Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0572%/8h= −62.6% APRpaid last 24h −0.227%

Price spread now: Hibachi against BingX+0.010%7-day average −0.050% · you sell dearer than you buy

Net, funding: paid 7d − costs−$227as in the Funding arb table

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$680.682% of the position

Long on BingX Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days−1.589%−$159 on $10k

Price spread, last 4 days (all we have)+0.380%+$38 · spread now +0.010%, 7d avg −0.050%

Together, before fees−1.210%+ Points / potential airdropHibachi: Active · farm board−$121 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hibachi is 0.060% dearer against BingX than usual: you sell high and buy low (spread +0.010% now, against its 7-day average of −0.050%): +$6 on $10k if it goes back. Holding the pair costs −$17 a day in funding at the current rate, which eats that in about 8 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX HYPE-USDT	92.735	0.0100	pay 0.0050% / 4h	3h 56m	—	$53.8M	—
Short	Hibachi HYPE/USDT-P	92.744	−0.0472	pay 0.0059% / 1h	56m 58s	$193K	$228K	7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi 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 HibachibpOrdersPrice spread, now +0.010%Rate

Funding earned: −$120.12
Price spread: +0.010% → −0.050%: $6.01
Slippage, 4 orders: −$49.25
Fee BingX: 5 bp × 2 orders: −$10
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$182.36
Costs to cover: 0.682%
Break-even: never at this rate

Slippage from BingX: live order book, 7 min ago; Hibachi: live order book, 62 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, 7 min ago	0.16 bp	5.2 bp −$5	6.2 bp −$62	10.3 bp −$1,027	14.6 bp −$7,319
Sell Hibachi live order book, 62 min ago	14.58 bp	32.1 bp −$32	52.0 bp −$520	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-Pshort	−0.0472%	1h	92.744	+0.010%	$193K	$228K	7x
Aftermath Perps HYPEUSD	−0.0281%	1h	92.823	+0.095%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.736	+0.001%	$1.1M	$3.9M	10x	as long as short
Gate HYPE_USDT	−0.0148%	4h	92.727	−0.009%	$44.4M	$53.4M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.807	+0.078%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0063%	4h	92.702	−0.036%	$157K	$653K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.772	+0.040%	$127K	$29K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	92.795	+0.065%	$1.8M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	92.769	+0.036%	$22K	$302K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.778	+0.046%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HYPEUSDT	+0.0040%	8h	92.758	+0.025%	$12.5M	$2.7M	50x	as long as short
Bybit HYPEUSDT	+0.0041%	8h	92.710	−0.027%	$315.8M	$281.7M	75x	as long as short
Phoenix HYPE	+0.0043%	1h	92.888	+0.165%	$210K	$1.2M	10x	as long as short
01 Exchange HYPEUSD	+0.0048%	1h	92.792	+0.061%	$87K	$362K	20x	as long as short
Popdex HYPEUSDT	+0.0048%	1h	92.761	+0.028%	$69K	$1.1M	50x	as long as short
Bullet HYPE-USD	+0.0057%	1h	92.753	+0.020%	$111K	$579K	20x	as long as short
Aster HYPEUSDT	+0.0070%	4h	92.751	+0.017%	$8.7M	$36.2M	300x	as long as short
Bitget HYPEUSDT	+0.0084%	4h	92.731	−0.004%	$224.5M	$98.7M	75x	as long as short
edgeX HYPEUSDC	+0.0093%	4h	92.869	+0.144%	$4.9M	$29.5M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	92.790	+0.059%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.748	+0.014%	$16.0M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.753	+0.019%	$3.1M	$11.6M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0099%	8h	92.732	−0.003%	$113.7M	$303.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.760	+0.027%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.755	+0.022%	$7.4M	$45.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.801	+0.071%	$2.02B	$664.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.798	+0.068%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.734	−0.001%	$372.6M	$902.3M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0100%	1h	92.720	−0.016%	$698K	$1.1M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	+0.070%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.735	0.000%	$88.0M	$79.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.737	+0.002%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDTlong	+0.0100%	4h	92.735	long leg	—	$53.8M	—
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.780	+0.049%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.859	+0.133%	$28.5M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.886	+0.163%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.892	+0.169%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.845	+0.119%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.833	+0.105%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.791	+0.060%	$468K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.708	−0.029%	$78K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.714	−0.023%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.756	+0.023%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.728	−0.008%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.900	+0.178%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.707	−0.030%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.765	+0.032%	$392K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.800	+0.070%	$4.7M	$5.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.799	+0.069%	$20.6M	$30.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.050	+0.340%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0263%	1h	92.746	+0.012%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.758	+0.025%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.727	−0.009%	$16.7M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0440%	1h	92.842	+0.115%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.826	+0.098%	$3.2M	$6.4M	20x	as long as short