Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0083%/8h= +9.1% APRpaid last 24h −0.017%

Price spread now: KuCoin against Phoenix−0.004%48s7-day average −0.100% · you buy dearer than you sell

Net, funding: paid 7d − costs−$53as 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−$270.267% of the position

Long on Phoenix Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.259%−$26 on $10k

Price spread, last 7 days−0.106%−$11 · spread now −0.004%, 7d avg −0.100%

Together, before fees−0.365%−$36 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 KuCoin is 0.096% dearer against Phoenix than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of −0.100%. Mind the row above: over the last 7 days funding on this pair cost −0.259%, so the current rate has only just turned in your favour. The two prices were read 48 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	94.378	0.0017	pay 0.0002% / 1h	18m 35s	$207K	$1.1M	10x
Short	KuCoin HYPEUSDTM	94.374	0.0100	get 0.0050% / 4h	1h 18m	$46.9M	$18.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.004%Rate

Funding earned: $17.42
Price spread: −0.004% → −0.100%: $9.61
Slippage, 4 orders: −$7.69
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $0.35
Costs to cover: 0.267%
Break-even: 6.9 days

Slippage from Phoenix: live order book, 4 min ago; KuCoin: 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, 4 min ago	0.05 bp	3.9 bp −$4	8.8 bp −$88	doesn't fit	doesn't fit
Sell KuCoin live order book, 10 min ago	0.16 bp	8.4 bp −$8	12.9 bp −$129	doesn't fit	doesn't fit

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	−0.1072%	1h	94.168	−0.222%	$200K	$237K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0186%	1h	94.134	−0.259%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.361	−0.018%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0059%	1h	94.278	−0.106%	$112K	$579K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0058%	1h	94.310	−0.072%	$709K	$1.2M	10x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	94.413	+0.037%	$86K	$366K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0014%	4h	94.259	−0.126%	$146K	$686K	20x	as long as short
Bluefin HYPE-PERP	−0.0004%	1h	94.282	−0.102%	$80K	$155K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.292	−0.091%	$129K	$26K	5x	as long as short
Bybit HYPEUSDT	0.0000%	8h	94.340	−0.040%	$317.6M	$289.2M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	94.265	−0.120%	$19K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.290	−0.093%	$84K	—	150x	as long as short
Phoenix HYPElong	+0.0017%	1h	94.378	long leg	$207K	$1.1M	10x
Bitget HYPEUSDT	+0.0054%	4h	94.359	−0.020%	$227.4M	$99.3M	75x	as long as short
Phemex HYPEUSDT	+0.0058%	8h	94.228	−0.159%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0079%	8h	94.398	+0.021%	$337K	$157K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.338	−0.042%	$1.0M	$3.8M	10x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	94.344	−0.036%	$5.0M	$30.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.362	−0.017%	$16.3M	$64.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.375	−0.003%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.369	−0.010%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.400	+0.023%	$17K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.258	−0.127%	$7.5M	$50.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.467	+0.094%	$2.08B	$687.1M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.367	−0.011%	$8.9M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.393	+0.016%	$10.2M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.371	−0.007%	$377.6M	$932.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.356	−0.023%	$116.4M	$317.0M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.353	−0.026%	$49.0M	$56.5M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.378	0.000%	$89.9M	$85.1M	100x	as long as short
KuCoin HYPEUSDTMshort	+0.0100%	4h	94.374	−0.004%	$46.9M	$18.8M	75x
BingX HYPE-USDT	+0.0100%	4h	94.357	−0.022%	—	$53.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.308	−0.074%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.229	−0.158%	$29.0M	$56.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.424	+0.049%	$7.6M	$48.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.205	−0.183%	$362K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.221	−0.166%	$682K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.344	−0.035%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.287	−0.096%	$498K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.311	−0.071%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.291	−0.092%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.409	+0.033%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.275	−0.109%	$218K	$15K	10x	as long as short
Kalshi KXHYPEPERP	+0.0101%	8h	94.333	−0.048%	$1.8M	$5.6M	2.3x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.332	−0.049%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.306	−0.076%	$399K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.330	−0.051%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	94.326	−0.055%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.610	+0.246%	$31K	$339K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0227%	1h	94.370	−0.008%	$7.5M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.249	−0.137%	$78K	$129K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.278	−0.106%	$16.9M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0412%	1h	94.354	−0.025%	$20.2M	$30.4M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.406	+0.030%	$3.2M	$6.4M	20x	as long as short