Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0022%/8h= −2.4% APRpaid last 24h −0.013%

Price spread now: Phemex against Aevo−0.016%7-day average +0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$261as in the Funding arb table

Net, price: spread back to 7d avg − costs−$261as in the Price arb table

costs, in and out, $10k−$2592.591% of the position

Long on Aevo Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.022%−$2 on $10k

Price spread, last 4 days (all we have)+0.028%+$3 · spread now −0.016%, 7d avg +0.006%

Together, before fees+0.006%+$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 0.022% cheaper against Aevo than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.006%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aevo HYPE-PERP	94.279	0.0104	pay 0.0013% / 1h	29m 45s	$399K	$153K	20x
Short	Phemex HYPEUSDT	94.264	0.0082	get 0.0082% / 8h	7h 29m	$12.9M	$2.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Aevo. 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 AevobpFee PhemexbpOrdersPrice spread, now −0.016%Rate

Funding earned: −$4.68
Price spread: −0.016% → +0.006%: −$2.24
Slippage, 4 orders: −$231.12
Fee Aevo: 8 bp × 2 orders: −$16
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$266.04
Costs to cover: 2.591%
Break-even: never at this rate

Slippage from Aevo: live order book, 4 min ago; Phemex: 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 Aevo live order book, 4 min ago	90.27 bp	99.6 bp −$100	103.3 bp −$1,033	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	3.50 bp	9.5 bp −$9	32.9 bp −$329	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	−0.0816%	1h	94.297	+0.019%	$210K	$267K	7x	as long as short
Bluefin HYPE-PERP	−0.0613%	1h	94.161	−0.125%	$79K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0294%	1h	94.498	+0.232%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0263%	1h	94.207	−0.077%	$112K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0187%	1h	94.210	−0.073%	$701K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.223	−0.059%	$89K	$366K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.232	−0.050%	$1.0M	$3.4M	10x	as long as short
Gate HYPE_USDT	−0.0106%	4h	94.242	−0.039%	$51.5M	$55.3M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.253	−0.028%	$3K	$331	25x	as long as short
Kraken Futures PF_HYPEUSD	−0.0048%	1h	94.202	−0.082%	$18.8M	$35.4M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0040%	8h	94.260	−0.020%	$317.5M	$294.6M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0010%	4h	94.183	−0.102%	$147K	$678K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.298	+0.020%	$129K	$92K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.352	+0.077%	$1.8M	$5.5M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.232	−0.050%	$19K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.247	−0.034%	$113K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.289	+0.011%	$209K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0010%	1h	94.160	−0.126%	$16.3M	$7.5M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.230	−0.052%	$4.7M	$5.9M	50x	as long as short
Bitget HYPEUSDT	+0.0030%	4h	94.262	−0.018%	$226.8M	$98.3M	75x	as long as short
Vest HYPE-PERP	+0.0038%	1h	94.294	+0.016%	—	$190K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0042%	8h	94.254	−0.026%	$337K	$39K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0046%	8h	94.257	−0.023%	$117.6M	$327.1M	50x	as long as short
SoDEX HYPE-USD	+0.0049%	1h	94.240	−0.041%	$2.1M	$2.0M	10x	as long as short
Backpack HYPE_USDC_PERP	+0.0052%	1h	94.188	−0.097%	$7.5M	$10.4M	20x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	94.360	+0.086%	$5.0M	$30.9M	30x	as long as short
Phemex HYPEUSDTshort	+0.0082%	8h	94.264	−0.016%	$12.9M	$2.9M	50x
Lighter HYPE	+0.0096%	1h	94.248	−0.033%	$16.2M	$62.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.260	−0.020%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.232	−0.050%	$148K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.250	−0.031%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.238	−0.043%	$7.2M	$51.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.344	+0.069%	$2.07B	$689.2M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.246	−0.035%	$9.5M	$38.0M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.294	+0.016%	$10.1M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.260	−0.020%	$379.6M	$932.5M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.564	+0.302%	$220K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.268	−0.012%	$92.9M	$86.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.249	−0.032%	$47.0M	$19.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.262	−0.018%	—	$53.7M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	94.329	+0.053%	$29.9M	$56.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.643	+0.386%	$7.6M	$44.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.293	+0.015%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.294	+0.016%	$693K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.316	+0.039%	$497K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.334	+0.058%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.400	+0.128%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.233	−0.048%	$18.2M	$43.5M	50x	as long as short
Aevo HYPE-PERPlong	+0.0104%	1h	94.279	long leg	$399K	$153K	20x
RISEx HYPE/USDC	+0.0133%	1h	94.302	+0.024%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.945%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0164%	1h	94.286	+0.007%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.166	−0.120%	$82K	$105K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	94.269	−0.011%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.295	+0.017%	$17.2M	$12.5M	75x	as long as short