Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:55 UTC−0.0016%/8h= −1.8% APRpaid last 24h −0.007%

Price spread now: Perpl against BingX−0.104%7-day average +0.029% · you buy dearer than you sell

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

Long on BingX Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days−0.068%−$7 on $10k

Price spread, last 3 days (all we have)+0.318%+$32 · spread now −0.104%, 7d avg +0.029%

Together, before fees+0.251%+ Points / potential airdropPerpl: Active · farm board+$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Perpl is 0.133% cheaper against BingX than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of +0.029%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX HYPE-USDT	93.101	0.0016	pay 0.0008% / 4h	2h 54m	—	$54.1M	—
Short	Perpl HYPE	93.004	0	get 0.0000% / 43m	16m 50s	$23K	$330K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.104%Rate

Funding earned: −$3.36
Price spread: −0.104% → +0.029%: −$13.34
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$40.5
Costs to cover: 0.238%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 14 min ago; Perpl: 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, 14 min ago	0.11 bp	5.1 bp −$5	6.2 bp −$62	9.7 bp −$970	16.5 bp −$8,226
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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	−0.1072%	1h	93.061	−0.043%	$196K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	92.907	−0.208%	$1.2M	$3.9M	10x	as long as short
ApeX Omni HYPEUSDT	−0.0434%	1h	93.179	+0.084%	$337K	$1.1M	50x	as long as short
Backpack HYPE_USDC_PERP	−0.0222%	1h	93.049	−0.056%	$7.8M	$10.6M	20x	as long as short
Aftermath Perps HYPEUSD	−0.0185%	1h	93.379	+0.299%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0148%	1h	92.990	−0.119%	$702K	$961K	10x	as long as short
01 Exchange HYPEUSD	−0.0096%	1h	93.025	−0.082%	$84K	$360K	20x	as long as short
Gate HYPE_USDT	−0.0096%	4h	93.087	−0.015%	$44.1M	$53.5M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.064	−0.040%	$3K	$331	25x	as long as short
Bluefin HYPE-PERP	−0.0058%	1h	93.034	−0.072%	$79K	$173K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0045%	4h	93.018	−0.089%	$158K	$648K	20x	as long as short
Aster HYPEUSDT	−0.0031%	4h	93.083	−0.019%	$8.9M	$36.2M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.099	−0.002%	$128K	$31K	5x	as long as short
Perpl HYPEshort	0.0000%	43m	93.004	−0.104%	$23K	$330K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.080	−0.023%	$25K	—	150x	as long as short
BingX HYPE-USDTlong	+0.0016%	4h	93.101	long leg	—	$54.1M	—
Bybit HYPEUSDT	+0.0024%	8h	93.090	−0.012%	$319.3M	$281.1M	75x	as long as short
Derive HYPE-PERP	+0.0029%	1h	93.024	−0.083%	$16.2M	$7.6M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.318	+0.233%	$212K	$1.2M	10x	as long as short
Binance HYPEUSDT	+0.0036%	4h	93.099	−0.002%	$378.6M	$902.2M	75x	as long as short
Bullet HYPE-USD	+0.0040%	1h	93.057	−0.047%	$112K	$579K	20x	as long as short
MEXC HYPE_USDT	+0.0040%	4h	93.111	+0.011%	$85.8M	$81.4M	100x	as long as short
edgeX HYPEUSDC	+0.0059%	4h	93.202	+0.108%	$5.0M	$29.7M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0067%	8h	93.093	−0.009%	$114.9M	$313.9M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.073	−0.030%	$396K	$177K	20x	as long as short
Phemex HYPEUSDT	+0.0092%	8h	93.146	+0.048%	$12.6M	$2.7M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.106	+0.006%	$18.6M	$58.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.133	+0.034%	$3.0M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.027	−0.079%	$64K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	93.077	−0.026%	$338K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.030	−0.076%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.032	−0.074%	$6.5M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.144	+0.046%	$2.03B	$673.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.059	−0.045%	$10.0M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.091	−0.011%	$45.9M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.105	+0.004%	$225.3M	$100.8M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.991	−0.119%	$30.4M	$54.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.196	+0.102%	$7.5M	$46.3M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.280	+0.192%	$666K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.086	−0.016%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.048	−0.057%	$473K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.110	+0.010%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.087	−0.015%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.250	+0.160%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.072	−0.032%	$18.3M	$44.7M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.090	−0.012%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	92.930	−0.184%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0145%	4h	93.121	+0.021%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.050	−0.055%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0252%	8h	93.071	−0.032%	$1.9M	$5.2M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0253%	1h	93.020	−0.087%	$79K	$143K	15x	as long as short
HTX HYPE-USDT	+0.0313%	4h	93.271	+0.183%	$1.5M	$6.1M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0158%	1h	93.065	−0.039%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0620%	1h	93.192	+0.098%	$7.4M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0684%	1h	93.172	+0.076%	$20.8M	$29.9M	50x	as long as short