data as of
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Price arb /

HYPE

all HYPE markets
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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

After costs, if the gap returns to its 7d average, $10k−$49
spread now−0.159%7d average+0.102%fees + slippage, in and out−$22spread needed0.224%
Long on PhoenixShort on Backpack
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhoenix HYPE92.9040.0386pay 0.0048% / 1h31m 27s$294K$1.0M10x
ShortBackpack HYPE_USDC_PERP92.7560.0100get 0.0013% / 1h31m 27s$8.4M$9.9M20x

Price spread history

latest
Range statsloading…

How often the spread is this wide

share of time at each level, last 7D

Backtest

opened in the past, held until now, after costs
Backtest 7 daysBacktest 30 daysBacktest 90 daysopens the backtester with this pair and $10,000 a leg

Profit calculator

Spread captured
−$15.93
Funding while held
−$8.58
Slippage, 4 orders
−$5.38
Fee Phoenix: 3.5 bp × 2 orders
−$7
Fee Backpack: 5 bp × 2 orders
−$10
Net
−$46.89
Spread needed to break even
0.224%
Slippage from Phoenix: live order book, 3 min ago; Backpack: live order book, 4 min ago.

Cost of waiting

funding view
Funding /8h
−0.0286%
Per $10,000 a day
−$8.58
Average in range /8h
—

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Phoenix live order book, 3 min ago1.29 bp5.8 bp −$611.3 bp −$113doesn't fitdoesn't fit
Sell Backpack live order book, 4 min ago0.05 bp5.1 bp −$56.5 bp −$65134.4 bp −$13.4Kdoesn't fit

HYPE price on every exchange

against the cheapest. Click to use as the short leg.
Ondo Perps92.460cheapestNado92.504+0.047%Hibachi92.548+0.095%BloFin92.552+0.100%StandX92.606+0.158%GMX92.613+0.166%ApeX Omni92.619+0.172%Hotstuff92.623+0.176%Derive92.640+0.195%Kalshi92.646+0.201%Orderly92.649+0.204%Aevo92.658+0.215%Bluefin92.660+0.216%SoDEX92.668+0.225%Phemex92.742+0.305%
Backpack92.756+0.320%
SunX92.761+0.326%Kraken Futures92.762+0.327%Deribit92.769+0.334%Arcus92.775+0.341%Coinbase International92.780+0.346%Aster92.784+0.350%Katana Perps92.790+0.357%Vest92.813+0.382%Aftermath Perps92.826+0.396%Gate92.830+0.400%BingX92.835+0.406%Extended92.837+0.407%Bybit92.840+0.411%edgeX92.843+0.414%Bulk92.844+0.415%KuCoin92.859+0.432%OKX92.865+0.438%Pacifica92.868+0.441%Popdex92.871+0.445%Binance92.880+0.455%Bitget92.881+0.455%dYdX92.882+0.456%Polymarket Perps92.887+0.462%Paradex92.889+0.464%Bullet92.892+0.468%Hyperliquid92.893+0.468%HTX92.900+0.476%Variational Omni92.902+0.478%01 Exchange92.903+0.479%
Phoenix92.904+0.480%
Reya92.910+0.487%Perpl92.912+0.489%MEXC92.922+0.500%Lighter RH92.926+0.504%Lighter92.929+0.507%RISEx92.933+0.512%gTrade (Gains Network)92.945+0.525%Injective93.380+0.995%

HYPE on 54 venues

cheapest first. Swap a leg.
Exchangevs long legFunding /8hEveryOIVol 24hMax lev
Ondo Perps HYPE-USD.P−0.478%+0.0100%1h$697K$980K10xas long as short
Nado HYPE-PERP−0.431%+0.0100%1h$5.5M$43.0M10xas long as short
Hibachi HYPE/USDT-P−0.383%+0.0408%1h$193K$231K7xas long as short
BloFin HYPE-USDT−0.379%+0.0340%4h$17.5M$12.3M75xas long as short
StandX HYPE-USD−0.321%+0.0100%1h$667K$2.2M20xas long as short
GMX HYPE/USD [WBTC.b-USDC]−0.313%L +0.0351% / S −0.0173%1h$1.5M—100xas long as short
ApeX Omni HYPEUSDT−0.307%+0.0100%1h$426K$937K50xas long as short
Hotstuff HYPE-PERP−0.302%−0.0080%1h$3K$30725xas long as short
Derive HYPE-PERP−0.284%+0.0100%1h$16.3M$7.2M10xas long as short
Kalshi KXHYPEPERP−0.278%+0.0121%8h$1.7M$4.8M2.3xas long as short
Show all 54 venues
Exchangevs long legFunding /8hEveryOIVol 24hMax lev
Orderly PERP_HYPE_USDC−0.274%−0.0023%4h$169K$381K20xas long as short
Aevo HYPE-PERP−0.264%+0.0104%1h$394K$340K20xas long as short
Bluefin HYPE-PERP−0.263%+0.5384%1h$73K$189K20xas long as short
SoDEX HYPE-USD−0.254%+0.0100%1h$2.0M$2.0M10xas long as short
Phemex HYPEUSDT−0.174%+0.0100%8h$12.5M$2.3M50xas long as short
Backpack HYPE_USDC_PERPshort−0.159%+0.0100%1h$8.4M$9.9M20x
SunX HYPE-USDT−0.154%+0.0100%4h$32K$1.6M20xas long as short
Kraken Futures PF_HYPEUSD−0.153%+0.0411%1h$16.3M$20.8M50xas long as short
Deribit HYPE_USDC-PERPETUAL−0.145%+0.0494%1h$7.4M$4.7M50xas long as short
Arcus HYPE-USD−0.139%+0.0100%1h$1.2M$4.2M10xas long as short
Coinbase International HYPE-PERP-INTX−0.133%+0.0152%1h$4.9M$5.4M50xas long as short
Aster HYPEUSDT−0.130%+0.0100%4h$8.8M$35.5M300xas long as short
Katana Perps HYPE-USD−0.123%+0.0100%8h$40K$1.8M10xas long as short
Vest HYPE-PERP−0.098%+0.0100%1h—$407K5xas long as short
Aftermath Perps HYPEUSD−0.084%+0.0300%1h$22K$34K10xas long as short
Gate HYPE_USDT−0.080%+0.0100%4h$44.0M$54.2M75xas long as short
BingX HYPE-USDT−0.074%+0.0040%4h—$52.0M—as long as short
Extended HYPE-USD−0.073%+0.0104%1h$18.2M$42.0M50xas long as short
Bybit HYPEUSDT−0.069%+0.0100%8h$324.1M$285.7M75xas long as short
edgeX HYPEUSDC−0.065%+0.0100%4h$5.1M$28.6M30xas long as short
Bulk HYPE-USD−0.065%+0.0100%1h$210K$10K10xas long as short
KuCoin HYPEUSDTM−0.048%+0.0100%4h$44.9M$19.7M75xas long as short
OKX HYPE-USDT-SWAP−0.042%+0.0075%8h$114.9M$311.6M50xas long as short
Pacifica HYPE−0.039%+0.0100%1h$11.3M$12.3M20xas long as short
Popdex HYPEUSDT−0.036%+0.0096%1h$135K$1.1M50xas long as short
Binance HYPEUSDT−0.025%+0.0100%4h$391.2M$846.5M75xas long as short
Bitget HYPEUSDT−0.025%+0.0100%4h$227.7M$101.5M75xas long as short
dYdX HYPE-USD−0.024%+0.0037%1h$126K$26K5xas long as short
Polymarket Perps HYPE-USD−0.018%+0.0100%1h$466K$2.4M20xas long as short
Paradex HYPE-USD-PERP−0.016%+0.0126%8h$337K$287K20xas long as short
Bullet HYPE-USD−0.013%+0.0100%1h$112K$579K20xas long as short
Hyperliquid HYPE−0.012%+0.0100%1h$2.00B$617.2M10xas long as short
HTX HYPE-USDT−0.004%+0.0736%4h$1.5M$7.0M75xas long as short
Variational Omni HYPE−0.002%+0.0100%8h$29.5M$50.5M—as long as short
01 Exchange HYPEUSD−0.001%+0.0152%1h$90K$321K20xas long as short
Phoenix HYPElong0.000%+0.0386%1h$294K$1.0M10x
Reya HYPERUSDPERP+0.007%+0.0229%1h$73K$166K15xas long as short
Perpl HYPE+0.009%+0.0112%43m$31K$349K10xas long as short
MEXC HYPE_USDT+0.019%+0.0100%4h$92.8M$87.0M100xas long as short
Lighter RH HYPE+0.024%+0.0096%1h$3.2M$12.0M20xas long as short
Lighter HYPE+0.027%+0.0168%1h$18.3M$57.0M20xas long as short
RISEx HYPE/USDC+0.032%+0.0620%1h$2.5M$7.3M20xas long as short
gTrade (Gains Network) HYPE/USD+0.045%L +0.0002% / S −0.0001%1h$54K—150xas long as short
Injective HYPE/USDC PERP+0.512%+0.0356%1h$23K$256K12xas long as short