Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.009%

Price spread now: SoDEX against Binance−0.087%7-day average −0.011% · 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−$33as in the Price arb table

costs, in and out, $10k−$260.257% of the position

Long on Binance Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.012%+$1 on $10k

Price spread, last 4 days (all we have)+0.063%+$6 · spread now −0.087%, 7d avg −0.011%

Together, before fees+0.076%+$8 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: SoDEX is 0.076% cheaper against Binance than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of −0.011%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance HYPEUSDT	94.679	0.0100	pay 0.0050% / 4h	3h 58m	$379.7M	$933.9M	75x
Short	SoDEX HYPE-USD	94.596	0.0100	get 0.0013% / 1h	58m 45s	$2.1M	$1.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.087%Rate

Funding earned: $0
Price spread: −0.087% → −0.011%: −$7.63
Slippage, 4 orders: −$7.73
Fee Binance: 5 bp × 2 orders: −$10
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$33.36
Costs to cover: 0.257%
Break-even: never at this rate

Slippage from Binance: live order book, 15 min ago; SoDEX: 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, 15 min ago	0.05 bp	5.5 bp −$5	7.3 bp −$73	11.7 bp −$1,166	doesn't fit
Sell SoDEX live order book, 5 min ago	0.37 bp	6.7 bp −$7	13.2 bp −$132	doesn't fit	doesn't fit

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	−0.1488%	1h	94.543	−0.143%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0468%	1h	94.554	−0.132%	$80K	$151K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0224%	1h	94.543	−0.143%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.587	−0.097%	$87K	$364K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.620	−0.062%	$3K	$331	25x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.632	−0.050%	$20.3M	$30.2M	50x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.582	−0.102%	$1.0M	$3.5M	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0007%	4h	94.573	−0.112%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.666	−0.014%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.704	+0.027%	$1.9M	$5.5M	2.3x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	0.0000%	1h	94.567	−0.118%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.612	−0.071%	$19K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.610	−0.072%	$124K	—	150x	as long as short
Derive HYPE-PERP	+0.0008%	1h	94.543	−0.144%	$16.3M	$7.3M	10x	as long as short
Bitget HYPEUSDT	+0.0014%	4h	94.688	+0.010%	$227.3M	$100.6M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.640	−0.041%	$4.7M	$6.2M	50x	as long as short
Bullet HYPE-USD	+0.0023%	1h	94.607	−0.076%	$112K	$575K	20x	as long as short
Ondo Perps HYPE-USD.P	+0.0027%	1h	94.570	−0.115%	$712K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0037%	8h	94.599	−0.084%	$12.9M	$2.8M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0048%	8h	94.707	+0.030%	$338K	$154K	20x	as long as short
Lighter HYPE	+0.0048%	1h	94.657	−0.023%	$16.2M	$61.6M	20x	as long as short
Backpack HYPE_USDC_PERP	+0.0049%	1h	94.616	−0.066%	$7.6M	$10.6M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0063%	8h	94.625	−0.057%	$118.0M	$326.8M	50x	as long as short
Lighter RH HYPE	+0.0064%	1h	94.668	−0.011%	$3.2M	$10.2M	20x	as long as short
Vest HYPE-PERP	+0.0076%	1h	94.647	−0.034%	—	$190K	5x	as long as short
Gate HYPE_USDT	+0.0078%	4h	94.685	+0.007%	$50.7M	$53.5M	75x	as long as short
edgeX HYPEUSDC	+0.0084%	4h	94.460	−0.231%	$5.0M	$30.7M	30x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.569	−0.116%	$85K	$1.2M	50x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.605	−0.078%	$7.2M	$52.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.782	+0.109%	$2.08B	$689.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.675	−0.004%	$8.9M	$37.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.683	+0.005%	$10.2M	$14.8M	20x	as long as short
Binance HYPEUSDTlong	+0.0100%	4h	94.679	long leg	$379.7M	$933.9M	75x
Bybit HYPEUSDT	+0.0100%	8h	94.629	−0.052%	$317.9M	$288.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.428	−0.265%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.670	−0.009%	$93.6M	$84.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.690	+0.012%	$46.9M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.688	+0.010%	—	$53.0M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	94.532	−0.155%	$29.7M	$55.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.577	−0.108%	$7.6M	$44.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.461	−0.230%	$350K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.532	−0.155%	$695K	$2.6M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.647	−0.033%	$499K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.678	−0.001%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USDshort	+0.0100%	1h	94.596	−0.087%	$2.1M	$1.9M	10x
HTX HYPE-USDT	+0.0100%	4h	94.692	+0.014%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.652	−0.028%	$18.4M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.617	−0.065%	$400K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.597	−0.086%	$3.2M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	94.840	+0.170%	$31K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.574	−0.111%	$83K	$121K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0327% / S −0.0152%	1h	94.624	−0.058%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.604	−0.079%	$17.1M	$12.4M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0352%	1h	94.689	+0.011%	$7.5M	$4.3M	50x	as long as short