Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0005%/8h= −0.6% APRpaid last 24h −0.033%

Price spread now: Bybit against Phoenix−0.019%55s7-day average −0.122% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$240.243% of the position

Long on Phoenix Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.320%−$32 on $10k

Price spread, last 7 days−0.101%−$10 · spread now −0.019%, 7d avg −0.122%

Together, before fees−0.421%−$42 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.103% dearer against Phoenix than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of −0.122%. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix HYPE	92.888	0.0043	pay 0.0005% / 1h	54m 25s	$210K	$1.2M	10x
Short	Bybit HYPEUSDT	92.870	0.0038	get 0.0038% / 8h	3h 54m	$316.3M	$281.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Phoenix. 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 PhoenixbpFee BybitbpOrdersPrice spread, now −0.019%Rate

Funding earned: −$1.11
Price spread: −0.019% → −0.122%: $10.26
Slippage, 4 orders: −$6.26
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$15.12
Costs to cover: 0.243%
Break-even: never at this rate

Slippage from Phoenix: live order book, 4 min ago; Bybit: 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 Phoenix live order book, 4 min ago	1.08 bp	5.5 bp −$6	10.3 bp −$103	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.54 bp	7.2 bp −$7	9.4 bp −$94	16.5 bp −$1,655	35.7 bp −$17.8K

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	−0.0528%	1h	92.732	−0.168%	$193K	$228K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0264%	1h	92.838	−0.053%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.917	+0.031%	$1.1M	$3.9M	10x	as long as short
ApeX Omni HYPEUSDT	−0.0091%	1h	92.784	−0.112%	$350K	$1.0M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.941	+0.057%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0064%	4h	92.944	+0.060%	$44.6M	$53.6M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0063%	4h	92.892	+0.004%	$157K	$653K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.965	+0.083%	$127K	$29K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	92.870	−0.019%	$1.8M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	92.902	+0.015%	$22K	$301K	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 −0.0002%	1h	92.897	+0.009%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0038%	8h	92.939	+0.055%	$12.6M	$2.7M	50x	as long as short
Bybit HYPEUSDTshort	+0.0038%	8h	92.870	−0.019%	$316.3M	$281.9M	75x
Phoenix HYPElong	+0.0043%	1h	92.888	long leg	$210K	$1.2M	10x
01 Exchange HYPEUSD	+0.0056%	1h	92.963	+0.081%	$87K	$362K	20x	as long as short
Aster HYPEUSDT	+0.0072%	4h	92.922	+0.037%	$8.7M	$36.2M	300x	as long as short
Ondo Perps HYPE-USD.P	+0.0082%	1h	92.800	−0.095%	$697K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0082%	4h	92.873	−0.016%	$224.9M	$98.8M	75x	as long as short
edgeX HYPEUSDC	+0.0088%	4h	92.755	−0.143%	$4.9M	$29.5M	30x	as long as short
Bullet HYPE-USD	+0.0093%	1h	92.864	−0.026%	$111K	$579K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.945	+0.062%	$16.1M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.948	+0.065%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.926	+0.041%	$69K	$1.1M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	92.967	+0.085%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.920	+0.034%	$39K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.915	+0.030%	$7.5M	$45.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.924	+0.039%	$2.02B	$663.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.969	+0.087%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.949	+0.066%	$373.8M	$903.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.873	−0.016%	$114.0M	$304.1M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.942	+0.058%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.879	−0.010%	$88.1M	$79.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.949	+0.066%	$46.2M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.937	+0.053%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.969	+0.087%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.709	−0.193%	$28.4M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.766	−0.131%	$7.5M	$46.3M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.833	−0.059%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.939	+0.055%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.950	+0.067%	$469K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.925	+0.040%	$79K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.900	+0.012%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.913	+0.027%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.925	+0.040%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0101%	4h	93.050	+0.174%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.921	+0.036%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.917	+0.031%	$393K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.960	+0.078%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	93.008	+0.129%	$20.6M	$30.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.760	−0.138%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0264%	1h	92.865	−0.025%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.870	−0.019%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.910	+0.024%	$16.8M	$11.7M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0438%	1h	93.020	+0.142%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	93.010	+0.132%	$3.2M	$6.4M	20x	as long as short