Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0025%/8h= +2.7% APRpaid last 24h −0.008%

Price spread now: Derive against Binance−0.066%7-day average −0.041% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Binance Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days−0.007%−$1 on $10k

Price spread, last 3 days (all we have)+0.029%+$3 · spread now −0.066%, 7d avg −0.041%

Together, before fees+0.022%+$2 on $10k · with fees, hour by hour

Funding pays, the price is against you. Derive is 0.025% cheaper against Binance than usual: you would sell low and buy high (spread −0.066% now, against its 7-day average of −0.041%). If the spread goes back, that is −$2 on $10k: about 3.3 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance HYPEUSDT	93.688	0.0054	pay 0.0027% / 4h	2h 32m	$381.1M	$904.1M	75x
Short	Derive HYPE-PERP	93.626	0.0079	get 0.0010% / 1h	32m 17s	$16.2M	$7.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now −0.066%Rate

Funding earned: $5.22
Price spread: −0.066% → −0.041%: −$2.49
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Derive: 3 bp × 2 orders: −$6
Net: −$13.26
Costs to cover: 0.160%
Break-even: 24.8 days

Slippage unknown: Binance: live order book, 12 min ago; Derive: no order-book sample. Net counts fees only.

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, 12 min ago	0.11 bp	5.3 bp −$5	8.2 bp −$82	17.0 bp −$1,698	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

HYPE on 54 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	−0.0888%	1h	93.443	−0.261%	$196K	$231K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.522	−0.177%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0171%	1h	93.413	−0.293%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0093%	1h	93.560	−0.137%	$698K	$988K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.482	−0.220%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0077%	8h	93.417	−0.289%	$12.7M	$2.7M	50x	as long as short
Backpack HYPE_USDC_PERP	−0.0068%	1h	93.397	−0.311%	$7.8M	$10.4M	20x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.662	−0.028%	$86K	$351K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0057%	4h	93.648	−0.043%	$156K	$652K	20x	as long as short
Gate HYPE_USDT	−0.0056%	4h	93.691	+0.003%	$44.5M	$54.6M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0024%	4h	93.595	−0.099%	$8.9M	$36.2M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.622	−0.070%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.612	−0.081%	$22K	$331K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.686	−0.002%	$26K	—	150x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.680	−0.009%	—	$53.8M	—	as long as short
Bybit HYPEUSDT	+0.0006%	8h	93.650	−0.041%	$321.7M	$284.4M	75x	as long as short
MEXC HYPE_USDT	+0.0054%	4h	93.688	0.000%	$88.2M	$82.7M	100x	as long as short
Binance HYPEUSDTlong	+0.0054%	4h	93.688	long leg	$381.1M	$904.1M	75x
edgeX HYPEUSDC	+0.0059%	4h	93.458	−0.246%	$5.1M	$30.0M	30x	as long as short
Phoenix HYPE	+0.0060%	1h	93.170	−0.553%	$210K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0060%	1h	93.676	−0.013%	$112K	$578K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0065%	8h	93.650	−0.041%	$115.2M	$315.2M	50x	as long as short
Derive HYPE-PERPshort	+0.0079%	1h	93.626	−0.066%	$16.2M	$7.7M	10x
Paradex HYPE-USD-PERP	+0.0094%	8h	93.646	−0.045%	$340K	$165K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.624	−0.068%	$16.4M	$62.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.572	−0.124%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.655	−0.035%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.675	−0.014%	$398K	$177K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.590	−0.105%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.641	−0.051%	$5.7M	$45.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.753	+0.069%	$2.05B	$670.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.619	−0.074%	$10.1M	$14.8M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.661	−0.029%	$46.2M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.649	−0.042%	$226.6M	$100.3M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.411	−0.296%	$31.0M	$54.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.516	−0.184%	$7.5M	$48.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.468	−0.235%	$338K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.477	−0.225%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.666	−0.024%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.708	+0.021%	$469K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.649	−0.042%	$79K	$172K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.748	+0.064%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.644	−0.047%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.348	−0.363%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.600	−0.094%	$18.4M	$44.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.740	+0.056%	$4.9M	$5.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.490	−0.211%	$30K	$339K	12x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.676	−0.013%	$2.7M	$6.7M	20x	as long as short
HTX HYPE-USDT	+0.0218%	4h	93.571	−0.125%	$1.4M	$6.2M	75x	as long as short
Reya HYPERUSDPERP	+0.0254%	1h	93.667	−0.022%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0266%	8h	93.577	−0.118%	$1.9M	$5.1M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0158%	1h	93.691	+0.003%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0519%	1h	93.752	+0.068%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0680%	1h	93.731	+0.045%	$20.9M	$30.1M	50x	as long as short