Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0033%/8h= −3.6% APRpaid last 24h −0.039%

Price spread now: Orderly against Phemex−0.119%7-day average −0.015% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.168%−$17 on $10k

Price spread, last 3 days (all we have)+0.145%+$14 · spread now −0.119%, 7d avg −0.015%

Together, before fees−0.023%−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Orderly is 0.104% cheaper against Phemex than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.015%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	93.218	−0.0023	get 0.0023% / 8h	6h 41m	$12.6M	$2.7M	50x
Short	Orderly PERP_HYPE_USDC	93.107	−0.0056	pay 0.0028% / 4h	2h 41m	$155K	$652K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.119%Rate

Funding earned: −$6.89
Price spread: −0.119% → −0.015%: −$10.37
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$35.25
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 2 min ago; Orderly: 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	4.18 bp	16.9 bp −$17	35.0 bp −$350	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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	−0.0976%	1h	93.346	+0.137%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.001	−0.233%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0163%	1h	93.316	+0.106%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0133%	1h	93.340	+0.131%	$698K	$979K	10x	as long as short
Backpack HYPE_USDC_PERP	−0.0100%	1h	93.147	−0.076%	$7.8M	$10.4M	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.140	−0.084%	$84K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.127	−0.098%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0078%	4h	93.201	−0.018%	$44.1M	$54.1M	75x	as long as short
Orderly PERP_HYPE_USDCshort	−0.0056%	4h	93.107	−0.119%	$155K	$652K	20x
Aster HYPEUSDT	−0.0029%	4h	93.206	−0.013%	$8.8M	$36.2M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin HYPE-PERP	−0.0023%	1h	93.083	−0.145%	$79K	$173K	20x	as long as short
Phemex HYPEUSDTlong	−0.0023%	8h	93.218	long leg	$12.6M	$2.7M	50x
dYdX HYPE-USD	0.0000%	1h	93.166	−0.056%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.145	−0.079%	$22K	$333K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.129	−0.096%	$25K	—	150x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.194	−0.026%	—	$54.2M	—	as long as short
Bybit HYPEUSDT	+0.0007%	8h	93.172	−0.049%	$318.4M	$283.5M	75x	as long as short
Bullet HYPE-USD	+0.0038%	1h	93.099	−0.128%	$111K	$579K	20x	as long as short
MEXC HYPE_USDT	+0.0042%	4h	93.223	+0.005%	$87.9M	$82.5M	100x	as long as short
Binance HYPEUSDT	+0.0044%	4h	93.188	−0.032%	$379.2M	$905.6M	75x	as long as short
edgeX HYPEUSDC	+0.0059%	4h	93.354	+0.146%	$5.1M	$30.0M	30x	as long as short
Phoenix HYPE	+0.0060%	1h	93.266	+0.051%	$212K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0063%	8h	93.182	−0.039%	$114.8M	$314.9M	50x	as long as short
Derive HYPE-PERP	+0.0065%	1h	93.091	−0.136%	$16.2M	$7.6M	10x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.094	−0.133%	$396K	$177K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.201	−0.018%	$339K	$165K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.181	−0.040%	$16.4M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.178	−0.043%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.133	−0.091%	$65K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.160	−0.062%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.138	−0.085%	$6.5M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.298	+0.086%	$2.04B	$675.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.153	−0.070%	$10.0M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.404	+0.199%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.204	−0.015%	$45.9M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.196	−0.024%	$225.5M	$100.8M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.241	+0.024%	$30.9M	$55.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.215	−0.003%	$7.5M	$47.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.381	+0.175%	$337K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.389	+0.183%	$666K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.206	−0.013%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.162	−0.060%	$466K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.178	−0.043%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.155	−0.068%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.206	−0.013%	$18.4M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.240	+0.024%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.330	+0.120%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0175%	4h	93.407	+0.203%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.177	−0.044%	$2.7M	$6.7M	20x	as long as short
HTX HYPE-USDT	+0.0241%	4h	93.300	+0.088%	$1.4M	$6.1M	75x	as long as short
Reya HYPERUSDPERP	+0.0254%	1h	93.133	−0.091%	$79K	$142K	15x	as long as short
Kalshi KXHYPEPERP	+0.0260%	8h	93.223	+0.005%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0158%	1h	93.137	−0.087%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0437%	1h	93.225	+0.008%	$7.4M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0684%	1h	93.248	+0.032%	$20.8M	$30.0M	50x	as long as short