Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0057%/8h= −6.3% APRpaid last 24h −0.035%

Price spread now: Bybit against Phoenix−0.138%95s7-day average −0.122% · 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−$240.236% of the position

Long on Phoenix Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.323%−$32 on $10k

Price spread, last 7 days+0.021%+$2 · spread now −0.138%, 7d avg −0.122%

Together, before fees−0.303%−$30 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.122%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate. The two prices were read 95 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	93.922	0.0060	pay 0.0007% / 1h	21m 59s	$213K	$1.2M	10x
Short	Bybit HYPEUSDT	93.792	0.0003	get 0.0003% / 8h	6h 21m	$322.1M	$281.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.138%Rate

Funding earned: −$12.03
Price spread: −0.138% → −0.122%: −$1.65
Slippage, 4 orders: −$5.63
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$37.31
Costs to cover: 0.236%
Break-even: never at this rate

Slippage from Phoenix: live order book, 1 min ago; Bybit: live order book, 2 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, 1 min ago	0.05 bp	6.6 bp −$7	11.9 bp −$119	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.53 bp	6.3 bp −$6	8.5 bp −$85	16.7 bp −$1,666	38.6 bp −$19.3K

HYPE on 54 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	−0.1000%	1h	93.698	−0.238%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.765	−0.167%	$1.2M	$3.8M	10x	as long as short
Phemex HYPEUSDT	−0.0148%	8h	93.882	−0.043%	$12.7M	$2.7M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0129%	1h	93.822	−0.107%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.875	−0.050%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0076%	1h	93.850	−0.077%	$703K	$924K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0056%	4h	93.836	−0.092%	$157K	$646K	20x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.912	−0.011%	$85K	$350K	20x	as long as short
Backpack HYPE_USDC_PERP	−0.0034%	1h	93.797	−0.133%	$7.8M	$10.3M	20x	as long as short
Gate HYPE_USDT	−0.0028%	4h	93.805	−0.125%	$44.4M	$55.1M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0002%	4h	93.841	−0.086%	$8.9M	$35.8M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.844	−0.083%	$129K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.908	−0.015%	$22K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.891	−0.032%	$26K	—	150x	as long as short
Bybit HYPEUSDTshort	+0.0003%	8h	93.792	−0.138%	$322.1M	$281.0M	75x
BingX HYPE-USDT	+0.0004%	4h	93.804	−0.126%	—	$53.6M	—	as long as short
Phoenix HYPElong	+0.0060%	1h	93.922	long leg	$213K	$1.2M	10x
MEXC HYPE_USDT	+0.0068%	4h	93.802	−0.128%	$88.0M	$83.0M	100x	as long as short
OKX HYPE-USDT-SWAP	+0.0069%	8h	93.796	−0.134%	$115.3M	$308.2M	50x	as long as short
Binance HYPEUSDT	+0.0069%	4h	93.804	−0.125%	$381.4M	$891.6M	75x	as long as short
Bullet HYPE-USD	+0.0073%	1h	93.895	−0.029%	$112K	$577K	20x	as long as short
edgeX HYPEUSDC	+0.0079%	4h	93.907	−0.016%	$5.1M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.934	+0.013%	$341K	$164K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.867	−0.058%	$16.4M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.855	−0.071%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.887	−0.037%	$67K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.878	−0.046%	$399K	$175K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.890	−0.034%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.913	−0.009%	$5.8M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.939	+0.018%	$2.05B	$665.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.917	−0.005%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.834	−0.094%	$46.5M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.816	−0.113%	$227.3M	$98.4M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.910	−0.013%	$31.1M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.947	+0.027%	$7.6M	$47.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.891	−0.033%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.836	−0.092%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.945	+0.024%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.937	+0.016%	$474K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.849	−0.078%	$79K	$171K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.850	−0.076%	$16.3M	$7.7M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.982	+0.064%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.834	−0.094%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.880	−0.045%	$204K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.779	−0.153%	$18.3M	$44.2M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.920	−0.002%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.800	−0.130%	$30K	$339K	12x	as long as short
HTX HYPE-USDT	+0.0203%	4h	94.008	+0.092%	$1.4M	$5.9M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.962	+0.043%	$3.2M	$7.0M	20x	as long as short
Reya HYPERUSDPERP	+0.0255%	1h	93.910	−0.013%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0276%	8h	93.993	+0.076%	$1.9M	$4.9M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0156%	1h	93.901	−0.023%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0389%	1h	93.950	+0.030%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0679%	1h	93.921	−0.001%	$21.0M	$29.8M	50x	as long as short