Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0271%/8h= +29.7% APRpaid last 24h −0.022%

Price spread now: gTrade (Gains Network) against Phemex+0.216%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 gTrade (Gains Network)

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

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and gTrade (Gains Network) is 0.216% dearer against Phemex than usual: you sell high and buy low: +$22 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	93.865	−0.0269	get 0.0269% / 8h	7h 51m	$12.8M	$2.6M	50x
Short	gTrade (Gains Network) HYPE/USD	94.068	L +0.0002% / S −0.0003%	get 0.0000% / 1h	51m 31s	$27K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now +0.216%Rate

Funding earned: $57.01
Price spread: +0.216% → 0.000%: $21.63
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: $56.64
Costs to cover: 0.220%
Break-even: 0.0 days

Slippage unknown: Phemex: live order book, 2 min ago; gTrade (Gains Network): 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, 2 min ago	3.67 bp	20.1 bp −$20	36.8 bp −$368	doesn't fit	doesn't fit
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

gTrade (Gains Network): 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	−0.1392%	1h	93.944	+0.085%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.793	−0.077%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0304%	1h	93.960	+0.101%	$22K	$22K	10x	as long as short
Phemex HYPEUSDTlong	−0.0269%	8h	93.865	long leg	$12.8M	$2.6M	50x
Ondo Perps HYPE-USD.P	−0.0170%	1h	93.850	−0.016%	$705K	$928K	10x	as long as short
Gate HYPE_USDT	−0.0142%	4h	93.901	+0.038%	$44.4M	$59.1M	75x	as long as short
dYdX HYPE-USD	−0.0115%	1h	93.917	+0.055%	$128K	$29K	5x	as long as short
Bullet HYPE-USD	−0.0111%	1h	94.037	+0.183%	$113K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	93.892	+0.029%	$85K	$365K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.950	+0.091%	$3K	$331	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0060%	8h	93.892	+0.029%	$322.9M	$283.5M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0009%	4h	93.972	+0.114%	$169K	$594K	20x	as long as short
Derive HYPE-PERP	−0.0007%	1h	93.917	+0.056%	$16.4M	$7.2M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.023	+0.168%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USDshort	L +0.0002% / S −0.0003%	1h	94.068	+0.216%	$27K	—	150x
Aster HYPEUSDT	+0.0019%	4h	93.972	+0.114%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	93.829	−0.038%	$218K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0042%	4h	93.948	+0.088%	$5.1M	$29.8M	30x	as long as short
MEXC HYPE_USDT	+0.0044%	4h	93.893	+0.030%	$88.1M	$81.9M	100x	as long as short
Binance HYPEUSDT	+0.0045%	4h	93.913	+0.051%	$383.4M	$896.5M	75x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.873	+0.009%	$60K	$1.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0083%	8h	93.887	+0.023%	$115.8M	$321.1M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	94.008	+0.152%	$400K	$191K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.957	+0.097%	$18.9M	$58.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.929	+0.068%	$3.0M	$12.0M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.944	+0.084%	$341K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.880	+0.016%	$39K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.890	+0.027%	$6.6M	$44.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.994	+0.137%	$2.04B	$675.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.921	+0.060%	$10.1M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.901	+0.038%	$46.5M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.900	+0.037%	$227.4M	$101.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.889	+0.026%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.929	+0.068%	$7.7M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.832	−0.035%	$31.2M	$54.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.981	+0.123%	$7.6M	$45.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.029	+0.175%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.057	+0.205%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.943	+0.083%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.078	+0.227%	$481K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.010	+0.154%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.962	+0.103%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.877	+0.013%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.944	+0.084%	$205K	$6K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.856	−0.010%	$18.4M	$42.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.010	+0.154%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0156%	4h	93.963	+0.104%	$17.0M	$12.4M	75x	as long as short
Kalshi KXHYPEPERP	+0.0164%	8h	94.024	+0.169%	$1.9M	$5.1M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.150	+0.304%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.921	+0.060%	$2.8M	$6.8M	20x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	94.016	+0.161%	$77K	$145K	15x	as long as short
HTX HYPE-USDT	+0.0308%	4h	94.100	+0.250%	$1.5M	$7.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0157%	1h	94.069	+0.217%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0506%	1h	93.997	+0.141%	$7.5M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0672%	1h	93.959	+0.100%	$21.0M	$29.7M	50x	as long as short