Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0663%/8h= −72.6% APRpaid last 24h −0.047%

Price spread now: Phemex against RISEx−0.115%7-day average −0.009% · 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−$51as in the Price arb table

costs, in and out, $10k−$400.400% of the position

Long on RISEx Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.124%−$12 on $10k

Price spread, last 4 days (all we have)+0.014%+$1 · spread now −0.115%, 7d avg −0.009%

Together, before fees−0.111%−$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$20 a day on $10k at the current rate, and Phemex is 0.106% cheaper against RISEx than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.009%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.124% in total (about -12.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx HYPE/USDC	92.870	0.0687	pay 0.0086% / 1h	13m 35s	$3.2M	$6.4M	20x
Short	Phemex HYPEUSDT	92.763	0.0024	get 0.0024% / 8h	4h 13m	$12.5M	$2.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against RISEx. 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 RISExbpFee PhemexbpOrdersPrice spread, now −0.115%Rate

Funding earned: −$139.2
Price spread: −0.115% → −0.009%: −$10.61
Slippage, 4 orders: −$22.04
Fee RISEx: 3 bp × 2 orders: −$6
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$189.84
Costs to cover: 0.400%
Break-even: never at this rate

Slippage from RISEx: live order book, 5 min ago; Phemex: 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 RISEx live order book, 5 min ago	0.75 bp	3.8 bp −$4	5.7 bp −$57	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	4.75 bp	13.7 bp −$14	34.3 bp −$343	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
Arcus HYPE-USD	−0.0948%	1h	92.755	−0.124%	$1.1M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0248%	1h	92.690	−0.193%	$194K	$227K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0247%	1h	92.732	−0.149%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.792	−0.084%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0064%	4h	92.740	−0.140%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	92.825	−0.048%	$87K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.780	−0.097%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.773	−0.104%	$22K	$302K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.789	−0.087%	$62K	—	150x	as long as short
Phemex HYPEUSDTshort	+0.0024%	8h	92.763	−0.115%	$12.5M	$2.7M	50x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet HYPE-USD	+0.0032%	1h	92.751	−0.128%	$110K	$578K	20x	as long as short
Ondo Perps HYPE-USD.P	+0.0037%	1h	92.720	−0.162%	$697K	$1.1M	10x	as long as short
BingX HYPE-USDT	+0.0038%	4h	92.800	−0.075%	—	$53.4M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.779	−0.098%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0045%	8h	92.785	−0.092%	$316.8M	$281.0M	75x	as long as short
Aster HYPEUSDT	+0.0051%	4h	92.784	−0.093%	$8.7M	$36.2M	300x	as long as short
OKX HYPE-USDT-SWAP	+0.0091%	8h	92.817	−0.057%	$113.7M	$303.7M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	92.817	−0.057%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.806	−0.068%	$16.0M	$62.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.808	−0.067%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.806	−0.069%	$69K	$1.1M	50x	as long as short
Gate HYPE_USDT	+0.0096%	4h	92.808	−0.067%	$44.5M	$55.3M	75x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.780	−0.097%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.757	−0.122%	$7.1M	$45.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.836	−0.037%	$2.02B	$663.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.832	−0.041%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.803	−0.072%	$372.8M	$902.6M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.760	−0.118%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.823	−0.051%	$87.6M	$80.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.791	−0.085%	$46.1M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.796	−0.080%	$224.6M	$98.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.770	−0.108%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.669	−0.217%	$28.7M	$57.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.760	−0.118%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.717	−0.165%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.715	−0.167%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.814	−0.060%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.788	−0.088%	$469K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.759	−0.120%	$78K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.763	−0.115%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.774	−0.103%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.790	−0.086%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.918	+0.052%	$1.4M	$6.2M	75x	as long as short
edgeX HYPEUSDC	+0.0102%	4h	92.706	−0.177%	$5.0M	$29.6M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.778	−0.099%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.786	−0.091%	$392K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.140%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.820	−0.054%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0235%	8h	92.832	−0.041%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.767	−0.111%	$79K	$132K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.774	−0.104%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0331%	1h	92.847	−0.025%	$20.6M	$30.5M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0332%	1h	92.872	+0.002%	$7.5M	$4.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.766	−0.112%	$16.7M	$11.6M	75x	as long as short
RISEx HYPE/USDClong	+0.0687%	1h	92.870	long leg	$3.2M	$6.4M	20x