Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0197%/8h= −21.6% APRpaid last 24h +0.005%

Price spread now: Bullet against BingX−0.002%47s7-day average +0.037% · 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−$280.281% of the position

Long on BingX Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.044%+$4 on $10k

Price spread, last 3 days (all we have)+0.222%+$22 · spread now −0.002%, 7d avg +0.037%

Together, before fees+0.266%+$27 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Bullet is 0.039% cheaper against BingX than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.037%). Swap the legs. The two prices were read 47 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 3 days it paid 0.044% in total (about 4.9% 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	93.607	0.0100	pay 0.0050% / 4h	3h 17m	—	$54.0M	—
Short	Bullet HYPE-USD	93.605	−0.0097	pay 0.0012% / 1h	17m 36s	$113K	$581K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.002%Rate

Funding earned: −$41.45
Price spread: −0.002% → +0.037%: −$3.92
Slippage, 4 orders: −$10.07
Fee BingX: 5 bp × 2 orders: −$10
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$73.45
Costs to cover: 0.281%
Break-even: never at this rate

Slippage from BingX: live order book, 6 min ago; Bullet: live order book, 57 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, 6 min ago	0.16 bp	5.6 bp −$6	7.2 bp −$72	11.0 bp −$1,097	14.6 bp −$7,313
Sell Bullet live order book, 57 min ago	0.27 bp	10.0 bp −$10	14.3 bp −$143	doesn't fit	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	−0.1312%	1h	93.756	+0.159%	$198K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.508	−0.106%	$1.3M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0185%	1h	93.952	+0.368%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0145%	1h	93.580	−0.029%	$710K	$956K	10x	as long as short
dYdX HYPE-USD	−0.0106%	1h	93.615	+0.009%	$128K	$31K	5x	as long as short
Bullet HYPE-USDshort	−0.0097%	1h	93.605	−0.002%	$113K	$581K	20x
01 Exchange HYPEUSD	−0.0096%	1h	93.616	+0.010%	$85K	$360K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.627	+0.021%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0062%	4h	93.602	−0.005%	$44.3M	$60.1M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0027%	4h	93.603	−0.004%	$159K	$645K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0021%	8h	93.600	−0.007%	$321.4M	$280.3M	75x	as long as short
Aster HYPEUSDT	−0.0007%	4h	93.629	+0.024%	$8.9M	$36.1M	300x	as long as short
Perpl HYPE	0.0000%	43m	93.591	−0.017%	$23K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.626	+0.020%	$27K	—	150x	as long as short
Derive HYPE-PERP	+0.0003%	1h	93.596	−0.012%	$16.4M	$7.3M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	94.149	+0.579%	$219K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0042%	4h	93.622	+0.016%	$88.1M	$83.2M	100x	as long as short
Binance HYPEUSDT	+0.0042%	4h	93.655	+0.051%	$382.0M	$894.5M	75x	as long as short
edgeX HYPEUSDC	+0.0057%	4h	93.961	+0.378%	$5.1M	$30.0M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0073%	8h	93.609	+0.002%	$115.7M	$316.2M	50x	as long as short
Bluefin HYPE-PERP	+0.0083%	1h	93.651	+0.047%	$76K	$170K	20x	as long as short
Phemex HYPEUSDT	+0.0094%	8h	93.679	+0.077%	$12.8M	$2.6M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.656	+0.052%	$19.1M	$60.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.661	+0.058%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.622	+0.016%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.596	−0.012%	$398K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.644	+0.039%	$340K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.570	−0.040%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.515	−0.098%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.694	+0.093%	$2.04B	$675.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.648	+0.044%	$10.1M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.528	−0.084%	$204K	$12K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.613	+0.006%	$46.6M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.616	+0.010%	$226.9M	$101.0M	75x	as long as short
BingX HYPE-USDTlong	+0.0100%	4h	93.607	long leg	—	$54.0M	—
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.688	+0.087%	$7.7M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.939	+0.355%	$31.4M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.991	+0.410%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.940	+0.356%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.838	+0.247%	$679K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.603	−0.004%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.596	−0.012%	$473K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.673	+0.071%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.653	+0.049%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.599	−0.009%	$18.7M	$44.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.590	−0.018%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0179%	4h	93.552	−0.059%	$17.0M	$12.1M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.943%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.668	+0.065%	$2.7M	$6.8M	20x	as long as short
Kalshi KXHYPEPERP	+0.0227%	8h	93.642	+0.037%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	93.568	−0.042%	$79K	$142K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0156%	1h	93.615	+0.009%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0373%	4h	93.850	+0.260%	$1.5M	$6.1M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0615%	1h	93.757	+0.160%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0673%	1h	93.761	+0.164%	$20.9M	$29.8M	50x	as long as short