Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.020%

Price spread now: Backpack against BingX+0.059%7-day average +0.242% · you sell dearer than you buy

Net, funding: paid 7d − costs−$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$210.213% of the position

Long on BingX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.133%+$13 on $10k

Price spread, last 7 days−0.715%−$72 · spread now +0.059%, 7d avg +0.242%

Together, before fees−0.583%−$58 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: Backpack is 0.183% cheaper against BingX than usual: you would sell low and buy high, −$18 on $10k if it goes back to its 7-day average of +0.242%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX HYPE-USDT	93.224	0.0100	pay 0.0050% / 4h	1h 39m	—	$54.0M	—
Short	Backpack HYPE_USDC_PERP	93.279	0.0100	get 0.0013% / 1h	39m 27s	$7.9M	$11.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now +0.059%Rate

Funding earned: $0
Price spread: +0.059% → +0.242%: −$18.32
Slippage, 4 orders: −$1.28
Fee BingX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$39.6
Costs to cover: 0.213%
Break-even: never at this rate

Slippage from BingX: live order book, 14 min ago; Backpack: 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, 14 min ago	0.16 bp	5.2 bp −$5	5.5 bp −$55	8.3 bp −$832	15.4 bp −$7,692
Sell Backpack live order book, 5 min ago	0.05 bp	5.1 bp −$5	6.9 bp −$69	72.9 bp −$7,286	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
Aftermath Perps HYPEUSD	−0.0364%	1h	93.237	+0.014%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0160%	1h	93.305	+0.086%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.193	−0.033%	$1.2M	$4.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.236	+0.013%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0074%	1h	93.130	−0.101%	$700K	$923K	10x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	93.246	+0.024%	$90K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.267	+0.046%	$127K	$32K	5x	as long as short
Popdex HYPEUSDT	0.0000%	1h	93.233	+0.010%	$58K	$1.2M	50x	as long as short
Perpl HYPE	0.0000%	43m	93.241	+0.018%	$23K	$331K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.277	+0.057%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0014%	4h	93.244	+0.022%	$8.9M	$35.9M	300x	as long as short
Derive HYPE-PERP	+0.0016%	1h	93.235	+0.011%	$16.3M	$7.1M	10x	as long as short
Bybit HYPEUSDT	+0.0029%	8h	93.221	−0.003%	$323.7M	$286.8M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.374	+0.161%	$214K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0035%	4h	93.273	+0.053%	$171K	$519K	20x	as long as short
Bullet HYPE-USD	+0.0043%	1h	93.228	+0.004%	$112K	$578K	20x	as long as short
Gate HYPE_USDT	+0.0052%	4h	93.224	0.000%	$43.9M	$57.8M	75x	as long as short
MEXC HYPE_USDT	+0.0094%	4h	93.238	+0.015%	$90.4M	$81.6M	100x	as long as short
Binance HYPEUSDT	+0.0096%	4h	93.228	+0.004%	$383.3M	$892.1M	75x	as long as short
Lighter HYPE	+0.0096%	1h	93.289	+0.070%	$18.5M	$58.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.272	+0.051%	$3.1M	$12.1M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.235	+0.012%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.240	+0.017%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.228	+0.005%	$5.9M	$44.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.285	+0.065%	$2.03B	$670.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.247	+0.025%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.234	+0.011%	$113.9M	$313.8M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.390	+0.178%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.249	+0.027%	$47.2M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.269	+0.048%	$226.1M	$102.8M	75x	as long as short
BingX HYPE-USDTlong	+0.0100%	4h	93.224	long leg	—	$54.0M	—
Backpack HYPE_USDC_PERPshort	+0.0100%	1h	93.279	+0.059%	$7.9M	$11.2M	20x
Variational Omni HYPE	+0.0100%	8h	93.354	+0.140%	$29.0M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.350	+0.135%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.355	+0.141%	$413K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.288	+0.069%	$675K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.293	+0.074%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.272	+0.051%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.268	+0.047%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.347	+0.132%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.261	+0.040%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.316	+0.099%	$12.7M	$2.6M	50x	as long as short
edgeX HYPEUSDC	+0.0103%	4h	93.338	+0.122%	$5.1M	$29.5M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.213	−0.012%	$18.2M	$42.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.236	+0.013%	$397K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0109%	8h	93.426	+0.217%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.350	+0.135%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.340	+0.124%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.242	+0.020%	$78K	$158K	15x	as long as short
HTX HYPE-USDT	+0.0265%	4h	93.464	+0.257%	$1.5M	$7.7M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.293	+0.075%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0307%	1h	93.359	+0.145%	$7.4M	$4.6M	50x	as long as short
BloFin HYPE-USDT	+0.0337%	4h	93.319	+0.102%	$16.9M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0159%	1h	93.271	+0.051%	$1.5M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.372	+0.158%	$20.9M	$28.8M	50x	as long as short