Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0066%/8h= +7.2% APRpaid last 24h −0.033%

Price spread now: BingX against Phoenix−0.056%49s7-day average −0.112% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$220.217% of the position

Long on Phoenix Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.347%−$35 on $10k

Price spread, last 7 days−0.068%−$7 · spread now −0.056%, 7d avg −0.112%

Together, before fees−0.415%−$42 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and BingX is 0.057% dearer against Phoenix than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.112%. Mind the row above: over the last 7 days funding on this pair cost −0.347%, so the current rate has only just turned in your favour. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix HYPE	93.293	0.0034	pay 0.0004% / 1h	18m 36s	$214K	$1.2M	10x
Short	BingX HYPE-USDT	93.241	0.0100	get 0.0050% / 4h	1h 18m	—	$53.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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

Position, each leg$Hold fordaysFee PhoenixbpFee BingXbpOrdersPrice spread, now −0.056%Rate

Funding earned: $13.8
Price spread: −0.056% → −0.112%: $5.68
Slippage, 4 orders: −$4.74
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$2.27
Costs to cover: 0.217%
Break-even: 8.2 days

Slippage from Phoenix: live order book, 5 min ago; BingX: live order book, 10 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 Phoenix live order book, 5 min ago	0.97 bp	5.4 bp −$5	9.8 bp −$98	doesn't fit	doesn't fit
Sell BingX live order book, 10 min ago	0.11 bp	5.1 bp −$5	11.4 bp −$114	15.2 bp −$1,521	20.4 bp −$10.2K

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
Aftermath Perps HYPEUSD	−0.0431%	1h	93.140	−0.164%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0336%	1h	93.216	−0.083%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.190	−0.110%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0125%	1h	93.170	−0.132%	$699K	$929K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.245	−0.051%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	93.288	−0.005%	$90K	$361K	20x	as long as short
Popdex HYPEUSDT	−0.0008%	1h	93.257	−0.039%	$58K	$1.2M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.276	−0.018%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.227	−0.071%	$23K	$331K	10x	as long as short
Aster HYPEUSDT	0.0000%	4h	93.241	−0.056%	$8.9M	$35.9M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.266	−0.029%	$20K	—	150x	as long as short
Bybit HYPEUSDT	+0.0021%	8h	93.240	−0.057%	$323.0M	$286.9M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0021%	4h	93.242	−0.055%	$172K	$518K	20x	as long as short
Phoenix HYPElong	+0.0034%	1h	93.293	long leg	$214K	$1.2M	10x
Bullet HYPE-USD	+0.0045%	1h	93.212	−0.087%	$112K	$579K	20x	as long as short
Derive HYPE-PERP	+0.0047%	1h	93.185	−0.115%	$16.3M	$7.0M	10x	as long as short
Gate HYPE_USDT	+0.0056%	4h	93.246	−0.050%	$43.9M	$58.6M	75x	as long as short
Binance HYPEUSDT	+0.0066%	4h	93.250	−0.046%	$381.9M	$895.5M	75x	as long as short
MEXC HYPE_USDT	+0.0066%	4h	93.249	−0.047%	$90.3M	$82.2M	100x	as long as short
edgeX HYPEUSDC	+0.0079%	4h	93.210	−0.089%	$5.1M	$29.7M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.303	+0.011%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.267	−0.028%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.227	−0.071%	$397K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.266	−0.029%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.230	−0.068%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.216	−0.082%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.266	−0.029%	$2.03B	$669.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.277	−0.017%	$10.0M	$14.4M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.241	−0.056%	$113.8M	$314.4M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.232	−0.065%	$204K	$8K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.269	−0.026%	$47.0M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.260	−0.035%	$226.0M	$103.0M	75x	as long as short
BingX HYPE-USDTshort	+0.0100%	4h	93.241	−0.056%	—	$53.8M	—
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.248	−0.048%	$7.8M	$11.0M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.153	−0.150%	$29.0M	$50.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.258	−0.038%	$7.5M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.262	−0.033%	$415K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.227	−0.071%	$674K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.268	−0.027%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.253	−0.043%	$493K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.243	−0.054%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.210	−0.089%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.217	−0.081%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.216	−0.083%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.231	−0.066%	$18.2M	$41.9M	50x	as long as short
Kalshi KXHYPEPERP	+0.0113%	8h	93.238	−0.059%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.220	−0.078%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0239%	4h	93.400	+0.115%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.120	−0.185%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.241	−0.056%	$77K	$159K	15x	as long as short
BloFin HYPE-USDT	+0.0268%	4h	93.242	−0.055%	$16.8M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.290	−0.003%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.259	−0.036%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0383%	1h	93.322	+0.031%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.331	+0.041%	$20.9M	$29.0M	50x	as long as short