Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.001%

Price spread now: Bluefin against Phemex−0.108%7-day average −0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs−$73as in the Price arb table

costs, in and out, $10k−$640.637% of the position

Long on Phemex Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.114%−$11 on $10k

Price spread, last 3 days (all we have)+0.101%+$10 · spread now −0.108%, 7d avg −0.016%

Together, before fees−0.013%−$1 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bluefin is 0.092% cheaper against Phemex than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of −0.016%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	93.655	0.0100	pay 0.0100% / 8h	3h 32m	$12.7M	$2.5M	50x
Short	Bluefin HYPE-PERP	93.554	0.0100	get 0.0013% / 1h	32m 24s	$76K	$169K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin 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 BluefinbpOrdersPrice spread, now −0.108%Rate

Funding earned: $0
Price spread: −0.108% → −0.016%: −$9.19
Slippage, 4 orders: −$44.72
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$72.91
Costs to cover: 0.637%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Bluefin: live order book, 17 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, 2 min ago	3.21 bp	20.5 bp −$20	40.5 bp −$405	doesn't fit	doesn't fit
Sell Bluefin live order book, 17 min ago	4.19 bp	11.7 bp −$12	doesn't fit	doesn't fit	doesn't fit

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	−0.1320%	1h	93.395	−0.278%	$196K	$237K	7x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.681	+0.028%	$3K	$331	25x	as long as short
Aftermath Perps HYPEUSD	−0.0046%	1h	93.390	−0.283%	$22K	$22K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.723	+0.073%	$128K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.791	+0.145%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.693	+0.041%	$23K	$352K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0005%	1h	93.650	−0.005%	$44K	—	150x	as long as short
01 Exchange HYPEUSD	+0.0016%	1h	93.688	+0.035%	$89K	$327K	20x	as long as short
Aster HYPEUSDT	+0.0018%	4h	93.665	+0.011%	$9.0M	$36.4M	300x	as long as short
Gate HYPE_USDT	+0.0020%	4h	93.647	−0.009%	$44.2M	$56.0M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0056%	8h	93.680	+0.027%	$326.1M	$285.1M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0066%	1h	93.659	+0.004%	$18.6M	$24.0M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0093%	4h	93.534	−0.129%	$182K	$505K	20x	as long as short
Phoenix HYPE	+0.0094%	1h	93.461	−0.207%	$205K	$1.1M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.720	+0.069%	$18.9M	$57.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.737	+0.088%	$3.1M	$12.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.666	+0.012%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.710	+0.059%	$25K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.703	+0.052%	$6.0M	$44.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.706	+0.054%	$10.0M	$14.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.668	+0.014%	$391.0M	$876.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.693	+0.041%	$114.6M	$316.1M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0100%	1h	93.630	−0.027%	$701K	$951K	10x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.643	−0.013%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.684	+0.031%	$205K	$9K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.642	−0.014%	$90.5M	$81.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.666	+0.012%	$46.4M	$19.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.665	+0.011%	$227.1M	$102.3M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.672	+0.018%	—	$54.3M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.713	+0.062%	$8.0M	$11.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.336	−0.340%	$28.7M	$49.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.371	−0.303%	$7.5M	$45.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.462	−0.206%	$457K	$934K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.497	−0.169%	$676K	$2.3M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.682	+0.029%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.703	+0.051%	$468K	$2.6M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.647	−0.009%	$112K	$574K	20x	as long as short
Bluefin HYPE-PERPshort	+0.0100%	1h	93.554	−0.108%	$76K	$169K	20x
Derive HYPE-PERP	+0.0100%	1h	93.513	−0.152%	$16.4M	$6.9M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.571	−0.090%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.531	−0.132%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDTlong	+0.0100%	8h	93.655	long leg	$12.7M	$2.5M	50x
Paradex HYPE-USD-PERP	+0.0101%	8h	93.720	+0.070%	$341K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.655	0.000%	$18.2M	$40.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.532	−0.131%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0110%	4h	93.333	−0.343%	$5.0M	$28.8M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.610	−0.048%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0243%	1h	93.644	−0.012%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0254%	1h	93.730	+0.080%	$30K	$182K	12x	as long as short
Hyperliquid HYPE	+0.0301%	1h	93.742	+0.093%	$2.04B	$659.7M	10x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.601	−0.058%	$17.3M	$12.3M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0342% / S −0.0168%	1h	93.631	−0.026%	$1.4M	—	100x	as long as short
RISEx HYPE/USDC	+0.0422%	1h	93.746	+0.097%	$2.8M	$6.7M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0445%	1h	93.640	−0.016%	$7.4M	$4.6M	50x	as long as short
HTX HYPE-USDT	+0.0465%	4h	93.799	+0.154%	$1.5M	$7.5M	75x	as long as short