Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0102%/8h= +11.1% APRpaid last 24h −0.002%

Price spread now: Binance against Phemex−0.080%7-day average −0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$530.531% of the position

Long on Phemex Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.014%−$1 on $10k

Price spread, last 3 days (all we have)+0.113%+$11 · spread now −0.080%, 7d avg −0.001%

Together, before fees+0.099%+$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. Binance is 0.079% cheaper against Phemex than usual: you would sell low and buy high (spread −0.080% now, against its 7-day average of −0.001%). If the spread goes back, that is −$8 on $10k: about 2.6 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	93.039	−0.0023	get 0.0023% / 8h	5h 58m	$12.6M	$2.7M	50x
Short	Binance HYPEUSDT	92.964	0.0078	get 0.0039% / 4h	1h 58m	$378.0M	$874.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.080%Rate

Funding earned: $21.34
Price spread: −0.080% → −0.001%: −$7.92
Slippage, 4 orders: −$31.14
Fee Phemex: 6 bp × 2 orders: −$12
Fee Binance: 5 bp × 2 orders: −$10
Net: −$39.72
Costs to cover: 0.531%
Break-even: 20.0 days

Slippage from Phemex: live order book, 6 min ago; Binance: live order book, 16 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 Phemex live order book, 6 min ago	6.69 bp	22.0 bp −$22	37.5 bp −$375	doesn't fit	doesn't fit
Sell Binance live order book, 16 min ago	0.05 bp	5.5 bp −$6	7.7 bp −$77	14.7 bp −$1,468	29.9 bp −$14.9K

HYPE on 54 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	−0.1136%	1h	93.123	+0.091%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	92.959	−0.086%	$1.2M	$3.8M	10x	as long as short
Bluefin HYPE-PERP	−0.0415%	1h	92.961	−0.084%	$79K	$170K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0313%	1h	93.040	+0.001%	$698K	$902K	10x	as long as short
01 Exchange HYPEUSD	−0.0096%	1h	93.078	+0.042%	$84K	$346K	20x	as long as short
Bullet HYPE-USD	−0.0095%	1h	93.007	−0.034%	$112K	$578K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.198	+0.171%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0052%	4h	92.992	−0.051%	$155K	$639K	20x	as long as short
Phemex HYPEUSDTlong	−0.0023%	8h	93.039	long leg	$12.6M	$2.7M	50x
Aster HYPEUSDT	−0.0005%	4h	93.003	−0.039%	$8.8M	$35.4M	300x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	93.100	+0.065%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.092	+0.057%	$22K	$321K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.025	−0.015%	$25K	—	150x	as long as short
Bybit HYPEUSDT	+0.0009%	8h	92.940	−0.106%	$318.9M	$275.7M	75x	as long as short
Gate HYPE_USDT	+0.0012%	4h	92.982	−0.061%	$44.3M	$54.0M	75x	as long as short
BingX HYPE-USDT	+0.0012%	4h	92.984	−0.059%	—	$53.1M	—	as long as short
Aftermath Perps HYPEUSD	+0.0013%	1h	93.325	+0.308%	$22K	$21K	10x	as long as short
Phoenix HYPE	+0.0060%	1h	93.318	+0.300%	$210K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	92.950	−0.096%	$114.2M	$299.9M	50x	as long as short
MEXC HYPE_USDT	+0.0078%	4h	93.009	−0.032%	$87.5M	$79.7M	100x	as long as short
Binance HYPEUSDTshort	+0.0078%	4h	92.964	−0.080%	$378.0M	$874.1M	75x
edgeX HYPEUSDC	+0.0083%	4h	93.256	+0.233%	$5.0M	$30.1M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.042	+0.003%	$16.2M	$61.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.032	−0.008%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.062	+0.025%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.106	+0.072%	$338K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.090	+0.055%	$12K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.005	−0.036%	$5.7M	$43.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.098	+0.063%	$2.03B	$658.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.105	+0.071%	$10.0M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	+0.318%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.030	−0.010%	$46.1M	$17.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.964	−0.081%	$224.9M	$96.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.967	−0.077%	$7.3M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.219	+0.193%	$31.1M	$54.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.419	+0.408%	$7.5M	$46.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.263	+0.241%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.218	+0.192%	$665K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.122	+0.089%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.054	+0.016%	$473K	$2.4M	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.986	−0.057%	$16.1M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.189	+0.161%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.010	−0.031%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.945	−0.101%	$18.3M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.002	−0.040%	$396K	$170K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.100	+0.066%	$4.9M	$5.4M	50x	as long as short
HTX HYPE-USDT	+0.0207%	4h	93.200	+0.173%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0256%	1h	93.002	−0.040%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0276%	8h	93.073	+0.037%	$1.9M	$4.8M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0298%	1h	93.093	+0.058%	$7.4M	$4.4M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.023	−0.017%	$1.4M	—	100x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.157	+0.127%	$3.2M	$6.7M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.170	+0.141%	$30K	$338K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0687%	1h	93.087	+0.052%	$20.7M	$30.0M	50x	as long as short