Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0065%/8h= +7.1% APRpaid last 24h +0.023%

Price spread now: Phemex against 01 Exchange−0.095%7-day average −0.019% · 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−$62as in the Price arb table

costs, in and out, $10k−$540.541% of the position

Long on 01 Exchange Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.037%+$4 on $10k

Price spread, last 4 days (all we have)+0.007%+$1 · spread now −0.095%, 7d avg −0.019%

Together, before fees+0.044%+$4 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.076% cheaper against 01 Exchange than usual: you would sell low and buy high (spread −0.095% now, against its 7-day average of −0.019%). If the spread goes back, that is −$8 on $10k: about 3.9 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	01 Exchange HYPEUSD	93.311	−0.0016	get 0.0002% / 1h	29m 15s	$87K	$365K	20x
Short	Phemex HYPEUSDT	93.222	0.0049	get 0.0049% / 8h	2h 29m	$12.7M	$2.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against 01 Exchange. 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 01 ExchangebpFee PhemexbpOrdersPrice spread, now −0.095%Rate

Funding earned: $13.69
Price spread: −0.095% → −0.019%: −$7.6
Slippage, 4 orders: −$35.14
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$48.04
Costs to cover: 0.541%
Break-even: 31.6 days

Slippage from 01 Exchange: live order book, 20 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 01 Exchange live order book, 20 min ago	0.37 bp	6.8 bp −$7	14.5 bp −$145	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	3.65 bp	20.0 bp −$20	36.0 bp −$360	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	−0.1528%	1h	93.137	−0.187%	$196K	$234K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0370%	1h	93.259	−0.056%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.236	−0.080%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0058%	1h	93.249	−0.066%	$111K	$578K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0023%	4h	93.211	−0.107%	$146K	$662K	20x	as long as short
01 Exchange HYPEUSDlong	−0.0016%	1h	93.311	long leg	$87K	$365K	20x
dYdX HYPE-USD	0.0000%	1h	93.295	−0.017%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.255	−0.060%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.280	−0.033%	$62K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	93.254	−0.061%	$1.0M	$3.9M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDT	+0.0014%	4h	93.173	−0.148%	$225.1M	$98.9M	75x	as long as short
Bybit HYPEUSDT	+0.0017%	8h	93.166	−0.155%	$316.4M	$282.7M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0021%	1h	93.250	−0.065%	$702K	$1.2M	10x	as long as short
Phoenix HYPE	+0.0026%	1h	93.282	−0.031%	$207K	$1.2M	10x	as long as short
Phemex HYPEUSDTshort	+0.0049%	8h	93.222	−0.095%	$12.7M	$2.8M	50x
edgeX HYPEUSDC	+0.0088%	4h	93.175	−0.145%	$5.0M	$30.0M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	93.281	−0.033%	$339K	$160K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.214	−0.104%	$16.1M	$63.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.211	−0.107%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.294	−0.018%	$75K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.260	−0.055%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.279	−0.034%	$8.0M	$48.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.305	−0.006%	$2.03B	$669.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.209	−0.109%	$8.7M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.269	−0.045%	$10.0M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.215	−0.103%	$373.5M	$912.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.180	−0.140%	$114.3M	$309.0M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.230	−0.087%	$215K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.241	−0.075%	$46.7M	$54.3M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.211	−0.107%	$91.0M	$81.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.192	−0.128%	$46.1M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.187	−0.133%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.221	−0.096%	$7.3M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.131	−0.193%	$28.5M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.193	−0.126%	$7.5M	$47.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.165	−0.156%	$342K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.238	−0.078%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.325	+0.015%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.279	−0.034%	$483K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.232	−0.085%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.211	−0.107%	$16.1M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.260	−0.055%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.191	−0.129%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.425	+0.122%	$1.4M	$6.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.183	−0.137%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.223	−0.094%	$394K	$158K	20x	as long as short
Kalshi KXHYPEPERP	+0.0106%	8h	93.272	−0.042%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.190	−0.130%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.310	−0.001%	$4.6M	$5.8M	50x	as long as short
Reya HYPERUSDPERP	+0.0269%	1h	93.257	−0.058%	$80K	$127K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.274	−0.040%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.309	−0.002%	$16.8M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0342%	1h	93.251	−0.064%	$20.8M	$29.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0447%	1h	93.306	−0.005%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.348	+0.040%	$3.2M	$6.2M	20x	as long as short