Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0065%/8h= −7.1% APRpaid last 24h −0.006%

Price spread now: Bybit against Binance−0.008%7-day average −0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$220.223% of the position

Long on Binance Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.049%−$5 on $10k

Price spread, last 7 days−0.003%$0 · spread now −0.008%, 7d avg −0.027%

Together, before fees−0.052%−$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.027%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance HYPEUSDT	93.532	0.0100	pay 0.0050% / 4h	2h 14m	$386.1M	$889.0M	75x
Short	Bybit HYPEUSDT	93.524	0.0035	get 0.0035% / 8h	2h 14m	$325.8M	$287.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.008%Rate

Funding earned: −$13.68
Price spread: −0.008% → −0.027%: $1.82
Slippage, 4 orders: −$1.3
Fee Binance: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$34.15
Costs to cover: 0.223%
Break-even: never at this rate

Slippage from Binance: live order book, 14 min ago; Bybit: 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, 14 min ago	0.05 bp	5.1 bp −$5	6.6 bp −$66	14.4 bp −$1,444	32.2 bp −$16.1K
Sell Bybit live order book, 4 min ago	0.54 bp	6.0 bp −$6	8.1 bp −$81	17.4 bp −$1,735	38.0 bp −$19.0K

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	−0.0960%	1h	93.583	+0.055%	$198K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0269%	1h	93.640	+0.116%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0234%	1h	93.500	−0.034%	$702K	$932K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.567	+0.038%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.548	+0.017%	$90K	$346K	20x	as long as short
Bullet HYPE-USD	−0.0028%	1h	93.533	+0.001%	$112K	$582K	20x	as long as short
Derive HYPE-PERP	−0.0021%	1h	93.494	−0.041%	$16.4M	$7.0M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.645	+0.121%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.541	+0.010%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.570	+0.041%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0020%	4h	93.536	+0.005%	$8.9M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0030%	4h	93.534	+0.002%	$43.9M	$57.4M	75x	as long as short
Bybit HYPEUSDTshort	+0.0035%	8h	93.524	−0.008%	$325.8M	$287.0M	75x
Popdex HYPEUSDT	+0.0048%	1h	93.533	+0.001%	$59K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0059%	4h	93.542	+0.011%	$177K	$520K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.603	+0.076%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.588	+0.060%	$18.6M	$59.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.568	+0.039%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.564	+0.035%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.580	+0.052%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.530	−0.001%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.646	+0.122%	$2.04B	$670.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.568	+0.039%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDTlong	+0.0100%	4h	93.532	long leg	$386.1M	$889.0M	75x
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.527	−0.005%	$114.9M	$315.7M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.518	−0.015%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.690	+0.169%	$205K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.530	−0.002%	$93.6M	$82.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.536	+0.005%	$46.4M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.551	+0.021%	$227.3M	$102.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.533	+0.001%	—	$54.3M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.576	+0.047%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.561	+0.031%	$29.2M	$50.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.632	+0.108%	$7.5M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.601	+0.074%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.628	+0.103%	$677K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.568	+0.039%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.543	+0.012%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.615	+0.089%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.535	+0.003%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.524	−0.008%	$12.7M	$2.6M	50x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.586	+0.058%	—	$454K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.517	−0.016%	$18.3M	$41.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.521	−0.011%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0107%	4h	93.591	+0.064%	$5.1M	$29.7M	30x	as long as short
Kalshi KXHYPEPERP	+0.0117%	8h	93.616	+0.090%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.640	+0.116%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.530	−0.002%	$78K	$158K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0273%	1h	93.658	+0.135%	$7.4M	$4.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.910	+0.404%	$31K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0296%	4h	93.739	+0.222%	$1.5M	$7.6M	75x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.532	0.000%	$17.0M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0346% / S −0.0171%	1h	93.581	+0.053%	$1.5M	—	100x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.601	+0.074%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.638	+0.113%	$19.2M	$26.0M	50x	as long as short