Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0059%/8h= −6.4% APRpaid last 24h −0.009%

Price spread now: Binance against Bulk+0.303%7-day average −0.020% · 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+$12as in the Price arb table

costs, in and out, $10k−$210.208% of the position

Long on Bulk Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.007%−$1 on $10k

Price spread, last 4 days (all we have)−0.186%−$19 · spread now +0.303%, 7d avg −0.020%

Together, before fees−0.193%−$19 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.323% dearer against Bulk than usual: you sell high and buy low (spread +0.303% now, against its 7-day average of −0.020%): +$32 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 18 days. At the pace of the last 3 days (−0.007% in total) that is about 5 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk HYPE-USD	93.816	0.0100	pay 0.0013% / 1h	43m 01s	$204K	$5K	10x
Short	Binance HYPEUSDT	94.100	0.0041	get 0.0021% / 4h	3h 43m	$383.9M	$894.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Bulk. 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 BulkbpFee BinancebpOrdersPrice spread, now +0.303%Rate

Funding earned: −$12.36
Price spread: +0.303% → −0.020%: $32.29
Slippage, 4 orders: −$3.78
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$0.86
Costs to cover: 0.208%
Break-even: from the start

Slippage from Bulk: live order book, 31 min ago; Binance: live order book, 16 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 Bulk live order book, 31 min ago	0.53 bp	4.0 bp −$4	5.9 bp −$59	12.3 bp −$1,232	35.8 bp −$17.9K
Sell Binance live order book, 16 min ago	0.05 bp	5.1 bp −$5	7.5 bp −$75	10.1 bp −$1,006	28.6 bp −$14.3K

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	−0.1456%	1h	93.806	−0.011%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.883	+0.071%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0285%	1h	93.932	+0.124%	$22K	$23K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0196%	1h	93.880	+0.068%	$703K	$926K	10x	as long as short
Phemex HYPEUSDT	−0.0167%	8h	94.025	+0.223%	$12.8M	$2.6M	50x	as long as short
Bullet HYPE-USD	−0.0115%	1h	93.988	+0.183%	$112K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0096%	1h	94.024	+0.222%	$85K	$361K	20x	as long as short
Gate HYPE_USDT	−0.0090%	4h	94.033	+0.231%	$44.5M	$59.3M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.986	+0.181%	$3K	$331	25x	as long as short
dYdX HYPE-USD	−0.0058%	1h	94.004	+0.201%	$128K	$29K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0048%	8h	94.080	+0.281%	$323.3M	$281.3M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0011%	4h	94.008	+0.205%	$169K	$593K	20x	as long as short
Derive HYPE-PERP	−0.0008%	1h	93.973	+0.167%	$16.4M	$7.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	93.988	+0.183%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.032	+0.230%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0012%	4h	94.061	+0.262%	$8.9M	$36.1M	300x	as long as short
Bluefin HYPE-PERP	+0.0028%	1h	94.025	+0.223%	$76K	$171K	20x	as long as short
Phoenix HYPE	+0.0034%	1h	93.915	+0.105%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0040%	4h	94.035	+0.233%	$89.1M	$82.2M	100x	as long as short
Binance HYPEUSDTshort	+0.0041%	4h	94.100	+0.303%	$383.9M	$894.2M	75x
edgeX HYPEUSDC	+0.0051%	4h	93.859	+0.045%	$5.1M	$29.9M	30x	as long as short
Popdex HYPEUSDT	+0.0072%	1h	94.001	+0.197%	$61K	$1.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0081%	8h	94.085	+0.287%	$116.0M	$319.7M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	94.062	+0.262%	$400K	$193K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.087	+0.289%	$18.9M	$58.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.059	+0.259%	$3.1M	$12.0M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.056	+0.256%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.020	+0.217%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.993	+0.188%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.118	+0.322%	$2.05B	$677.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.020	+0.218%	$10.1M	$14.6M	20x	as long as short
Bulk HYPE-USDlong	+0.0100%	1h	93.816	long leg	$204K	$5K	10x
KuCoin HYPEUSDTM	+0.0100%	4h	94.051	+0.250%	$46.6M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.119	+0.323%	$228.3M	$101.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.050	+0.249%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.080	+0.281%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.820	+0.005%	$31.3M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.912	+0.102%	$7.6M	$45.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.865	+0.052%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.913	+0.103%	$679K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.011	+0.207%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.015	+0.212%	$480K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.098	+0.300%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.035	+0.233%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.033	+0.231%	$18.9M	$43.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.000	+0.196%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0164%	4h	94.031	+0.229%	$17.0M	$12.3M	75x	as long as short
Kalshi KXHYPEPERP	+0.0184%	8h	94.067	+0.267%	$1.9M	$5.1M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.260	+0.473%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.042	+0.240%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	93.986	+0.181%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0157%	1h	94.051	+0.251%	$1.5M	—	100x	as long as short
HTX HYPE-USDT	+0.0391%	4h	94.200	+0.409%	$1.5M	$6.3M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0654%	1h	94.160	+0.367%	$7.5M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.148	+0.354%	$21.0M	$29.7M	50x	as long as short