Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0070%/8h= +7.6% APRpaid last 24h −0.012%

Price spread now: OKX against BingX−0.006%7-day average −0.004% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$220.223% of the position

Long on BingX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.020%+$2 on $10k

Price spread, last 7 days+0.021%+$2 · spread now −0.006%, 7d avg −0.004%

Together, before fees+0.041%+$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.004%, 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	93.348	0.0006	pay 0.0003% / 4h	2h 05m	—	$53.4M	—
Short	OKX HYPE-USDT-SWAP	93.342	0.0076	get 0.0076% / 8h	6h 05m	$114.6M	$302.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.006%Rate

Funding earned: $14.6
Price spread: −0.006% → −0.004%: −$0.2
Slippage, 4 orders: −$2.26
Fee BingX: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$7.86
Costs to cover: 0.223%
Break-even: 10.8 days

Slippage from BingX: live order book, 3 min ago; OKX: 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	5.1 bp −$5	6.4 bp −$64	8.5 bp −$850	14.0 bp −$6,997
Sell OKX live order book, 4 min ago	0.05 bp	6.3 bp −$6	9.8 bp −$98	19.3 bp −$1,926	doesn't fit

HYPE on 54 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	−0.1120%	1h	93.308	−0.042%	$196K	$227K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.226	−0.131%	$1.2M	$3.8M	10x	as long as short
Phemex HYPEUSDT	−0.0084%	8h	93.309	−0.042%	$12.6M	$2.7M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.329	−0.020%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0066%	1h	93.230	−0.126%	$699K	$904K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0054%	4h	93.327	−0.022%	$156K	$645K	20x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.380	+0.034%	$85K	$347K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0034%	1h	93.488	+0.150%	$22K	$21K	10x	as long as short
Aster HYPEUSDT	−0.0005%	4h	93.340	−0.009%	$8.8M	$35.7M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.389	+0.044%	$128K	$31K	5x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.373	+0.026%	$22K	$323K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.359	+0.011%	$26K	—	150x	as long as short
Backpack HYPE_USDC_PERP	+0.0005%	1h	93.296	−0.056%	$7.4M	$10.4M	20x	as long as short
BingX HYPE-USDTlong	+0.0006%	4h	93.348	long leg	—	$53.4M	—
Gate HYPE_USDT	+0.0010%	4h	93.327	−0.022%	$44.2M	$55.4M	75x	as long as short
Bybit HYPEUSDT	+0.0012%	8h	93.330	−0.019%	$320.2M	$277.0M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.424	+0.081%	$210K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0070%	1h	93.352	+0.005%	$112K	$577K	20x	as long as short
MEXC HYPE_USDT	+0.0070%	4h	93.358	+0.011%	$88.1M	$83.5M	100x	as long as short
Binance HYPEUSDT	+0.0072%	4h	93.345	−0.003%	$380.1M	$880.9M	75x	as long as short
OKX HYPE-USDT-SWAPshort	+0.0076%	8h	93.342	−0.006%	$114.6M	$302.9M	50x
edgeX HYPEUSDC	+0.0085%	4h	93.295	−0.057%	$5.0M	$30.0M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.371	+0.025%	$16.3M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.367	+0.020%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.363	+0.016%	$67K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.335	−0.014%	$397K	$172K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.385	+0.039%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.330	−0.019%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.356	+0.009%	$5.7M	$43.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.455	+0.115%	$2.04B	$657.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.376	+0.030%	$10.0M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	−0.014%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.359	+0.012%	$46.2M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.327	−0.022%	$225.8M	$97.3M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.349	+0.001%	$31.1M	$54.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.391	+0.047%	$7.5M	$47.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.340	−0.009%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.399	+0.055%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.396	+0.052%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.379	+0.033%	$475K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.293	−0.059%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.311	−0.039%	$16.2M	$7.7M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.454	+0.114%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.345	−0.003%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.315	−0.036%	$18.3M	$43.7M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.460	+0.120%	$4.9M	$5.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	94.180	+0.891%	$31K	$339K	12x	as long as short
HTX HYPE-USDT	+0.0187%	4h	93.568	+0.236%	$1.4M	$5.9M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.434	+0.093%	$3.2M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0256%	1h	93.354	+0.006%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0279%	8h	93.371	+0.025%	$1.9M	$4.9M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.354	+0.007%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0446%	1h	93.433	+0.091%	$7.4M	$4.4M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0683%	1h	93.425	+0.083%	$20.8M	$29.8M	50x	as long as short