Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0243%/8h= −26.6% APRpaid last 24h −0.065%

Price spread now: BingX against Hyperliquid−0.103%7-day average −0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$210.206% of the position

Long on Hyperliquid Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.142%−$14 on $10k

Price spread, last 7 days+0.096%+$10 · spread now −0.103%, 7d avg −0.016%

Together, before fees−0.046%+ Points / potential airdropHyperliquid: Season 2 · farm board−$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and BingX is 0.088% cheaper against Hyperliquid than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.016%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.142% in total (about -7.4% 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	Hyperliquid HYPE	93.970	0.0343	pay 0.0043% / 1h	30m 04s	$2.05B	$664.3M	10x
Short	BingX HYPE-USDT	93.873	0.0100	get 0.0050% / 4h	3h 30m	—	$54.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Hyperliquid. 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 HyperliquidbpFee BingXbpOrdersPrice spread, now −0.103%Rate

Funding earned: −$51.04
Price spread: −0.103% → −0.016%: −$8.77
Slippage, 4 orders: −$1.58
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$80.38
Costs to cover: 0.206%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; BingX: live order book, 19 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 Hyperliquid live order book, 5 min ago	0.05 bp	4.6 bp −$5	7.7 bp −$77	doesn't fit	doesn't fit
Sell BingX live order book, 19 min ago	0.16 bp	5.2 bp −$5	6.3 bp −$63	10.7 bp −$1,067	14.9 bp −$7,425

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	−0.1328%	1h	93.515	−0.484%	$197K	$237K	7x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.766	−0.217%	$3K	$331	25x	as long as short
Aftermath Perps HYPEUSD	−0.0051%	1h	93.531	−0.467%	$22K	$22K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.809	−0.171%	$128K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.929	−0.044%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.859	−0.119%	$23K	$352K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0005%	1h	93.877	−0.099%	$44K	—	150x	as long as short
Gate HYPE_USDT	+0.0008%	4h	93.882	−0.094%	$44.3M	$56.1M	75x	as long as short
01 Exchange HYPEUSD	+0.0024%	1h	93.821	−0.159%	$89K	$327K	20x	as long as short
Aster HYPEUSDT	+0.0030%	4h	93.857	−0.121%	$9.0M	$36.7M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0056%	8h	93.880	−0.096%	$326.8M	$285.8M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0066%	1h	93.972	+0.002%	$18.7M	$24.1M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0091%	4h	93.836	−0.143%	$183K	$505K	20x	as long as short
Phoenix HYPE	+0.0094%	1h	93.709	−0.278%	$211K	$1.1M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.919	−0.054%	$18.8M	$58.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.884	−0.092%	$3.1M	$12.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.827	−0.152%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.850	−0.128%	$23K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.806	−0.174%	$5.9M	$44.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.814	−0.166%	$10.1M	$14.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.906	−0.068%	$391.2M	$880.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.861	−0.116%	$114.9M	$317.5M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0100%	1h	93.630	−0.362%	$703K	$951K	10x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.784	−0.198%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.684	−0.304%	$205K	$9K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.886	−0.089%	$90.7M	$81.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.846	−0.132%	$46.6M	$19.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.877	−0.099%	$227.6M	$102.4M	75x	as long as short
BingX HYPE-USDTshort	+0.0100%	4h	93.873	−0.103%	—	$54.4M	—
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.917	−0.056%	$8.0M	$11.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.684	−0.305%	$28.8M	$49.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.544	−0.453%	$7.5M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.512	−0.487%	$457K	$935K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.785	−0.197%	$678K	$2.3M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.859	−0.118%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.885	−0.090%	$492K	$2.6M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.860	−0.117%	$113K	$574K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.874	−0.102%	$76K	$169K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.826	−0.153%	$16.5M	$6.9M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.873	−0.103%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.855	−0.122%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.840	−0.138%	$12.8M	$2.5M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0101%	8h	93.833	−0.146%	$342K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.836	−0.143%	$18.2M	$40.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.857	−0.121%	$399K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0108%	4h	93.491	−0.509%	$5.1M	$28.9M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.970	0.000%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0243%	1h	93.873	−0.103%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0254%	1h	93.590	−0.404%	$30K	$182K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0336%	1h	93.952	−0.019%	$7.4M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0165%	1h	93.833	−0.146%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.795	−0.186%	$17.2M	$12.3M	75x	as long as short
Hyperliquid HYPElong	+0.0343%	1h	93.970	long leg	$2.05B	$664.3M	10x
RISEx HYPE/USDC	+0.0422%	1h	93.926	−0.047%	$2.8M	$6.7M	20x	as long as short
HTX HYPE-USDT	+0.0496%	4h	94.033	+0.067%	$1.5M	$7.5M	75x	as long as short