Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.012%

Price spread now: Binance against Backpack−0.094%7-day average −0.262% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

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

costs, in and out, $10k−$240.240% of the position

Long on Backpack Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.062%−$6 on $10k

Price spread, last 7 days+0.344%+$34 · spread now −0.094%, 7d avg −0.262%

Together, before fees+0.282%+$28 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Binance is 0.168% dearer against Backpack than usual: you sell high and buy low, +$17 on $10k if it goes back to its 7-day average of −0.262%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack HYPE_USDC_PERP	94.106	0.0100	pay 0.0013% / 1h	0m 50s	$7.2M	$10.7M	20x
Short	Binance HYPEUSDT	94.018	0.0100	get 0.0050% / 4h	2h 00m	$377.9M	$927.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Backpack. 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 BackpackbpFee BinancebpOrdersPrice spread, now −0.094%Rate

Funding earned: $0
Price spread: −0.094% → −0.262%: $16.81
Slippage, 4 orders: −$4.01
Fee Backpack: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$7.2
Costs to cover: 0.240%
Break-even: never at this rate

Slippage from Backpack: live order book, 3 min ago; Binance: live order book, 13 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 Backpack live order book, 3 min ago	0.05 bp	5.1 bp −$5	6.1 bp −$61	62.1 bp −$6,210	doesn't fit
Sell Binance live order book, 13 min ago	0.05 bp	5.3 bp −$5	6.8 bp −$68	14.2 bp −$1,417	35.5 bp −$17.7K

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	−0.1280%	1h	94.260	+0.164%	$202K	$241K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0287%	1h	94.275	+0.180%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.328	+0.236%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0016%	4h	94.043	−0.067%	$150K	$681K	20x	as long as short
Bullet HYPE-USD	−0.0003%	1h	94.076	−0.031%	$112K	$580K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.272	+0.176%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	94.185	+0.084%	$86K	$372K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.210	+0.111%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.098	−0.009%	$63K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	94.153	+0.050%	$1.0M	$4.0M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	+0.0014%	4h	94.025	−0.086%	—	$53.8M	—	as long as short
Bybit HYPEUSDT	+0.0019%	8h	93.983	−0.131%	$317.5M	$287.3M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	94.438	+0.353%	$211K	$1.2M	10x	as long as short
Bitget HYPEUSDT	+0.0038%	4h	94.001	−0.112%	$226.8M	$99.5M	75x	as long as short
Phemex HYPEUSDT	+0.0041%	8h	94.092	−0.015%	$12.8M	$2.8M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0057%	1h	94.130	+0.026%	$709K	$1.2M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	94.211	+0.112%	$342K	$158K	20x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	94.230	+0.131%	$5.0M	$30.5M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.073	−0.035%	$16.3M	$63.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.068	−0.040%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.169	+0.067%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.180	+0.079%	$22K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.074	−0.034%	$6.2M	$49.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.132	+0.027%	$2.06B	$680.2M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.030	−0.081%	$8.9M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.215	+0.116%	$10.2M	$15.4M	20x	as long as short
Binance HYPEUSDTshort	+0.0100%	4h	94.018	−0.094%	$377.9M	$927.3M	75x
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.987	−0.126%	$116.2M	$317.2M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.213	+0.114%	$217K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.039	−0.071%	$48.2M	$55.9M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.066	−0.043%	$90.7M	$82.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.064	−0.045%	$46.5M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERPlong	+0.0100%	1h	94.106	long leg	$7.2M	$10.7M	20x
Variational Omni HYPE	+0.0100%	8h	94.028	−0.083%	$28.8M	$56.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.307	+0.213%	$7.7M	$48.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.313	+0.220%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.247	+0.150%	$674K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.238	+0.141%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.145	+0.041%	$478K	$2.8M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.046	−0.064%	$80K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	94.065	−0.044%	$16.4M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.281	+0.186%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.058	−0.051%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.200	+0.100%	$1.4M	$6.6M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.030	−0.081%	$18.3M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.067	−0.042%	$398K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0116%	8h	94.177	+0.075%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	94.610	+0.536%	$31K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.140	+0.036%	$4.7M	$6.1M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0186%	1h	94.150	+0.047%	$7.4M	$4.1M	50x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.075	−0.033%	$77K	$130K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	94.099	−0.008%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0338%	1h	94.132	+0.028%	$21.0M	$29.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.076	−0.032%	$17.0M	$12.2M	75x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	94.217	+0.118%	$3.2M	$6.3M	20x	as long as short