Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0021%/8h= +2.3% APRpaid last 24h +0.020%

Price spread now: Phoenix against Phemex−0.071%7-day average +0.072% · you buy dearer than you sell

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$490.489% of the position

Long on Phemex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.260%+$26 on $10k

Price spread, last 4 days (all we have)+0.245%+$25 · spread now −0.071%, 7d avg +0.072%

Together, before fees+0.505%+$50 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.143% cheaper against Phemex than usual: you would sell low and buy high (spread −0.071% now, against its 7-day average of +0.072%). If the spread goes back, that is −$14 on $10k: about 23 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.260% in total) that is about 3.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	92.718	0.0022	pay 0.0022% / 8h	4h 20m	$12.5M	$2.7M	50x
Short	Phoenix HYPE	92.652	0.0043	get 0.0005% / 1h	20m 28s	$210K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.071%Rate

Funding earned: $4.36
Price spread: −0.071% → +0.072%: −$14.29
Slippage, 4 orders: −$29.94
Fee Phemex: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$58.87
Costs to cover: 0.489%
Break-even: 101.4 days

Slippage from Phemex: live order book, 4 min ago; Phoenix: live order book, 3 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, 4 min ago	2.97 bp	20.5 bp −$20	40.4 bp −$404	doesn't fit	doesn't fit
Sell Phoenix live order book, 3 min ago	1.19 bp	5.8 bp −$6	9.3 bp −$93	151.8 bp −$15.2K	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	92.714	−0.004%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0240%	1h	92.701	−0.018%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0234%	1h	92.688	−0.032%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.779	+0.066%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0063%	4h	92.738	+0.022%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	92.797	+0.085%	$86K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.770	+0.057%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.763	+0.049%	$22K	$304K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.782	+0.069%	$62K	—	150x	as long as short
Phemex HYPEUSDTlong	+0.0022%	8h	92.718	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
Bullet HYPE-USD	+0.0031%	1h	92.761	+0.046%	$111K	$579K	20x	as long as short
Ondo Perps HYPE-USD.P	+0.0038%	1h	92.690	−0.030%	$697K	$1.1M	10x	as long as short
BingX HYPE-USDT	+0.0040%	4h	92.762	+0.047%	—	$53.4M	—	as long as short
Aster HYPEUSDT	+0.0042%	4h	92.785	+0.072%	$8.7M	$36.2M	300x	as long as short
Phoenix HYPEshort	+0.0043%	1h	92.652	−0.071%	$210K	$1.2M	10x
Bybit HYPEUSDT	+0.0049%	8h	92.743	+0.027%	$316.7M	$281.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0088%	8h	92.768	+0.054%	$113.7M	$304.2M	50x	as long as short
Gate HYPE_USDT	+0.0090%	4h	92.747	+0.031%	$44.5M	$55.3M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	92.811	+0.100%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.794	+0.082%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.805	+0.094%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.762	+0.047%	$69K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.740	+0.024%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.788	+0.076%	$7.1M	$45.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.791	+0.079%	$2.02B	$663.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.825	+0.115%	$10.0M	$15.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.768	+0.054%	$372.6M	$903.7M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.761	+0.046%	$87.5M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.786	+0.073%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.752	+0.037%	$224.5M	$98.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.769	+0.055%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.688	−0.033%	$28.6M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.707	−0.011%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.679	−0.042%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.729	+0.012%	$665K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.800	+0.089%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.781	+0.068%	$466K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.741	+0.025%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.744	+0.029%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.714	−0.004%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.778	+0.065%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.900	+0.196%	$1.4M	$6.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.701	−0.018%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.774	+0.061%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.768	+0.054%	$392K	$164K	20x	as long as short
edgeX HYPEUSDC	+0.0116%	4h	92.666	−0.056%	$5.0M	$29.5M	30x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.304%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.780	+0.067%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0240%	8h	92.796	+0.084%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.740	+0.023%	$79K	$132K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.774	+0.060%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0331%	1h	92.840	+0.132%	$20.6M	$30.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.771	+0.057%	$16.7M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0472%	1h	92.865	+0.159%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.852	+0.145%	$3.2M	$6.4M	20x	as long as short