Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Phemex against Bulk+0.019%7-day average −0.027% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$480.480% of the position

Long on Bulk Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.001%$0 on $10k

Price spread, last 3 days (all we have)−0.122%−$12 · spread now +0.019%, 7d avg −0.027%

Together, before fees−0.121%−$12 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 0.047% dearer against Bulk than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.027%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk HYPE-USD	93.285	0.0100	pay 0.0013% / 1h	6m 24s	$204K	$12K	10x
Short	Phemex HYPEUSDT	93.303	0.0100	get 0.0100% / 8h	2h 06m	$12.7M	$2.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Bulk. 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 BulkbpFee PhemexbpOrdersPrice spread, now +0.019%Rate

Funding earned: $0
Price spread: +0.019% → −0.027%: $4.68
Slippage, 4 orders: −$29.03
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$43.35
Costs to cover: 0.480%
Break-even: never at this rate

Slippage from Bulk: live order book, 18 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 Bulk live order book, 18 min ago	0.53 bp	4.0 bp −$4	5.6 bp −$56	11.5 bp −$1,153	35.8 bp −$17.9K
Sell Phemex live order book, 3 min ago	5.09 bp	22.7 bp −$23	38.1 bp −$381	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	−0.0848%	1h	93.321	+0.039%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0253%	1h	93.394	+0.117%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0230%	1h	93.210	−0.080%	$700K	$934K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.237	−0.051%	$90K	$358K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.236	−0.053%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0036%	1h	93.202	−0.089%	$111K	$580K	20x	as long as short
Derive HYPE-PERP	−0.0035%	1h	93.223	−0.066%	$16.4M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.280	−0.006%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.264	−0.023%	$23K	$334K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.270	−0.016%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0011%	4h	93.223	−0.066%	$8.9M	$35.8M	300x	as long as short
Bybit HYPEUSDT	+0.0030%	8h	93.220	−0.070%	$324.7M	$287.2M	75x	as long as short
Gate HYPE_USDT	+0.0030%	4h	93.222	−0.068%	$43.9M	$57.8M	75x	as long as short
Popdex HYPEUSDT	+0.0032%	1h	93.232	−0.057%	$58K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0053%	4h	93.228	−0.061%	$165K	$538K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.345	+0.064%	$215K	$1.2M	10x	as long as short
Vest HYPE-PERP	+0.0086%	1h	93.267	−0.019%	—	$454K	5x	as long as short
SoDEX HYPE-USD	+0.0089%	1h	93.255	−0.032%	$2.0M	$2.0M	10x	as long as short
Bluefin HYPE-PERP	+0.0096%	1h	93.230	−0.059%	$75K	$168K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.270	−0.016%	$18.6M	$60.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.250	−0.038%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.244	−0.043%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.250	−0.038%	$36K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.219	−0.070%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.309	+0.026%	$2.03B	$670.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.264	−0.023%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.220	−0.070%	$384.7M	$889.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.215	−0.075%	$114.5M	$314.4M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.199	−0.092%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USDlong	+0.0100%	1h	93.285	long leg	$204K	$12K	10x
MEXC HYPE_USDT	+0.0100%	4h	93.219	−0.071%	$93.0M	$82.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.273	−0.013%	$46.1M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.239	−0.049%	$226.5M	$102.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.221	−0.069%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.303	+0.019%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.263	−0.024%	$29.1M	$50.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.304	+0.020%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.276	−0.010%	$405K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.340	+0.059%	$675K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.262	−0.025%	$492K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.300	+0.016%	$32K	$1.6M	20x	as long as short
Phemex HYPEUSDTshort	+0.0100%	8h	93.303	+0.019%	$12.7M	$2.6M	50x
Kalshi KXHYPEPERP	+0.0101%	8h	93.392	+0.115%	$1.9M	$5.2M	2.3x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.206	−0.085%	$18.4M	$41.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.275	−0.010%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0113%	4h	93.268	−0.018%	$5.1M	$29.4M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.390	+0.113%	$4.9M	$5.7M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0221%	1h	93.371	+0.092%	$7.4M	$4.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.219	−0.071%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.910	+0.670%	$31K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0292%	4h	93.477	+0.206%	$1.5M	$7.7M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.268	−0.019%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.275	−0.011%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.292	+0.008%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.395	+0.118%	$19.1M	$26.2M	50x	as long as short