Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0137%/8h= −15.0% APRpaid last 24h −0.072%

Price spread now: Phemex against Injective−0.534%65s7-day average −0.148% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−2.160%−$216 on $10k

Price spread, last 4 days (all we have)+0.718%+$72 · spread now −0.534%, 7d avg −0.148%

Together, before fees−1.442%−$144 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Phemex is 0.387% cheaper against Injective than usual: you would sell low and buy high (−$39 if the spread goes back to its 7-day average of −0.148%). Swap the legs. The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective HYPE/USDC PERP	94.740	0.0185	pay 0.0023% / 1h	19m 27s	$31K	$340K	12x
Short	Phemex HYPEUSDT	94.234	0.0048	get 0.0048% / 8h	19m 27s	$12.9M	$2.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpFee PhemexbpOrdersPrice spread, now −0.534%Rate

Funding earned: −$28.83
Price spread: −0.534% → −0.148%: −$38.66
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$79.51
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Injective: live order book, 20 min ago; Phemex: live order book, 5 min ago. Net counts fees only.

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 Injective live order book, 20 min ago	24.33 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	2.13 bp	15.4 bp −$15	37.2 bp −$372	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	−0.1712%	1h	94.057	−0.721%	$202K	$255K	7x	as long as short
Bluefin HYPE-PERP	−0.0413%	1h	94.235	−0.533%	$80K	$152K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0218%	1h	94.190	−0.581%	$710K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0214%	1h	94.332	−0.431%	$111K	$577K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0147%	1h	94.196	−0.574%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.369	−0.392%	$88K	$367K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.153	−0.620%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0080%	1h	93.964	−0.819%	$16.4M	$7.5M	10x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.300	−0.464%	$1.0M	$3.6M	10x	as long as short
Lighter HYPE	−0.0040%	1h	94.261	−0.506%	$16.3M	$64.5M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	−0.0020%	4h	94.323	−0.440%	—	$52.9M	—	as long as short
Bybit HYPEUSDT	−0.0019%	8h	94.322	−0.441%	$317.0M	$289.2M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0010%	4h	94.221	−0.548%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.225	−0.543%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.272	−0.494%	$1.8M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.117	−0.658%	$208K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.314	−0.450%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.364	−0.397%	$124K	—	150x	as long as short
Polymarket Perps HYPE-USD	+0.0002%	1h	94.348	−0.414%	$497K	$2.8M	20x	as long as short
Bitget HYPEUSDT	+0.0028%	4h	94.313	−0.451%	$226.6M	$100.1M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0031%	8h	94.319	−0.444%	$337K	$154K	20x	as long as short
Vest HYPE-PERP	+0.0039%	1h	94.350	−0.412%	—	$190K	5x	as long as short
SoDEX HYPE-USD	+0.0040%	1h	94.250	−0.517%	$2.1M	$1.9M	10x	as long as short
Phemex HYPEUSDTshort	+0.0048%	8h	94.234	−0.534%	$12.9M	$2.9M	50x
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.260	−0.507%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0065%	8h	94.324	−0.439%	$117.7M	$324.7M	50x	as long as short
Gate HYPE_USDT	+0.0092%	4h	94.282	−0.483%	$50.1M	$56.8M	75x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	93.993	−0.788%	$5.0M	$30.7M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.286	−0.479%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.325	−0.438%	$81K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.280	−0.486%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.275	−0.490%	$7.2M	$53.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.419	−0.339%	$2.07B	$687.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.325	−0.438%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.313	−0.451%	$10.2M	$15.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.331	−0.432%	$377.8M	$933.4M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.307	−0.457%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.340	−0.422%	$89.1M	$84.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.327	−0.436%	$46.8M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.209	−0.560%	$7.5M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.079	−0.698%	$29.4M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.093	−0.683%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.028	−0.752%	$369K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.093	−0.683%	$680K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.173	−0.598%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.350	−0.412%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.255	−0.512%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.233	−0.535%	$398K	$154K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.288	−0.477%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERPlong	+0.0185%	1h	94.740	long leg	$31K	$340K	12x
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.296	−0.468%	$20.2M	$30.2M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0248%	1h	94.338	−0.424%	$7.4M	$4.3M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.344	−0.418%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.311	−0.453%	$85K	$120K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.094	−0.682%	$17.1M	$12.3M	75x	as long as short