Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h +0.007%

Price spread now: SoDEX against Phemex+0.022%7-day average −0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$580.576% of the position

Long on Phemex Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.010%+$1 on $10k

Price spread, last 4 days (all we have)−0.016%−$2 · spread now +0.022%, 7d avg −0.010%

Together, before fees−0.007%−$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and SoDEX is 0.033% dearer against Phemex than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.010%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	94.143	0.0060	pay 0.0060% / 8h	58m 05s	$12.8M	$2.9M	50x
Short	SoDEX HYPE-USD	94.164	0.0100	get 0.0013% / 1h	58m 05s	$2.0M	$1.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now +0.022%Rate

Funding earned: $8.41
Price spread: +0.022% → −0.010%: $3.26
Slippage, 4 orders: −$37.55
Fee Phemex: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$45.88
Costs to cover: 0.576%
Break-even: 45.2 days

Slippage from Phemex: live order book, 6 min ago; SoDEX: live order book, 1 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, 6 min ago	5.36 bp	23.2 bp −$23	36.6 bp −$366	doesn't fit	doesn't fit
Sell SoDEX live order book, 1 min ago	0.16 bp	7.1 bp −$7	12.4 bp −$124	97.8 bp −$9,778	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-P	−0.1096%	1h	94.080	−0.066%	$201K	$235K	7x	as long as short
Bluefin HYPE-PERP	−0.0467%	1h	94.128	−0.016%	$79K	$155K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0341%	1h	94.090	−0.056%	$709K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0326%	1h	94.152	+0.010%	$111K	$576K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0169%	1h	94.212	+0.074%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0144%	1h	94.154	+0.012%	$87K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.103	−0.042%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.128	−0.016%	$1.0M	$3.5M	10x	as long as short
Bybit HYPEUSDT	−0.0011%	8h	94.133	−0.011%	$317.1M	$289.7M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0008%	4h	94.131	−0.013%	$146K	$685K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	−0.0006%	4h	94.147	+0.004%	—	$53.5M	—	as long as short
dYdX HYPE-USD	0.0000%	1h	94.176	+0.035%	$129K	$26K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.212	+0.073%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.157	+0.015%	$19K	$287K	10x	as long as short
Derive HYPE-PERP	+0.0001%	1h	94.110	−0.035%	$16.4M	$7.5M	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.195	+0.055%	$117K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	94.254	+0.118%	$208K	$1.1M	10x	as long as short
Lighter HYPE	+0.0032%	1h	94.160	+0.018%	$16.3M	$63.8M	20x	as long as short
Bitget HYPEUSDT	+0.0042%	4h	94.148	+0.005%	$226.5M	$100.0M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0059%	8h	94.139	−0.004%	$336K	$156K	20x	as long as short
Phemex HYPEUSDTlong	+0.0060%	8h	94.143	long leg	$12.8M	$2.9M	50x
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.210	+0.071%	$4.7M	$6.2M	50x	as long as short
edgeX HYPEUSDC	+0.0082%	4h	94.140	−0.003%	$5.0M	$30.8M	30x	as long as short
Polymarket Perps HYPE-USD	+0.0088%	1h	94.156	+0.014%	$495K	$2.8M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0089%	8h	94.158	+0.016%	$117.4M	$322.5M	50x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.163	+0.021%	$3.2M	$10.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.143	0.000%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.180	+0.039%	$14K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.139	−0.004%	$7.3M	$50.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.247	+0.110%	$2.07B	$689.2M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.167	+0.025%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.143	0.000%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.159	+0.017%	$376.8M	$932.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.065	−0.083%	$217K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.148	+0.005%	$49.5M	$55.9M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.154	+0.012%	$90.8M	$81.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.153	+0.011%	$46.9M	$18.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.143	0.000%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.059	−0.090%	$29.1M	$55.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.167	+0.025%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.120	−0.024%	$362K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.157	+0.015%	$681K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.182	+0.041%	—	$243K	5x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.216	+0.078%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USDshort	+0.0100%	1h	94.164	+0.022%	$2.0M	$1.9M	10x
HTX HYPE-USDT	+0.0100%	4h	94.307	+0.174%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.137	−0.006%	$18.3M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.158	+0.016%	$398K	$159K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0021%	1h	94.194	+0.054%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.550	+0.432%	$31K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.224	+0.086%	$20.2M	$30.3M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.174	+0.033%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.125	−0.019%	$82K	$134K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0281%	1h	94.260	+0.124%	$7.4M	$4.3M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.136	−0.007%	$17.0M	$12.4M	75x	as long as short