Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0074%/8h= −8.1% APRpaid last 24h +0.021%

Price spread now: Phoenix against KuCoin+0.298%48s7-day average +0.101% · you sell dearer than you buy

Net, funding: paid 7d − costs−$8as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$340.344% of the position

Long on KuCoin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.268%+$27 on $10k

Price spread, last 7 days−0.196%−$20 · spread now +0.298%, 7d avg +0.101%

Together, before fees+0.072%+$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.196% dearer against KuCoin than usual: you sell high and buy low (spread +0.298% now, against its 7-day average of +0.101%): +$20 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 8.8 days. Mind the row above: over the last 7 days funding on this pair paid +0.268%, so the current rate has only just turned against you. The two prices were read 48 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	KuCoin HYPEUSDTM	93.331	0.0100	pay 0.0050% / 4h	1h 28m	$46.0M	$18.1M	75x
Short	Phoenix HYPE	93.609	0.0026	get 0.0003% / 1h	28m 42s	$213K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against KuCoin. 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 KuCoinbpFee PhoenixbpOrdersPrice spread, now +0.298%Rate

Funding earned: −$15.59
Price spread: +0.298% → +0.101%: $19.64
Slippage, 4 orders: −$15.43
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$30.38
Costs to cover: 0.344%
Break-even: never at this rate

Slippage from KuCoin: live order book, 10 min ago; Phoenix: 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 KuCoin live order book, 10 min ago	0.43 bp	11.8 bp −$12	15.4 bp −$154	doesn't fit	doesn't fit
Sell Phoenix live order book, 4 min ago	1.39 bp	6.0 bp −$6	9.9 bp −$99	138.8 bp −$13.9K	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	−0.1296%	1h	93.492	+0.173%	$198K	$227K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.194	−0.147%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0106%	1h	93.320	−0.012%	$699K	$996K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.383	+0.056%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.372	+0.044%	$85K	$343K	20x	as long as short
Phemex HYPEUSDT	−0.0051%	8h	93.315	−0.017%	$12.6M	$2.7M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0047%	1h	93.448	+0.125%	$22K	$21K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0043%	4h	93.327	−0.004%	$153K	$652K	20x	as long as short
Bullet HYPE-USD	−0.0007%	1h	93.331	0.000%	$111K	$578K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.309	−0.023%	$128K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.357	+0.028%	$23K	$319K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.347	+0.017%	$62K	—	150x	as long as short
Aster HYPEUSDT	+0.0023%	4h	93.298	−0.036%	$8.8M	$35.5M	300x	as long as short
BingX HYPE-USDT	+0.0024%	4h	93.301	−0.032%	—	$53.0M	—	as long as short
Phoenix HYPEshort	+0.0026%	1h	93.609	+0.298%	$213K	$1.2M	10x
Bybit HYPEUSDT	+0.0039%	8h	93.300	−0.033%	$320.9M	$276.9M	75x	as long as short
Gate HYPE_USDT	+0.0058%	4h	93.292	−0.042%	$44.6M	$55.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0075%	8h	93.289	−0.045%	$114.0M	$301.4M	50x	as long as short
Derive HYPE-PERP	+0.0083%	1h	93.301	−0.032%	$16.2M	$7.5M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.319	−0.013%	$16.2M	$61.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.315	−0.017%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.375	+0.047%	$69K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.343	+0.013%	$339K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.400	+0.074%	$17K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.400	+0.073%	$5.8M	$43.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.374	+0.046%	$2.04B	$654.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.331	0.000%	$10.0M	$14.7M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.297	−0.036%	$378.5M	$876.5M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.364	+0.035%	$203K	$10K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.297	−0.036%	$89.7M	$80.8M	100x	as long as short
KuCoin HYPEUSDTMlong	+0.0100%	4h	93.331	long leg	$46.0M	$18.1M	75x
Bitget HYPEUSDT	+0.0100%	4h	93.294	−0.040%	$225.5M	$96.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.273	−0.062%	$7.4M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.546	+0.230%	$31.2M	$53.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.614	+0.304%	$7.6M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.581	+0.268%	$340K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.565	+0.251%	$668K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.428	+0.104%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.389	+0.062%	$471K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.296	+1.034%	$80K	$170K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.436	+0.113%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.313	−0.019%	$2.0M	$1.9M	10x	as long as short
edgeX HYPEUSDC	+0.0102%	4h	93.459	+0.137%	$5.1M	$29.7M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.270	−0.065%	$18.4M	$43.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.321	−0.010%	$397K	$162K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.390	+0.063%	$4.8M	$5.5M	50x	as long as short
HTX HYPE-USDT	+0.0180%	4h	93.500	+0.181%	$1.4M	$6.0M	75x	as long as short
Reya HYPERUSDPERP	+0.0258%	1h	93.333	+0.002%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0280%	8h	93.416	+0.091%	$1.9M	$5.0M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.358	+0.029%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.339	+0.009%	$16.9M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0361%	1h	93.402	+0.076%	$7.4M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.377	+0.049%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.280	−0.055%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0685%	1h	93.373	+0.045%	$20.7M	$29.8M	50x	as long as short