Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0990%/8h= −108.5% APRpaid last 24h −0.238%

Price spread now: Hibachi against Phemex−0.251%7-day average −0.088% · you buy dearer than you sell

Net, funding: paid 7d − costs−$262as in the Funding arb table

Net, price: spread back to 7d avg − costs−$110as in the Price arb table

costs, in and out, $10k−$940.939% of the position

Long on Phemex Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days−1.676%−$168 on $10k

Price spread, last 4 days (all we have)+0.225%+$22 · spread now −0.251%, 7d avg −0.088%

Together, before fees−1.451%+ Points / potential airdropHibachi: Active · farm board−$145 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$30 a day on $10k at the current rate, and Hibachi is 0.163% cheaper against Phemex than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of −0.088%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	92.922	0.0046	pay 0.0046% / 8h	3h 43m	$12.5M	$2.7M	50x
Short	Hibachi HYPE/USDT-P	92.689	−0.0944	pay 0.0118% / 1h	43m 50s	$193K	$229K	7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi 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 HibachibpOrdersPrice spread, now −0.251%Rate

Funding earned: −$208
Price spread: −0.251% → −0.088%: −$16.34
Slippage, 4 orders: −$72.91
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$318.25
Costs to cover: 0.939%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Hibachi: live order book, 10 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	1.18 bp	15.7 bp −$16	33.0 bp −$330	doesn't fit	doesn't fit
Sell Hibachi live order book, 10 min ago	9.25 bp	13.8 bp −$14	37.0 bp −$370	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-Pshort	−0.0944%	1h	92.689	−0.251%	$193K	$229K	7x
Aftermath Perps HYPEUSD	−0.0266%	1h	92.851	−0.076%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.857	−0.070%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.870	−0.056%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0062%	4h	92.875	−0.051%	$158K	$667K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.854	−0.073%	$127K	$29K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	92.955	+0.036%	$1.8M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	92.912	−0.011%	$22K	$301K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.937	+0.016%	$62K	—	150x	as long as short
Bullet HYPE-USD	+0.0004%	1h	92.878	−0.047%	$112K	$578K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0023%	1h	92.820	−0.110%	$698K	$1.1M	10x	as long as short
Phoenix HYPE	+0.0026%	1h	92.899	−0.025%	$210K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0026%	4h	92.928	+0.006%	$44.8M	$53.9M	75x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.922	0.000%	$316.3M	$282.7M	75x	as long as short
Phemex HYPEUSDTlong	+0.0046%	8h	92.922	long leg	$12.5M	$2.7M	50x
01 Exchange HYPEUSD	+0.0056%	1h	92.936	+0.015%	$87K	$362K	20x	as long as short
Bitget HYPEUSDT	+0.0074%	4h	92.916	−0.006%	$225.1M	$99.1M	75x	as long as short
Popdex HYPEUSDT	+0.0088%	1h	92.908	−0.015%	$70K	$1.1M	50x	as long as short
Aster HYPEUSDT	+0.0090%	4h	92.924	+0.002%	$8.7M	$36.1M	300x	as long as short
Lighter HYPE	+0.0096%	1h	92.928	+0.007%	$16.1M	$62.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.935	+0.014%	$3.1M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	92.890	−0.035%	$339K	$163K	20x	as long as short
edgeX HYPEUSDC	+0.0099%	4h	92.872	−0.054%	$4.9M	$29.6M	30x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.910	−0.013%	$39K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.853	−0.074%	$7.4M	$45.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.966	+0.047%	$2.03B	$665.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.895	−0.029%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.953	+0.033%	$373.8M	$904.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.934	+0.013%	$113.9M	$304.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.942	+0.021%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.928	+0.006%	$87.3M	$80.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.930	+0.009%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.921	−0.001%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.934	+0.013%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.879	−0.047%	$28.6M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.944	+0.024%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.852	−0.075%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.859	−0.068%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.941	+0.020%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.928	+0.006%	$468K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.884	−0.041%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.876	−0.050%	$16.0M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.919	−0.003%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.914	−0.009%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.898	−0.026%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.921	−0.001%	$393K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.950	+0.030%	$4.7M	$5.6M	50x	as long as short
HTX HYPE-USDT	+0.0169%	4h	93.057	+0.145%	$1.4M	$6.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.980	+0.063%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.740	−0.196%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0264%	1h	92.905	−0.019%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.914	−0.008%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.796	−0.136%	$16.7M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0406%	1h	93.004	+0.088%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.957	+0.037%	$3.1M	$6.4M	20x	as long as short