Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0014%/8h= +1.5% APRpaid last 24h +0.013%

Price spread now: Backpack against Binance+0.050%7-day average +0.249% · you sell dearer than you buy

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$220.216% of the position

Long on Binance Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.067%+$7 on $10k

Price spread, last 7 days−0.242%−$24 · spread now +0.050%, 7d avg +0.249%

Together, before fees−0.175%−$18 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.200% cheaper against Binance than usual: you would sell low and buy high (spread +0.050% now, against its 7-day average of +0.249%). If the spread goes back, that is −$20 on $10k: about 48 days of funding at the current rate ($0 a day). At the pace of the last 7 days (+0.067% in total) that is about 21 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance HYPEUSDT	92.814	0.0086	pay 0.0043% / 4h	55m 27s	$373.3M	$891.7M	75x
Short	Backpack HYPE_USDC_PERP	92.860	0.0100	get 0.0013% / 1h	55m 27s	$7.4M	$10.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Binance. 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 BinancebpFee BackpackbpOrdersPrice spread, now +0.050%Rate

Funding earned: $2.91
Price spread: +0.050% → +0.249%: −$19.98
Slippage, 4 orders: −$1.65
Fee Binance: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$38.72
Costs to cover: 0.216%
Break-even: 100.1 days

Slippage from Binance: live order book, 3 min ago; Backpack: 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 Binance live order book, 3 min ago	0.05 bp	5.1 bp −$5	7.6 bp −$76	15.0 bp −$1,505	36.7 bp −$18.4K
Sell Backpack live order book, 4 min ago	0.05 bp	5.1 bp −$5	7.1 bp −$71	42.3 bp −$4,235	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
Arcus HYPE-USD	−0.0948%	1h	92.690	−0.134%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0800%	1h	92.839	+0.027%	$195K	$227K	7x	as long as short
01 Exchange HYPEUSD	−0.0128%	1h	92.809	−0.005%	$86K	$351K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0091%	1h	92.736	−0.084%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.869	+0.059%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0066%	1h	92.786	−0.030%	$111K	$579K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0061%	4h	92.829	+0.016%	$158K	$663K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0030%	1h	92.340	−0.511%	$699K	$1.1M	10x	as long as short
Aster HYPEUSDT	−0.0004%	4h	92.850	+0.039%	$8.7M	$36.2M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.870	+0.060%	$127K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	92.826	+0.013%	$23K	$309K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.835	+0.022%	$62K	—	150x	as long as short
Derive HYPE-PERP	+0.0017%	1h	92.809	−0.005%	$16.1M	$7.5M	10x	as long as short
Phemex HYPEUSDT	+0.0018%	8h	92.838	+0.026%	$12.5M	$2.7M	50x	as long as short
Phoenix HYPE	+0.0026%	1h	92.584	−0.248%	$210K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0030%	4h	92.799	−0.016%	—	$53.2M	—	as long as short
Bybit HYPEUSDT	+0.0039%	8h	92.820	+0.006%	$318.6M	$278.9M	75x	as long as short
Gate HYPE_USDT	+0.0052%	4h	92.818	+0.004%	$44.5M	$54.4M	75x	as long as short
ApeX Omni HYPEUSDT	+0.0068%	1h	92.356	−0.493%	$337K	$1.0M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0072%	8h	92.788	−0.028%	$113.3M	$301.1M	50x	as long as short
MEXC HYPE_USDT	+0.0076%	4h	92.793	−0.023%	$87.8M	$80.1M	100x	as long as short
Binance HYPEUSDTlong	+0.0086%	4h	92.814	long leg	$373.3M	$891.7M	75x
Paradex HYPE-USD-PERP	+0.0093%	8h	92.851	+0.040%	$339K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.846	+0.034%	$16.1M	$61.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.859	+0.048%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.798	−0.017%	$68K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.820	+0.006%	$14K	$1.6M	10x	as long as short
edgeX HYPEUSDC	+0.0100%	4h	92.417	−0.428%	$5.0M	$29.1M	30x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.790	−0.025%	$5.8M	$43.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.862	+0.051%	$2.02B	$659.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.832	+0.020%	$10.0M	$14.9M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.810	−0.004%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.800	−0.015%	$224.5M	$97.5M	75x	as long as short
Backpack HYPE_USDC_PERPshort	+0.0100%	1h	92.860	+0.050%	$7.4M	$10.0M	20x
Variational Omni HYPE	+0.0100%	8h	92.820	+0.006%	$28.4M	$57.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.596	−0.235%	$7.5M	$45.7M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.779	−0.038%	$665K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.823	+0.009%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.828	+0.015%	$469K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.897	+0.089%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.851	+0.040%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.000	+0.200%	$1.4M	$6.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.810	−0.004%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.783	−0.033%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.853	+0.042%	$393K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.340	−0.511%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.960	+0.157%	$4.7M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0260%	1h	92.789	−0.027%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0263%	8h	92.804	−0.011%	$1.8M	$5.4M	2.3x	as long as short
BloFin HYPE-USDT	+0.0321%	4h	92.530	−0.306%	$16.8M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0153%	1h	92.822	+0.008%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0331%	1h	92.936	+0.131%	$20.7M	$30.3M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0428%	1h	92.955	+0.152%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.885	+0.077%	$3.2M	$6.4M	20x	as long as short
Bluefin HYPE-PERP	+0.4965%	1h	92.839	+0.027%	$79K	$169K	20x	as long as short