%	4h	93.139	−0.040%	$155K	$639K	20x	as long as short
Phemex HYPEUSDTlong	−0.0038%	8h	93.176	long leg	$12.6M	$2.7M	50x
Aster HYPEUSDT	−0.0012%	4h	93.158	−0.020%	$8.8M	$35.4M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.190	+0.015%	$128K	$31K	5x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.224	+0.051%	$22K	$321K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.174	−0.003%	$25K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0006%	1h	92.990	−0.200%	$696K	$905K	10x	as long as short
BingX HYPE-USDT	+0.0008%	4h	93.159	−0.018%	—	$53.2M	—	as long as short
Bybit HYPEUSDT	+0.0015%	8h	93.145	−0.033%	$319.7M	$275.1M	75x	as long as short
Aftermath Perps HYPEUSD	+0.0017%	1h	93.247	+0.076%	$22K	$21K	10x	as long as short
Gate HYPE_USDT	+0.0028%	4h	93.207	+0.033%	$44.4M	$54.1M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.056	−0.129%	$210K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0076%	4h	93.232	+0.060%	$87.8M	$79.8M	100x	as long as short
Binance HYPEUSDT	+0.0077%	4h	93.187	+0.011%	$378.9M	$873.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0077%	8h	93.161	−0.016%	$114.5M	$300.5M	50x	as long as short
edgeX HYPEUSDC	+0.0083%	4h	93.256	+0.085%	$5.0M	$30.1M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.181	+0.006%	$16.3M	$61.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.187	+0.012%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.242	+0.071%	$68K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.301	+0.134%	$339K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.240	+0.069%	$12K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.180	+0.004%	$5.7M	$43.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.294	+0.127%	$2.04B	$659.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.206	+0.032%	$10.0M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	+0.171%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.272	+0.103%	$46.0M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.158	−0.019%	$225.4M	$96.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.982	−0.208%	$7.3M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.219	+0.046%	$31.1M	$54.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.215	+0.042%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.222	+0.049%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.114	−0.067%	$664K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.229	+0.056%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.248	+0.077%	$474K	$2.4M	20x	as long as short
Derive HYPE-PERPshort	+0.0100%	1h	93.135	−0.044%	$16.2M	$7.6M	10x
SunX HYPE-USDT	+0.0100%	4h	93.272	+0.103%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.158	−0.019%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.135	−0.044%	$18.3M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.145	−0.033%	$396K	$170K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.220	+0.047%	$4.9M	$5.4M	50x	as long as short
HTX HYPE-USDT	+0.0214%	4h	93.350	+0.187%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0256%	1h	93.204	+0.030%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0276%	8h	93.031	−0.156%	$1.9M	$4.8M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.214	+0.041%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0437%	1h	93.255	+0.085%	$7.4M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.352	+0.189%	$3.2M	$6.7M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	92.900	−0.296%	$30K	$338K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0686%	1h	93.236	+0.064%	$20.8M	$29.9M	50x	as long as short