Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:55 UTC−0.0036%/8h= −4.0% APRpaid last 24h +0.012%

Price spread now: Phemex against Perpl−0.087%48s7-day average +0.009% · you buy dearer than you sell

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

Long on Perpl Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.145%+$15 on $10k

Price spread, last 3 days (all we have)+0.051%+$5 · spread now −0.087%, 7d avg +0.009%

Together, before fees+0.197%+ Points / potential airdropPerpl: Active · farm board+$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phemex is 0.096% cheaper against Perpl than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.009%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.145%, 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	Perpl HYPE	93.319	0	get 0.0000% / 43m	6m 21s	$22K	$333K	10x
Short	Phemex HYPEUSDT	93.238	−0.0036	pay 0.0036% / 8h	6h 44m	$12.6M	$2.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Perpl. 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 PerplbpFee PhemexbpOrdersPrice spread, now −0.087%Rate

Funding earned: −$7.59
Price spread: −0.087% → +0.009%: −$9.58
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$42.98
Costs to cover: 0.258%
Break-even: never at this rate

Slippage unknown: Perpl: 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 Perpl no order-book sample	—	—	—	—	—
Sell Phemex live order book, 5 min ago	4.61 bp	15.5 bp −$15	30.5 bp −$305	doesn't fit	doesn't fit

Perpl: 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	−0.1008%	1h	93.199	−0.129%	$196K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.123	−0.210%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0171%	1h	93.328	+0.010%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0128%	1h	93.120	−0.214%	$698K	$976K	10x	as long as short
Backpack HYPE_USDC_PERP	−0.0120%	1h	93.168	−0.162%	$7.8M	$10.4M	20x	as long as short
Gate HYPE_USDT	−0.0090%	4h	93.324	+0.005%	$44.2M	$54.0M	75x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.300	−0.021%	$84K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.214	−0.113%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0054%	4h	93.305	−0.015%	$156K	$652K	20x	as long as short
Phemex HYPEUSDTshort	−0.0036%	8h	93.238	−0.087%	$12.6M	$2.7M	50x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0034%	4h	93.275	−0.048%	$8.8M	$36.3M	300x	as long as short
Bluefin HYPE-PERP	−0.0009%	1h	93.343	+0.025%	$79K	$173K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.239	−0.086%	$128K	$31K	5x	as long as short
Perpl HYPElong	0.0000%	43m	93.319	long leg	$22K	$333K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.350	+0.033%	$26K	—	150x	as long as short
Bybit HYPEUSDT	+0.0007%	8h	93.330	+0.011%	$319.2M	$283.3M	75x	as long as short
BingX HYPE-USDT	+0.0018%	4h	93.338	+0.020%	—	$54.3M	—	as long as short
Binance HYPEUSDT	+0.0041%	4h	93.339	+0.021%	$379.8M	$905.2M	75x	as long as short
MEXC HYPE_USDT	+0.0042%	4h	93.316	−0.004%	$88.1M	$82.4M	100x	as long as short
Bullet HYPE-USD	+0.0047%	1h	93.299	−0.022%	$112K	$579K	20x	as long as short
edgeX HYPEUSDC	+0.0059%	4h	93.354	+0.037%	$5.1M	$30.0M	30x	as long as short
Phoenix HYPE	+0.0060%	1h	93.190	−0.139%	$212K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0064%	8h	93.354	+0.037%	$115.0M	$315.5M	50x	as long as short
Derive HYPE-PERP	+0.0065%	1h	93.316	−0.004%	$16.2M	$7.6M	10x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.370	+0.054%	$397K	$177K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.239	−0.086%	$16.4M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.236	−0.089%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.294	−0.027%	$65K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	93.271	−0.052%	$339K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.290	−0.031%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.305	−0.015%	$6.6M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.384	+0.069%	$2.04B	$675.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.269	−0.054%	$10.0M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.404	+0.090%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.306	−0.014%	$46.0M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.370	+0.054%	$225.9M	$100.7M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.241	−0.084%	$30.9M	$55.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.420	+0.108%	$7.5M	$47.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.381	+0.066%	$337K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.282	−0.040%	$666K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.312	−0.007%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.306	−0.014%	$467K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.280	−0.042%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.356	+0.039%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.352	+0.035%	$18.4M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.260	−0.064%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.130	−0.203%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0175%	4h	93.407	+0.094%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.298	−0.022%	$2.7M	$6.7M	20x	as long as short
HTX HYPE-USDT	+0.0251%	4h	93.350	+0.033%	$1.4M	$6.1M	75x	as long as short
Reya HYPERUSDPERP	+0.0254%	1h	93.281	−0.042%	$79K	$142K	15x	as long as short
Kalshi KXHYPEPERP	+0.0260%	8h	93.346	+0.029%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0158%	1h	93.329	+0.010%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0585%	1h	93.470	+0.161%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0682%	1h	93.444	+0.133%	$20.8M	$30.0M	50x	as long as short