Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0044%/8h= −4.8% APRpaid last 24h −0.006%

Price spread now: Phemex against StandX−0.099%7-day average +0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$540.538% of the position

Long on StandX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.008%−$1 on $10k

Price spread, last 4 days (all we have)+0.069%+$7 · spread now −0.099%, 7d avg +0.006%

Together, before fees+0.061%+ Points / potential airdropStandX: Active · farm board+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phemex is 0.104% cheaper against StandX than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.006%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	StandX HYPE-USD	94.233	0.0100	pay 0.0013% / 1h	0m 36s	$681K	$2.7M	20x
Short	Phemex HYPEUSDT	94.140	0.0056	get 0.0056% / 8h	1h 00m	$12.8M	$2.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against StandX. 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 StandXbpFee PhemexbpOrdersPrice spread, now −0.099%Rate

Funding earned: −$9.17
Price spread: −0.099% → +0.006%: −$10.44
Slippage, 4 orders: −$33.83
Fee StandX: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$73.44
Costs to cover: 0.538%
Break-even: never at this rate

Slippage from StandX: live order book, 3 min ago; Phemex: live order book, 3 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 StandX live order book, 3 min ago	1.33 bp	5.3 bp −$5	5.5 bp −$55	13.6 bp −$1,361	doesn't fit
Sell Phemex live order book, 3 min ago	5.36 bp	20.0 bp −$20	34.8 bp −$348	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
Hibachi HYPE/USDT-P	−0.1088%	1h	94.149	−0.089%	$201K	$235K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0164%	1h	94.256	+0.024%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0103%	1h	93.980	−0.268%	$709K	$1.2M	10x	as long as short
Bluefin HYPE-PERP	−0.0096%	1h	94.092	−0.150%	$80K	$155K	20x	as long as short
Bullet HYPE-USD	−0.0080%	1h	94.141	−0.098%	$111K	$578K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.214	−0.020%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	94.155	−0.083%	$87K	$366K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0008%	4h	94.109	−0.132%	$146K	$685K	20x	as long as short
Bybit HYPEUSDT	−0.0007%	8h	94.060	−0.184%	$316.9M	$289.5M	75x	as long as short
BingX HYPE-USDT	−0.0006%	4h	94.063	−0.180%	—	$53.5M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	94.094	−0.147%	$129K	$26K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.188	−0.048%	$1.8M	$5.5M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.158	−0.079%	$19K	$287K	10x	as long as short
Derive HYPE-PERP	+0.0001%	1h	94.110	−0.131%	$16.4M	$7.5M	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.170	−0.067%	$117K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	94.254	+0.022%	$206K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0044%	4h	94.058	−0.186%	$226.3M	$100.0M	75x	as long as short
Phemex HYPEUSDTshort	+0.0056%	8h	94.140	−0.099%	$12.8M	$2.9M	50x
Paradex HYPE-USD-PERP	+0.0059%	8h	94.094	−0.147%	$336K	$156K	20x	as long as short
edgeX HYPEUSDC	+0.0082%	4h	94.160	−0.078%	$5.0M	$30.8M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.087	−0.155%	$1.0M	$3.5M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0091%	8h	94.079	−0.163%	$117.3M	$321.9M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.060	−0.184%	$16.2M	$64.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.072	−0.171%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.137	−0.102%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.200	−0.035%	$14K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.136	−0.102%	$7.3M	$50.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.175	−0.062%	$2.07B	$688.8M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.087	−0.155%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.106	−0.135%	$10.1M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.057	−0.187%	$376.4M	$932.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.065	−0.178%	$217K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.112	−0.128%	$49.4M	$57.3M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.051	−0.193%	$90.8M	$85.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.071	−0.172%	$46.8M	$18.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.070	−0.173%	$7.5M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.059	−0.185%	$29.1M	$55.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.203	−0.032%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.175	−0.062%	$347K	$1.0M	50x	as long as short
StandX HYPE-USDlong	+0.0100%	1h	94.233	long leg	$681K	$2.7M	20x
Polymarket Perps HYPE-USD	+0.0100%	1h	94.163	−0.074%	$495K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.221	−0.013%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.123	−0.117%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.300	+0.071%	$1.4M	$6.8M	75x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.224	−0.010%	—	$243K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.089	−0.153%	$18.3M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.172	−0.065%	$398K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.230	−0.003%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0021%	1h	94.195	−0.040%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.550	+0.336%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0228%	1h	94.227	−0.006%	$7.4M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.126	−0.114%	$82K	$134K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.122	−0.118%	$17.0M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0413%	1h	94.194	−0.042%	$20.2M	$30.3M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.162	−0.076%	$3.2M	$6.4M	20x	as long as short