Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.016%

Price spread now: Variational Omni against BingX+0.171%7-day average −0.018% · you sell dearer than you buy

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

Long on BingX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.054%+$5 on $10k

Price spread, last 7 days−0.183%−$18 · spread now +0.171%, 7d avg −0.018%

Together, before fees−0.129%+ Points / potential airdropVariational Omni: Active · farm board−$13 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.190% dearer against BingX than usual: you sell high and buy low, +$19 on $10k if it goes back to its 7-day average of −0.018%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX HYPE-USDT	93.401	0.0100	pay 0.0050% / 4h	2h 13m	—	$54.2M	—
Short	Variational Omni HYPE	93.561	0.0100	get 0.0100% / 8h	2h 13m	$29.2M	$50.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.171%Rate

Funding earned: $0
Price spread: +0.171% → −0.018%: $18.96
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $8.96
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: BingX: live order book, 11 min ago; Variational Omni: RFQ quote, 1 min ago. 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, 11 min ago	0.11 bp	5.1 bp −$5	5.7 bp −$57	9.8 bp −$978	13.4 bp −$6,694
Sell Variational Omni RFQ quote, 1 min ago	0.44 bp	doesn't fit	0.6 bp −$6	23.4 bp −$2,336	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
Hibachi HYPE/USDT-P	−0.0928%	1h	93.539	+0.148%	$198K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0264%	1h	93.617	+0.231%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0233%	1h	93.440	+0.042%	$702K	$932K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.537	+0.146%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.470	+0.074%	$90K	$346K	20x	as long as short
Bullet HYPE-USD	−0.0025%	1h	93.421	+0.021%	$111K	$581K	20x	as long as short
Derive HYPE-PERP	−0.0025%	1h	93.364	−0.040%	$16.4M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.567	+0.178%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.445	+0.047%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.451	+0.053%	$20K	—	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	+0.0020%	4h	93.415	+0.015%	$8.9M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0026%	4h	93.391	−0.011%	$43.9M	$57.5M	75x	as long as short
Bybit HYPEUSDT	+0.0034%	8h	93.380	−0.022%	$325.3M	$287.1M	75x	as long as short
Popdex HYPEUSDT	+0.0048%	1h	93.449	+0.051%	$59K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0058%	4h	93.425	+0.026%	$176K	$520K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.605	+0.218%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.440	+0.042%	$18.6M	$59.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.426	+0.027%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.479	+0.083%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.490	+0.095%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.445	+0.047%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.513	+0.120%	$2.04B	$670.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.511	+0.117%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.379	−0.024%	$385.5M	$889.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.385	−0.017%	$114.7M	$315.3M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.440	+0.042%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.690	+0.309%	$205K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.396	−0.005%	$93.4M	$82.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.423	+0.024%	$46.3M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.403	+0.002%	$227.0M	$102.5M	75x	as long as short
BingX HYPE-USDTlong	+0.0100%	4h	93.401	long leg	—	$54.2M	—
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.422	+0.022%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	93.561	+0.171%	$29.2M	$50.1M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.632	+0.248%	$7.5M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.558	+0.168%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.583	+0.195%	$677K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.480	+0.085%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.384	−0.018%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.539	+0.148%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.403	+0.002%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.380	−0.022%	$12.7M	$2.6M	50x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.513	+0.119%	—	$454K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.395	−0.006%	$18.3M	$41.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.450	+0.053%	$398K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0112%	8h	93.560	+0.170%	$1.9M	$5.3M	2.3x	as long as short
edgeX HYPEUSDC	+0.0118%	4h	93.534	+0.143%	$5.1M	$29.7M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.500	+0.106%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.435	+0.037%	$78K	$158K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0253%	1h	93.520	+0.127%	$7.4M	$4.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.400	−0.001%	$30K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0295%	4h	93.650	+0.267%	$1.5M	$7.6M	75x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.405	+0.004%	$17.1M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0346% / S −0.0171%	1h	93.454	+0.057%	$1.5M	—	100x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.523	+0.131%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.511	+0.118%	$19.1M	$26.1M	50x	as long as short