Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0082%/8h= +8.9% APRpaid last 24h +0.012%

Price spread now: Binance against Bybit+0.052%7-day average +0.027% · you sell dearer than you buy

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$250.249% of the position

Long on Bybit Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.047%+$5 on $10k

Price spread, last 7 days−0.045%−$4 · spread now +0.052%, 7d avg +0.027%

Together, before fees+0.002%$0 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 Binance is 0.025% dearer against Bybit than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.027%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HYPEUSDT	94.054	−0.0038	get 0.0038% / 8h	7h 41m	$323.3M	$281.3M	75x
Short	Binance HYPEUSDT	94.103	0.0043	get 0.0022% / 4h	3h 41m	$384.0M	$894.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Bybit. 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 BybitbpFee BinancebpOrdersPrice spread, now +0.052%Rate

Funding earned: $17.13
Price spread: +0.052% → +0.027%: $2.47
Slippage, 4 orders: −$3.88
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Binance: 5 bp × 2 orders: −$10
Net: −$5.27
Costs to cover: 0.249%
Break-even: 9.2 days

Slippage from Bybit: live order book, 2 min ago; Binance: live order book, 2 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 Bybit live order book, 2 min ago	0.53 bp	8.0 bp −$8	9.6 bp −$96	16.1 bp −$1,609	55.0 bp −$27.5K
Sell Binance live order book, 2 min ago	0.05 bp	5.8 bp −$6	8.5 bp −$85	15.4 bp −$1,542	34.8 bp −$17.4K

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	−0.1480%	1h	93.902	−0.162%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.996	−0.062%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0287%	1h	93.962	−0.098%	$22K	$23K	10x	as long as short
Phemex HYPEUSDT	−0.0254%	8h	94.095	+0.044%	$12.8M	$2.6M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0189%	1h	93.960	−0.100%	$703K	$927K	10x	as long as short
Bullet HYPE-USD	−0.0116%	1h	94.074	+0.022%	$113K	$580K	20x	as long as short
Gate HYPE_USDT	−0.0090%	4h	94.092	+0.040%	$44.5M	$59.3M	75x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	94.125	+0.075%	$85K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.091	+0.039%	$3K	$331	25x	as long as short
dYdX HYPE-USD	−0.0060%	1h	94.085	+0.033%	$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 HYPEUSDTlong	−0.0038%	8h	94.054	long leg	$323.3M	$281.3M	75x
Orderly PERP_HYPE_USDC	−0.0011%	4h	94.098	+0.047%	$170K	$593K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.088	+0.036%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.123	+0.073%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0014%	4h	94.105	+0.055%	$8.9M	$36.1M	300x	as long as short
Derive HYPE-PERP	+0.0021%	1h	94.057	+0.003%	$16.4M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.915	−0.148%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0040%	4h	94.103	+0.052%	$89.0M	$82.2M	100x	as long as short
Bluefin HYPE-PERP	+0.0042%	1h	94.121	+0.071%	$76K	$171K	20x	as long as short
Binance HYPEUSDTshort	+0.0043%	4h	94.103	+0.052%	$384.0M	$894.4M	75x
edgeX HYPEUSDC	+0.0051%	4h	93.859	−0.208%	$5.1M	$29.9M	30x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	94.104	+0.053%	$63K	$1.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0081%	8h	94.055	+0.001%	$116.0M	$319.5M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	94.115	+0.065%	$400K	$193K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.156	+0.108%	$18.9M	$58.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.128	+0.079%	$3.1M	$12.0M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.140	+0.091%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.100	+0.049%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.106	+0.056%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.189	+0.144%	$2.05B	$678.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.115	+0.065%	$10.1M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.816	−0.253%	$204K	$5K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.082	+0.030%	$46.6M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.073	+0.020%	$228.2M	$101.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.100	+0.049%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.092	+0.040%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.820	−0.248%	$31.3M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.912	−0.151%	$7.6M	$45.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.865	−0.201%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.913	−0.150%	$679K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.100	+0.049%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.113	+0.063%	$480K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.185	+0.139%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.107	+0.056%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.042	−0.013%	$18.9M	$43.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.140	+0.091%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0164%	4h	94.031	−0.024%	$17.0M	$12.3M	75x	as long as short
Kalshi KXHYPEPERP	+0.0184%	8h	94.159	+0.112%	$1.9M	$5.1M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.260	+0.219%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.146	+0.098%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.094	+0.042%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0157%	1h	94.122	+0.073%	$1.5M	—	100x	as long as short
HTX HYPE-USDT	+0.0403%	4h	94.274	+0.234%	$1.5M	$6.3M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0472%	1h	94.201	+0.156%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0670%	1h	94.212	+0.168%	$21.0M	$29.7M	50x	as long as short