Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0054%/8h= −5.9% APRpaid last 24h −0.049%

Price spread now: Gate against Phoenix−0.207%47s7-day average −0.117% · you buy dearer than you sell

Net, funding: paid 7d − costs−$68as 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−$340.337% of the position

Long on Phoenix Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.348%−$35 on $10k

Price spread, last 7 days+0.091%+$9 · spread now −0.207%, 7d avg −0.117%

Together, before fees−0.256%−$26 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Gate is 0.090% cheaper against Phoenix than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.117%). Swap the legs. The two prices were read 47 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	94.071	0.0034	pay 0.0004% / 1h	8m 35s	$218K	$1.2M	10x
Short	Gate HYPE_USDT	93.876	−0.0020	pay 0.0010% / 4h	3h 08m	$44.4M	$60.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.207%Rate

Funding earned: −$11.34
Price spread: −0.207% → −0.117%: −$9.01
Slippage, 4 orders: −$11.71
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$54.07
Costs to cover: 0.337%
Break-even: never at this rate

Slippage from Phoenix: live order book, 5 min ago; Gate: 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, 5 min ago	1.17 bp	5.7 bp −$6	10.7 bp −$107	doesn't fit	doesn't fit
Sell Gate live order book, 5 min ago	0.53 bp	10.9 bp −$11	16.0 bp −$160	34.0 bp −$3,405	54.8 bp −$27.4K

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	−0.1152%	1h	93.929	−0.151%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.778	−0.311%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0210%	1h	93.984	−0.093%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0099%	1h	93.860	−0.224%	$710K	$958K	10x	as long as short
Phemex HYPEUSDT	−0.0095%	8h	93.940	−0.139%	$12.8M	$2.6M	50x	as long as short
dYdX HYPE-USD	−0.0087%	1h	93.911	−0.170%	$129K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.900	−0.182%	$86K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.953	−0.125%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0048%	1h	93.989	−0.087%	$113K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0029%	4h	93.938	−0.141%	$159K	$643K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDTshort	−0.0020%	4h	93.876	−0.207%	$44.4M	$60.3M	75x
Perpl HYPE	0.0000%	43m	94.046	−0.027%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.010	−0.065%	$27K	—	150x	as long as short
Derive HYPE-PERP	+0.0009%	1h	93.925	−0.155%	$16.4M	$7.3M	10x	as long as short
Aster HYPEUSDT	+0.0012%	4h	93.912	−0.169%	$8.9M	$36.0M	300x	as long as short
Bybit HYPEUSDT	+0.0016%	8h	93.888	−0.195%	$323.1M	$279.7M	75x	as long as short
Phoenix HYPElong	+0.0034%	1h	94.071	long leg	$218K	$1.2M	10x
MEXC HYPE_USDT	+0.0052%	4h	93.899	−0.183%	$88.4M	$83.3M	100x	as long as short
Binance HYPEUSDT	+0.0056%	4h	93.895	−0.187%	$383.3M	$893.9M	75x	as long as short
edgeX HYPEUSDC	+0.0065%	4h	93.937	−0.143%	$5.1M	$29.6M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0073%	8h	93.900	−0.182%	$116.1M	$314.9M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.924	−0.156%	$18.9M	$60.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.905	−0.176%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.896	−0.186%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.969	−0.109%	$400K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.928	−0.152%	$341K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.890	−0.192%	$31K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.891	−0.192%	$6.6M	$44.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.967	−0.111%	$2.05B	$668.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.912	−0.169%	$10.1M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.528	−0.577%	$204K	$12K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.896	−0.186%	$46.6M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.911	−0.170%	$227.4M	$100.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.888	−0.195%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.871	−0.213%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.920	−0.161%	$31.4M	$53.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.053	−0.019%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.946	−0.133%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.033	−0.040%	$671K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.947	−0.132%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.931	−0.149%	$474K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.926	−0.154%	$76K	$170K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.049	−0.023%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.955	−0.123%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.856	−0.228%	$18.4M	$45.1M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.970	−0.107%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.445%	$31K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0212%	4h	94.058	−0.014%	$17.1M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.927	−0.153%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0241%	8h	94.083	+0.013%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	93.904	−0.177%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0158%	1h	94.009	−0.066%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0366%	4h	94.211	+0.149%	$1.5M	$5.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0431%	1h	94.060	−0.012%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0672%	1h	94.012	−0.062%	$21.0M	$29.8M	50x	as long as short