Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.020%

Price spread now: dYdX against Binance−0.058%7-day average −0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$77as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$640.639% of the position

Long on Binance Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.127%−$13 on $10k

Price spread, last 4 days (all we have)−0.021%−$2 · spread now −0.058%, 7d avg −0.009%

Together, before fees−0.147%−$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and dYdX is 0.049% cheaper against Binance than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.009%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance HYPEUSDT	93.501	0.0100	pay 0.0050% / 4h	1h 37m	$374.3M	$930.0M	75x
Short	dYdX HYPE-USD	93.447	0	get 0.0000% / 1h	37m 30s	$128K	$28K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.058%Rate

Funding earned: −$21
Price spread: −0.058% → −0.009%: −$4.86
Slippage, 4 orders: −$43.94
Fee Binance: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$89.8
Costs to cover: 0.639%
Break-even: never at this rate

Slippage from Binance: live order book, 6 min ago; dYdX: live order book, 6 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, 6 min ago	0.05 bp	6.2 bp −$6	8.2 bp −$82	15.8 bp −$1,580	doesn't fit
Sell dYdX live order book, 6 min ago	21.17 bp	26.2 bp −$26	58.6 bp −$586	136.4 bp −$13.6K	328.3 bp −$164.2K

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	−0.1056%	1h	93.361	−0.149%	$198K	$240K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0196%	1h	93.586	+0.091%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0111%	1h	93.390	−0.119%	$704K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.464	−0.040%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0063%	1h	93.480	−0.022%	$111K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.515	+0.015%	$86K	$369K	20x	as long as short
Bluefin HYPE-PERP	−0.0030%	1h	93.416	−0.091%	$79K	$155K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0021%	4h	93.402	−0.106%	$145K	$685K	20x	as long as short
dYdX HYPE-USDshort	0.0000%	1h	93.447	−0.058%	$128K	$28K	5x
Kalshi KXHYPEPERP	0.0000%	8h	93.516	+0.016%	$1.8M	$5.6M	2.3x	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	93.480	−0.022%	$20K	$289K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.448	−0.057%	$83K	—	150x	as long as short
Bybit HYPEUSDT	+0.0002%	8h	93.453	−0.051%	$315.3M	$288.2M	75x	as long as short
BingX HYPE-USDT	+0.0002%	4h	93.470	−0.033%	—	$53.6M	—	as long as short
Derive HYPE-PERP	+0.0010%	1h	93.422	−0.084%	$16.2M	$7.4M	10x	as long as short
Phoenix HYPE	+0.0017%	1h	93.482	−0.020%	$209K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0042%	4h	93.470	−0.033%	$225.2M	$99.7M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0077%	8h	93.508	+0.007%	$334K	$161K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.453	−0.051%	$1.0M	$4.0M	10x	as long as short
edgeX HYPEUSDC	+0.0086%	4h	93.443	−0.062%	$5.0M	$30.5M	30x	as long as short
Phemex HYPEUSDT	+0.0089%	8h	93.460	−0.044%	$12.8M	$2.8M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.478	−0.024%	$16.1M	$63.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.482	−0.020%	$3.1M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.476	−0.027%	$81K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.480	−0.022%	$22K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.475	−0.028%	$7.5M	$50.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.572	+0.076%	$2.05B	$680.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.487	−0.015%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.508	+0.008%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDTlong	+0.0100%	4h	93.501	long leg	$374.3M	$930.0M	75x
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.464	−0.040%	$115.4M	$315.3M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.476	−0.027%	$48.4M	$55.2M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.496	−0.005%	$89.3M	$83.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.492	−0.010%	$46.3M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.491	−0.011%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.479	−0.024%	$28.6M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.540	+0.042%	$7.5M	$48.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.577	+0.081%	$347K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.458	−0.046%	$677K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.530	+0.031%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.498	−0.003%	$469K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.457	−0.047%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.435	−0.071%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.577	+0.081%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.507	+0.007%	$216K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.435	−0.070%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.443	−0.062%	$395K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.460	−0.044%	$4.7M	$6.1M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.380	−0.129%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.462	−0.042%	$77K	$129K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0317%	1h	93.528	+0.029%	$7.4M	$4.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.504	+0.003%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.496	−0.005%	$17.0M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0416%	1h	93.515	+0.015%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.514	+0.014%	$3.2M	$6.4M	20x	as long as short