Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0108%/8h= −11.8% APRpaid last 24h +0.025%

Price spread now: Phemex against Coinbase International−0.151%7-day average +0.043% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$73as in the Price arb table

costs, in and out, $10k−$530.532% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.105%+$11 on $10k

Price spread, last 3 days (all we have)+0.154%+$15 · spread now −0.151%, 7d avg +0.043%

Together, before fees+0.259%+$26 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phemex is 0.194% cheaper against Coinbase International than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of +0.043%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.105%, 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	Coinbase International HYPE-PERP-INTX	93.390	0.0208	pay 0.0026% / 1h	59m 55s	$4.9M	$5.7M	50x
Short	Phemex HYPEUSDT	93.249	0.0100	get 0.0100% / 8h	1h 59m	$12.7M	$2.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Coinbase International. 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 Coinbase InternationalbpFee PhemexbpOrdersPrice spread, now −0.151%Rate

Funding earned: −$22.68
Price spread: −0.151% → +0.043%: −$19.38
Slippage, 4 orders: −$31.17
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$95.23
Costs to cover: 0.532%
Break-even: never at this rate

Slippage from Coinbase International: 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 Coinbase International live order book, 4 min ago	3.21 bp	8.5 bp −$8	13.6 bp −$136	35.7 bp −$3,570	doesn't fit
Sell Phemex live order book, 4 min ago	5.20 bp	17.6 bp −$18	34.8 bp −$348	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	−0.0792%	1h	93.304	−0.093%	$197K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0269%	1h	93.297	−0.099%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0214%	1h	93.230	−0.171%	$701K	$933K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.325	−0.070%	$90K	$360K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.295	−0.102%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0046%	1h	93.273	−0.126%	$111K	$580K	20x	as long as short
Derive HYPE-PERP	−0.0037%	1h	93.243	−0.158%	$16.4M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.280	−0.118%	$127K	$32K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.393	+0.003%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.293	−0.104%	$23K	$334K	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 −0.0001%	1h	93.330	−0.065%	$20K	—	150x	as long as short
Aster HYPEUSDT	+0.0009%	4h	93.240	−0.160%	$8.9M	$35.7M	300x	as long as short
Bybit HYPEUSDT	+0.0028%	8h	93.192	−0.212%	$324.6M	$287.4M	75x	as long as short
Popdex HYPEUSDT	+0.0032%	1h	93.297	−0.100%	$57K	$1.2M	50x	as long as short
Gate HYPE_USDT	+0.0036%	4h	93.240	−0.161%	$44.0M	$58.1M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0050%	4h	93.306	−0.090%	$167K	$512K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.279	−0.119%	$215K	$1.2M	10x	as long as short
Vest HYPE-PERP	+0.0077%	1h	93.323	−0.072%	—	$454K	5x	as long as short
Lighter HYPE	+0.0096%	1h	93.276	−0.122%	$18.6M	$60.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.271	−0.127%	$3.1M	$12.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0098%	1h	93.289	−0.108%	$76K	$168K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.318	−0.077%	$339K	$170K	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.253	−0.147%	$2.0M	$2.0M	10x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.310	−0.086%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.296	−0.101%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.312	−0.084%	$2.03B	$671.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.323	−0.072%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.213	−0.189%	$384.6M	$889.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.205	−0.198%	$114.6M	$314.6M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.270	−0.128%	$1.2M	$4.1M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.271	−0.127%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.211	−0.192%	$92.7M	$82.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.221	−0.181%	$46.1M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.231	−0.170%	$226.4M	$102.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.202	−0.201%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.265	−0.134%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.252	−0.148%	$29.1M	$50.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.271	−0.127%	$7.5M	$45.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.255	−0.145%	$405K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.324	−0.071%	$675K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.336	−0.058%	$493K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.333	−0.061%	$32K	$1.6M	20x	as long as short
Phemex HYPEUSDTshort	+0.0100%	8h	93.249	−0.151%	$12.7M	$2.6M	50x
Extended HYPE-USD	+0.0104%	1h	93.198	−0.205%	$18.4M	$41.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.327	−0.067%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0105%	4h	93.244	−0.156%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTXlong	+0.0208%	1h	93.390	long leg	$4.9M	$5.7M	50x
Reya HYPERUSDPERP	+0.0246%	1h	93.295	−0.101%	$78K	$158K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0275%	1h	93.405	+0.016%	$7.4M	$4.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.910	+0.557%	$31K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0300%	4h	93.485	+0.102%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.326	−0.069%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.289	−0.108%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.359	−0.033%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.350	−0.043%	$19.6M	$26.9M	50x	as long as short