Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Phemex against Variational Omni+0.012%7-day average +0.035% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Variational Omni Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)0.000%$0 on $10k

Price spread, last 3 days (all we have)+0.027%+$3 · spread now +0.012%, 7d avg +0.035%

Together, before fees+0.027%+ Points / potential airdropVariational Omni: Active · farm board+$3 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.023% cheaper against Variational Omni than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.035%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni HYPE	93.203	0.0100	pay 0.0100% / 8h	1h 15m	$29.0M	$50.5M	—
Short	Phemex HYPEUSDT	93.215	0.0100	get 0.0100% / 8h	1h 15m	$12.7M	$2.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpFee PhemexbpOrdersPrice spread, now +0.012%Rate

Funding earned: $0
Price spread: +0.012% → +0.035%: −$2.29
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$14.29
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Phemex: live order book, 4 min ago. Net counts fees only.

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 Variational Omni RFQ quote, 4 min ago	0.42 bp	doesn't fit	2.7 bp −$27	12.3 bp −$1,230	doesn't fit
Sell Phemex live order book, 4 min ago	3.91 bp	22.5 bp −$22	38.5 bp −$385	doesn't fit	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
Aftermath Perps HYPEUSD	−0.0438%	1h	93.188	−0.016%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0344%	1h	93.258	+0.058%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.148	−0.059%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0126%	1h	93.170	−0.036%	$699K	$931K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.195	−0.009%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	93.247	+0.047%	$90K	$361K	20x	as long as short
Aster HYPEUSDT	0.0000%	4h	93.254	+0.054%	$8.9M	$35.9M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.278	+0.080%	$127K	$32K	5x	as long as short
Popdex HYPEUSDT	0.0000%	1h	93.212	+0.009%	$58K	$1.2M	50x	as long as short
Perpl HYPE	0.0000%	43m	93.201	−0.003%	$23K	$331K	10x	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 −0.0002%	1h	93.242	+0.042%	$27K	—	150x	as long as short
Orderly PERP_HYPE_USDC	+0.0020%	4h	93.218	+0.016%	$172K	$517K	20x	as long as short
Bybit HYPEUSDT	+0.0023%	8h	93.243	+0.043%	$323.0M	$286.2M	75x	as long as short
Bullet HYPE-USD	+0.0033%	1h	93.210	+0.007%	$112K	$579K	20x	as long as short
Phoenix HYPE	+0.0034%	1h	93.249	+0.049%	$214K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0047%	1h	93.170	−0.036%	$16.3M	$7.0M	10x	as long as short
Gate HYPE_USDT	+0.0064%	4h	93.250	+0.050%	$43.9M	$58.6M	75x	as long as short
MEXC HYPE_USDT	+0.0064%	4h	93.269	+0.070%	$90.1M	$82.3M	100x	as long as short
Binance HYPEUSDT	+0.0065%	4h	93.247	+0.047%	$381.7M	$893.5M	75x	as long as short
edgeX HYPEUSDC	+0.0085%	4h	93.171	−0.034%	$5.1M	$29.7M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.299	+0.103%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.282	+0.084%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.217	+0.015%	$397K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.209	+0.007%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.210	+0.007%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.209	+0.007%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.295	+0.098%	$2.03B	$669.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.233	+0.032%	$10.0M	$14.4M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.244	+0.044%	$114.2M	$313.9M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.232	+0.031%	$204K	$8K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.256	+0.056%	$47.0M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.264	+0.065%	$226.2M	$103.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.244	+0.044%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.265	+0.066%	$7.8M	$10.7M	20x	as long as short
Variational Omni HYPElong	+0.0100%	8h	93.203	long leg	$29.0M	$50.5M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.199	−0.005%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.153	−0.054%	$414K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.239	+0.038%	$674K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.247	+0.047%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.238	+0.037%	$493K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.204	+0.001%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.249	+0.049%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.243	+0.043%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDTshort	+0.0100%	8h	93.215	+0.012%	$12.7M	$2.6M	50x
Extended HYPE-USD	+0.0104%	1h	93.193	−0.011%	$18.2M	$41.8M	50x	as long as short
Kalshi KXHYPEPERP	+0.0117%	8h	93.294	+0.097%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.310	+0.114%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0232%	4h	93.405	+0.216%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.140	−0.068%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.204	+0.001%	$77K	$159K	15x	as long as short
BloFin HYPE-USDT	+0.0260%	4h	93.211	+0.008%	$16.8M	$12.4M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.271	+0.073%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.237	+0.036%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0340%	1h	93.326	+0.132%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.364	+0.173%	$20.9M	$29.0M	50x	as long as short