Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0065%/8h= −7.2% APRpaid last 24h +0.031%

Price spread now: Phoenix against OKX−0.046%106s7-day average +0.115% · you buy dearer than you sell

Net, funding: paid 7d − costs+$9as 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−$220.223% of the position

Long on OKX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.312%+$31 on $10k

Price spread, last 7 days+0.156%+$16 · spread now −0.046%, 7d avg +0.115%

Together, before fees+0.468%+$47 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phoenix is 0.160% cheaper against OKX than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of +0.115%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.312%, so the current rate has only just turned against you. The two prices were read 106 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	OKX HYPE-USDT-SWAP	94.275	0.0065	pay 0.0065% / 8h	19m 42s	$117.6M	$324.2M	50x
Short	Phoenix HYPE	94.232	0	get 0.0000% / 1h	19m 42s	$209K	$1.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against OKX. 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 OKXbpFee PhoenixbpOrdersPrice spread, now −0.046%Rate

Funding earned: −$13.72
Price spread: −0.046% → +0.115%: −$16.03
Slippage, 4 orders: −$5.34
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$52.09
Costs to cover: 0.223%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; Phoenix: 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 OKX live order book, 4 min ago	0.05 bp	5.2 bp −$5	7.9 bp −$79	17.0 bp −$1,697	doesn't fit
Sell Phoenix live order book, 3 min ago	1.17 bp	5.6 bp −$6	9.5 bp −$95	111.5 bp −$11.1K	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	−0.231%	$202K	$255K	7x	as long as short
Bluefin HYPE-PERP	−0.0413%	1h	94.235	−0.042%	$80K	$152K	20x	as long as short
Bullet HYPE-USD	−0.0224%	1h	94.218	−0.061%	$111K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0218%	1h	94.190	−0.090%	$710K	$1.2M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0145%	1h	94.169	−0.113%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.369	+0.100%	$88K	$367K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.153	−0.129%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0080%	1h	93.964	−0.330%	$16.4M	$7.5M	10x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.300	+0.027%	$1.0M	$3.6M	10x	as long as short
Lighter HYPE	−0.0040%	1h	94.261	−0.015%	$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	94.280	+0.005%	—	$52.9M	—	as long as short
Bybit HYPEUSDT	−0.0019%	8h	94.280	+0.005%	$316.9M	$289.2M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0010%	4h	94.221	−0.057%	$147K	$686K	20x	as long as short
Polymarket Perps HYPE-USD	−0.0006%	1h	94.233	−0.045%	$497K	$2.8M	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.225	−0.053%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.272	−0.003%	$1.8M	$5.6M	2.3x	as long as short
Phoenix HYPEshort	0.0000%	1h	94.232	−0.046%	$209K	$1.1M	10x
Perpl HYPE	0.0000%	43m	94.169	−0.112%	$19K	$288K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.275	0.000%	$124K	—	150x	as long as short
Bitget HYPEUSDT	+0.0028%	4h	94.256	−0.020%	$226.5M	$100.1M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0031%	8h	94.319	+0.047%	$337K	$154K	20x	as long as short
Vest HYPE-PERP	+0.0037%	1h	94.195	−0.085%	—	$190K	5x	as long as short
SoDEX HYPE-USD	+0.0040%	1h	94.250	−0.027%	$2.1M	$1.9M	10x	as long as short
Phemex HYPEUSDT	+0.0048%	8h	94.234	−0.043%	$12.9M	$2.9M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.260	−0.016%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAPlong	+0.0065%	8h	94.275	long leg	$117.6M	$324.2M	50x
Gate HYPE_USDT	+0.0092%	4h	94.282	+0.007%	$50.1M	$56.8M	75x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	93.993	−0.299%	$5.0M	$30.7M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.286	+0.012%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.325	+0.053%	$81K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.280	+0.005%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.134	−0.149%	$7.2M	$53.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.375	+0.106%	$2.07B	$687.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.287	+0.013%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.313	+0.040%	$10.2M	$15.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.291	+0.016%	$377.6M	$933.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.307	+0.034%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.272	−0.003%	$89.1M	$83.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.262	−0.014%	$46.8M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.209	−0.070%	$7.5M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.079	−0.208%	$29.4M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.122	−0.162%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.028	−0.262%	$369K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.093	−0.193%	$680K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.173	−0.108%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.350	+0.080%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.255	−0.022%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.233	−0.044%	$398K	$154K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.288	+0.014%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.493%	$31K	$340K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.296	+0.022%	$20.2M	$30.2M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0248%	1h	94.338	+0.067%	$7.4M	$4.3M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.344	+0.073%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.199	−0.080%	$85K	$123K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.094	−0.192%	$17.1M	$12.3M	75x	as long as short