Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.017%

Price spread now: BingX against Backpack−0.050%7-day average −0.241% · you buy dearer than you sell

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$2as in the Price arb table

costs, in and out, $10k−$210.213% of the position

Long on Backpack Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.133%−$13 on $10k

Price spread, last 7 days+0.522%+$52 · spread now −0.050%, 7d avg −0.241%

Together, before fees+0.389%+$39 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: BingX is 0.191% dearer against Backpack than usual: you sell high and buy low, +$19 on $10k if it goes back to its 7-day average of −0.241%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack HYPE_USDC_PERP	93.917	0.0100	pay 0.0013% / 1h	29m 34s	$8.0M	$11.5M	20x
Short	BingX HYPE-USDT	93.870	0.0100	get 0.0050% / 4h	3h 29m	—	$54.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.050%Rate

Funding earned: $0
Price spread: −0.050% → −0.241%: $19.07
Slippage, 4 orders: −$1.29
Fee Backpack: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$2.22
Costs to cover: 0.213%
Break-even: never at this rate

Slippage from Backpack: live order book, 5 min ago; BingX: live order book, 20 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, 5 min ago	0.05 bp	5.1 bp −$5	6.1 bp −$61	86.4 bp −$8,641	doesn't fit
Sell BingX live order book, 20 min ago	0.16 bp	5.2 bp −$5	6.3 bp −$63	10.7 bp −$1,067	14.9 bp −$7,425

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	−0.1328%	1h	93.515	−0.428%	$197K	$237K	7x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.908	−0.010%	$3K	$331	25x	as long as short
Aftermath Perps HYPEUSD	−0.0051%	1h	93.531	−0.411%	$22K	$22K	10x	as long as short
Gate HYPE_USDT	−0.0008%	4h	93.869	−0.051%	$44.3M	$56.2M	75x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.913	−0.004%	$128K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.929	+0.013%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.859	−0.062%	$23K	$352K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0005%	1h	93.877	−0.042%	$44K	—	150x	as long as short
01 Exchange HYPEUSD	+0.0024%	1h	93.790	−0.135%	$89K	$337K	20x	as long as short
Aster HYPEUSDT	+0.0030%	4h	93.929	+0.013%	$9.0M	$36.7M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0056%	8h	93.710	−0.220%	$326.7M	$286.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0066%	1h	93.972	+0.058%	$18.7M	$24.1M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0091%	4h	93.836	−0.086%	$183K	$505K	20x	as long as short
Phoenix HYPE	+0.0094%	1h	93.709	−0.221%	$211K	$1.1M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.917	0.000%	$18.8M	$58.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.893	−0.026%	$3.1M	$12.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.821	−0.102%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.860	−0.061%	$19K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.706	−0.225%	$5.8M	$44.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.901	−0.017%	$10.1M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.840	−0.082%	$390.9M	$882.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.686	−0.246%	$115.2M	$317.1M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0100%	1h	93.780	−0.146%	$703K	$954K	10x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.841	−0.081%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.684	−0.248%	$205K	$9K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.907	−0.011%	$90.6M	$82.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.937	+0.021%	$46.7M	$19.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.866	−0.054%	$227.5M	$102.5M	75x	as long as short
BingX HYPE-USDTshort	+0.0100%	4h	93.870	−0.050%	—	$54.5M	—
Backpack HYPE_USDC_PERPlong	+0.0100%	1h	93.917	long leg	$8.0M	$11.5M	20x
Variational Omni HYPE	+0.0100%	8h	93.684	−0.249%	$28.8M	$49.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.544	−0.397%	$7.5M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.512	−0.431%	$457K	$935K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.838	−0.084%	$679K	$2.3M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.859	−0.062%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.885	−0.034%	$492K	$2.6M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.860	−0.061%	$113K	$574K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.874	−0.046%	$76K	$169K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.826	−0.097%	$16.5M	$6.9M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.873	−0.047%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.855	−0.066%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.840	−0.082%	$12.8M	$2.5M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0101%	8h	93.894	−0.024%	$342K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.864	−0.056%	$18.2M	$40.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.857	−0.064%	$399K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0107%	4h	93.745	−0.183%	$5.1M	$29.0M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.970	+0.056%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0243%	1h	93.873	−0.046%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0254%	1h	93.590	−0.348%	$30K	$182K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0336%	1h	93.952	+0.037%	$7.4M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0165%	1h	93.833	−0.089%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.795	−0.130%	$17.2M	$12.3M	75x	as long as short
Hyperliquid HYPE	+0.0352%	1h	93.994	+0.082%	$2.05B	$664.6M	10x	as long as short
RISEx HYPE/USDC	+0.0422%	1h	93.916	−0.001%	$2.9M	$6.7M	20x	as long as short
HTX HYPE-USDT	+0.0496%	4h	94.033	+0.124%	$1.5M	$7.5M	75x	as long as short