Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0628%/8h= +68.7% APRpaid last 24h +0.217%

Price spread now: Binance against Hibachi+0.200%7-day average +0.073% · you sell dearer than you buy

Net, funding: paid 7d − costs+$92as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$690.689% of the position

Long on Hibachi Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+1.609%+$161 on $10k

Price spread, last 3 days (all we have)−0.412%−$41 · spread now +0.200%, 7d avg +0.073%

Together, before fees+1.197%+ Points / potential airdropHibachi: Active · farm board+$120 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$19 a day on $10k at the current rate, and Binance is 0.127% dearer against Hibachi than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.073%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi HYPE/USDT-P	93.903	−0.0552	get 0.0069% / 1h	51m 56s	$199K	$229K	7x
Short	Binance HYPEUSDT	94.091	0.0076	get 0.0038% / 4h	51m 56s	$386.6M	$888.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Hibachi. 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 HibachibpFee BinancebpOrdersPrice spread, now +0.200%Rate

Funding earned: $131.81
Price spread: +0.200% → +0.073%: $12.72
Slippage, 4 orders: −$49.85
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Binance: 5 bp × 2 orders: −$10
Net: $75.68
Costs to cover: 0.689%
Break-even: 3.0 days

Slippage from Hibachi: live order book, 27 min ago; Binance: live order book, 7 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 Hibachi live order book, 27 min ago	16.26 bp	20.8 bp −$21	40.3 bp −$403	doesn't fit	doesn't fit
Sell Binance live order book, 7 min ago	0.05 bp	5.1 bp −$5	6.0 bp −$60	15.2 bp −$1,519	35.5 bp −$17.7K

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-Plong	−0.0552%	1h	93.903	long leg	$199K	$229K	7x
Aftermath Perps HYPEUSD	−0.0474%	1h	93.863	−0.042%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.972	+0.074%	$1.2M	$3.8M	10x	as long as short
ApeX Omni HYPEUSDT	−0.0160%	1h	93.896	−0.007%	$349K	$1.1M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.006	+0.110%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.092	+0.202%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.058	+0.165%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.048	+0.154%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	94.035	+0.141%	$215K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0014%	4h	94.059	+0.166%	$176K	$526K	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	+0.0021%	8h	94.073	+0.181%	$324.7M	$281.1M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0022%	1h	93.990	+0.093%	$703K	$907K	10x	as long as short
Aster HYPEUSDT	+0.0031%	4h	94.071	+0.179%	$8.9M	$35.8M	300x	as long as short
Phemex HYPEUSDT	+0.0070%	8h	93.985	+0.087%	$12.8M	$2.6M	50x	as long as short
Gate HYPE_USDT	+0.0070%	4h	94.054	+0.161%	$44.5M	$57.9M	75x	as long as short
MEXC HYPE_USDT	+0.0072%	4h	94.104	+0.214%	$90.5M	$80.5M	100x	as long as short
edgeX HYPEUSDC	+0.0073%	4h	93.924	+0.023%	$5.1M	$29.7M	30x	as long as short
Binance HYPEUSDTshort	+0.0076%	4h	94.091	+0.200%	$386.6M	$888.2M	75x
Derive HYPE-PERP	+0.0082%	1h	93.978	+0.080%	$16.5M	$6.9M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.101	+0.211%	$19.1M	$59.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.087	+0.196%	$3.1M	$12.2M	20x	as long as short
01 Exchange HYPEUSD	+0.0096%	1h	94.080	+0.189%	$87K	$363K	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.054	+0.161%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.063	+0.171%	$400K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.089	+0.198%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.100	+0.210%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.050	+0.157%	$5.9M	$44.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.084	+0.193%	$10.2M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.094	+0.203%	$116.0M	$317.6M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.073	+0.181%	$47.2M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.122	+0.233%	$228.1M	$102.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.072	+0.180%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.087	+0.196%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.882	−0.022%	$32.1M	$53.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.938	+0.037%	$7.6M	$45.5M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.059	+0.166%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.082	+0.191%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.072	+0.180%	$485K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	94.021	+0.126%	$113K	$578K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.031	+0.136%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.056	+0.163%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.052	+0.159%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.680	−0.237%	$205K	$7K	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.170	+0.284%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.093	+0.203%	$18.7M	$42.1M	50x	as long as short
Kalshi KXHYPEPERP	+0.0124%	8h	94.122	+0.233%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.110	+0.221%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0226%	4h	94.235	+0.354%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	94.033	+0.138%	$77K	$142K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0281%	1h	94.144	+0.257%	$7.4M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.099	+0.208%	$2.8M	$6.8M	20x	as long as short
BloFin HYPE-USDT	+0.0293%	4h	94.084	+0.193%	$17.0M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	94.031	+0.136%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0576%	1h	94.165	+0.279%	$21.1M	$29.0M	50x	as long as short
Hyperliquid HYPE	+0.0744%	1h	94.143	+0.256%	$2.05B	$666.1M	10x	as long as short