Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0257%/8h= −28.1% APRpaid last 24h −0.003%

Price spread now: Ondo Perps against BingX−0.150%7-day average +0.004% · you buy dearer than you sell

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

Long on BingX Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.035%−$4 on $10k

Price spread, last 7 days−0.001%$0 · spread now −0.150%, 7d avg +0.004%

Together, before fees−0.036%+ Points / potential airdropOndo Perps: Active · farm board−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Ondo Perps is 0.154% cheaper against BingX than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of +0.004%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.035% in total (about -1.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX HYPE-USDT	93.470	0.0100	pay 0.0050% / 4h	2h 48m	—	$54.3M	—
Short	Ondo Perps HYPE-USD.P	93.330	−0.0157	pay 0.0020% / 1h	48m 13s	$700K	$944K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now −0.150%Rate

Funding earned: −$53.93
Price spread: −0.150% → +0.004%: −$15.41
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$84.33
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 6 min ago; Ondo Perps: 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, 6 min ago	0.11 bp	5.6 bp −$6	8.4 bp −$84	11.1 bp −$1,110	15.2 bp −$7,609
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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	93.344	−0.135%	$197K	$233K	7x	as long as short
Ondo Perps HYPE-USD.Pshort	−0.0157%	1h	93.330	−0.150%	$700K	$944K	10x
Aftermath Perps HYPEUSD	−0.0156%	1h	93.389	−0.086%	$22K	$22K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.503	+0.035%	$89K	$344K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.412	−0.062%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0008%	1h	93.470	0.000%	$113K	$583K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.504	+0.036%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.559	+0.095%	$1.9M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.443	−0.029%	$23K	$343K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.513	+0.045%	$19K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0012%	4h	93.487	+0.018%	$8.9M	$36.2M	300x	as long as short
Derive HYPE-PERP	+0.0017%	1h	93.431	−0.041%	$16.4M	$7.1M	10x	as long as short
Gate HYPE_USDT	+0.0036%	4h	93.475	+0.005%	$44.2M	$56.2M	75x	as long as short
Bybit HYPEUSDT	+0.0041%	8h	93.470	0.000%	$325.9M	$287.9M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.408	−0.066%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0076%	4h	93.500	+0.032%	$180K	$536K	20x	as long as short
ApeX Omni HYPEUSDT	+0.0092%	1h	93.318	−0.163%	$405K	$1.1M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.544	+0.079%	$18.5M	$59.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.520	+0.053%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.480	+0.011%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.480	+0.011%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.478	+0.009%	$6.0M	$44.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.535	+0.070%	$2.04B	$668.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.491	+0.022%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.494	+0.026%	$386.1M	$890.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.467	−0.003%	$114.9M	$316.3M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.449	−0.022%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	−0.144%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.484	+0.015%	$92.9M	$81.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.508	+0.041%	$46.4M	$19.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.498	+0.030%	$227.1M	$102.0M	75x	as long as short
BingX HYPE-USDTlong	+0.0100%	4h	93.470	long leg	—	$54.3M	—
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.418	−0.056%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.295	−0.187%	$28.8M	$49.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.336	−0.143%	$7.5M	$46.2M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.443	−0.029%	$676K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.495	+0.027%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.501	+0.033%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.493	+0.025%	$76K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.529	+0.063%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.495	+0.027%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.488	+0.019%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.490	+0.021%	$339K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.471	+0.001%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.515	+0.049%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0113%	4h	93.276	−0.207%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.550	+0.086%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.486	+0.018%	$77K	$157K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0252%	1h	93.599	+0.138%	$7.4M	$4.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.290	−0.193%	$30K	$231K	12x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.512	+0.045%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.376	−0.101%	$17.1M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0398%	4h	93.650	+0.193%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.546	+0.081%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.603	+0.143%	$19.2M	$25.9M	50x	as long as short