Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0978%/8h= −107.1% APRpaid last 24h −0.069%

Price spread now: Arcus against BingX−0.120%45s7-day average −0.010% · 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—prices read too far apart to compare

costs, in and out, $10k−$180.180% of the position

Long on BingX Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.033%−$3 on $10k

Price spread, last 7 days+0.121%+$12 · spread now −0.120%, 7d avg −0.010%

Together, before fees+0.088%+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$29 a day on $10k at the current rate, and Arcus is 0.110% cheaper against BingX than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.010%). Swap the legs. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.033% in total (about -3.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX HYPE-USDT	92.788	0.0030	pay 0.0015% / 4h	53m 49s	—	$53.2M	—
Short	Arcus HYPE-USD	92.677	−0.0948	pay 0.0119% / 1h	53m 49s	$1.2M	$3.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against BingX. 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 BingXbpFee ArcusbpOrdersPrice spread, now −0.120%Rate

Funding earned: −$205.39
Price spread: −0.120% → −0.010%: −$10.96
Slippage, 4 orders: −$3.51
Fee BingX: 5 bp × 2 orders: −$10
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$234.36
Costs to cover: 0.180%
Break-even: never at this rate

Slippage from BingX: live order book, 15 min ago; Arcus: 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 BingX live order book, 15 min ago	0.11 bp	5.2 bp −$5	6.2 bp −$62	11.1 bp −$1,113	17.6 bp −$8,819
Sell Arcus live order book, 5 min ago	0.54 bp	3.1 bp −$3	5.0 bp −$50	207.5 bp −$20.8K	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
Arcus HYPE-USDshort	−0.0948%	1h	92.677	−0.120%	$1.2M	$3.8M	10x
Hibachi HYPE/USDT-P	−0.0792%	1h	92.817	+0.031%	$195K	$227K	7x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	92.796	+0.009%	$86K	$351K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0104%	1h	92.753	−0.037%	$22K	$21K	10x	as long as short
Bullet HYPE-USD	−0.0096%	1h	92.780	−0.009%	$111K	$579K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.804	+0.017%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0063%	4h	92.759	−0.031%	$158K	$663K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0034%	1h	92.340	−0.483%	$699K	$1.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.870	+0.088%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.776	−0.013%	$23K	$309K	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 −0.0002%	1h	92.828	+0.043%	$62K	—	150x	as long as short
Aster HYPEUSDT	+0.0007%	4h	92.823	+0.037%	$8.7M	$36.2M	300x	as long as short
Phemex HYPEUSDT	+0.0009%	8h	92.782	−0.006%	$12.5M	$2.7M	50x	as long as short
Derive HYPE-PERP	+0.0010%	1h	92.732	−0.061%	$16.1M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0026%	1h	92.584	−0.220%	$210K	$1.2M	10x	as long as short
BingX HYPE-USDTlong	+0.0030%	4h	92.788	long leg	—	$53.2M	—
Bybit HYPEUSDT	+0.0039%	8h	92.790	+0.002%	$318.5M	$279.0M	75x	as long as short
Gate HYPE_USDT	+0.0050%	4h	92.793	+0.005%	$44.5M	$54.4M	75x	as long as short
ApeX Omni HYPEUSDT	+0.0068%	1h	92.356	−0.466%	$337K	$1.0M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0073%	8h	92.802	+0.015%	$113.4M	$301.3M	50x	as long as short
MEXC HYPE_USDT	+0.0086%	4h	92.794	+0.006%	$88.0M	$80.1M	100x	as long as short
Binance HYPEUSDT	+0.0086%	4h	92.794	+0.007%	$373.2M	$892.2M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0093%	8h	92.813	+0.027%	$339K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.807	+0.020%	$16.1M	$61.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.812	+0.026%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.781	−0.008%	$68K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.780	−0.009%	$14K	$1.6M	10x	as long as short
edgeX HYPEUSDC	+0.0100%	4h	92.417	−0.400%	$5.0M	$29.1M	30x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.783	−0.005%	$5.8M	$43.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.856	+0.073%	$2.02B	$656.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.823	+0.038%	$10.0M	$14.9M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	+0.013%	$202K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.819	+0.033%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.797	+0.010%	$224.5M	$97.5M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.798	+0.011%	$7.4M	$10.0M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.820	+0.034%	$28.4M	$57.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.596	−0.207%	$7.5M	$45.7M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.854	+0.071%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.831	+0.046%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.830	+0.045%	$469K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.818	+0.032%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.797	+0.010%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.954	+0.179%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.774	−0.015%	$18.1M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.787	−0.001%	$392K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.730	−0.063%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.840	+0.056%	$4.7M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0260%	1h	92.791	+0.003%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0263%	8h	92.855	+0.072%	$1.8M	$5.4M	2.3x	as long as short
BloFin HYPE-USDT	+0.0326%	4h	92.812	+0.026%	$16.9M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0153%	1h	92.814	+0.028%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0331%	1h	92.863	+0.081%	$20.7M	$30.3M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0375%	1h	92.881	+0.100%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.870	+0.089%	$3.2M	$6.4M	20x	as long as short
Bluefin HYPE-PERP	+0.2724%	1h	92.759	−0.031%	$79K	$169K	20x	as long as short