Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0134%/8h= +14.7% APRpaid last 24h −0.001%

Price spread now: Coinbase International against Phemex+0.155%7-day average −0.035% · you sell dearer than you buy

Net, funding: paid 7d − costs−$62as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$520.524% of the position

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.094%−$9 on $10k

Price spread, last 4 days (all we have)−0.159%−$16 · spread now +0.155%, 7d avg −0.035%

Together, before fees−0.253%−$25 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Coinbase International is 0.191% dearer against Phemex than usual: you sell high and buy low: +$19 more if the spread goes back to its 7-day average of −0.035%. Mind the row above: over the last 7 days funding on this pair cost −0.094%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	92.666	0.0026	pay 0.0026% / 8h	4h 17m	$12.5M	$2.7M	50x
Short	Coinbase International HYPE-PERP-INTX	92.810	0.0160	get 0.0020% / 1h	17m 30s	$4.7M	$5.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.155%Rate

Funding earned: $28.14
Price spread: +0.155% → −0.035%: $19.05
Slippage, 4 orders: −$30.4
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$5.2
Costs to cover: 0.524%
Break-even: 8.3 days

Slippage from Phemex: live order book, 1 min ago; Coinbase International: live order book, 1 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, 1 min ago	4.75 bp	18.8 bp −$19	43.7 bp −$437	doesn't fit	doesn't fit
Sell Coinbase International live order book, 1 min ago	3.77 bp	9.1 bp −$9	13.8 bp −$138	33.3 bp −$3,327	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
Arcus HYPE-USD	−0.0948%	1h	92.676	+0.011%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0264%	1h	92.678	+0.013%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0242%	1h	92.680	+0.016%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.687	+0.023%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	92.654	−0.013%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	92.757	+0.098%	$86K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.770	+0.113%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.686	+0.022%	$22K	$304K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.707	+0.044%	$62K	—	150x	as long as short
Phemex HYPEUSDTlong	+0.0026%	8h	92.666	long leg	$12.5M	$2.7M	50x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0035%	1h	92.660	−0.006%	$697K	$1.1M	10x	as long as short
BingX HYPE-USDT	+0.0038%	4h	92.736	+0.076%	—	$53.4M	—	as long as short
Bullet HYPE-USD	+0.0039%	1h	92.688	+0.023%	$111K	$578K	20x	as long as short
Aster HYPEUSDT	+0.0042%	4h	92.728	+0.067%	$8.7M	$36.2M	300x	as long as short
Phoenix HYPE	+0.0043%	1h	92.817	+0.163%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0046%	8h	92.711	+0.049%	$316.6M	$281.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0089%	8h	92.735	+0.074%	$113.6M	$303.9M	50x	as long as short
Gate HYPE_USDT	+0.0090%	4h	92.735	+0.074%	$44.5M	$55.3M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	92.757	+0.098%	$338K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.742	+0.082%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.741	+0.081%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.741	+0.081%	$69K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.730	+0.069%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.723	+0.062%	$7.1M	$45.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.763	+0.105%	$2.02B	$663.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.769	+0.111%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.743	+0.083%	$372.6M	$902.6M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.742	+0.082%	$87.4M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.744	+0.084%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.741	+0.081%	$224.5M	$98.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.721	+0.059%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.688	+0.024%	$28.6M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.808	+0.153%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.760	+0.101%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.701	+0.038%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.781	+0.124%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.747	+0.087%	$465K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.655	−0.012%	$78K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.666	0.000%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.700	+0.037%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.677	+0.012%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.826	+0.173%	$1.4M	$6.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.701	+0.038%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.718	+0.056%	$18.1M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.678	+0.013%	$392K	$164K	20x	as long as short
edgeX HYPEUSDC	+0.0110%	4h	92.754	+0.095%	$5.0M	$29.6M	30x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.360%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTXshort	+0.0160%	1h	92.810	+0.155%	$4.7M	$5.5M	50x
Kalshi KXHYPEPERP	+0.0239%	8h	92.750	+0.091%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.718	+0.056%	$79K	$132K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.696	+0.032%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0332%	1h	92.743	+0.083%	$20.6M	$30.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.775	+0.118%	$16.7M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0343%	1h	92.770	+0.112%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.806	+0.152%	$3.2M	$6.4M	20x	as long as short