Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0089%/8h= −9.7% APRpaid last 24h +0.001%

Price spread now: Derive against BingX−0.053%7-day average −0.017% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on BingX Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.060%+$6 on $10k

Price spread, last 3 days (all we have)+0.019%+$2 · spread now −0.053%, 7d avg −0.017%

Together, before fees+0.079%+$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Derive is 0.037% cheaper against BingX than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.017%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.060%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX HYPE-USDT	93.897	0.0100	pay 0.0050% / 4h	10m 18s	—	$54.2M	—
Short	Derive HYPE-PERP	93.847	0.0011	get 0.0001% / 1h	10m 18s	$16.4M	$7.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against BingX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 DerivebpOrdersPrice spread, now −0.053%Rate

Funding earned: −$18.67
Price spread: −0.053% → −0.017%: −$3.68
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Derive: 3 bp × 2 orders: −$6
Net: −$38.35
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 4 min ago; Derive: no order-book sample. Net counts fees only.

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, 4 min ago	0.11 bp	5.1 bp −$5	6.3 bp −$63	11.0 bp −$1,097	14.5 bp −$7,227
Sell Derive no order-book sample	—	—	—	—	—

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1256%	1h	93.812	−0.091%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0400%	1h	93.863	−0.037%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.832	−0.069%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0108%	1h	93.780	−0.125%	$705K	$916K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.868	−0.031%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.933	+0.038%	$86K	$368K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0003%	4h	93.918	+0.022%	$170K	$590K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.857	−0.042%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.939	+0.045%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.933	+0.039%	$27K	—	150x	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	93.919	+0.023%	$217K	$1.2M	10x	as long as short
Derive HYPE-PERPshort	+0.0011%	1h	93.847	−0.053%	$16.4M	$7.1M	10x
Aster HYPEUSDT	+0.0015%	4h	93.927	+0.032%	$8.9M	$36.1M	300x	as long as short
Bybit HYPEUSDT	+0.0021%	8h	93.890	−0.007%	$323.1M	$284.0M	75x	as long as short
Phemex HYPEUSDT	+0.0041%	8h	93.840	−0.061%	$12.8M	$2.6M	50x	as long as short
MEXC HYPE_USDT	+0.0052%	4h	93.920	+0.024%	$88.4M	$82.2M	100x	as long as short
Binance HYPEUSDT	+0.0054%	4h	93.900	+0.003%	$383.4M	$898.3M	75x	as long as short
edgeX HYPEUSDC	+0.0061%	4h	93.800	−0.103%	$5.1M	$29.6M	30x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.933	+0.038%	$60K	$1.2M	50x	as long as short
Gate HYPE_USDT	+0.0072%	4h	93.894	−0.003%	$44.1M	$59.9M	75x	as long as short
Bullet HYPE-USD	+0.0087%	1h	93.899	+0.002%	$113K	$578K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0092%	8h	93.892	−0.005%	$115.9M	$322.8M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.946	+0.052%	$18.9M	$60.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.924	+0.029%	$3.1M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.890	−0.007%	$399K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.955	+0.062%	$341K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.890	−0.007%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.863	−0.036%	$5.7M	$44.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.998	+0.108%	$2.04B	$681.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.923	+0.027%	$10.1M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.820	−0.082%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.947	+0.053%	$46.5M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.910	+0.014%	$227.4M	$102.3M	75x	as long as short
BingX HYPE-USDTlong	+0.0100%	4h	93.897	long leg	—	$54.2M	—
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.847	−0.053%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.811	−0.091%	$31.2M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.848	−0.052%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.859	−0.040%	$359K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.889	−0.009%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.943	+0.049%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.957	+0.064%	$472K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.909	+0.013%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.977	+0.085%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.891	−0.006%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.546%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.880	−0.018%	$18.3M	$42.8M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.010	+0.120%	$4.9M	$5.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0154%	8h	93.929	+0.034%	$1.9M	$5.0M	2.3x	as long as short
HTX HYPE-USDT	+0.0192%	4h	94.063	+0.177%	$1.5M	$7.8M	75x	as long as short
BloFin HYPE-USDT	+0.0212%	4h	93.801	−0.102%	$16.9M	$12.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.882	−0.016%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.988	+0.097%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0303%	1h	94.001	+0.111%	$7.5M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0163%	1h	93.924	+0.028%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0577%	1h	94.004	+0.114%	$21.0M	$29.5M	50x	as long as short