Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0148%/8h= +16.2% APRpaid last 24h +0.007%

Price spread now: Binance against Derive+0.061%7-day average +0.042% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Derive Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.013%+$1 on $10k

Price spread, last 4 days (all we have)−0.024%−$2 · spread now +0.061%, 7d avg +0.042%

Together, before fees−0.010%−$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.042%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive HYPE-PERP	94.403	−0.0048	get 0.0006% / 1h	14m 22s	$16.4M	$7.4M	10x
Short	Binance HYPEUSDT	94.460	0.0100	get 0.0050% / 4h	14m 22s	$378.7M	$932.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Derive. 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 DerivebpFee BinancebpOrdersPrice spread, now +0.061%Rate

Funding earned: $31.09
Price spread: +0.061% → +0.042%: $1.89
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Binance: 5 bp × 2 orders: −$10
Net: $16.98
Costs to cover: 0.160%
Break-even: 3.2 days

Slippage unknown: Derive: no order-book sample; Binance: live order book, 15 min ago. Net counts fees only.

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 Derive no order-book sample	—	—	—	—	—
Sell Binance live order book, 15 min ago	0.05 bp	5.4 bp −$5	7.7 bp −$77	15.8 bp −$1,577	doesn't fit

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1688%	1h	94.413	+0.011%	$204K	$266K	7x	as long as short
Bluefin HYPE-PERP	−0.0393%	1h	94.455	+0.055%	$80K	$152K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0214%	1h	94.390	−0.014%	$712K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0182%	1h	94.463	+0.064%	$111K	$575K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0156%	1h	94.381	−0.023%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.463	+0.064%	$88K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.424	+0.022%	$3K	$331	25x	as long as short
Derive HYPE-PERPlong	−0.0048%	1h	94.403	long leg	$16.4M	$7.4M	10x
Arcus HYPE-USD	−0.0045%	1h	94.433	+0.032%	$1.0M	$3.6M	10x	as long as short
Lighter HYPE	−0.0032%	1h	94.450	+0.050%	$16.4M	$64.6M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0019%	8h	94.470	+0.071%	$317.5M	$289.0M	75x	as long as short
BingX HYPE-USDT	−0.0018%	4h	94.455	+0.055%	—	$52.8M	—	as long as short
Orderly PERP_HYPE_USDC	−0.0009%	4h	94.447	+0.047%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.464	+0.065%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.507	+0.110%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.517	+0.121%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.463	+0.064%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.492	+0.095%	$124K	—	150x	as long as short
Polymarket Perps HYPE-USD	+0.0012%	1h	94.480	+0.082%	$498K	$2.8M	20x	as long as short
Bitget HYPEUSDT	+0.0024%	4h	94.450	+0.050%	$226.9M	$100.1M	75x	as long as short
Phemex HYPEUSDT	+0.0036%	8h	94.448	+0.048%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0037%	8h	94.490	+0.092%	$338K	$154K	20x	as long as short
Vest HYPE-PERP	+0.0043%	1h	94.511	+0.114%	—	$190K	5x	as long as short
SoDEX HYPE-USD	+0.0055%	1h	94.472	+0.073%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.470	+0.071%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	94.470	+0.071%	$117.8M	$325.7M	50x	as long as short
edgeX HYPEUSDC	+0.0083%	4h	94.437	+0.036%	$5.0M	$30.8M	30x	as long as short
Gate HYPE_USDT	+0.0094%	4h	94.442	+0.042%	$50.3M	$56.8M	75x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.452	+0.052%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.442	+0.042%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.440	+0.039%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.439	+0.039%	$7.2M	$52.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.525	+0.129%	$2.08B	$688.2M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.463	+0.063%	$8.9M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.470	+0.071%	$10.2M	$15.0M	20x	as long as short
Binance HYPEUSDTshort	+0.0100%	4h	94.460	+0.061%	$378.7M	$932.9M	75x
Bulk HYPE-USD	+0.0100%	1h	94.307	−0.102%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.450	+0.050%	$89.8M	$84.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.439	+0.038%	$46.9M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.409	+0.007%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.390	−0.013%	$29.6M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.361	−0.044%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.316	−0.092%	$370K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.412	+0.010%	$682K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.540	+0.145%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.536	+0.141%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.449	+0.049%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.472	+0.074%	$399K	$153K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.452	+0.052%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0184%	1h	94.553	+0.159%	$7.4M	$4.3M	50x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.357%	$31K	$340K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.510	+0.113%	$20.2M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.473	+0.075%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.388	−0.015%	$85K	$120K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.400	−0.003%	$17.1M	$12.4M	75x	as long as short