Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0043%/8h= +4.7% APRpaid last 24h +0.007%

Price spread now: SoDEX against Phemex−0.016%7-day average −0.011% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$470.470% of the position

Long on Phemex Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.006%+$1 on $10k

Price spread, last 4 days (all we have)+0.018%+$2 · spread now −0.016%, 7d avg −0.011%

Together, before fees+0.024%+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.011%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	92.295	0.0057	pay 0.0057% / 8h	4h 38m	$12.5M	$2.7M	50x
Short	SoDEX HYPE-USD	92.280	0.0100	get 0.0013% / 1h	38m 43s	$2.0M	$2.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.016%Rate

Funding earned: $8.98
Price spread: −0.016% → −0.011%: −$0.53
Slippage, 4 orders: −$26.99
Fee Phemex: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$38.53
Costs to cover: 0.470%
Break-even: 37.0 days

Slippage from Phemex: live order book, 5 min ago; SoDEX: live order book, 5 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, 5 min ago	3.68 bp	12.7 bp −$13	32.9 bp −$329	doesn't fit	doesn't fit
Sell SoDEX live order book, 5 min ago	0.05 bp	7.0 bp −$7	11.8 bp −$118	101.3 bp −$10.1K	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	92.205	−0.098%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0448%	1h	92.400	+0.113%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0171%	1h	92.348	+0.058%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	92.357	+0.067%	$87K	$356K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.370	+0.081%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0070%	4h	92.278	−0.018%	$157K	$663K	20x	as long as short
Bullet HYPE-USD	−0.0049%	1h	92.331	+0.039%	$110K	$580K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.311	+0.018%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.381	+0.094%	$22K	$309K	10x	as long as short
Aster HYPEUSDT	+0.0001%	4h	92.292	−0.004%	$8.7M	$36.4M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0002%	1h	92.250	−0.049%	$695K	$1.1M	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.360	+0.070%	$61K	—	150x	as long as short
BingX HYPE-USDT	+0.0030%	4h	92.298	+0.003%	—	$53.3M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.379	+0.091%	$209K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0054%	8h	92.264	−0.034%	$315.5M	$281.3M	75x	as long as short
Phemex HYPEUSDTlong	+0.0057%	8h	92.295	long leg	$12.5M	$2.7M	50x
Gate HYPE_USDT	+0.0060%	4h	92.266	−0.031%	$44.3M	$55.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0079%	8h	92.274	−0.023%	$112.8M	$301.9M	50x	as long as short
Binance HYPEUSDT	+0.0084%	4h	92.265	−0.033%	$369.8M	$900.8M	75x	as long as short
MEXC HYPE_USDT	+0.0084%	4h	92.278	−0.018%	$87.0M	$80.5M	100x	as long as short
Derive HYPE-PERP	+0.0084%	1h	92.265	−0.033%	$16.0M	$7.5M	10x	as long as short
edgeX HYPEUSDC	+0.0089%	4h	92.287	−0.008%	$4.9M	$29.5M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0092%	8h	92.306	+0.012%	$338K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.288	−0.008%	$16.0M	$62.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.282	−0.014%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.327	+0.035%	$68K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.340	+0.049%	$39K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.328	+0.036%	$6.8M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.326	+0.034%	$2.01B	$663.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.302	+0.008%	$10.0M	$15.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.245	−0.054%	$201K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.283	−0.013%	$45.8M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.291	−0.004%	$223.9M	$98.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.273	−0.024%	$7.3M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.258	−0.040%	$28.3M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.315	+0.021%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.289	−0.007%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.275	−0.022%	$662K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.390	+0.103%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.357	+0.067%	$475K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.277	−0.020%	$78K	$170K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.361	+0.072%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USDshort	+0.0100%	1h	92.280	−0.016%	$2.0M	$2.0M	10x
HTX HYPE-USDT	+0.0100%	4h	92.535	+0.260%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.272	−0.025%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.310	+0.016%	$390K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.764%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.420	+0.135%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0255%	8h	92.395	+0.108%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0261%	1h	92.335	+0.044%	$79K	$138K	15x	as long as short
BloFin HYPE-USDT	+0.0325%	4h	92.277	−0.020%	$16.7M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.354	+0.064%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0333%	1h	92.360	+0.070%	$20.5M	$30.5M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0465%	1h	92.382	+0.094%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.412	+0.127%	$3.1M	$6.4M	20x	as long as short