Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0033%/8h= +3.6% APRpaid last 24h +0.083%

Price spread now: RISEx against BingX+0.043%7-day average +0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$180.185% of the position

Long on BingX Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.216%+$22 on $10k

Price spread, last 7 days−0.065%−$6 · spread now +0.043%, 7d avg +0.007%

Together, before fees+0.151%+$15 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and RISEx is 0.035% dearer against BingX than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.007%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX HYPE-USDT	94.669	0.0100	pay 0.0050% / 4h	3h 58m	—	$53.0M	—
Short	RISEx HYPE/USDC	94.709	0.0133	get 0.0017% / 1h	58m 27s	$3.2M	$6.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now +0.043%Rate

Funding earned: $6.96
Price spread: +0.043% → +0.007%: $3.53
Slippage, 4 orders: −$2.48
Fee BingX: 5 bp × 2 orders: −$10
Fee RISEx: 3 bp × 2 orders: −$6
Net: −$7.99
Costs to cover: 0.185%
Break-even: 15.0 days

Slippage from BingX: live order book, 10 min ago; RISEx: live order book, 5 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, 10 min ago	0.11 bp	6.2 bp −$6	8.3 bp −$83	10.4 bp −$1,044	13.6 bp −$6,811
Sell RISEx live order book, 5 min ago	0.58 bp	3.6 bp −$4	5.5 bp −$55	doesn't fit	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	−0.1472%	1h	94.558	−0.117%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0302%	1h	94.672	+0.003%	$80K	$151K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0238%	1h	94.573	−0.101%	$22K	$20K	10x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.657	−0.013%	$1.0M	$3.5M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.658	−0.012%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	94.726	+0.060%	$87K	$364K	20x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.632	−0.039%	$20.3M	$30.2M	50x	as long as short
Bybit HYPEUSDT	−0.0045%	8h	94.670	+0.001%	$318.0M	$288.7M	75x	as long as short
Gate HYPE_USDT	−0.0040%	4h	94.664	−0.005%	$50.7M	$53.5M	75x	as long as short
Ondo Perps HYPE-USD.P	−0.0031%	1h	94.610	−0.062%	$712K	$1.2M	10x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0007%	4h	94.657	−0.013%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.666	−0.004%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.704	+0.037%	$1.9M	$5.5M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.567	−0.108%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.669	0.000%	$19K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.687	+0.019%	$124K	—	150x	as long as short
Derive HYPE-PERP	+0.0008%	1h	94.543	−0.134%	$16.3M	$7.3M	10x	as long as short
Bitget HYPEUSDT	+0.0014%	4h	94.648	−0.022%	$227.1M	$100.6M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.640	−0.031%	$4.7M	$6.2M	50x	as long as short
Bullet HYPE-USD	+0.0023%	1h	94.607	−0.066%	$112K	$575K	20x	as long as short
Phemex HYPEUSDT	+0.0037%	8h	94.599	−0.074%	$12.9M	$2.8M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0048%	8h	94.707	+0.040%	$338K	$154K	20x	as long as short
Lighter HYPE	+0.0048%	1h	94.657	−0.013%	$16.2M	$61.6M	20x	as long as short
Backpack HYPE_USDC_PERP	+0.0049%	1h	94.616	−0.056%	$7.6M	$10.6M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0063%	8h	94.681	+0.013%	$118.0M	$327.1M	50x	as long as short
Lighter RH HYPE	+0.0064%	1h	94.668	−0.001%	$3.2M	$10.2M	20x	as long as short
Vest HYPE-PERP	+0.0076%	1h	94.735	+0.070%	—	$190K	5x	as long as short
edgeX HYPEUSDC	+0.0084%	4h	94.460	−0.221%	$5.0M	$30.7M	30x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.695	+0.027%	$85K	$1.2M	50x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.674	+0.006%	$7.3M	$53.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.769	+0.106%	$2.08B	$689.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.651	−0.019%	$8.9M	$37.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.683	+0.015%	$10.2M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.704	+0.037%	$379.8M	$934.6M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.685	+0.016%	$219K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.660	−0.010%	$93.5M	$84.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.654	−0.016%	$46.9M	$18.9M	75x	as long as short
BingX HYPE-USDTlong	+0.0100%	4h	94.669	long leg	—	$53.0M	—
Variational Omni HYPE	+0.0100%	8h	94.532	−0.144%	$29.7M	$55.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.577	−0.097%	$7.6M	$44.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.461	−0.220%	$350K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.580	−0.094%	$695K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.746	+0.081%	$500K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.678	+0.010%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.596	−0.077%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.692	+0.024%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.627	−0.044%	$18.4M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.719	+0.052%	$400K	$153K	20x	as long as short
RISEx HYPE/USDCshort	+0.0133%	1h	94.709	+0.043%	$3.2M	$6.4M	20x
Injective HYPE/USDC PERP	+0.0153%	1h	94.840	+0.181%	$31K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.651	−0.020%	$83K	$121K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0327% / S −0.0152%	1h	94.705	+0.038%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.604	−0.069%	$17.1M	$12.4M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0352%	1h	94.689	+0.021%	$7.5M	$4.3M	50x	as long as short