Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0063%/8h= −6.9% APRpaid last 24h −0.019%

Price spread now: Ondo Perps against Phemex−0.040%7-day average −0.093% · you buy dearer than you sell

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

Long on Phemex Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.123%−$12 on $10k

Price spread, last 3 days (all we have)−0.057%−$6 · spread now −0.040%, 7d avg −0.093%

Together, before fees−0.180%+ Points / potential airdropOndo Perps: Active · farm board−$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Ondo Perps is 0.052% dearer against Phemex than usual: you sell high and buy low (spread −0.040% now, against its 7-day average of −0.093%): +$5 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	93.888	−0.0098	get 0.0098% / 8h	7h 50m	$12.8M	$2.6M	50x
Short	Ondo Perps HYPE-USD.P	93.850	−0.0161	pay 0.0020% / 1h	50m 41s	$705K	$928K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now −0.040%Rate

Funding earned: −$13.2
Price spread: −0.040% → −0.093%: $5.24
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$24.96
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 3 min ago; Ondo Perps: 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	3.67 bp	20.1 bp −$20	36.8 bp −$368	doesn't fit	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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	−0.1384%	1h	93.992	+0.111%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.800	−0.094%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0301%	1h	93.952	+0.068%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.Pshort	−0.0161%	1h	93.850	−0.040%	$705K	$928K	10x
Gate HYPE_USDT	−0.0126%	4h	93.895	+0.007%	$44.4M	$59.1M	75x	as long as short
Bullet HYPE-USD	−0.0114%	1h	93.931	+0.046%	$113K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	93.892	+0.004%	$85K	$365K	20x	as long as short
dYdX HYPE-USD	−0.0102%	1h	93.917	+0.030%	$128K	$29K	5x	as long as short
Phemex HYPEUSDTlong	−0.0098%	8h	93.888	long leg	$12.8M	$2.6M	50x
Hotstuff HYPE-PERP	−0.0080%	1h	93.950	+0.066%	$3K	$331	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0060%	8h	93.882	−0.006%	$322.9M	$283.4M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0010%	4h	93.920	+0.034%	$169K	$594K	20x	as long as short
Derive HYPE-PERP	0.0000%	1h	93.867	−0.022%	$16.4M	$7.2M	10x	as long as short
Perpl HYPE	0.0000%	43m	93.937	+0.053%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.962	+0.079%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0017%	4h	93.913	+0.026%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	93.829	−0.063%	$218K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0042%	4h	93.948	+0.064%	$5.1M	$29.8M	30x	as long as short
MEXC HYPE_USDT	+0.0044%	4h	93.897	+0.010%	$88.1M	$81.9M	100x	as long as short
Binance HYPEUSDT	+0.0045%	4h	93.899	+0.011%	$383.4M	$896.7M	75x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.873	−0.016%	$60K	$1.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0082%	8h	93.885	−0.003%	$115.9M	$321.0M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.874	−0.015%	$399K	$191K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.951	+0.068%	$18.9M	$58.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.923	+0.037%	$3.0M	$12.0M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.935	+0.051%	$341K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.910	+0.023%	$39K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.890	+0.003%	$6.6M	$44.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.996	+0.115%	$2.05B	$675.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.918	+0.032%	$10.1M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.909	+0.022%	$46.5M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.908	+0.021%	$227.7M	$101.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.890	+0.002%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.916	+0.030%	$7.7M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.890	+0.003%	$31.3M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.981	+0.099%	$7.6M	$45.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.029	+0.150%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.057	+0.180%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.943	+0.059%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.936	+0.051%	$480K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.920	+0.034%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.995	+0.114%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.917	+0.031%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.944	+0.059%	$205K	$6K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.890	+0.002%	$18.4M	$42.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.990	+0.109%	$4.9M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0169%	8h	93.984	+0.102%	$1.9M	$5.1M	2.3x	as long as short
BloFin HYPE-USDT	+0.0179%	4h	93.916	+0.030%	$17.0M	$12.3M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.810	−0.083%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.963	+0.079%	$2.8M	$6.8M	20x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	93.909	+0.022%	$79K	$146K	15x	as long as short
HTX HYPE-USDT	+0.0309%	4h	94.088	+0.213%	$1.5M	$7.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0157%	1h	93.964	+0.081%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0367%	1h	94.019	+0.140%	$7.5M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0672%	1h	94.006	+0.126%	$21.0M	$29.7M	50x	as long as short