Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0382%/8h= +41.8% APRpaid last 24h +0.016%

Price spread now: HTX against Phoenix+0.470%72s7-day average −0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs−$55as 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−$320.320% of the position

Long on Phoenix Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.229%−$23 on $10k

Price spread, last 3 days (all we have)−0.893%−$89 · spread now +0.470%, 7d avg −0.046%

Together, before fees−1.121%−$112 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and HTX is 0.516% dearer against Phoenix than usual: you sell high and buy low: +$52 more if the spread goes back to its 7-day average of −0.046%. Mind the row above: over the last 7 days funding on this pair cost −0.229%, so the current rate has only just turned in your favour. The two prices were read 72 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.229% in total (about -11.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix HYPE	93.461	0.0094	pay 0.0012% / 1h	32m 11s	$205K	$1.1M	10x
Short	HTX HYPE-USDT	93.900	0.0476	get 0.0238% / 4h	3h 32m	$1.5M	$7.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.470%Rate

Funding earned: $80.17
Price spread: +0.470% → −0.046%: $51.57
Slippage, 4 orders: −$12.95
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee HTX: 6 bp × 2 orders: −$12
Net: $99.79
Costs to cover: 0.320%
Break-even: from the start

Slippage from Phoenix: live order book, 2 min ago; HTX: 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, 2 min ago	1.17 bp	5.6 bp −$6	10.6 bp −$106	doesn't fit	doesn't fit
Sell HTX live order book, 2 min ago	0.05 bp	10.8 bp −$11	16.0 bp −$160	54.8 bp −$5,480	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	−0.1320%	1h	93.395	−0.071%	$196K	$237K	7x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.681	+0.235%	$3K	$331	25x	as long as short
Aftermath Perps HYPEUSD	−0.0046%	1h	93.390	−0.076%	$22K	$22K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.723	+0.280%	$128K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.812	+0.376%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.693	+0.248%	$23K	$352K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0005%	1h	93.650	+0.202%	$44K	—	150x	as long as short
01 Exchange HYPEUSD	+0.0016%	1h	93.688	+0.243%	$89K	$327K	20x	as long as short
Aster HYPEUSDT	+0.0018%	4h	93.672	+0.226%	$9.0M	$36.4M	300x	as long as short
Gate HYPE_USDT	+0.0020%	4h	93.647	+0.199%	$44.2M	$56.0M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0056%	8h	93.678	+0.232%	$326.1M	$285.1M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0066%	1h	93.838	+0.403%	$18.6M	$24.0M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0093%	4h	93.709	+0.265%	$182K	$505K	20x	as long as short
Phoenix HYPElong	+0.0094%	1h	93.461	long leg	$205K	$1.1M	10x
Lighter HYPE	+0.0096%	1h	93.759	+0.319%	$18.9M	$57.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.744	+0.303%	$3.1M	$12.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.666	+0.219%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.710	+0.266%	$25K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.703	+0.259%	$6.0M	$44.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.706	+0.262%	$10.0M	$14.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.706	+0.262%	$391.1M	$876.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.663	+0.216%	$114.6M	$316.1M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0100%	1h	93.630	+0.181%	$701K	$951K	10x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.643	+0.195%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.684	+0.239%	$205K	$9K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.642	+0.194%	$90.5M	$81.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.666	+0.219%	$46.4M	$19.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.706	+0.262%	$227.2M	$102.3M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.672	+0.226%	—	$54.3M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.713	+0.270%	$8.0M	$11.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.336	−0.133%	$28.7M	$49.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.371	−0.096%	$7.5M	$45.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.462	+0.001%	$457K	$934K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.497	+0.039%	$676K	$2.3M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.682	+0.236%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.703	+0.259%	$468K	$2.6M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.647	+0.199%	$112K	$574K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.716	+0.273%	$76K	$169K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.689	+0.244%	$16.4M	$6.9M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.672	+0.226%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.710	+0.266%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.677	+0.231%	$12.7M	$2.5M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0101%	8h	93.720	+0.278%	$341K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.710	+0.266%	$18.2M	$40.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.714	+0.270%	$399K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0110%	4h	93.333	−0.137%	$5.0M	$28.8M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.700	+0.256%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0243%	1h	93.644	+0.196%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0254%	1h	93.730	+0.288%	$30K	$182K	12x	as long as short
Hyperliquid HYPE	+0.0301%	1h	93.742	+0.301%	$2.04B	$659.7M	10x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.601	+0.150%	$17.3M	$12.3M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0342% / S −0.0168%	1h	93.631	+0.181%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0390%	1h	93.814	+0.378%	$7.4M	$4.6M	50x	as long as short
RISEx HYPE/USDC	+0.0422%	1h	93.746	+0.305%	$2.8M	$6.7M	20x	as long as short
HTX HYPE-USDTshort	+0.0476%	4h	93.900	+0.470%	$1.5M	$7.5M	75x