Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0080%/8h= +8.8% APRpaid last 24h 0.000%

Price spread now: Binance against Bullet−0.022%7-day average −0.016% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$240.241% of the position

Long on Bullet Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.005%+$1 on $10k

Price spread, last 3 days (all we have)−0.362%−$36 · spread now −0.022%, 7d avg −0.016%

Together, before fees−0.357%−$36 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.016%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet HYPE-USD	93.455	0.0020	pay 0.0002% / 1h	46m 13s	$112K	$583K	20x
Short	Binance HYPEUSDT	93.434	0.0100	get 0.0050% / 4h	2h 46m	$385.9M	$888.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Bullet. 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 BulletbpFee BinancebpOrdersPrice spread, now −0.022%Rate

Funding earned: $16.89
Price spread: −0.022% → −0.016%: −$0.62
Slippage, 4 orders: −$6.12
Fee Bullet: 4 bp × 2 orders: −$8
Fee Binance: 5 bp × 2 orders: −$10
Net: −$7.84
Costs to cover: 0.241%
Break-even: 10.2 days

Slippage from Bullet: live order book, 43 min ago; Binance: live order book, 13 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 Bullet live order book, 43 min ago	0.54 bp	7.7 bp −$8	12.0 bp −$120	doesn't fit	doesn't fit
Sell Binance live order book, 13 min ago	0.05 bp	5.1 bp −$5	7.5 bp −$75	13.9 bp −$1,389	29.7 bp −$14.8K

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	−0.1240%	1h	93.362	−0.100%	$197K	$233K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0186%	1h	93.330	−0.134%	$701K	$943K	10x	as long as short
Aftermath Perps HYPEUSD	−0.0175%	1h	93.418	−0.039%	$22K	$22K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.472	+0.018%	$89K	$345K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.410	−0.048%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.504	+0.052%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.520	+0.070%	$1.9M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.446	−0.010%	$23K	$343K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.494	+0.042%	$19K	—	150x	as long as short
Aster HYPEUSDT	+0.0014%	4h	93.441	−0.015%	$8.9M	$36.2M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Derive HYPE-PERP	+0.0017%	1h	93.397	−0.062%	$16.4M	$7.1M	10x	as long as short
Bullet HYPE-USDlong	+0.0020%	1h	93.455	long leg	$112K	$583K	20x
Gate HYPE_USDT	+0.0024%	4h	93.450	−0.005%	$44.2M	$56.3M	75x	as long as short
Bybit HYPEUSDT	+0.0039%	8h	93.430	−0.027%	$325.5M	$287.8M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.408	−0.050%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0075%	4h	93.462	+0.007%	$180K	$536K	20x	as long as short
ApeX Omni HYPEUSDT	+0.0092%	1h	93.318	−0.147%	$405K	$1.1M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.505	+0.053%	$18.5M	$59.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.467	+0.013%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.448	−0.008%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.500	+0.048%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.455	0.000%	$6.0M	$44.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.524	+0.074%	$2.04B	$669.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.456	+0.001%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDTshort	+0.0100%	4h	93.434	−0.022%	$385.9M	$888.4M	75x
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.426	−0.031%	$114.8M	$315.6M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.433	−0.024%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	−0.128%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.451	−0.004%	$93.1M	$81.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.448	−0.008%	$46.3M	$19.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.453	−0.002%	$227.0M	$102.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.452	−0.003%	—	$54.3M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.423	−0.034%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.295	−0.171%	$28.8M	$49.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.407	−0.051%	$7.5M	$46.2M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.504	+0.052%	$676K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.490	+0.038%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.483	+0.030%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.445	−0.011%	$76K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.496	+0.044%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.446	−0.010%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.429	−0.028%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.483	+0.030%	$339K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.438	−0.019%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.488	+0.036%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0108%	4h	93.395	−0.064%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.500	+0.048%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.462	+0.008%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.360	−0.102%	$30K	$231K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0285%	1h	93.552	+0.104%	$7.4M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.499	+0.047%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.408	−0.050%	$17.1M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0388%	4h	93.628	+0.185%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.518	+0.067%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.537	+0.088%	$19.2M	$25.8M	50x	as long as short