Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0076%/8h= +8.3% APRpaid last 24h −0.015%

Price spread now: Coinbase International against Binance+0.221%7-day average −0.041% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$3as in the Price arb table

costs, in and out, $10k−$290.289% of the position

Long on Binance Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.085%−$9 on $10k

Price spread, last 3 days (all we have)−0.316%−$32 · spread now +0.221%, 7d avg −0.041%

Together, before fees−0.401%−$40 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Coinbase International is 0.262% dearer against Binance than usual: you sell high and buy low: +$26 more if the spread goes back to its 7-day average of −0.041%. Mind the row above: over the last 7 days funding on this pair cost −0.085%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance HYPEUSDT	93.055	0.0100	pay 0.0050% / 4h	1h 53m	$383.7M	$891.8M	75x
Short	Coinbase International HYPE-PERP-INTX	93.260	0.0176	get 0.0022% / 1h	53m 46s	$4.9M	$5.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.221%Rate

Funding earned: $15.96
Price spread: +0.221% → −0.041%: $26.18
Slippage, 4 orders: −$8.88
Fee Binance: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $13.26
Costs to cover: 0.289%
Break-even: 1.2 days

Slippage from Binance: live order book, 5 min ago; Coinbase International: live order book, 5 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, 5 min ago	0.05 bp	5.2 bp −$5	6.2 bp −$62	15.2 bp −$1,524	doesn't fit
Sell Coinbase International live order book, 5 min ago	3.75 bp	8.8 bp −$9	12.8 bp −$128	31.0 bp −$3,105	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
Aftermath Perps HYPEUSD	−0.0295%	1h	93.181	+0.136%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	92.986	−0.074%	$1.2M	$4.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.244	+0.203%	$3K	$331	25x	as long as short
Hibachi HYPE/USDT-P	−0.0032%	1h	93.219	+0.177%	$197K	$231K	7x	as long as short
Derive HYPE-PERP	−0.0017%	1h	93.081	+0.028%	$16.3M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.117	+0.067%	$127K	$32K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.186	+0.141%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.197	+0.153%	$23K	$331K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.173	+0.127%	$20K	—	150x	as long as short
Aster HYPEUSDT	+0.0007%	4h	93.111	+0.060%	$8.9M	$35.9M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange HYPEUSD	+0.0008%	1h	93.238	+0.197%	$90K	$361K	20x	as long as short
Ondo Perps HYPE-USD.P	+0.0020%	1h	93.160	+0.113%	$699K	$928K	10x	as long as short
Bybit HYPEUSDT	+0.0031%	8h	93.043	−0.013%	$323.9M	$286.6M	75x	as long as short
Gate HYPE_USDT	+0.0042%	4h	93.053	−0.002%	$44.0M	$56.7M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0045%	4h	93.160	+0.113%	$165K	$515K	20x	as long as short
Popdex HYPEUSDT	+0.0048%	1h	93.214	+0.171%	$56K	$1.2M	50x	as long as short
Phoenix HYPE	+0.0068%	1h	93.222	+0.180%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.107	+0.056%	$18.5M	$58.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.076	+0.023%	$3.0M	$12.0M	20x	as long as short
ApeX Omni HYPEUSDT	+0.0096%	1h	93.051	−0.004%	$404K	$1.0M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.069	+0.015%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.060	+0.006%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.213	+0.169%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.113	+0.062%	$2.03B	$668.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.078	+0.025%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDTlong	+0.0100%	4h	93.055	long leg	$383.7M	$891.8M	75x
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.033	−0.023%	$114.3M	$314.1M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.271	+0.233%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.052	−0.003%	$91.1M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.102	+0.051%	$47.0M	$19.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.029	−0.028%	$225.7M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.018	−0.040%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.104	+0.053%	$7.8M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.107	+0.056%	$29.0M	$50.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.072	+0.018%	$7.5M	$44.8M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.256	+0.216%	$674K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.254	+0.214%	$493K	$2.6M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.149	+0.101%	$112K	$580K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.129	+0.080%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.170	+0.124%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.101	+0.050%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.130	+0.081%	$12.7M	$2.6M	50x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.221	+0.178%	—	$454K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.010	−0.048%	$18.3M	$41.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.151	+0.103%	$396K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0112%	4h	93.244	+0.203%	$5.1M	$29.3M	30x	as long as short
Coinbase International HYPE-PERP-INTXshort	+0.0176%	1h	93.260	+0.221%	$4.9M	$5.7M	50x
Deribit HYPE_USDC-PERPETUAL	+0.0201%	1h	93.225	+0.183%	$7.4M	$4.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.910	+0.919%	$31K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.183	+0.137%	$78K	$158K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.087	+0.034%	$2.7M	$6.8M	20x	as long as short
HTX HYPE-USDT	+0.0300%	4h	93.300	+0.264%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0158%	1h	93.177	+0.131%	$1.5M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.216	+0.173%	$17.0M	$12.5M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0466%	1h	93.223	+0.181%	$20.8M	$28.3M	50x	as long as short