Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0117%/8h= +12.8% APRpaid last 24h −0.003%

Price spread now: BingX against Derive+0.096%7-day average +0.016% · you sell dearer than you buy

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

Long on Derive Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.062%−$6 on $10k

Price spread, last 3 days (all we have)−0.085%−$9 · spread now +0.096%, 7d avg +0.016%

Together, before fees−0.147%−$15 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and BingX is 0.080% dearer against Derive than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.016%. Mind the row above: over the last 7 days funding on this pair cost −0.062%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive HYPE-PERP	93.155	−0.0017	get 0.0002% / 1h	54m 48s	$16.3M	$7.1M	10x
Short	BingX HYPE-USDT	93.244	0.0100	get 0.0050% / 4h	1h 54m	—	$54.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.096%Rate

Funding earned: $24.56
Price spread: +0.096% → +0.016%: $7.96
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee BingX: 5 bp × 2 orders: −$10
Net: $16.52
Costs to cover: 0.160%
Break-even: 2.3 days

Slippage unknown: Derive: no order-book sample; BingX: live order book, 14 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 BingX live order book, 14 min ago	0.11 bp	5.1 bp −$5	5.4 bp −$54	11.7 bp −$1,170	17.2 bp −$8,602

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
Aftermath Perps HYPEUSD	−0.0289%	1h	93.231	+0.082%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.127	−0.030%	$1.2M	$4.1M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.167	+0.013%	$3K	$331	25x	as long as short
Hibachi HYPE/USDT-P	−0.0024%	1h	93.101	−0.058%	$197K	$231K	7x	as long as short
Derive HYPE-PERPlong	−0.0017%	1h	93.155	long leg	$16.3M	$7.1M	10x
dYdX HYPE-USD	0.0000%	1h	93.284	+0.139%	$127K	$32K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.270	+0.124%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.270	+0.124%	$23K	$334K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.263	+0.116%	$20K	—	150x	as long as short
01 Exchange HYPEUSD	+0.0008%	1h	93.264	+0.117%	$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	93.210	+0.059%	$8.9M	$35.8M	300x	as long as short
Bybit HYPEUSDT	+0.0029%	8h	93.240	+0.092%	$324.6M	$286.7M	75x	as long as short
Popdex HYPEUSDT	+0.0032%	1h	93.230	+0.081%	$57K	$1.2M	50x	as long as short
Gate HYPE_USDT	+0.0042%	4h	93.254	+0.107%	$44.1M	$56.7M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0046%	4h	93.232	+0.083%	$165K	$515K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.222	+0.072%	$216K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0086%	1h	93.030	−0.134%	$699K	$930K	10x	as long as short
Vest HYPE-PERP	+0.0095%	1h	93.250	+0.103%	—	$454K	5x	as long as short
Lighter HYPE	+0.0096%	1h	93.285	+0.140%	$18.6M	$58.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.262	+0.115%	$3.0M	$12.0M	20x	as long as short
ApeX Omni HYPEUSDT	+0.0096%	1h	93.051	−0.111%	$404K	$1.0M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.161	+0.007%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.170	+0.016%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.204	+0.053%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.288	+0.143%	$2.03B	$667.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.176	+0.023%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.234	+0.085%	$384.4M	$891.5M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.255	+0.108%	$114.5M	$315.1M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.271	+0.125%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.222	+0.072%	$91.3M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.228	+0.079%	$47.1M	$19.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.275	+0.129%	$226.3M	$102.8M	75x	as long as short
BingX HYPE-USDTshort	+0.0100%	4h	93.244	+0.096%	—	$54.1M	—
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.262	+0.115%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.107	−0.051%	$29.0M	$50.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.072	−0.089%	$7.5M	$44.8M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.082	−0.078%	$673K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.270	+0.124%	$493K	$2.6M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.228	+0.079%	$112K	$580K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.241	+0.093%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.264	+0.117%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.226	+0.077%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.230	+0.081%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.189	+0.037%	$18.3M	$41.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.220	+0.070%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0112%	4h	93.244	+0.096%	$5.1M	$29.3M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.270	+0.124%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.910	+0.811%	$31K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.272	+0.126%	$78K	$158K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.229	+0.079%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0297%	1h	93.323	+0.181%	$7.4M	$4.6M	50x	as long as short
HTX HYPE-USDT	+0.0301%	4h	93.400	+0.263%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0165%	1h	93.251	+0.103%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.216	+0.066%	$17.0M	$12.5M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.356	+0.216%	$20.8M	$28.3M	50x	as long as short