Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0097%/8h= −10.6% APRpaid last 24h −0.019%

Price spread now: 01 Exchange against Phemex−0.086%7-day average +0.019% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$530.529% of the position

Long on Phemex Short on 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.035%−$3 on $10k

Price spread, last 3 days (all we have)+0.166%+$17 · spread now −0.086%, 7d avg +0.019%

Together, before fees+0.131%+$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and 01 Exchange is 0.105% cheaper against Phemex than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.019%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	93.860	−0.0007	get 0.0007% / 8h	7h 48m	$12.8M	$2.6M	50x
Short	01 Exchange HYPEUSD	93.779	−0.0104	pay 0.0013% / 1h	48m 27s	$85K	$362K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now −0.086%Rate

Funding earned: −$20.27
Price spread: −0.086% → +0.019%: −$10.49
Slippage, 4 orders: −$33.9
Fee Phemex: 6 bp × 2 orders: −$12
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$83.66
Costs to cover: 0.529%
Break-even: never at this rate

Slippage from Phemex: live order book, 6 min ago; 01 Exchange: live order book, 26 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	3.67 bp	20.1 bp −$20	36.8 bp −$368	doesn't fit	doesn't fit
Sell 01 Exchange live order book, 26 min ago	0.16 bp	6.7 bp −$7	10.2 bp −$102	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-P	−0.1408%	1h	93.799	−0.065%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.710	−0.160%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0287%	1h	93.941	+0.086%	$22K	$23K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0163%	1h	93.780	−0.085%	$705K	$928K	10x	as long as short
01 Exchange HYPEUSDshort	−0.0104%	1h	93.779	−0.086%	$85K	$362K	20x
Gate HYPE_USDT	−0.0096%	4h	93.804	−0.060%	$44.3M	$59.2M	75x	as long as short
Bullet HYPE-USD	−0.0091%	1h	93.832	−0.030%	$113K	$580K	20x	as long as short
dYdX HYPE-USD	−0.0084%	1h	93.917	+0.060%	$128K	$29K	5x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.805	−0.059%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0010%	4h	93.840	−0.021%	$169K	$594K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HYPEUSDTlong	−0.0007%	8h	93.860	long leg	$12.8M	$2.6M	50x
Derive HYPE-PERP	−0.0004%	1h	93.782	−0.084%	$16.4M	$7.2M	10x	as long as short
Perpl HYPE	0.0000%	43m	93.843	−0.018%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.860	0.000%	$27K	—	150x	as long as short
Bybit HYPEUSDT	+0.0008%	8h	93.765	−0.101%	$322.3M	$282.8M	75x	as long as short
Aster HYPEUSDT	+0.0011%	4h	93.815	−0.048%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	93.829	−0.033%	$218K	$1.2M	10x	as long as short
Binance HYPEUSDT	+0.0041%	4h	93.802	−0.062%	$383.0M	$895.8M	75x	as long as short
edgeX HYPEUSDC	+0.0042%	4h	93.948	+0.094%	$5.1M	$29.8M	30x	as long as short
MEXC HYPE_USDT	+0.0042%	4h	93.821	−0.042%	$88.2M	$82.0M	100x	as long as short
Bluefin HYPE-PERP	+0.0054%	1h	93.819	−0.044%	$76K	$171K	20x	as long as short
Popdex HYPEUSDT	+0.0072%	1h	93.774	−0.092%	$61K	$1.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0082%	8h	93.767	−0.099%	$115.7M	$320.4M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.887	+0.029%	$18.8M	$58.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.857	−0.003%	$3.0M	$12.0M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.853	−0.007%	$399K	$191K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.846	−0.015%	$341K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.820	−0.043%	$30K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.820	−0.042%	$6.6M	$44.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.912	+0.055%	$2.04B	$676.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.838	−0.024%	$10.1M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.816	−0.047%	$204K	$5K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.830	−0.032%	$46.5M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.800	−0.064%	$227.5M	$101.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.797	−0.067%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.875	+0.016%	$7.7M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.890	+0.032%	$31.3M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.981	+0.129%	$7.6M	$45.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.927	+0.071%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.887	+0.029%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.844	−0.017%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.814	−0.049%	$479K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.912	+0.055%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.850	−0.011%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.781	−0.084%	$18.4M	$42.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.860	0.000%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0170%	4h	93.848	−0.013%	$17.0M	$12.3M	75x	as long as short
Kalshi KXHYPEPERP	+0.0171%	8h	93.930	+0.075%	$1.9M	$5.1M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.760	−0.107%	$30K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.821	−0.042%	$2.8M	$6.8M	20x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	93.780	−0.086%	$79K	$146K	15x	as long as short
HTX HYPE-USDT	+0.0330%	4h	94.050	+0.202%	$1.5M	$6.7M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0157%	1h	93.867	+0.007%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0357%	1h	93.940	+0.085%	$7.5M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0672%	1h	93.939	+0.084%	$21.0M	$29.8M	50x	as long as short