Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0044%/8h= −4.8% APRpaid last 24h +0.004%

Price spread now: BingX against Coinbase International−0.169%7-day average +0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$300.302% of the position

Long on Coinbase International Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.018%+$2 on $10k

Price spread, last 3 days (all we have)+0.192%+$19 · spread now −0.169%, 7d avg +0.014%

Together, before fees+0.210%+$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and BingX is 0.183% cheaper against Coinbase International than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of +0.014%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International HYPE-PERP-INTX	94.170	0.0144	pay 0.0018% / 1h	40m 48s	$4.9M	$5.5M	50x
Short	BingX HYPE-USDT	94.011	0.0100	get 0.0050% / 4h	3h 40m	—	$54.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Coinbase International. 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 Coinbase InternationalbpFee BingXbpOrdersPrice spread, now −0.169%Rate

Funding earned: −$9.24
Price spread: −0.169% → +0.014%: −$18.31
Slippage, 4 orders: −$10.24
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$57.79
Costs to cover: 0.302%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 3 min ago; BingX: live order book, 8 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 Coinbase International live order book, 3 min ago	3.19 bp	9.2 bp −$9	14.5 bp −$145	33.3 bp −$3,329	doesn't fit
Sell BingX live order book, 8 min ago	0.11 bp	5.5 bp −$6	8.3 bp −$83	12.4 bp −$1,239	15.9 bp −$7,968

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	93.977	−0.205%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.931	−0.254%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0289%	1h	93.988	−0.194%	$22K	$23K	10x	as long as short
Phemex HYPEUSDT	−0.0201%	8h	94.089	−0.086%	$12.8M	$2.6M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0196%	1h	93.990	−0.191%	$705K	$935K	10x	as long as short
dYdX HYPE-USD	−0.0115%	1h	94.085	−0.090%	$128K	$29K	5x	as long as short
Gate HYPE_USDT	−0.0112%	4h	94.022	−0.157%	$44.4M	$59.3M	75x	as long as short
Bullet HYPE-USD	−0.0099%	1h	94.044	−0.134%	$113K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	94.059	−0.118%	$85K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.048	−0.130%	$3K	$331	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0049%	8h	94.000	−0.181%	$323.1M	$281.2M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0011%	4h	94.055	−0.122%	$170K	$593K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.063	−0.114%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.063	−0.114%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0018%	4h	94.036	−0.143%	$8.9M	$36.1M	300x	as long as short
Derive HYPE-PERP	+0.0024%	1h	94.019	−0.160%	$16.4M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	94.122	−0.051%	$219K	$1.2M	10x	as long as short
Bluefin HYPE-PERP	+0.0040%	1h	94.056	−0.121%	$76K	$171K	20x	as long as short
MEXC HYPE_USDT	+0.0042%	4h	94.016	−0.164%	$88.8M	$82.2M	100x	as long as short
Binance HYPEUSDT	+0.0046%	4h	94.023	−0.156%	$383.8M	$894.2M	75x	as long as short
edgeX HYPEUSDC	+0.0051%	4h	93.973	−0.209%	$5.1M	$29.8M	30x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	94.036	−0.142%	$63K	$1.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0081%	8h	94.019	−0.160%	$116.0M	$319.3M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	94.057	−0.120%	$400K	$193K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.082	−0.094%	$18.9M	$58.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.062	−0.115%	$3.1M	$12.0M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.062	−0.114%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.050	−0.127%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.035	−0.143%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.128	−0.045%	$2.05B	$678.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.060	−0.117%	$10.1M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.816	−0.376%	$204K	$5K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.025	−0.154%	$46.6M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.020	−0.159%	$228.1M	$101.0M	75x	as long as short
BingX HYPE-USDTshort	+0.0100%	4h	94.011	−0.169%	—	$54.0M	—
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.030	−0.149%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.010	−0.169%	$31.6M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.030	−0.149%	$7.6M	$45.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.865	−0.324%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.099	−0.075%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.076	−0.099%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.058	−0.119%	$480K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.114	−0.059%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.041	−0.137%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.995	−0.186%	$18.9M	$43.5M	50x	as long as short
Coinbase International HYPE-PERP-INTXlong	+0.0144%	1h	94.170	long leg	$4.9M	$5.5M	50x
BloFin HYPE-USDT	+0.0182%	4h	94.026	−0.153%	$17.0M	$12.3M	75x	as long as short
Kalshi KXHYPEPERP	+0.0191%	8h	94.135	−0.037%	$1.9M	$5.1M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.260	+0.096%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.076	−0.100%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.030	−0.149%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0157%	1h	94.074	−0.102%	$1.5M	—	100x	as long as short
HTX HYPE-USDT	+0.0406%	4h	94.274	+0.110%	$1.5M	$6.3M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0409%	1h	94.147	−0.024%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.139	−0.033%	$21.0M	$29.7M	50x	as long as short