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Funding arb · Price arb /

HYPE

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Alert: funding
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Alert: spread
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Funding you earn now, next payment 01:00 UTC−0.0846%/8h= −92.7% APRnext payment −$1.06 per $10,000 · paid last 24h −0.078%
Price spread now: Arcus against Phoenix−0.072%7-day average −0.121% · 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−$13as in the Price arb table
costs, in and out, $10k−$180.180% of the position
Long on PhoenixShort on Arcus
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)−0.198%−$20 on $10k
Price spread, last 7 days−0.033%−$3 · spread now −0.072%, 7d avg −0.121%
Together, before fees−0.231%−$23 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Arcus is 0.049% dearer against Phoenix than usual: you sell high and buy low (spread −0.072% now, against its 7-day average of −0.121%): +$5 on $10k if it goes back. Holding the pair costs −$25 a day in funding at the current rate, which eats that in about 5 hours. At the pace of the last 3 days (−0.198% in total) that is about 21 hours.
The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.198% in total (about -20.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.06 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhoenix HYPE93.2660.0060pay 0.0007% / 1h43m 02s$212K$1.2M10x
ShortArcus HYPE-USD93.199−0.0786pay 0.0098% / 1h43m 02s$1.2M$3.9M10x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Arcus against Phoenix. 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

Funding earned
−$177.71
Price spread: −0.072% → −0.121%
$4.92
Slippage, 4 orders
−$6.47
Fee Phoenix: 3.5 bp × 2 orders
−$7
Fee Arcus: 2.25 bp × 2 orders
−$4.5
Net
−$190.77
Costs to cover
0.180%
Break-even
never at this rate
Slippage from Phoenix: live order book, 5 min ago; Arcus: live order book, 1 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Phoenix live order book, 5 min ago1.18 bp5.7 bp −$610.9 bp −$109doesn't fitdoesn't fit
Sell Arcus live order book, 1 min ago0.54 bp3.3 bp −$34.9 bp −$49208.9 bp −$20.9Kdoesn't fit

HYPE on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Hibachi HYPE/USDT-P−0.1008%1h93.199−0.072%$196K$229K7xas long as short
Arcus HYPE-USDshort−0.0786%1h93.199−0.072%$1.2M$3.9M10x
Aftermath Perps HYPEUSD−0.0163%1h93.341+0.081%$22K$21K10xas long as short
Ondo Perps HYPE-USD.P−0.0134%1h93.340+0.079%$698K$979K10xas long as short
Backpack HYPE_USDC_PERP−0.0092%1h93.215−0.055%$7.8M$10.4M20xas long as short
01 Exchange HYPEUSD−0.0080%1h93.366+0.107%$85K$361K20xas long as short
Hotstuff HYPE-PERP−0.0080%1h93.343+0.083%$3K$33125xas long as short
Gate HYPE_USDT−0.0078%4h93.262−0.004%$44.2M$54.0M75xas long as short
Phemex HYPEUSDT−0.0068%8h93.331+0.070%$12.7M$2.7M50xas long as short
Orderly PERP_HYPE_USDC−0.0054%4h93.270+0.004%$156K$652K20xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Aster HYPEUSDT−0.0034%4h93.301+0.038%$8.9M$36.3M300xas long as short
Bluefin HYPE-PERP−0.0010%1h93.301+0.038%$79K$173K20xas long as short
dYdX HYPE-USD0.0000%1h93.413+0.158%$128K$31K5xas long as short
Perpl HYPE0.0000%43m93.352+0.092%$22K$333K10xas long as short
gTrade (Gains Network) HYPE/USDL +0.0002% / S −0.0003%1h93.341+0.080%$26K—150xas long as short
Bybit HYPEUSDT+0.0006%8h93.130−0.146%$318.4M$283.5M75xas long as short
BingX HYPE-USDT+0.0018%4h93.235−0.033%—$54.2M—as long as short
MEXC HYPE_USDT+0.0040%4h93.275+0.010%$88.0M$82.4M100xas long as short
Bullet HYPE-USD+0.0042%1h93.343+0.083%$111K$579K20xas long as short
Binance HYPEUSDT+0.0044%4h93.187−0.085%$379.2M$905.3M75xas long as short
edgeX HYPEUSDC+0.0059%4h93.354+0.094%$5.1M$30.0M30xas long as short
Phoenix HYPElong+0.0060%1h93.266long leg$212K$1.2M10x
OKX HYPE-USDT-SWAP+0.0063%8h93.111−0.166%$114.9M$314.5M50xas long as short
Derive HYPE-PERP+0.0065%1h93.264−0.003%$16.2M$7.6M10xas long as short
Aevo HYPE-PERP+0.0088%1h93.269+0.003%$397K$177K20xas long as short
Lighter HYPE+0.0096%1h93.316+0.054%$16.4M$62.2M20xas long as short
Lighter RH HYPE+0.0096%1h93.307+0.044%$3.1M$11.8M20xas long as short
Popdex HYPEUSDT+0.0096%1h93.357+0.098%$65K$1.2M50xas long as short
Paradex HYPE-USD-PERP+0.0096%8h93.426+0.172%$339K$165K20xas long as short
Katana Perps HYPE-USD+0.0100%8h93.380+0.122%$35K$1.6M10xas long as short
Nado HYPE-PERP+0.0100%1h93.356+0.097%$6.6M$44.7M10xas long as short
Hyperliquid HYPE+0.0100%1h93.329+0.068%$2.04B$675.8M10xas long as short
Pacifica HYPE+0.0100%1h93.375+0.117%$10.0M$14.7M20xas long as short
Bulk HYPE-USD+0.0100%1h93.404+0.147%$203K$10K10xas long as short
KuCoin HYPEUSDTM+0.0100%4h93.283+0.018%$46.0M$18.4M75xas long as short
Bitget HYPEUSDT+0.0100%4h93.234−0.034%$225.6M$100.7M75xas long as short
Variational Omni HYPE+0.0100%8h93.241−0.027%$30.9M$55.0M—as long as short
GRVT HYPE_USDT_Perp+0.0100%4h93.215−0.055%$7.5M$47.7M10xas long as short
ApeX Omni HYPEUSDT+0.0100%1h93.381+0.123%$337K$1.1M50xas long as short
StandX HYPE-USD+0.0100%1h93.321+0.059%$666K$2.6M20xas long as short
Vest HYPE-PERP+0.0100%1h93.370+0.111%—$243K5xas long as short
Polymarket Perps HYPE-USD+0.0100%1h93.360+0.101%$467K$2.5M20xas long as short
SunX HYPE-USDT+0.0100%4h93.364+0.105%$32K$1.6M20xas long as short
SoDEX HYPE-USD+0.0100%1h93.281+0.016%$2.0M$2.0M10xas long as short
Extended HYPE-USD+0.0104%1h93.262−0.004%$18.4M$44.4M50xas long as short
Coinbase International HYPE-PERP-INTX+0.0136%1h93.400+0.144%$4.9M$5.5M50xas long as short
Injective HYPE/USDC PERP+0.0137%1h93.330+0.069%$30K$338K12xas long as short
BloFin HYPE-USDT+0.0175%4h93.407+0.151%$17.0M$12.1M75xas long as short
RISEx HYPE/USDC+0.0210%1h93.380+0.123%$2.7M$6.7M20xas long as short
HTX HYPE-USDT+0.0245%4h93.499+0.250%$1.4M$6.1M75xas long as short
Reya HYPERUSDPERP+0.0254%1h93.334+0.073%$79K$142K15xas long as short
Kalshi KXHYPEPERP+0.0259%8h93.416+0.161%$1.9M$5.2M2.3xas long as short
GMX HYPE/USD [WBTC.b-USDC]L +0.0334% / S −0.0158%1h93.358+0.098%$1.4M—100xas long as short
Deribit HYPE_USDC-PERPETUAL+0.0479%1h93.399+0.143%$7.5M$4.5M50xas long as short
Kraken Futures PF_HYPEUSD+0.0683%1h93.362+0.103%$20.8M$30.0M50xas long as short