Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0517%/8h= +56.6% APRpaid last 24h +0.004%

Price spread now: Kraken Futures against Phemex+0.129%7-day average +0.027% · you sell dearer than you buy

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$540.536% of the position

Long on Phemex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.056%+$6 on $10k

Price spread, last 3 days (all we have)−0.094%−$9 · spread now +0.129%, 7d avg +0.027%

Together, before fees−0.038%−$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and Kraken Futures is 0.102% dearer against Phemex than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.027%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.056% in total (about 2.9% 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	94.071	0.0059	pay 0.0059% / 8h	38m 51s	$12.8M	$2.6M	50x
Short	Kraken Futures PF_HYPEUSD	94.192	0.0576	get 0.0072% / 1h	38m 51s	$21.1M	$29.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.129%Rate

Funding earned: $108.61
Price spread: +0.129% → +0.027%: $10.18
Slippage, 4 orders: −$31.65
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $65.14
Costs to cover: 0.536%
Break-even: 2.8 days

Slippage from Phemex: live order book, 5 min ago; Kraken Futures: 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	2.39 bp	16.9 bp −$17	32.8 bp −$328	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 5 min ago	1.01 bp	6.1 bp −$6	8.6 bp −$86	15.5 bp −$1,553	56.5 bp −$28.3K

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	−0.0632%	1h	94.113	+0.044%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0410%	1h	94.095	+0.025%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.976	−0.101%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.098	+0.029%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0010%	1h	94.020	−0.054%	$704K	$909K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.120	+0.052%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.061	−0.011%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.100	+0.031%	$27K	—	150x	as long as short
01 Exchange HYPEUSD	+0.0008%	1h	94.057	−0.015%	$87K	$365K	20x	as long as short
Orderly PERP_HYPE_USDC	+0.0008%	4h	94.079	+0.009%	$164K	$579K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	+0.0009%	1h	94.116	+0.048%	$215K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0021%	8h	94.053	−0.019%	$323.8M	$282.7M	75x	as long as short
Aster HYPEUSDT	+0.0037%	4h	94.063	−0.009%	$8.9M	$35.9M	300x	as long as short
Derive HYPE-PERP	+0.0052%	1h	94.024	−0.050%	$16.5M	$7.1M	10x	as long as short
Phemex HYPEUSDTlong	+0.0059%	8h	94.071	long leg	$12.8M	$2.6M	50x
MEXC HYPE_USDT	+0.0070%	4h	94.061	−0.011%	$88.8M	$81.2M	100x	as long as short
Binance HYPEUSDT	+0.0071%	4h	94.067	−0.004%	$385.1M	$891.4M	75x	as long as short
edgeX HYPEUSDC	+0.0076%	4h	94.051	−0.021%	$5.1M	$29.8M	30x	as long as short
Gate HYPE_USDT	+0.0078%	4h	94.071	0.000%	$44.6M	$58.7M	75x	as long as short
Lighter HYPE	+0.0096%	1h	94.108	+0.039%	$19.0M	$59.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.100	+0.031%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.062	−0.010%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.089	+0.019%	$400K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.087	+0.017%	$342K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.090	+0.020%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.064	−0.008%	$5.7M	$44.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.099	+0.030%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.075	+0.004%	$116.0M	$320.0M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.084	+0.014%	$47.2M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.069	−0.002%	$227.8M	$102.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.061	−0.011%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.099	+0.030%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.033	−0.040%	$31.4M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.098	+0.029%	$7.6M	$45.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.049	−0.023%	$335K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.077	+0.006%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.118	+0.050%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.106	+0.037%	$492K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	94.061	−0.011%	$112K	$579K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.084	+0.014%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.093	+0.023%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.076	+0.005%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.120	+0.052%	$205K	$7K	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.000	−0.075%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.048	−0.025%	$18.4M	$42.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0134%	8h	94.120	+0.052%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.150	+0.084%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0225%	4h	94.257	+0.198%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	94.089	+0.019%	$77K	$142K	15x	as long as short
BloFin HYPE-USDT	+0.0283%	4h	94.068	−0.003%	$17.0M	$12.6M	75x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.118	+0.050%	$2.8M	$6.9M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	94.094	+0.024%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0345%	1h	94.179	+0.115%	$7.4M	$4.6M	50x	as long as short
Hyperliquid HYPE	+0.0429%	1h	94.152	+0.086%	$2.05B	$667.1M	10x	as long as short
Kraken Futures PF_HYPEUSDshort	+0.0576%	1h	94.192	+0.129%	$21.1M	$29.2M	50x