Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0231%/8h= +25.3% APRpaid last 24h +0.038%

Price spread now: BingX against Arcus−0.065%7-day average +0.007% · 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−$25as in the Price arb table

costs, in and out, $10k−$180.179% of the position

Long on Arcus Short on BingX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.006%+$1 on $10k

Price spread, last 7 days+0.027%+$3 · spread now −0.065%, 7d avg +0.007%

Together, before fees+0.033%+$3 on $10k · with fees, hour by hour

Funding pays, the price is against you. BingX is 0.071% cheaper against Arcus than usual: you would sell low and buy high (spread −0.065% now, against its 7-day average of +0.007%). If the spread goes back, that is −$7 on $10k: about 25 hours of funding at the current rate (+$7 a day). At the pace of the last 3 days (+0.006% in total) that is about 38 days.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.006% in total (about 0.7% 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	Arcus HYPE-USD	92.956	−0.0131	get 0.0016% / 1h	50m 14s	$1.2M	$4.0M	10x
Short	BingX HYPE-USDT	92.896	0.0100	get 0.0050% / 4h	1h 50m	—	$54.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Arcus. 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 ArcusbpFee BingXbpOrdersPrice spread, now −0.065%Rate

Funding earned: $48.49
Price spread: −0.065% → +0.007%: −$7.14
Slippage, 4 orders: −$3.39
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee BingX: 5 bp × 2 orders: −$10
Net: $23.46
Costs to cover: 0.179%
Break-even: 3.6 days

Slippage from Arcus: live order book, 4 min ago; BingX: live order book, 4 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 Arcus live order book, 4 min ago	0.64 bp	3.3 bp −$3	5.0 bp −$50	22.4 bp −$2,237	doesn't fit
Sell BingX live order book, 4 min ago	0.16 bp	6.0 bp −$6	9.8 bp −$98	12.8 bp −$1,278	15.5 bp −$7,762

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
Aftermath Perps HYPEUSD	−0.0298%	1h	93.064	+0.116%	$22K	$22K	10x	as long as short
Arcus HYPE-USDlong	−0.0131%	1h	92.956	long leg	$1.2M	$4.0M	10x
Hotstuff HYPE-PERP	−0.0080%	1h	92.989	+0.036%	$3K	$331	25x	as long as short
Hibachi HYPE/USDT-P	−0.0048%	1h	92.969	+0.014%	$196K	$231K	7x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	92.976	+0.022%	$90K	$365K	20x	as long as short
Derive HYPE-PERP	−0.0002%	1h	92.860	−0.104%	$16.3M	$7.1M	10x	as long as short
Aster HYPEUSDT	−0.0001%	4h	92.902	−0.058%	$8.9M	$36.0M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.009	+0.057%	$127K	$32K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.031	+0.081%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	92.956	0.000%	$23K	$331K	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 −0.0001%	1h	92.932	−0.026%	$20K	—	150x	as long as short
Popdex HYPEUSDT	+0.0016%	1h	92.965	+0.010%	$56K	$1.2M	50x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.910	−0.049%	$323.0M	$286.9M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.039	+0.089%	$215K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0041%	1h	92.880	−0.082%	$697K	$922K	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0041%	4h	92.916	−0.043%	$165K	$515K	20x	as long as short
Gate HYPE_USDT	+0.0058%	4h	92.901	−0.059%	$43.9M	$57.3M	75x	as long as short
Bullet HYPE-USD	+0.0094%	1h	92.929	−0.029%	$112K	$579K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.976	+0.021%	$18.5M	$58.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.939	−0.018%	$3.0M	$12.1M	20x	as long as short
Binance HYPEUSDT	+0.0098%	4h	92.915	−0.045%	$382.3M	$892.0M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.004	+0.052%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.980	+0.026%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.985	+0.031%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.954	−0.002%	$2.02B	$670.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.028	+0.077%	$10.0M	$14.4M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.901	−0.059%	$113.9M	$313.7M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.884	−0.077%	$203K	$10K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.919	−0.040%	$90.4M	$81.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.917	−0.042%	$47.0M	$19.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.899	−0.061%	$225.2M	$102.9M	75x	as long as short
BingX HYPE-USDTshort	+0.0100%	4h	92.896	−0.065%	—	$54.2M	—
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.936	−0.022%	$7.8M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.887	−0.074%	$28.9M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.245	+0.311%	$7.5M	$44.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.016	+0.065%	$411K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.968	+0.013%	$672K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.010	+0.058%	$492K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.933	−0.025%	$75K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.019	+0.068%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.913	−0.046%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	92.959	+0.003%	$12.7M	$2.6M	50x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.998	+0.045%	—	$454K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.890	−0.071%	$18.3M	$42.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.912	−0.047%	$395K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0119%	4h	93.037	+0.087%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	92.950	−0.006%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	92.820	−0.146%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	92.961	+0.006%	$77K	$158K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.052	+0.104%	$2.7M	$6.8M	20x	as long as short
HTX HYPE-USDT	+0.0292%	4h	93.139	+0.197%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0158%	1h	92.955	−0.001%	$1.5M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.975	+0.020%	$17.0M	$12.4M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0385%	1h	93.019	+0.068%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0467%	1h	93.040	+0.090%	$20.7M	$28.5M	50x	as long as short