Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0048%/8h= −5.3% APRpaid last 24h +0.039%

Price spread now: Phemex against Orderly+0.060%7-day average +0.015% · you sell dearer than you buy

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

Long on Orderly Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.168%+$17 on $10k

Price spread, last 3 days (all we have)−0.079%−$8 · spread now +0.060%, 7d avg +0.015%

Together, before fees+0.089%+$9 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.045% dearer against Orderly than usual: you sell high and buy low (spread +0.060% now, against its 7-day average of +0.015%): +$4 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.1 days. Mind the row above: over the last 7 days funding on this pair paid +0.168%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_HYPE_USDC	93.996	−0.0018	get 0.0009% / 4h	3h 29m	$159K	$645K	20x
Short	Phemex HYPEUSDT	94.052	−0.0066	pay 0.0066% / 8h	7h 29m	$12.8M	$2.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Orderly. 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 OrderlybpFee PhemexbpOrdersPrice spread, now +0.060%Rate

Funding earned: −$10.13
Price spread: +0.060% → +0.015%: $4.47
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$23.67
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; 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 Orderly no order-book sample	—	—	—	—	—
Sell Phemex live order book, 5 min ago	2.97 bp	20.2 bp −$20	37.5 bp −$375	doesn't fit	doesn't fit

Orderly: 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.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hibachi HYPE/USDT-P	−0.1400%	1h	93.937	−0.063%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.902	−0.100%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0234%	1h	94.131	+0.143%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0158%	1h	93.950	−0.049%	$706K	$956K	10x	as long as short
dYdX HYPE-USD	−0.0148%	1h	94.048	+0.055%	$129K	$31K	5x	as long as short
Bullet HYPE-USD	−0.0103%	1h	94.034	+0.041%	$112K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.032	+0.038%	$85K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.981	−0.016%	$3K	$331	25x	as long as short
Phemex HYPEUSDTshort	−0.0066%	8h	94.052	+0.060%	$12.8M	$2.6M	50x
Bybit HYPEUSDT	−0.0035%	8h	94.020	+0.026%	$322.9M	$280.7M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDClong	−0.0018%	4h	93.996	long leg	$159K	$645K	20x
Gate HYPE_USDT	−0.0012%	4h	94.036	+0.043%	$44.5M	$59.7M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.037	+0.044%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.070	+0.079%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0015%	4h	94.046	+0.053%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	94.121	+0.133%	$219K	$1.2M	10x	as long as short
Binance HYPEUSDT	+0.0048%	4h	94.034	+0.041%	$383.5M	$893.4M	75x	as long as short
MEXC HYPE_USDT	+0.0048%	4h	94.049	+0.056%	$89.1M	$82.6M	100x	as long as short
Derive HYPE-PERP	+0.0056%	1h	93.990	−0.006%	$16.4M	$7.3M	10x	as long as short
edgeX HYPEUSDC	+0.0068%	4h	94.068	+0.076%	$5.1M	$30.0M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0079%	8h	94.028	+0.034%	$115.9M	$318.3M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.070	+0.079%	$19.2M	$59.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.048	+0.055%	$3.0M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.024	+0.030%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.015	+0.020%	$400K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.016	+0.021%	$341K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.060	+0.068%	$26K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.026	+0.032%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.154	+0.169%	$2.05B	$677.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.993	−0.003%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.057	+0.065%	$46.6M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.058	+0.066%	$228.1M	$100.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.049	+0.056%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.012	+0.017%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.030	+0.037%	$31.5M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.088	+0.098%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.209	+0.227%	$341K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.984	−0.013%	$680K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.071	+0.080%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.064	+0.072%	$480K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.013	+0.018%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.102	+0.113%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.028	+0.034%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.120	+0.132%	$205K	$4K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.005	+0.009%	$18.8M	$44.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.030	+0.036%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0192%	4h	94.018	+0.023%	$17.0M	$12.2M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.526%	$31K	$338K	12x	as long as short
Kalshi KXHYPEPERP	+0.0222%	8h	94.094	+0.104%	$1.9M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.070	+0.078%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.047	+0.054%	$79K	$146K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0152%	1h	94.077	+0.086%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0416%	4h	94.233	+0.252%	$1.5M	$6.3M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0420%	1h	94.136	+0.149%	$7.5M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.121	+0.133%	$21.0M	$29.7M	50x	as long as short