Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0101%/8h= −11.1% APRpaid last 24h −0.016%

Price spread now: Binance against Deribit−0.154%7-day average −0.032% · you buy dearer than you sell

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$250.255% of the position

Long on Deribit Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.032%+$3 on $10k

Price spread, last 3 days (all we have)+0.218%+$22 · spread now −0.154%, 7d avg −0.032%

Together, before fees+0.250%+$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Binance is 0.122% cheaper against Deribit than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.032%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit HYPE_USDC-PERPETUAL	93.225	0.0201	pay 0.0025% / 1h	53m 46s	$7.4M	$4.6M	50x
Short	Binance HYPEUSDT	93.081	0.0100	get 0.0050% / 4h	1h 53m	$383.8M	$891.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Deribit. 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 DeribitbpFee BinancebpOrdersPrice spread, now −0.154%Rate

Funding earned: −$21.21
Price spread: −0.154% → −0.032%: −$12.23
Slippage, 4 orders: −$8.47
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$58.91
Costs to cover: 0.255%
Break-even: never at this rate

Slippage from Deribit: live order book, just now; Binance: live order book, 5 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 Deribit live order book, just now	1.72 bp	5.9 bp −$6	12.0 bp −$120	doesn't fit	doesn't fit
Sell Binance live order book, 5 min ago	0.05 bp	6.2 bp −$6	7.9 bp −$79	15.1 bp −$1,507	34.0 bp −$17.0K

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
Aftermath Perps HYPEUSD	−0.0295%	1h	93.181	−0.047%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.200	−0.027%	$1.2M	$4.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.244	+0.020%	$3K	$331	25x	as long as short
Hibachi HYPE/USDT-P	−0.0032%	1h	93.219	−0.006%	$197K	$231K	7x	as long as short
Derive HYPE-PERP	−0.0017%	1h	93.081	−0.155%	$16.3M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.284	+0.063%	$127K	$32K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.186	−0.042%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.197	−0.030%	$23K	$331K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.173	−0.056%	$20K	—	150x	as long as short
01 Exchange HYPEUSD	+0.0008%	1h	93.238	+0.014%	$90K	$361K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0008%	4h	93.105	−0.129%	$8.9M	$35.9M	300x	as long as short
Bybit HYPEUSDT	+0.0031%	8h	93.079	−0.157%	$324.0M	$286.6M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0045%	4h	93.160	−0.070%	$165K	$515K	20x	as long as short
Popdex HYPEUSDT	+0.0048%	1h	93.214	−0.012%	$56K	$1.2M	50x	as long as short
Gate HYPE_USDT	+0.0048%	4h	93.089	−0.146%	$44.0M	$56.7M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.222	−0.003%	$216K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0088%	1h	93.170	−0.059%	$699K	$932K	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.133	−0.099%	$18.5M	$58.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.123	−0.109%	$3.0M	$12.0M	20x	as long as short
ApeX Omni HYPEUSDT	+0.0096%	1h	93.051	−0.187%	$404K	$1.0M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.241	+0.017%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.210	−0.016%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.213	−0.013%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.130	−0.102%	$2.03B	$667.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.242	+0.019%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDTshort	+0.0100%	4h	93.081	−0.154%	$383.8M	$891.7M	75x
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.058	−0.179%	$114.3M	$314.4M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.271	+0.050%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.104	−0.130%	$91.2M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.093	−0.142%	$47.0M	$19.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.082	−0.153%	$225.8M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.080	−0.156%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.104	−0.130%	$7.8M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.107	−0.126%	$29.0M	$50.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.072	−0.164%	$7.5M	$44.8M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.256	+0.033%	$674K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.254	+0.031%	$493K	$2.6M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.149	−0.082%	$112K	$580K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.129	−0.103%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.170	−0.059%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.101	−0.133%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.130	−0.102%	$12.7M	$2.6M	50x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.221	−0.005%	—	$454K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.088	−0.147%	$18.3M	$41.9M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.151	−0.080%	$396K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0112%	4h	93.244	+0.021%	$5.1M	$29.3M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.260	+0.038%	$4.9M	$5.7M	50x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0201%	1h	93.225	long leg	$7.4M	$4.6M	50x
Injective HYPE/USDC PERP	+0.0239%	1h	93.910	+0.735%	$31K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.183	−0.045%	$78K	$158K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.287	+0.066%	$2.8M	$6.8M	20x	as long as short
HTX HYPE-USDT	+0.0300%	4h	93.300	+0.080%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0158%	1h	93.177	−0.052%	$1.5M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.216	−0.010%	$17.0M	$12.5M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0466%	1h	93.223	−0.002%	$20.8M	$28.3M	50x	as long as short