Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0142%/8h= +15.5% APRpaid last 24h +0.022%

Price spread now: Deribit against BingX+0.116%7-day average +0.054% · you sell dearer than you buy

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$230.231% of the position

Long on BingX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.031%+$3 on $10k

Price spread, last 3 days (all we have)−0.089%−$9 · spread now +0.116%, 7d avg +0.054%

Together, before fees−0.058%−$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Deribit is 0.062% dearer against BingX than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.054%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX HYPE-USDT	93.387	0.0100	pay 0.0050% / 4h	2h 44m	—	$54.3M	—
Short	Deribit HYPE_USDC-PERPETUAL	93.495	0.0242	get 0.0030% / 1h	44m 57s	$7.4M	$4.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.116%Rate

Funding earned: $29.82
Price spread: +0.116% → +0.054%: $6.17
Slippage, 4 orders: −$6.08
Fee BingX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $12.91
Costs to cover: 0.231%
Break-even: 4.0 days

Slippage from BingX: live order book, 9 min ago; Deribit: 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, 9 min ago	0.11 bp	5.6 bp −$6	8.4 bp −$84	11.1 bp −$1,110	15.2 bp −$7,609
Sell Deribit live order book, 4 min ago	0.21 bp	7.6 bp −$8	13.8 bp −$138	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	−0.1240%	1h	93.386	−0.001%	$197K	$233K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0202%	1h	93.330	−0.061%	$701K	$943K	10x	as long as short
Aftermath Perps HYPEUSD	−0.0188%	1h	93.399	+0.013%	$22K	$22K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.422	+0.037%	$89K	$345K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.423	+0.039%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.504	+0.125%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.504	+0.125%	$1.9M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.434	+0.051%	$23K	$343K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.430	+0.046%	$19K	—	150x	as long as short
Aster HYPEUSDT	+0.0012%	4h	93.413	+0.028%	$8.9M	$36.1M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Derive HYPE-PERP	+0.0017%	1h	93.351	−0.038%	$16.4M	$7.1M	10x	as long as short
Bullet HYPE-USD	+0.0019%	1h	93.411	+0.026%	$113K	$583K	20x	as long as short
Gate HYPE_USDT	+0.0022%	4h	93.390	+0.003%	$44.2M	$56.3M	75x	as long as short
Bybit HYPEUSDT	+0.0039%	8h	93.370	−0.018%	$325.2M	$287.9M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.408	+0.022%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0075%	4h	93.419	+0.034%	$180K	$536K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.435	+0.051%	$18.5M	$59.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.413	+0.028%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.397	+0.011%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.440	+0.057%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.396	+0.010%	$6.0M	$44.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.455	+0.072%	$2.03B	$669.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.428	+0.044%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.374	−0.014%	$385.7M	$888.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.365	−0.024%	$114.7M	$315.3M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.396	+0.010%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	−0.055%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.374	−0.014%	$93.0M	$81.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.395	+0.009%	$46.3M	$19.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.392	+0.005%	$226.8M	$102.0M	75x	as long as short
BingX HYPE-USDTlong	+0.0100%	4h	93.387	long leg	—	$54.3M	—
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.415	+0.030%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.375	−0.012%	$28.8M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.445	+0.062%	$7.5M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.456	+0.074%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.481	+0.101%	$676K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.462	+0.080%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.447	+0.064%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.402	+0.016%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.445	+0.062%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.375	−0.013%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.407	+0.021%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.450	+0.068%	$339K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.366	−0.022%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.420	+0.036%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0107%	4h	93.435	+0.051%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.500	+0.121%	$4.9M	$5.7M	50x	as long as short
Deribit HYPE_USDC-PERPETUALshort	+0.0242%	1h	93.495	+0.116%	$7.4M	$4.6M	50x
Reya HYPERUSDPERP	+0.0245%	1h	93.404	+0.019%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.330	−0.061%	$30K	$231K	12x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.445	+0.063%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.405	+0.019%	$17.1M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0381%	4h	93.573	+0.199%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.474	+0.093%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.481	+0.101%	$19.2M	$25.8M	50x	as long as short