Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0017%/8h= −1.9% APRpaid last 24h +0.019%

Price spread now: Phemex against 01 Exchange−0.039%7-day average −0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$540.544% of the position

Long on 01 Exchange Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.035%+$3 on $10k

Price spread, last 3 days (all we have)−0.040%−$4 · spread now −0.039%, 7d avg −0.019%

Together, before fees−0.005%−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phemex is 0.021% cheaper against 01 Exchange than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.019%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	01 Exchange HYPEUSD	94.142	−0.0080	get 0.0010% / 1h	26m 51s	$86K	$359K	20x
Short	Phemex HYPEUSDT	94.105	−0.0097	pay 0.0097% / 8h	7h 26m	$12.8M	$2.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against 01 Exchange. 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 01 ExchangebpFee PhemexbpOrdersPrice spread, now −0.039%Rate

Funding earned: −$3.64
Price spread: −0.039% → −0.019%: −$2.07
Slippage, 4 orders: −$35.39
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$60.1
Costs to cover: 0.544%
Break-even: never at this rate

Slippage from 01 Exchange: live order book, 47 min ago; Phemex: 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 01 Exchange live order book, 47 min ago	0.16 bp	6.9 bp −$7	11.0 bp −$110	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	6.85 bp	22.0 bp −$22	39.1 bp −$391	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
Hibachi HYPE/USDT-P	−0.1376%	1h	94.105	−0.039%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	94.011	−0.139%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0224%	1h	94.142	0.000%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0153%	1h	94.040	−0.108%	$706K	$959K	10x	as long as short
dYdX HYPE-USD	−0.0139%	1h	94.123	−0.020%	$129K	$31K	5x	as long as short
Bullet HYPE-USD	−0.0099%	1h	94.128	−0.015%	$113K	$580K	20x	as long as short
Phemex HYPEUSDTshort	−0.0097%	8h	94.105	−0.039%	$12.8M	$2.6M	50x
01 Exchange HYPEUSDlong	−0.0080%	1h	94.142	long leg	$86K	$359K	20x
Hotstuff HYPE-PERP	−0.0080%	1h	94.124	−0.019%	$3K	$331	25x	as long as short
Bybit HYPEUSDT	−0.0020%	8h	94.130	−0.013%	$323.3M	$280.6M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0019%	4h	94.096	−0.049%	$160K	$645K	20x	as long as short
Gate HYPE_USDT	−0.0010%	4h	94.117	−0.027%	$44.5M	$59.8M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.139	−0.004%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.157	+0.016%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0020%	4h	94.110	−0.034%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	94.121	−0.022%	$219K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0040%	1h	94.081	−0.065%	$16.4M	$7.3M	10x	as long as short
MEXC HYPE_USDT	+0.0046%	4h	94.130	−0.013%	$89.3M	$82.7M	100x	as long as short
Binance HYPEUSDT	+0.0049%	4h	94.135	−0.007%	$383.9M	$893.2M	75x	as long as short
edgeX HYPEUSDC	+0.0059%	4h	94.004	−0.147%	$5.1M	$29.9M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0079%	8h	94.135	−0.007%	$116.1M	$318.8M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.158	+0.017%	$19.2M	$59.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.148	+0.006%	$3.0M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.137	−0.005%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.114	−0.030%	$400K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.123	−0.021%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.100	−0.045%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.084	−0.062%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.227	+0.090%	$2.05B	$677.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.113	−0.031%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.139	−0.003%	$46.6M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.129	−0.014%	$228.2M	$100.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.126	−0.017%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.143	+0.001%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.030	−0.119%	$31.5M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.088	−0.057%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.057	−0.090%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.137	−0.005%	$681K	$2.6M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.146	+0.004%	$480K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.119	−0.024%	$76K	$170K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.216	+0.079%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.125	−0.018%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.151	+0.009%	$205K	$2K	10x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.158	+0.017%	—	$243K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.113	−0.031%	$18.8M	$44.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.030	−0.119%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0198%	4h	94.138	−0.004%	$17.0M	$12.2M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.370%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.147	+0.006%	$2.8M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0224%	8h	94.187	+0.048%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.130	−0.013%	$79K	$142K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0155%	1h	94.159	+0.018%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0417%	4h	94.294	+0.161%	$1.5M	$6.3M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0440%	1h	94.221	+0.084%	$7.5M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0670%	1h	94.225	+0.088%	$21.0M	$29.7M	50x	as long as short