Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0081%/8h= +8.9% APRpaid last 24h −0.025%

Price spread now: Gate against Phemex+0.059%7-day average −0.030% · you sell dearer than you buy

Net, funding: paid 7d − costs−$73as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$640.643% of the position

Long on Phemex Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.083%−$8 on $10k

Price spread, last 3 days (all we have)−0.075%−$8 · spread now +0.059%, 7d avg −0.030%

Together, before fees−0.158%−$16 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Gate is 0.089% dearer against Phemex than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.030%. Mind the row above: over the last 7 days funding on this pair cost −0.083%, 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	93.311	−0.0065	get 0.0065% / 8h	6h 03m	$12.6M	$2.7M	50x
Short	Gate HYPE_USDT	93.366	0.0016	get 0.0008% / 4h	2h 03m	$44.3M	$55.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.059%Rate

Funding earned: $17.05
Price spread: +0.059% → −0.030%: $8.94
Slippage, 4 orders: −$37.25
Fee Phemex: 6 bp × 2 orders: −$12
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$38.26
Costs to cover: 0.643%
Break-even: 22.7 days

Slippage from Phemex: live order book, 6 min ago; Gate: live order book, 6 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	4.40 bp	20.9 bp −$21	42.4 bp −$424	doesn't fit	doesn't fit
Sell Gate live order book, 6 min ago	0.32 bp	10.3 bp −$10	14.9 bp −$149	31.2 bp −$3,123	52.2 bp −$26.1K

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	−0.1120%	1h	93.340	+0.031%	$196K	$227K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.282	−0.031%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.404	+0.100%	$3K	$331	25x	as long as short
Phemex HYPEUSDTlong	−0.0065%	8h	93.311	long leg	$12.6M	$2.7M	50x
Ondo Perps HYPE-USD.P	−0.0062%	1h	93.320	+0.010%	$699K	$905K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0052%	4h	93.366	+0.059%	$156K	$640K	20x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.399	+0.094%	$85K	$347K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0020%	1h	93.466	+0.166%	$22K	$21K	10x	as long as short
Aster HYPEUSDT	−0.0003%	4h	93.384	+0.079%	$8.8M	$35.7M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.383	+0.078%	$128K	$31K	5x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.381	+0.075%	$22K	$321K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.385	+0.079%	$26K	—	150x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.327	+0.017%	—	$53.2M	—	as long as short
Bybit HYPEUSDT	+0.0014%	8h	93.300	−0.012%	$320.1M	$276.5M	75x	as long as short
Gate HYPE_USDTshort	+0.0016%	4h	93.366	+0.059%	$44.3M	$55.4M	75x
Backpack HYPE_USDC_PERP	+0.0017%	1h	93.292	−0.020%	$7.4M	$10.4M	20x	as long as short
Phoenix HYPE	+0.0060%	1h	93.424	+0.121%	$210K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0074%	4h	93.345	+0.036%	$88.1M	$83.5M	100x	as long as short
Bullet HYPE-USD	+0.0076%	1h	93.388	+0.083%	$112K	$578K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	93.330	+0.020%	$114.7M	$302.3M	50x	as long as short
Binance HYPEUSDT	+0.0080%	4h	93.355	+0.047%	$379.8M	$880.0M	75x	as long as short
edgeX HYPEUSDC	+0.0085%	4h	93.295	−0.017%	$5.0M	$30.0M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.407	+0.103%	$16.3M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.390	+0.085%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.394	+0.089%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.468	+0.168%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.410	+0.106%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.415	+0.111%	$5.7M	$43.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.486	+0.187%	$2.04B	$657.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.427	+0.125%	$10.0M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	+0.026%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.390	+0.085%	$46.2M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.308	−0.003%	$225.8M	$97.1M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.349	+0.040%	$31.1M	$54.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.360	+0.052%	$7.5M	$46.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.340	+0.031%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.464	+0.164%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.447	+0.146%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.411	+0.107%	$475K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.340	+0.031%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.351	+0.043%	$16.2M	$7.7M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.496	+0.198%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.393	+0.088%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.362	+0.054%	$18.3M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.381	+0.075%	$397K	$172K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.410	+0.106%	$4.9M	$5.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	94.180	+0.931%	$31K	$339K	12x	as long as short
HTX HYPE-USDT	+0.0196%	4h	93.510	+0.213%	$1.4M	$5.9M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.483	+0.184%	$3.2M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0256%	1h	93.365	+0.058%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0279%	8h	93.454	+0.153%	$1.9M	$4.8M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.383	+0.077%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0392%	1h	93.471	+0.171%	$7.4M	$4.4M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0682%	1h	93.459	+0.158%	$20.8M	$29.9M	50x	as long as short