Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0218%/8h= +23.9% APRpaid last 24h +0.045%

Price spread now: Reya against Phemex+0.004%7-day average −0.033% · you sell dearer than you buy

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

Long on Phemex Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.019%+$2 on $10k

Price spread, last 4 days (all we have)−0.010%−$1 · spread now +0.004%, 7d avg −0.033%

Together, before fees+0.009%+ Points / potential airdropReya: Active · farm board+$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Reya is 0.037% dearer against Phemex than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.033%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.019% in total (about 2.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	94.223	0.0054	pay 0.0054% / 8h	1h 21m	$12.9M	$2.8M	50x
Short	Reya HYPERUSDPERP	94.227	0.0272	get 0.0034% / 1h	21m 31s	$77K	$129K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now +0.004%Rate

Funding earned: $45.8
Price spread: +0.004% → −0.033%: $3.71
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Reya: 3 bp × 2 orders: −$6
Net: $31.5
Costs to cover: 0.180%
Break-even: 2.2 days

Slippage unknown: Phemex: live order book, 2 min ago; Reya: 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	4.19 bp	21.0 bp −$21	38.3 bp −$383	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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	−0.1048%	1h	94.204	−0.021%	$200K	$238K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0200%	1h	94.001	−0.235%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.189	−0.036%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0064%	1h	94.140	−0.088%	$709K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0054%	1h	94.240	+0.018%	$112K	$579K	20x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	94.298	+0.080%	$86K	$368K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0016%	4h	94.227	+0.004%	$146K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.296	+0.078%	$129K	$26K	5x	as long as short
Bybit HYPEUSDT	0.0000%	8h	94.240	+0.018%	$317.8M	$289.7M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.289	+0.070%	$19K	$293K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.419	+0.208%	$84K	—	150x	as long as short
Derive HYPE-PERP	+0.0007%	1h	93.302	−0.977%	$16.2M	$7.5M	10x	as long as short
Bluefin HYPE-PERP	+0.0009%	1h	94.215	−0.008%	$80K	$155K	20x	as long as short
Phoenix HYPE	+0.0017%	1h	93.715	−0.539%	$208K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0052%	4h	94.268	+0.048%	$227.2M	$99.4M	75x	as long as short
Phemex HYPEUSDTlong	+0.0054%	8h	94.223	long leg	$12.9M	$2.8M	50x
Paradex HYPE-USD-PERP	+0.0078%	8h	94.325	+0.108%	$337K	$157K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.252	+0.031%	$1.0M	$4.0M	10x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	94.344	+0.128%	$5.0M	$30.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.276	+0.056%	$16.3M	$64.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.286	+0.067%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.266	+0.046%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.270	+0.050%	$17K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.226	+0.003%	$7.5M	$50.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.370	+0.156%	$2.07B	$686.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.255	+0.033%	$8.9M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.304	+0.086%	$10.2M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.255	+0.034%	$377.1M	$932.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.245	+0.023%	$116.2M	$317.7M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.256	+0.035%	$48.9M	$56.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.271	+0.051%	$89.8M	$84.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.284	+0.065%	$46.7M	$18.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.263	+0.042%	—	$53.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.205	−0.019%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.009	−0.228%	$28.9M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.424	+0.213%	$7.6M	$48.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.356	+0.141%	$363K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.272	+0.052%	$683K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.344	+0.128%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.282	+0.063%	$473K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.285	+0.066%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.228	+0.005%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.350	+0.135%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.275	+0.055%	$218K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.238	+0.016%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.238	+0.016%	$398K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0106%	8h	94.375	+0.161%	$1.8M	$5.6M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.320	+0.103%	$4.7M	$6.2M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0121%	1h	94.318	+0.101%	$7.5M	$4.3M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	94.284	+0.065%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.610	+0.411%	$31K	$339K	12x	as long as short
Reya HYPERUSDPERPshort	+0.0272%	1h	94.227	+0.004%	$77K	$129K	15x
BloFin HYPE-USDT	+0.0340%	4h	94.378	+0.165%	$17.0M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0412%	1h	94.293	+0.074%	$20.2M	$30.4M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.296	+0.077%	$3.2M	$6.4M	20x	as long as short