Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0053%/8h= +5.8% APRpaid last 24h −0.010%

Price spread now: Nado against Binance−0.034%7-day average −0.003% · 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−$22as in the Price arb table

costs, in and out, $10k−$190.193% of the position

Long on Binance Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.010%−$1 on $10k

Price spread, last 7 days+0.051%+$5 · spread now −0.034%, 7d avg −0.003%

Together, before fees+0.041%+ Points / potential airdropNado: Active · farm board+$4 on $10k · with fees, hour by hour

Funding pays, the price is against you. Nado is 0.031% cheaper against Binance than usual: you would sell low and buy high (spread −0.034% now, against its 7-day average of −0.003%). If the spread goes back, that is −$3 on $10k: about 46 hours of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance HYPEUSDT	94.018	0.0047	pay 0.0023% / 4h	3m 52s	$384.3M	$898.4M	75x
Short	Nado HYPE-PERP	93.986	0.0100	get 0.0012% / 1h	3m 52s	$5.7M	$44.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.034%Rate

Funding earned: $11.2
Price spread: −0.034% → −0.003%: −$3.09
Slippage, 4 orders: −$2.27
Fee Binance: 5 bp × 2 orders: −$10
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$11.15
Costs to cover: 0.193%
Break-even: 14.0 days

Slippage from Binance: live order book, 10 min ago; Nado: 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, 10 min ago	0.05 bp	5.1 bp −$5	7.1 bp −$71	13.5 bp −$1,349	30.7 bp −$15.3K
Sell Nado live order book, 5 min ago	0.05 bp	4.2 bp −$4	6.4 bp −$64	29.1 bp −$2,910	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
Hibachi HYPE/USDT-P	−0.1376%	1h	93.764	−0.270%	$198K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0359%	1h	93.910	−0.115%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.870	−0.157%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0127%	1h	93.930	−0.093%	$704K	$923K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.976	−0.044%	$86K	$368K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.932	−0.091%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0007%	1h	93.931	−0.093%	$16.4M	$7.2M	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0005%	4h	93.996	−0.023%	$170K	$593K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.987	−0.033%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.985	−0.034%	$23K	$329K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.016	−0.002%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	93.978	−0.042%	$217K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0014%	4h	94.002	−0.017%	$8.9M	$36.1M	300x	as long as short
Bybit HYPEUSDT	+0.0019%	8h	94.003	−0.016%	$323.6M	$284.0M	75x	as long as short
Phemex HYPEUSDT	+0.0031%	8h	93.972	−0.049%	$12.8M	$2.6M	50x	as long as short
MEXC HYPE_USDT	+0.0046%	4h	94.029	+0.012%	$88.5M	$82.3M	100x	as long as short
Binance HYPEUSDTlong	+0.0047%	4h	94.018	long leg	$384.3M	$898.4M	75x
edgeX HYPEUSDC	+0.0064%	4h	93.859	−0.169%	$5.1M	$29.7M	30x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.980	−0.040%	$60K	$1.2M	50x	as long as short
Gate HYPE_USDT	+0.0066%	4h	94.018	0.000%	$44.2M	$60.0M	75x	as long as short
Bullet HYPE-USD	+0.0083%	1h	93.971	−0.050%	$112K	$578K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0088%	8h	94.010	−0.008%	$116.0M	$323.1M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.044	+0.028%	$18.9M	$60.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.016	−0.002%	$3.1M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.991	−0.028%	$400K	$318K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.970	−0.051%	$36K	$1.6M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.014	−0.004%	$341K	$171K	20x	as long as short
Nado HYPE-PERPshort	+0.0100%	1h	93.986	−0.034%	$5.7M	$44.4M	10x
Hyperliquid HYPE	+0.0100%	1h	94.098	+0.085%	$2.05B	$679.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.005	−0.013%	$10.1M	$14.5M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.889	−0.137%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.010	−0.008%	$46.5M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.028	+0.011%	$227.8M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.012	−0.006%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.051	+0.035%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.812	−0.218%	$31.3M	$54.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.967	−0.054%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.849	−0.179%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.908	−0.117%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.987	−0.033%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.010	−0.008%	$472K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.001	−0.018%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.019	+0.001%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.992	−0.027%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.417%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.002	−0.017%	$18.3M	$42.8M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.060	+0.045%	$4.9M	$5.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0155%	8h	93.993	−0.026%	$1.9M	$5.1M	2.3x	as long as short
BloFin HYPE-USDT	+0.0187%	4h	93.859	−0.169%	$17.0M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0193%	4h	94.150	+0.141%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	93.978	−0.043%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.025	+0.008%	$2.8M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0163%	1h	94.015	−0.003%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0377%	1h	94.089	+0.076%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0577%	1h	94.112	+0.101%	$21.0M	$29.5M	50x	as long as short