Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0045%/8h= +4.9% APRpaid last 24h −0.041%

Price spread now: OKX against Phoenix−0.087%7-day average −0.116% · you buy dearer than you sell

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$230.232% of the position

Long on Phoenix Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.322%−$32 on $10k

Price spread, last 7 days−0.025%−$2 · spread now −0.087%, 7d avg −0.116%

Together, before fees−0.347%−$35 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and OKX is 0.029% dearer against Phoenix than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.116%. Mind the row above: over the last 7 days funding on this pair cost −0.322%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix HYPE	94.222	0.0034	pay 0.0004% / 1h	25m 27s	$219K	$1.2M	10x
Short	OKX HYPE-USDT-SWAP	94.140	0.0079	get 0.0079% / 8h	7h 25m	$116.1M	$318.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.087%Rate

Funding earned: $9.37
Price spread: −0.087% → −0.116%: $2.94
Slippage, 4 orders: −$6.16
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$10.85
Costs to cover: 0.232%
Break-even: 15.1 days

Slippage from Phoenix: live order book, 3 min ago; OKX: live order book, 4 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, 3 min ago	1.17 bp	5.7 bp −$6	10.7 bp −$107	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	0.05 bp	5.1 bp −$5	7.0 bp −$70	17.4 bp −$1,742	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	−0.1360%	1h	94.120	−0.108%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	94.076	−0.155%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0219%	1h	94.155	−0.071%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0142%	1h	94.090	−0.140%	$711K	$959K	10x	as long as short
dYdX HYPE-USD	−0.0131%	1h	94.204	−0.019%	$129K	$31K	5x	as long as short
Phemex HYPEUSDT	−0.0115%	8h	94.166	−0.059%	$12.8M	$2.6M	50x	as long as short
Bullet HYPE-USD	−0.0106%	1h	94.136	−0.091%	$113K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.136	−0.091%	$86K	$360K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.161	−0.065%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0019%	4h	94.155	−0.071%	$160K	$645K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0016%	8h	94.120	−0.108%	$323.3M	$280.4M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.167	−0.058%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.206	−0.017%	$27K	—	150x	as long as short
Gate HYPE_USDT	+0.0014%	4h	94.179	−0.046%	$44.6M	$59.8M	75x	as long as short
Aster HYPEUSDT	+0.0020%	4h	94.194	−0.030%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPElong	+0.0034%	1h	94.222	long leg	$219K	$1.2M	10x
Derive HYPE-PERP	+0.0040%	1h	94.146	−0.081%	$16.5M	$7.3M	10x	as long as short
MEXC HYPE_USDT	+0.0048%	4h	94.146	−0.081%	$89.3M	$82.7M	100x	as long as short
Binance HYPEUSDT	+0.0051%	4h	94.162	−0.064%	$384.1M	$893.0M	75x	as long as short
edgeX HYPEUSDC	+0.0057%	4h	94.108	−0.121%	$5.1M	$29.9M	30x	as long as short
OKX HYPE-USDT-SWAPshort	+0.0079%	8h	94.140	−0.087%	$116.1M	$318.6M	50x
Lighter HYPE	+0.0096%	1h	94.238	+0.017%	$19.2M	$59.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.221	−0.001%	$3.0M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.131	−0.097%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.165	−0.061%	$401K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.207	−0.016%	$342K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.130	−0.098%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.203	−0.021%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.242	+0.021%	$2.05B	$677.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.210	−0.013%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.156	−0.070%	$46.6M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.144	−0.083%	$228.3M	$100.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.160	−0.066%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.159	−0.067%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.149	−0.077%	$31.5M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.151	−0.076%	$7.6M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.088	−0.142%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.130	−0.098%	$681K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.189	−0.035%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.172	−0.053%	$481K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.183	−0.041%	$76K	$170K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.246	+0.025%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.195	−0.029%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.151	−0.076%	$205K	$2K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.145	−0.082%	$18.8M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.030	−0.204%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0198%	4h	94.138	−0.089%	$17.0M	$12.2M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.284%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.183	−0.042%	$2.8M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0225%	8h	94.221	−0.001%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.134	−0.094%	$79K	$142K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0155%	1h	94.212	−0.010%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0415%	4h	94.349	+0.135%	$1.5M	$6.3M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0429%	1h	94.289	+0.071%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0670%	1h	94.290	+0.072%	$21.1M	$29.7M	50x	as long as short