Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0280%/8h= −30.7% APRpaid last 24h −0.057%

Price spread now: BingX against Deribit−0.144%7-day average −0.057% · 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−$30as in the Price arb table

costs, in and out, $10k−$210.215% of the position

Long on Deribit Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.065%−$6 on $10k

Price spread, last 4 days (all we have)+0.109%+$11 · spread now −0.144%, 7d avg −0.057%

Together, before fees+0.044%+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and BingX is 0.087% cheaper against Deribit than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.057%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.065% in total (about -3.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit HYPE_USDC-PERPETUAL	93.619	0.0284	pay 0.0036% / 1h	42m 32s	$7.4M	$4.2M	50x
Short	BingX HYPE-USDT	93.484	0.0004	get 0.0002% / 4h	1h 42m	—	$53.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.144%Rate

Funding earned: −$58.8
Price spread: −0.144% → −0.057%: −$8.67
Slippage, 4 orders: −$4.48
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$88.96
Costs to cover: 0.215%
Break-even: never at this rate

Slippage from Deribit: live order book, 2 min ago; BingX: live order book, 11 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, 2 min ago	0.05 bp	6.4 bp −$6	12.7 bp −$127	doesn't fit	doesn't fit
Sell BingX live order book, 11 min ago	0.11 bp	5.1 bp −$5	5.9 bp −$59	10.2 bp −$1,019	15.7 bp −$7,841

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	−0.1080%	1h	93.575	−0.047%	$198K	$241K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0222%	1h	93.705	+0.092%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0130%	1h	93.470	−0.159%	$705K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.561	−0.062%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.561	−0.062%	$86K	$370K	20x	as long as short
Bullet HYPE-USD	−0.0064%	1h	93.577	−0.045%	$111K	$580K	20x	as long as short
Bluefin HYPE-PERP	−0.0030%	1h	93.542	−0.082%	$79K	$155K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0022%	4h	93.534	−0.091%	$145K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.525	−0.100%	$128K	$28K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.632	+0.014%	$1.8M	$5.6M	2.3x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.612	−0.007%	$20K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.610	−0.010%	$83K	—	150x	as long as short
BingX HYPE-USDTshort	+0.0004%	4h	93.484	−0.144%	—	$53.7M	—
Bybit HYPEUSDT	+0.0005%	8h	93.480	−0.148%	$315.6M	$288.7M	75x	as long as short
Phoenix HYPE	+0.0017%	1h	93.654	+0.037%	$209K	$1.1M	10x	as long as short
Derive HYPE-PERP	+0.0023%	1h	93.501	−0.126%	$16.3M	$7.4M	10x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	93.507	−0.120%	$225.4M	$99.6M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0077%	8h	93.536	−0.089%	$334K	$161K	20x	as long as short
Phemex HYPEUSDT	+0.0082%	8h	93.540	−0.084%	$12.8M	$2.8M	50x	as long as short
edgeX HYPEUSDC	+0.0082%	4h	93.576	−0.046%	$5.0M	$30.6M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.486	−0.142%	$1.0M	$4.0M	10x	as long as short
Popdex HYPEUSDT	+0.0088%	1h	93.510	−0.116%	$78K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.509	−0.118%	$16.1M	$63.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.508	−0.119%	$3.1M	$11.1M	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.490	−0.138%	$22K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.513	−0.114%	$7.4M	$51.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.600	−0.020%	$2.05B	$683.1M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.511	−0.115%	$8.8M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.537	−0.088%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.519	−0.107%	$374.8M	$931.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.495	−0.132%	$115.5M	$315.7M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.487	−0.141%	$48.3M	$55.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.501	−0.126%	$89.8M	$83.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.495	−0.132%	$46.2M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.520	−0.106%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.579	−0.043%	$28.6M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.664	+0.048%	$7.5M	$48.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.589	−0.032%	$347K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.611	−0.009%	$678K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.575	−0.047%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.514	−0.112%	$469K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.612	−0.007%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.517	−0.109%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.650	+0.033%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.507	−0.120%	$216K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.471	−0.158%	$18.2M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.524	−0.102%	$395K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.600	−0.020%	$4.7M	$6.1M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.450	−0.181%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.479	−0.150%	$77K	$130K	15x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0284%	1h	93.619	long leg	$7.4M	$4.2M	50x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.612	−0.008%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.516	−0.110%	$16.9M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0415%	1h	93.603	−0.017%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.553	−0.070%	$3.2M	$6.4M	20x	as long as short