Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h +0.005%

Price spread now: Phemex against BingX+0.045%7-day average +0.023% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$500.504% of the position

Long on BingX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.078%+$8 on $10k

Price spread, last 3 days (all we have)−0.036%−$4 · spread now +0.045%, 7d avg +0.023%

Together, before fees+0.041%+$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.022% dearer against BingX than usual: you sell high and buy low (spread +0.045% now, against its 7-day average of +0.023%): +$2 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 26 hours. Mind the row above: over the last 7 days funding on this pair paid +0.078%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX HYPE-USDT	93.289	0.0016	pay 0.0008% / 4h	2h 46m	—	$54.3M	—
Short	Phemex HYPEUSDT	93.331	−0.0051	pay 0.0051% / 8h	6h 46m	$12.7M	$2.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against BingX. 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 BingXbpFee PhemexbpOrdersPrice spread, now +0.045%Rate

Funding earned: −$14.04
Price spread: +0.045% → +0.023%: $2.2
Slippage, 4 orders: −$28.44
Fee BingX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$62.27
Costs to cover: 0.504%
Break-even: never at this rate

Slippage from BingX: live order book, 8 min ago; Phemex: live order book, 3 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 BingX live order book, 8 min ago	0.11 bp	6.5 bp −$7	8.1 bp −$81	10.6 bp −$1,064	16.2 bp −$8,094
Sell Phemex live order book, 3 min ago	4.61 bp	15.5 bp −$15	30.5 bp −$305	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	−0.1048%	1h	93.365	+0.081%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.182	−0.115%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0186%	1h	93.361	+0.077%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0124%	1h	93.240	−0.053%	$698K	$977K	10x	as long as short
Backpack HYPE_USDC_PERP	−0.0118%	1h	93.254	−0.038%	$7.8M	$10.4M	20x	as long as short
Gate HYPE_USDT	−0.0084%	4h	93.285	−0.004%	$44.2M	$53.9M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.376	+0.093%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.315	+0.028%	$84K	$361K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0052%	4h	93.269	−0.021%	$158K	$646K	20x	as long as short
Phemex HYPEUSDTshort	−0.0051%	8h	93.331	+0.045%	$12.7M	$2.7M	50x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0026%	4h	93.292	+0.003%	$8.9M	$36.2M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.318	+0.031%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.325	+0.038%	$22K	$333K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.318	+0.031%	$26K	—	150x	as long as short
Bluefin HYPE-PERP	+0.0006%	1h	93.269	−0.021%	$79K	$174K	20x	as long as short
Bybit HYPEUSDT	+0.0011%	8h	93.290	+0.001%	$319.2M	$283.2M	75x	as long as short
BingX HYPE-USDTlong	+0.0016%	4h	93.289	long leg	—	$54.3M	—
Bullet HYPE-USD	+0.0027%	1h	93.285	−0.005%	$111K	$579K	20x	as long as short
MEXC HYPE_USDT	+0.0044%	4h	93.300	+0.012%	$88.2M	$82.4M	100x	as long as short
Binance HYPEUSDT	+0.0044%	4h	93.309	+0.021%	$380.4M	$905.2M	75x	as long as short
Derive HYPE-PERP	+0.0058%	1h	93.257	−0.034%	$16.2M	$7.6M	10x	as long as short
Phoenix HYPE	+0.0060%	1h	93.190	−0.106%	$212K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0062%	4h	93.437	+0.158%	$5.1M	$29.9M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0064%	8h	93.297	+0.009%	$115.0M	$315.4M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.317	+0.030%	$16.4M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.315	+0.028%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.329	+0.043%	$65K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.271	−0.020%	$397K	$177K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.397	+0.116%	$339K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.360	+0.076%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.284	−0.005%	$6.6M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.387	+0.105%	$2.04B	$675.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.345	+0.060%	$10.0M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.404	+0.123%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.306	+0.018%	$46.0M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.278	−0.012%	$225.7M	$100.7M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.241	−0.052%	$30.9M	$55.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.420	+0.140%	$7.5M	$47.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.460	+0.183%	$338K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.428	+0.149%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.356	+0.072%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.326	+0.040%	$467K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.350	+0.065%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.292	+0.003%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.268	−0.023%	$18.4M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.410	+0.130%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.250	−0.042%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0175%	4h	93.407	+0.126%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.367	+0.083%	$2.7M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0253%	1h	93.290	+0.001%	$79K	$142K	15x	as long as short
HTX HYPE-USDT	+0.0256%	4h	93.464	+0.188%	$1.4M	$6.1M	75x	as long as short
Kalshi KXHYPEPERP	+0.0260%	8h	93.305	+0.017%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0158%	1h	93.314	+0.027%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0457%	1h	93.402	+0.121%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0683%	1h	93.377	+0.095%	$20.8M	$30.0M	50x	as long as short