Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0029%/8h= +3.2% APRpaid last 24h +0.022%

Price spread now: Phemex against dYdX+0.076%7-day average +0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$82as in the Funding arb table

Net, price: spread back to 7d avg − costs−$88as in the Price arb table

costs, in and out, $10k−$950.952% of the position

Long on dYdX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.135%+$14 on $10k

Price spread, last 4 days (all we have)−0.237%−$24 · spread now +0.076%, 7d avg +0.004%

Together, before fees−0.102%−$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Phemex is 0.072% dearer against dYdX than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX HYPE-USD	92.692	0	get 0.0000% / 1h	15m 09s	$127K	$31K	5x
Short	Phemex HYPEUSDT	92.763	0.0029	get 0.0029% / 8h	4h 15m	$12.5M	$2.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against dYdX. 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 dYdXbpFee PhemexbpOrdersPrice spread, now +0.076%Rate

Funding earned: $6.1
Price spread: +0.076% → +0.004%: $7.23
Slippage, 4 orders: −$73.23
Fee dYdX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$81.9
Costs to cover: 0.952%
Break-even: 101.0 days

Slippage from dYdX: live order book, 44 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 dYdX live order book, 44 min ago	26.34 bp	31.3 bp −$31	43.7 bp −$437	139.8 bp −$14.0K	1018.5 bp −$509.3K
Sell Phemex live order book, 4 min ago	4.75 bp	13.7 bp −$14	34.3 bp −$343	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
Arcus HYPE-USD	−0.0948%	1h	92.676	−0.018%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0248%	1h	92.691	−0.001%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0245%	1h	92.691	−0.002%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.690	−0.003%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	92.738	+0.049%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	92.782	+0.097%	$87K	$361K	20x	as long as short
dYdX HYPE-USDlong	0.0000%	1h	92.692	long leg	$127K	$31K	5x
Perpl HYPE	0.0000%	43m	92.753	+0.065%	$22K	$304K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.761	+0.074%	$62K	—	150x	as long as short
Phemex HYPEUSDTshort	+0.0029%	8h	92.763	+0.076%	$12.5M	$2.7M	50x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0034%	1h	92.670	−0.024%	$697K	$1.1M	10x	as long as short
Bullet HYPE-USD	+0.0037%	1h	92.720	+0.029%	$110K	$578K	20x	as long as short
BingX HYPE-USDT	+0.0038%	4h	92.753	+0.065%	—	$53.4M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.779	+0.093%	$210K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0045%	4h	92.728	+0.038%	$8.7M	$36.2M	300x	as long as short
Bybit HYPEUSDT	+0.0045%	8h	92.750	+0.062%	$316.7M	$281.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0090%	8h	92.770	+0.084%	$113.7M	$304.0M	50x	as long as short
Gate HYPE_USDT	+0.0094%	4h	92.756	+0.069%	$44.5M	$55.3M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	92.728	+0.039%	$338K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.775	+0.089%	$16.0M	$62.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.783	+0.098%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.750	+0.062%	$69K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.730	+0.040%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.713	+0.022%	$7.1M	$45.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.783	+0.098%	$2.02B	$663.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.742	+0.053%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.759	+0.072%	$372.6M	$902.7M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.764	+0.077%	$87.4M	$80.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.758	+0.071%	$46.1M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.756	+0.069%	$224.5M	$98.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.681	−0.012%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.669	−0.026%	$28.7M	$57.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.760	+0.073%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.717	+0.026%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.715	+0.024%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.777	+0.091%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.749	+0.061%	$469K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.744	+0.056%	$78K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.748	+0.059%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.762	+0.075%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.765	+0.078%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.901	+0.225%	$1.4M	$6.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.701	+0.010%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.745	+0.057%	$18.1M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.770	+0.084%	$392K	$164K	20x	as long as short
edgeX HYPEUSDC	+0.0106%	4h	92.709	+0.018%	$5.0M	$29.6M	30x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.332%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.760	+0.073%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0235%	8h	92.781	+0.096%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.720	+0.029%	$79K	$132K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.752	+0.065%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0332%	1h	92.825	+0.143%	$20.6M	$30.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.766	+0.079%	$16.7M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0418%	1h	92.861	+0.182%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.811	+0.128%	$3.2M	$6.4M	20x	as long as short