Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0226%/8h= +24.7% APRpaid last 24h +0.030%

Price spread now: RISEx against Phemex+0.075%7-day average +0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$460.462% of the position

Long on Phemex Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.111%+$11 on $10k

Price spread, last 3 days (all we have)−0.054%−$5 · spread now +0.075%, 7d avg +0.007%

Together, before fees+0.057%+$6 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 RISEx is 0.068% dearer against Phemex than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.007%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	94.089	0.0058	pay 0.0058% / 8h	38m 04s	$12.8M	$2.6M	50x
Short	RISEx HYPE/USDC	94.159	0.0284	get 0.0036% / 1h	38m 04s	$2.8M	$6.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now +0.075%Rate

Funding earned: $47.41
Price spread: +0.075% → +0.007%: $6.76
Slippage, 4 orders: −$28.21
Fee Phemex: 6 bp × 2 orders: −$12
Fee RISEx: 3 bp × 2 orders: −$6
Net: $7.97
Costs to cover: 0.462%
Break-even: 5.8 days

Slippage from Phemex: live order book, 6 min ago; RISEx: live order book, 1 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	2.39 bp	16.9 bp −$17	32.8 bp −$328	doesn't fit	doesn't fit
Sell RISEx live order book, 1 min ago	0.69 bp	3.7 bp −$4	5.8 bp −$58	doesn't fit	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
Hibachi HYPE/USDT-P	−0.0672%	1h	93.967	−0.130%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0412%	1h	94.117	+0.029%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	94.003	−0.091%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.099	+0.011%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0016%	1h	94.010	−0.084%	$704K	$908K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.120	+0.033%	$128K	$30K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	94.125	+0.038%	$87K	$365K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.152	+0.067%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.150	+0.065%	$27K	—	150x	as long as short
Orderly PERP_HYPE_USDC	+0.0008%	4h	94.121	+0.034%	$164K	$579K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	+0.0009%	1h	94.116	+0.029%	$215K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0021%	8h	94.062	−0.029%	$323.9M	$282.7M	75x	as long as short
Aster HYPEUSDT	+0.0035%	4h	94.088	−0.001%	$8.9M	$35.9M	300x	as long as short
Derive HYPE-PERP	+0.0052%	1h	94.062	−0.029%	$16.5M	$7.1M	10x	as long as short
Phemex HYPEUSDTlong	+0.0058%	8h	94.089	long leg	$12.8M	$2.6M	50x
MEXC HYPE_USDT	+0.0070%	4h	94.059	−0.032%	$88.8M	$81.2M	100x	as long as short
Binance HYPEUSDT	+0.0071%	4h	94.099	+0.010%	$384.9M	$891.3M	75x	as long as short
edgeX HYPEUSDC	+0.0076%	4h	94.051	−0.040%	$5.1M	$29.8M	30x	as long as short
Gate HYPE_USDT	+0.0080%	4h	94.102	+0.014%	$44.6M	$58.7M	75x	as long as short
Lighter HYPE	+0.0096%	1h	94.166	+0.082%	$19.0M	$59.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.153	+0.068%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.130	+0.044%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.131	+0.045%	$400K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.090	+0.001%	$342K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.160	+0.075%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.124	+0.038%	$5.7M	$44.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.120	+0.033%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.064	−0.027%	$116.0M	$319.9M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.094	+0.005%	$47.2M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.080	−0.010%	$227.8M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.120	+0.033%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.150	+0.065%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.033	−0.059%	$31.4M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.098	+0.010%	$7.6M	$45.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.049	−0.043%	$335K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.077	−0.013%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.142	+0.056%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.144	+0.058%	$492K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	94.112	+0.024%	$112K	$578K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.125	+0.038%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.124	+0.037%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.123	+0.036%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.120	+0.033%	$205K	$7K	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.000	−0.095%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.061	−0.030%	$18.4M	$42.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0134%	8h	94.220	+0.139%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.200	+0.118%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0225%	4h	94.239	+0.159%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	94.120	+0.032%	$77K	$142K	15x	as long as short
BloFin HYPE-USDT	+0.0283%	4h	94.068	−0.022%	$17.0M	$12.6M	75x	as long as short
RISEx HYPE/USDCshort	+0.0284%	1h	94.159	+0.075%	$2.8M	$6.9M	20x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	94.141	+0.055%	$1.4M	—	100x	as long as short
Hyperliquid HYPE	+0.0418%	1h	94.206	+0.124%	$2.05B	$667.1M	10x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0419%	1h	94.229	+0.149%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0576%	1h	94.224	+0.144%	$21.1M	$29.2M	50x	as long as short