Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0046%/8h= +5.0% APRpaid last 24h +0.007%

Price spread now: Bulk against Binance−0.084%7-day average +0.022% · 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−$32as in the Price arb table

costs, in and out, $10k−$210.214% of the position

Long on Binance Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.008%+$1 on $10k

Price spread, last 4 days (all we have)−0.035%−$3 · spread now −0.084%, 7d avg +0.022%

Together, before fees−0.027%−$3 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bulk is 0.106% cheaper against Binance than usual: you would sell low and buy high (spread −0.084% now, against its 7-day average of +0.022%). If the spread goes back, that is −$11 on $10k: about 7.7 days of funding at the current rate (+$1 a day). At the pace of the last 3 days (+0.008% in total) that is about 46 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance HYPEUSDT	93.899	0.0054	pay 0.0027% / 4h	10m 05s	$383.8M	$898.3M	75x
Short	Bulk HYPE-USD	93.820	0.0100	get 0.0013% / 1h	10m 05s	$205K	$7K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now −0.084%Rate

Funding earned: $9.63
Price spread: −0.084% → +0.022%: −$10.61
Slippage, 4 orders: −$4.44
Fee Binance: 5 bp × 2 orders: −$10
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$22.42
Costs to cover: 0.214%
Break-even: 23.3 days

Slippage from Binance: live order book, 4 min ago; Bulk: 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, 4 min ago	0.05 bp	5.1 bp −$5	7.1 bp −$71	13.5 bp −$1,349	30.7 bp −$15.3K
Sell Bulk live order book, 4 min ago	0.53 bp	6.0 bp −$6	7.6 bp −$76	13.2 bp −$1,324	37.8 bp −$18.9K

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	−0.1256%	1h	93.812	−0.093%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0400%	1h	93.863	−0.039%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.832	−0.071%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0108%	1h	93.780	−0.127%	$705K	$916K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.868	−0.033%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.933	+0.036%	$86K	$368K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0003%	4h	93.918	+0.020%	$170K	$590K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.857	−0.044%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.939	+0.043%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.933	+0.037%	$27K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	+0.0009%	1h	93.919	+0.021%	$217K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0011%	1h	93.847	−0.055%	$16.4M	$7.1M	10x	as long as short
Aster HYPEUSDT	+0.0015%	4h	93.924	+0.026%	$8.9M	$36.1M	300x	as long as short
Bybit HYPEUSDT	+0.0021%	8h	93.890	−0.010%	$323.1M	$284.0M	75x	as long as short
Phemex HYPEUSDT	+0.0041%	8h	93.840	−0.063%	$12.8M	$2.6M	50x	as long as short
MEXC HYPE_USDT	+0.0052%	4h	93.905	+0.006%	$88.4M	$82.2M	100x	as long as short
Binance HYPEUSDTlong	+0.0054%	4h	93.899	long leg	$383.8M	$898.3M	75x
edgeX HYPEUSDC	+0.0061%	4h	93.800	−0.105%	$5.1M	$29.6M	30x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.933	+0.036%	$60K	$1.2M	50x	as long as short
Gate HYPE_USDT	+0.0072%	4h	93.901	+0.002%	$44.1M	$59.9M	75x	as long as short
Bullet HYPE-USD	+0.0087%	1h	93.899	0.000%	$113K	$578K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0092%	8h	93.902	+0.003%	$115.9M	$322.8M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.946	+0.050%	$18.9M	$60.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.924	+0.027%	$3.1M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.890	−0.010%	$399K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.955	+0.060%	$341K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.890	−0.010%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.863	−0.038%	$5.7M	$44.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.986	+0.093%	$2.04B	$681.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.923	+0.025%	$10.1M	$14.6M	20x	as long as short
Bulk HYPE-USDshort	+0.0100%	1h	93.820	−0.084%	$205K	$7K	10x
KuCoin HYPEUSDTM	+0.0100%	4h	93.909	+0.011%	$46.5M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.908	+0.010%	$227.4M	$102.3M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.896	−0.003%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.927	+0.030%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.811	−0.093%	$31.2M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.848	−0.054%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.859	−0.043%	$359K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.889	−0.011%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.943	+0.047%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.957	+0.062%	$472K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.909	+0.011%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.977	+0.083%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.891	−0.009%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.544%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.880	−0.020%	$18.3M	$42.8M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.010	+0.118%	$4.9M	$5.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0154%	8h	93.929	+0.032%	$1.9M	$5.0M	2.3x	as long as short
HTX HYPE-USDT	+0.0192%	4h	94.063	+0.175%	$1.5M	$7.8M	75x	as long as short
BloFin HYPE-USDT	+0.0212%	4h	93.801	−0.104%	$16.9M	$12.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.882	−0.018%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.988	+0.095%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0303%	1h	94.001	+0.109%	$7.5M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0163%	1h	93.924	+0.026%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0577%	1h	94.004	+0.112%	$21.0M	$29.5M	50x	as long as short