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Funding arb · Price arb /

HYPE

all HYPE markets
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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 01:00 UTC+0.0188%/8h= +20.6% APRnext payment +$0.23 per $10,000 · paid last 24h +0.044%
Price spread now: Phoenix against Ondo Perps+0.075%48s7-day average +0.108% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on Ondo PerpsShort on Phoenix
What this pair did over the last
the charts below follow
Funding, last 7 days+0.389%+$39 on $10k
Price spread, last 7 days+0.375%+$38 · spread now +0.075%, 7d avg +0.108%
Together, before fees+0.764%+ Points / potential airdropOndo Perps: Active · farm board+$76 on $10k · with fees, hour by hour
Funding pays, the price is against you. Phoenix is 0.033% cheaper against Ondo Perps than usual: you would sell low and buy high (spread +0.075% now, against its 7-day average of +0.108%). If the spread goes back, that is −$3 on $10k: about 14 hours of funding at the current rate (+$6 a day). The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongOndo Perps HYPE-USD.P93.120−0.0128get 0.0016% / 1h44m 05s$698K$976K10x
ShortPhoenix HYPE93.1900.0060get 0.0007% / 1h44m 05s$212K$1.2M10x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Phoenix against Ondo Perps. 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

Funding earned
$39.47
Price spread: +0.075% → +0.108%
−$3.25
Slippage, 4 orders
no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders
−$5
Fee Phoenix: 3.5 bp × 2 orders
−$7
Net
$24.22
Costs to cover
0.120%
Break-even
2.7 days
Slippage unknown: Ondo Perps: no order-book sample; Phoenix: live order book, 4 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Ondo Perps no order-book sample—————
Sell Phoenix live order book, 4 min ago1.18 bp5.7 bp −$69.3 bp −$93128.2 bp −$12.8Kdoesn't fit
Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

HYPE on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Hibachi HYPE/USDT-P−0.1008%1h93.199+0.085%$196K$229K7xas long as short
Arcus HYPE-USD−0.0786%1h93.123+0.003%$1.2M$3.9M10xas long as short
Aftermath Perps HYPEUSD−0.0171%1h93.328+0.224%$22K$21K10xas long as short
Ondo Perps HYPE-USD.Plong−0.0128%1h93.120long leg$698K$976K10x
Backpack HYPE_USDC_PERP−0.0106%1h93.338+0.234%$7.8M$10.4M20xas long as short
Gate HYPE_USDT−0.0090%4h93.348+0.245%$44.2M$54.0M75xas long as short
01 Exchange HYPEUSD−0.0080%1h93.300+0.193%$84K$361K20xas long as short
Hotstuff HYPE-PERP−0.0080%1h93.214+0.101%$3K$33125xas long as short
Orderly PERP_HYPE_USDC−0.0054%4h93.305+0.199%$156K$652K20xas long as short
Aster HYPEUSDT−0.0034%4h93.342+0.238%$8.9M$36.3M300xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Phemex HYPEUSDT−0.0031%8h93.331+0.227%$12.7M$2.7M50xas long as short
Bluefin HYPE-PERP−0.0009%1h93.343+0.239%$79K$173K20xas long as short
dYdX HYPE-USD0.0000%1h93.239+0.128%$128K$31K5xas long as short
Perpl HYPE0.0000%43m93.319+0.214%$22K$333K10xas long as short
gTrade (Gains Network) HYPE/USDL +0.0002% / S −0.0003%1h93.350+0.247%$26K—150xas long as short
Bybit HYPEUSDT+0.0007%8h93.370+0.268%$319.4M$283.3M75xas long as short
BingX HYPE-USDT+0.0018%4h93.349+0.246%—$54.3M—as long as short
Binance HYPEUSDT+0.0041%4h93.365+0.263%$379.9M$905.3M75xas long as short
MEXC HYPE_USDT+0.0042%4h93.362+0.260%$88.1M$82.4M100xas long as short
Bullet HYPE-USD+0.0047%1h93.299+0.192%$112K$579K20xas long as short
edgeX HYPEUSDC+0.0059%4h93.354+0.251%$5.1M$30.0M30xas long as short
Phoenix HYPEshort+0.0060%1h93.190+0.075%$212K$1.2M10x
OKX HYPE-USDT-SWAP+0.0064%8h93.362+0.260%$115.1M$315.6M50xas long as short
Derive HYPE-PERP+0.0065%1h93.316+0.211%$16.2M$7.6M10xas long as short
Aevo HYPE-PERP+0.0088%1h93.370+0.269%$397K$177K20xas long as short
Lighter HYPE+0.0096%1h93.371+0.269%$16.4M$62.2M20xas long as short
Lighter RH HYPE+0.0096%1h93.361+0.259%$3.1M$11.8M20xas long as short
Popdex HYPEUSDT+0.0096%1h93.294+0.187%$65K$1.2M50xas long as short
Paradex HYPE-USD-PERP+0.0096%8h93.271+0.162%$339K$165K20xas long as short
Katana Perps HYPE-USD+0.0100%8h93.290+0.183%$35K$1.6M10xas long as short
Nado HYPE-PERP+0.0100%1h93.305+0.199%$6.6M$44.7M10xas long as short
Hyperliquid HYPE+0.0100%1h93.435+0.338%$2.04B$675.6M10xas long as short
Pacifica HYPE+0.0100%1h93.269+0.160%$10.0M$14.7M20xas long as short
Bulk HYPE-USD+0.0100%1h93.404+0.304%$203K$10K10xas long as short
KuCoin HYPEUSDTM+0.0100%4h93.380+0.279%$46.0M$18.4M75xas long as short
Bitget HYPEUSDT+0.0100%4h93.363+0.261%$225.9M$100.7M75xas long as short
Variational Omni HYPE+0.0100%8h93.241+0.129%$30.9M$55.0M—as long as short
GRVT HYPE_USDT_Perp+0.0100%4h93.420+0.322%$7.5M$47.2M10xas long as short
ApeX Omni HYPEUSDT+0.0100%1h93.381+0.280%$337K$1.1M50xas long as short
StandX HYPE-USD+0.0100%1h93.282+0.174%$666K$2.6M20xas long as short
Vest HYPE-PERP+0.0100%1h93.312+0.207%—$243K5xas long as short
Polymarket Perps HYPE-USD+0.0100%1h93.306+0.200%$467K$2.5M20xas long as short
SunX HYPE-USDT+0.0100%4h93.280+0.172%$32K$1.6M20xas long as short
SoDEX HYPE-USD+0.0100%1h93.356+0.253%$2.0M$2.0M10xas long as short
Extended HYPE-USD+0.0104%1h93.320+0.215%$18.4M$44.4M50xas long as short
Coinbase International HYPE-PERP-INTX+0.0136%1h93.260+0.150%$4.9M$5.5M50xas long as short
Injective HYPE/USDC PERP+0.0137%1h93.130+0.011%$30K$338K12xas long as short
BloFin HYPE-USDT+0.0175%4h93.407+0.308%$17.0M$12.1M75xas long as short
RISEx HYPE/USDC+0.0210%1h93.298+0.192%$2.7M$6.7M20xas long as short
HTX HYPE-USDT+0.0249%4h93.500+0.408%$1.4M$6.1M75xas long as short
Reya HYPERUSDPERP+0.0254%1h93.281+0.172%$79K$142K15xas long as short
Kalshi KXHYPEPERP+0.0259%8h93.383+0.282%$1.9M$5.2M2.3xas long as short
GMX HYPE/USD [WBTC.b-USDC]L +0.0334% / S −0.0158%1h93.329+0.224%$1.4M—100xas long as short
Deribit HYPE_USDC-PERPETUAL+0.0585%1h93.470+0.376%$7.5M$4.5M50xas long as short
Kraken Futures PF_HYPEUSD+0.0682%1h93.444+0.348%$20.8M$30.0M50xas long as short