Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0079%/8h= −8.7% APRpaid last 24h +0.003%

Price spread now: Bybit against BingX−0.015%7-day average −0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$240.245% of the position

Long on BingX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.018%+$2 on $10k

Price spread, last 7 days+0.014%+$1 · spread now −0.015%, 7d avg −0.010%

Together, before fees+0.032%+$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.010%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX HYPE-USDT	93.944	0.0100	pay 0.0050% / 4h	35m 27s	—	$54.0M	—
Short	Bybit HYPEUSDT	93.930	0.0021	get 0.0021% / 8h	35m 27s	$323.4M	$282.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.015%Rate

Funding earned: −$16.61
Price spread: −0.015% → −0.010%: −$0.49
Slippage, 4 orders: −$3.5
Fee BingX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$41.6
Costs to cover: 0.245%
Break-even: never at this rate

Slippage from BingX: live order book, 3 min ago; Bybit: live order book, 4 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, 3 min ago	0.11 bp	6.3 bp −$6	6.8 bp −$68	11.1 bp −$1,108	16.4 bp −$8,175
Sell Bybit live order book, 4 min ago	0.53 bp	6.0 bp −$6	9.5 bp −$95	17.4 bp −$1,736	39.7 bp −$19.8K

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	−0.0736%	1h	93.825	−0.127%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0389%	1h	94.077	+0.141%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.867	−0.082%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.966	+0.023%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0034%	1h	94.040	+0.102%	$704K	$909K	10x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	93.958	+0.015%	$87K	$366K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.037	+0.099%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.974	+0.032%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.992	+0.051%	$26K	—	150x	as long as short
Orderly PERP_HYPE_USDC	+0.0006%	4h	93.964	+0.021%	$164K	$579K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	+0.0009%	1h	94.133	+0.201%	$215K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0009%	1h	93.905	−0.041%	$16.4M	$7.1M	10x	as long as short
Bybit HYPEUSDTshort	+0.0021%	8h	93.930	−0.015%	$323.4M	$282.4M	75x
Aster HYPEUSDT	+0.0031%	4h	93.951	+0.007%	$8.9M	$35.9M	300x	as long as short
Phemex HYPEUSDT	+0.0061%	8h	94.023	+0.084%	$12.8M	$2.6M	50x	as long as short
Binance HYPEUSDT	+0.0066%	4h	93.950	+0.006%	$384.3M	$891.5M	75x	as long as short
MEXC HYPE_USDT	+0.0068%	4h	93.955	+0.012%	$88.4M	$81.3M	100x	as long as short
Gate HYPE_USDT	+0.0078%	4h	93.950	+0.006%	$44.4M	$58.8M	75x	as long as short
edgeX HYPEUSDC	+0.0081%	4h	94.027	+0.088%	$5.1M	$29.8M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.013	+0.074%	$18.9M	$59.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.993	+0.052%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.962	+0.019%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.975	+0.033%	$400K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.966	+0.023%	$341K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.000	+0.060%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.975	+0.034%	$5.7M	$44.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.985	+0.044%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.938	−0.006%	$115.9M	$319.7M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.994	+0.053%	$47.3M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.961	+0.018%	$227.6M	$102.8M	75x	as long as short
BingX HYPE-USDTlong	+0.0100%	4h	93.944	long leg	—	$54.0M	—
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.000	+0.060%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.974	+0.032%	$31.3M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.053	+0.116%	$7.6M	$45.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.014	+0.075%	$339K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.028	+0.089%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.998	+0.057%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.969	+0.027%	$491K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.944	0.000%	$112K	$578K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.956	+0.013%	$76K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.028	+0.089%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.964	+0.021%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.120	+0.187%	$205K	$7K	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.020	+0.081%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.935	−0.010%	$18.4M	$42.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0136%	8h	94.007	+0.067%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.030	+0.092%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0223%	4h	94.150	+0.219%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.939	−0.006%	$77K	$142K	15x	as long as short
BloFin HYPE-USDT	+0.0280%	4h	94.014	+0.075%	$17.0M	$12.6M	75x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.015	+0.076%	$2.8M	$6.9M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0163%	1h	93.979	+0.037%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0378%	1h	94.074	+0.138%	$7.4M	$4.6M	50x	as long as short
Hyperliquid HYPE	+0.0386%	1h	94.046	+0.109%	$2.05B	$668.3M	10x	as long as short
Kraken Futures PF_HYPEUSD	+0.0577%	1h	94.085	+0.150%	$21.0M	$29.3M	50x	as long as short