Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0044%/8h= +4.8% APRpaid last 24h −0.004%

Price spread now: Coinbase International against BingX−0.068%7-day average −0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$300.302% of the position

Long on BingX Short on Coinbase International

What this pair did over the last

the charts below follow

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

Price spread, last 3 days (all we have)+0.045%+$4 · spread now −0.068%, 7d avg −0.014%

Together, before fees+0.027%+$3 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.054% cheaper against BingX than usual: you would sell low and buy high (spread −0.068% now, against its 7-day average of −0.014%). If the spread goes back, that is −$5 on $10k: about 4.1 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX HYPE-USDT	94.064	0.0100	pay 0.0050% / 4h	3h 42m	—	$53.9M	—
Short	Coinbase International HYPE-PERP-INTX	94.000	0.0144	get 0.0018% / 1h	42m 48s	$4.9M	$5.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.068%Rate

Funding earned: $9.24
Price spread: −0.068% → −0.014%: −$5.38
Slippage, 4 orders: −$10.24
Fee BingX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$26.38
Costs to cover: 0.302%
Break-even: 27.0 days

Slippage from BingX: live order book, 6 min ago; Coinbase International: live order book, 1 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	0.11 bp	5.6 bp −$6	6.3 bp −$63	10.0 bp −$999	15.1 bp −$7,542
Sell Coinbase International live order book, 1 min ago	3.19 bp	9.8 bp −$10	14.3 bp −$143	38.2 bp −$3,815	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	−0.1456%	1h	93.806	−0.275%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.883	−0.192%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0285%	1h	93.932	−0.140%	$22K	$23K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0196%	1h	93.880	−0.196%	$703K	$926K	10x	as long as short
Phemex HYPEUSDT	−0.0167%	8h	94.025	−0.041%	$12.8M	$2.6M	50x	as long as short
Bullet HYPE-USD	−0.0115%	1h	93.988	−0.081%	$112K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0096%	1h	94.024	−0.043%	$85K	$361K	20x	as long as short
Gate HYPE_USDT	−0.0090%	4h	94.076	+0.013%	$44.5M	$59.3M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.986	−0.083%	$3K	$331	25x	as long as short
dYdX HYPE-USD	−0.0058%	1h	94.004	−0.063%	$128K	$29K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0048%	8h	94.040	−0.026%	$323.3M	$281.4M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0011%	4h	94.008	−0.060%	$169K	$593K	20x	as long as short
Derive HYPE-PERP	−0.0008%	1h	93.973	−0.097%	$16.4M	$7.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	93.988	−0.081%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.032	−0.034%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0012%	4h	94.081	+0.018%	$8.9M	$36.1M	300x	as long as short
Bluefin HYPE-PERP	+0.0028%	1h	94.025	−0.041%	$76K	$171K	20x	as long as short
Phoenix HYPE	+0.0034%	1h	93.915	−0.158%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0040%	4h	94.088	+0.026%	$89.0M	$82.2M	100x	as long as short
Binance HYPEUSDT	+0.0041%	4h	94.076	+0.012%	$383.8M	$894.7M	75x	as long as short
edgeX HYPEUSDC	+0.0051%	4h	93.859	−0.218%	$5.1M	$29.9M	30x	as long as short
Popdex HYPEUSDT	+0.0072%	1h	94.001	−0.067%	$61K	$1.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0081%	8h	94.055	−0.010%	$116.0M	$319.6M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	94.062	−0.002%	$400K	$193K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.087	+0.024%	$18.9M	$58.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.059	−0.005%	$3.1M	$12.0M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.056	−0.009%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.020	−0.047%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.993	−0.076%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.118	+0.057%	$2.05B	$677.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.020	−0.046%	$10.1M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.816	−0.264%	$204K	$5K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.096	+0.034%	$46.6M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.108	+0.047%	$228.3M	$101.0M	75x	as long as short
BingX HYPE-USDTlong	+0.0100%	4h	94.064	long leg	—	$53.9M	—
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.080	+0.017%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.820	−0.259%	$31.3M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.912	−0.161%	$7.6M	$45.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.865	−0.212%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.913	−0.161%	$679K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.011	−0.057%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.015	−0.052%	$480K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.098	+0.036%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.035	−0.031%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.064	0.000%	$18.9M	$43.5M	50x	as long as short
Coinbase International HYPE-PERP-INTXshort	+0.0144%	1h	94.000	−0.068%	$4.9M	$5.5M	50x
BloFin HYPE-USDT	+0.0164%	4h	94.031	−0.035%	$17.0M	$12.3M	75x	as long as short
Kalshi KXHYPEPERP	+0.0184%	8h	94.067	+0.003%	$1.9M	$5.1M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.260	+0.208%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.042	−0.024%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	93.986	−0.083%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0157%	1h	94.051	−0.013%	$1.5M	—	100x	as long as short
HTX HYPE-USDT	+0.0391%	4h	94.200	+0.145%	$1.5M	$6.3M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0654%	1h	94.160	+0.102%	$7.5M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.148	+0.090%	$21.0M	$29.7M	50x	as long as short