Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0129%/8h= −14.1% APRpaid last 24h −0.046%

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

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

Long on Phemex Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), 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	92.841	0.0049	pay 0.0049% / 8h	3h 26m	$12.5M	$2.7M	50x
Short	Hotstuff HYPE-PERP	92.839	−0.0080	pay 0.0010% / 1h	26m 08s	$3K	$331	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now −0.002%Rate

Funding earned: −$27.13
Price spread: −0.002% → 0.000%: −$0.22
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$44.35
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 3 min ago; Hotstuff: 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	4.25 bp	19.2 bp −$19	36.6 bp −$366	doesn't fit	doesn't fit
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: 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 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	−0.1632%	1h	92.727	−0.123%	$194K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0308%	1h	92.852	+0.012%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.781	−0.065%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERPshort	−0.0080%	1h	92.839	−0.002%	$3K	$331	25x
Orderly PERP_HYPE_USDC	−0.0061%	4h	92.790	−0.055%	$145K	$681K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.906	+0.070%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.837	−0.005%	$22K	$295K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.820	−0.023%	$62K	—	150x	as long as short
Bullet HYPE-USD	+0.0003%	1h	92.781	−0.065%	$112K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	+0.0019%	1h	92.730	−0.120%	$698K	$1.1M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	+0.0026%	1h	92.917	+0.082%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.797	−0.047%	$315.5M	$282.7M	75x	as long as short
01 Exchange HYPEUSD	+0.0040%	1h	92.824	−0.018%	$86K	$363K	20x	as long as short
Phemex HYPEUSDTlong	+0.0049%	8h	92.841	long leg	$12.5M	$2.7M	50x
Bitget HYPEUSDT	+0.0052%	4h	92.799	−0.045%	$224.7M	$99.1M	75x	as long as short
Popdex HYPEUSDT	+0.0056%	1h	92.814	−0.029%	$70K	$1.1M	50x	as long as short
Gate HYPE_USDT	+0.0078%	4h	92.798	−0.046%	$45.1M	$54.3M	75x	as long as short
edgeX HYPEUSDC	+0.0089%	4h	92.855	+0.016%	$4.9M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.823	−0.019%	$16.0M	$62.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.823	−0.019%	$3.1M	$11.6M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.810	−0.033%	$34K	$1.7M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	92.850	+0.009%	$339K	$163K	20x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.832	−0.009%	$7.4M	$46.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.849	+0.009%	$2.02B	$666.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	92.808	−0.036%	$8.7M	$36.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	92.854	+0.014%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.800	−0.044%	$373.2M	$905.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.805	−0.039%	$113.8M	$303.9M	50x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.800	−0.044%	$91.3M	$81.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.803	−0.041%	$46.2M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.793	−0.052%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.841	0.000%	$7.2M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.959	+0.127%	$28.6M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.886	+0.048%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.975	+0.144%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.843	+0.002%	$668K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.872	+0.033%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.847	+0.006%	$471K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.791	−0.054%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.784	−0.062%	$16.0M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.872	+0.033%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.799	−0.045%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.950	+0.117%	$1.4M	$6.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.770	−0.076%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.765	−0.082%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.783	−0.062%	$392K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.910	+0.074%	$4.7M	$5.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0154%	8h	92.890	+0.053%	$1.8M	$5.4M	2.3x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.858	+0.019%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.790	−0.055%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0265%	1h	92.797	−0.047%	$79K	$131K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0278%	1h	92.881	+0.043%	$7.5M	$4.5M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.823	−0.019%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.846	+0.005%	$16.8M	$11.6M	75x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.880	+0.043%	$3.1M	$6.4M	20x	as long as short