Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0068%/8h= +7.4% APRpaid last 24h +0.012%

Price spread now: SoDEX against BingX+0.131%55s7-day average +0.012% · 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—prices read too far apart to compare

costs, in and out, $10k−$250.252% of the position

Long on BingX Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.057%+$6 on $10k

Price spread, last 4 days (all we have)−0.131%−$13 · spread now +0.131%, 7d avg +0.012%

Together, before fees−0.074%−$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and SoDEX is 0.120% dearer against BingX than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.012%. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX HYPE-USDT	92.285	0.0032	pay 0.0016% / 4h	49m 16s	—	$53.2M	—
Short	SoDEX HYPE-USD	92.406	0.0100	get 0.0013% / 1h	49m 16s	$2.0M	$2.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now +0.131%Rate

Funding earned: $14.28
Price spread: +0.131% → +0.012%: $11.95
Slippage, 4 orders: −$7.23
Fee BingX: 5 bp × 2 orders: −$10
Fee SoDEX: 4 bp × 2 orders: −$8
Net: $1
Costs to cover: 0.252%
Break-even: 6.5 days

Slippage from BingX: live order book, 5 min ago; SoDEX: 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, 5 min ago	0.32 bp	5.5 bp −$5	5.9 bp −$59	9.9 bp −$988	14.8 bp −$7,389
Sell SoDEX live order book, 5 min ago	0.05 bp	7.2 bp −$7	13.0 bp −$130	103.2 bp −$10.3K	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
Arcus HYPE-USD	−0.0948%	1h	92.216	−0.075%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0712%	1h	92.416	+0.142%	$194K	$227K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0115%	1h	92.597	+0.338%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	92.316	+0.034%	$85K	$352K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.501	+0.234%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0068%	4h	92.272	−0.014%	$157K	$663K	20x	as long as short
Bullet HYPE-USD	−0.0064%	1h	92.280	−0.005%	$110K	$579K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0046%	1h	92.280	−0.005%	$699K	$1.1M	10x	as long as short
Aster HYPEUSDT	−0.0005%	4h	92.294	+0.010%	$8.7M	$36.2M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.417	+0.143%	$127K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	92.341	+0.060%	$22K	$310K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.315	+0.033%	$61K	—	150x	as long as short
Derive HYPE-PERP	+0.0020%	1h	92.242	−0.046%	$16.0M	$7.5M	10x	as long as short
BingX HYPE-USDTlong	+0.0032%	4h	92.285	long leg	—	$53.2M	—
Bybit HYPEUSDT	+0.0037%	8h	92.280	−0.005%	$316.6M	$279.5M	75x	as long as short
Phemex HYPEUSDT	+0.0038%	8h	92.433	+0.160%	$12.5M	$2.7M	50x	as long as short
Phoenix HYPE	+0.0043%	1h	92.430	+0.157%	$210K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0048%	4h	92.286	+0.001%	$44.3M	$54.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0075%	8h	92.283	−0.002%	$112.8M	$300.2M	50x	as long as short
MEXC HYPE_USDT	+0.0078%	4h	92.305	+0.022%	$87.1M	$80.2M	100x	as long as short
Binance HYPEUSDT	+0.0079%	4h	92.293	+0.009%	$371.0M	$893.6M	75x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	92.347	+0.067%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0092%	8h	92.363	+0.084%	$337K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.355	+0.076%	$16.0M	$62.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.362	+0.083%	$3.1M	$11.6M	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.320	+0.038%	$13K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.302	+0.019%	$5.8M	$43.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.374	+0.096%	$2.01B	$660.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.375	+0.098%	$10.0M	$15.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	+0.558%	$202K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.328	+0.047%	$45.7M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.281	−0.004%	$223.2M	$97.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.370	+0.092%	$7.4M	$10.0M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.469	+0.199%	$28.5M	$57.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.799	+0.557%	$7.5M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.488	+0.220%	$338K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.443	+0.171%	$663K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.383	+0.106%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.356	+0.077%	$466K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.331	+0.050%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USDshort	+0.0100%	1h	92.406	+0.131%	$2.0M	$2.0M	10x
HTX HYPE-USDT	+0.0100%	4h	92.600	+0.341%	$1.4M	$6.2M	75x	as long as short
edgeX HYPEUSDC	+0.0103%	4h	92.776	+0.532%	$5.1M	$29.2M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.258	−0.030%	$18.1M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.276	−0.010%	$390K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.250	−0.038%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.480	+0.211%	$4.7M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0260%	1h	92.299	+0.015%	$78K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0262%	8h	92.513	+0.247%	$1.8M	$5.4M	2.3x	as long as short
BloFin HYPE-USDT	+0.0317%	4h	92.544	+0.281%	$16.8M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0329% / S −0.0153%	1h	92.313	+0.030%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0333%	1h	92.330	+0.049%	$20.5M	$30.4M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0378%	1h	92.379	+0.102%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.395	+0.119%	$3.1M	$6.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0850%	1h	92.242	−0.047%	$78K	$169K	20x	as long as short