Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0404%/8h= −44.3% APRpaid last 24h −0.030%

Price spread now: Aftermath Perps against Phemex+0.114%7-day average — · you sell dearer than you buy

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

Long on Phemex Short on Aftermath Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Aftermath Perps is 0.114% dearer against Phemex than usual: you sell high and buy low (spread +0.114% now, against zero (this spread has no 7-day history yet)): +$11 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 22 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	93.243	0.0043	pay 0.0043% / 8h	2h 33m	$12.6M	$2.7M	50x
Short	Aftermath Perps HYPEUSD	93.349	−0.0361	pay 0.0045% / 1h	33m 58s	$22K	$21K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aftermath Perps against Phemex. 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 PhemexbpFee Aftermath PerpsbpOrdersPrice spread, now +0.114%Rate

Funding earned: −$84.87
Price spread: +0.114% → 0.000%: $11.35
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Net: −$94.52
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 5 min ago; Aftermath Perps: no order-book sample. 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 Phemex live order book, 5 min ago	4.78 bp	15.3 bp −$15	33.9 bp −$339	doesn't fit	doesn't fit
Sell Aftermath Perps no order-book sample	—	—	—	—	—

Aftermath 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.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hibachi HYPE/USDT-P	−0.1624%	1h	93.409	+0.178%	$197K	$234K	7x	as long as short
Aftermath Perps HYPEUSDshort	−0.0361%	1h	93.349	+0.114%	$22K	$21K	10x
Hotstuff HYPE-PERP	−0.0080%	1h	93.328	+0.091%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0071%	1h	93.212	−0.033%	$111K	$578K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0023%	4h	93.228	−0.016%	$146K	$662K	20x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	93.305	+0.066%	$87K	$366K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.367	+0.133%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.318	+0.081%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.239	−0.005%	$62K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	93.274	+0.033%	$1.0M	$4.0M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0013%	1h	93.430	+0.201%	$702K	$1.2M	10x	as long as short
Bitget HYPEUSDT	+0.0016%	4h	93.172	−0.076%	$225.3M	$98.9M	75x	as long as short
Bybit HYPEUSDT	+0.0021%	8h	93.168	−0.080%	$316.6M	$283.2M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.434	+0.205%	$209K	$1.2M	10x	as long as short
Phemex HYPEUSDTlong	+0.0043%	8h	93.243	long leg	$12.6M	$2.7M	50x
edgeX HYPEUSDC	+0.0094%	4h	93.304	+0.066%	$5.0M	$30.0M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	93.356	+0.121%	$340K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.213	−0.032%	$16.1M	$63.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.222	−0.023%	$3.1M	$11.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.285	+0.045%	$76K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.260	+0.018%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.314	+0.077%	$8.0M	$48.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.259	+0.017%	$2.03B	$668.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.228	−0.017%	$8.7M	$36.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.339	+0.103%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.186	−0.061%	$373.4M	$913.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.181	−0.066%	$114.2M	$309.1M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.211	−0.034%	$46.6M	$54.2M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.214	−0.031%	$89.8M	$80.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.219	−0.026%	$46.1M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.201	−0.045%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.229	−0.015%	$7.3M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.351	+0.115%	$28.6M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.365	+0.131%	$7.5M	$47.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.331	+0.094%	$342K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.497	+0.272%	$669K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.365	+0.131%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.277	+0.036%	$483K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.207	−0.039%	$79K	$165K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.196	−0.051%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.218	−0.027%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.221	−0.024%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.351	+0.116%	$1.4M	$6.5M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.344	+0.109%	$215K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.146	−0.104%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.212	−0.033%	$394K	$158K	20x	as long as short
Kalshi KXHYPEPERP	+0.0112%	8h	93.383	+0.150%	$1.8M	$5.7M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.350	+0.115%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.310	+0.072%	$4.8M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0269%	1h	93.231	−0.013%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.241	−0.002%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.516	+0.293%	$16.9M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0341%	1h	93.292	+0.053%	$20.8M	$29.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0426%	1h	93.304	+0.065%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.364	+0.130%	$3.2M	$6.2M	20x	as long as short