Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0169%/8h= −18.5% APRpaid last 24h −0.018%

Price spread now: Ondo Perps against Binance−0.096%7-day average −0.012% · you buy dearer than you sell

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

Long on Binance Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.110%−$11 on $10k

Price spread, last 7 days−0.319%−$32 · spread now −0.096%, 7d avg −0.012%

Together, before fees−0.428%+ Points / potential airdropOndo Perps: Active · farm board−$43 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Ondo Perps is 0.084% cheaper against Binance than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.012%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance HYPEUSDT	94.030	0.0045	pay 0.0023% / 4h	3h 15m	$383.5M	$896.3M	75x
Short	Ondo Perps HYPE-USD.P	93.940	−0.0124	pay 0.0016% / 1h	15m 43s	$708K	$960K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now −0.096%Rate

Funding earned: −$35.52
Price spread: −0.096% → −0.012%: −$8.43
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$58.95
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 13 min ago; Ondo Perps: 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, 13 min ago	0.05 bp	6.0 bp −$6	8.0 bp −$80	12.8 bp −$1,279	23.4 bp −$11.7K
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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 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	−0.1280%	1h	93.530	−0.532%	$198K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.914	−0.124%	$1.3M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0197%	1h	93.835	−0.208%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.Pshort	−0.0124%	1h	93.940	−0.096%	$708K	$960K	10x
dYdX HYPE-USD	−0.0101%	1h	94.003	−0.029%	$129K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	93.855	−0.187%	$85K	$361K	20x	as long as short
Bullet HYPE-USD	−0.0085%	1h	93.875	−0.165%	$113K	$581K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.610	−0.447%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0051%	8h	93.936	−0.100%	$12.8M	$2.6M	50x	as long as short
Gate HYPE_USDT	−0.0036%	4h	94.013	−0.018%	$44.5M	$60.2M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0027%	4h	93.892	−0.147%	$159K	$645K	20x	as long as short
Bybit HYPEUSDT	−0.0013%	8h	94.010	−0.022%	$323.5M	$281.2M	75x	as long as short
Perpl HYPE	0.0000%	43m	93.792	−0.254%	$23K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.926	−0.111%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0008%	4h	93.994	−0.039%	$8.9M	$36.1M	300x	as long as short
Derive HYPE-PERP	+0.0009%	1h	93.884	−0.155%	$16.4M	$7.3M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.678	−0.375%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0042%	4h	94.025	−0.006%	$88.6M	$83.2M	100x	as long as short
Binance HYPEUSDTlong	+0.0045%	4h	94.030	long leg	$383.5M	$896.3M	75x
edgeX HYPEUSDC	+0.0057%	4h	93.961	−0.074%	$5.1M	$30.0M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0074%	8h	94.021	−0.010%	$116.1M	$317.2M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.937	−0.099%	$400K	$180K	20x	as long as short
Bluefin HYPE-PERP	+0.0090%	1h	93.939	−0.097%	$76K	$171K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.030	−0.001%	$19.1M	$60.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.006	−0.026%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.849	−0.193%	$65K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.057	+0.028%	$342K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.000	−0.032%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.805	−0.240%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.040	+0.010%	$2.05B	$676.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.034	+0.004%	$10.2M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.528	−0.534%	$204K	$12K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.039	+0.009%	$46.7M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.018	−0.013%	$227.8M	$101.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.009	−0.023%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.963	−0.072%	$7.7M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.810	−0.234%	$31.4M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.991	−0.042%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.940	−0.096%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.666	−0.388%	$677K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.816	−0.228%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.874	−0.166%	$475K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.014	−0.017%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.952	−0.083%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.990	−0.043%	$18.4M	$45.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.980	−0.054%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0168%	4h	93.581	−0.478%	$17.0M	$12.1M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.489%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.061	+0.033%	$2.7M	$6.8M	20x	as long as short
Kalshi KXHYPEPERP	+0.0227%	8h	93.872	−0.168%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	93.843	−0.199%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0156%	1h	93.911	−0.127%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0373%	4h	94.100	+0.074%	$1.5M	$6.0M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.050	+0.021%	$21.0M	$29.8M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0729%	1h	94.061	+0.033%	$7.5M	$4.6M	50x	as long as short