Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0022%/8h= −2.4% APRpaid last 24h −0.075%

Price spread now: Binance against Injective−0.113%107s7-day average −0.147% · you buy dearer than you sell

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

Long on Injective Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−2.203%−$220 on $10k

Price spread, last 4 days (all we have)+0.322%+$32 · spread now −0.113%, 7d avg −0.147%

Together, before fees−1.882%−$188 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.033% dearer against Injective than usual: you sell high and buy low (spread −0.113% now, against its 7-day average of −0.147%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 5.1 days. At the pace of the last 7 days (−2.203% in total) that is about 3 hours. The two prices were read 107 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective HYPE/USDC PERP	93.330	0.0122	pay 0.0015% / 1h	41m 26s	$30K	$339K	12x
Short	Binance HYPEUSDT	93.224	0.0100	get 0.0050% / 4h	2h 41m	$373.8M	$912.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpFee BinancebpOrdersPrice spread, now −0.113%Rate

Funding earned: −$4.61
Price spread: −0.113% → −0.147%: $3.35
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Binance: 5 bp × 2 orders: −$10
Net: −$11.29
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Injective: live order book, 8 min ago; Binance: live order book, 2 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 Injective live order book, 8 min ago	15.47 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 2 min ago	0.05 bp	6.2 bp −$6	8.1 bp −$81	14.8 bp −$1,479	35.3 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-P	−0.1760%	1h	93.205	−0.134%	$196K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0367%	1h	93.431	+0.108%	$22K	$21K	10x	as long as short
Bullet HYPE-USD	−0.0081%	1h	93.186	−0.155%	$111K	$578K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.322	−0.009%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0025%	4h	93.316	−0.015%	$146K	$663K	20x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.252	−0.084%	$87K	$366K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.319	−0.012%	$128K	$29K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.398	+0.073%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.239	−0.097%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.196	−0.144%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus HYPE-USD	+0.0011%	1h	93.207	−0.132%	$1.0M	$3.9M	10x	as long as short
Bitget HYPEUSDT	+0.0016%	4h	93.210	−0.129%	$225.5M	$98.8M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0019%	1h	93.260	−0.075%	$701K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0023%	8h	93.181	−0.160%	$316.7M	$283.7M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.305	−0.027%	$209K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0032%	8h	93.352	+0.024%	$12.6M	$2.7M	50x	as long as short
edgeX HYPEUSDC	+0.0084%	4h	93.341	+0.012%	$5.0M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.282	−0.052%	$339K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.267	−0.068%	$16.1M	$63.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.269	−0.065%	$3.1M	$11.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.225	−0.113%	$77K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.230	−0.107%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.219	−0.119%	$8.0M	$48.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.267	−0.068%	$2.03B	$668.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.236	−0.101%	$8.7M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.267	−0.068%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDTshort	+0.0100%	4h	93.224	−0.113%	$373.8M	$912.0M	75x
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.207	−0.132%	$114.4M	$308.7M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.224	−0.114%	$46.5M	$54.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.223	−0.115%	$90.5M	$80.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.183	−0.158%	$46.0M	$18.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.236	−0.101%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.373	+0.046%	$7.3M	$10.9M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.419	+0.095%	$28.7M	$56.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.468	+0.148%	$7.5M	$47.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.345	+0.016%	$342K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.354	+0.026%	$668K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.298	−0.035%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.237	−0.100%	$501K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.325	−0.005%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.321	−0.010%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.299	−0.033%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.331	+0.001%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.500	+0.182%	$1.4M	$6.4M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.344	+0.015%	$215K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.196	−0.143%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.328	−0.003%	$395K	$161K	20x	as long as short
Injective HYPE/USDC PERPlong	+0.0122%	1h	93.330	long leg	$30K	$339K	12x
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.360	+0.032%	$4.8M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0268%	1h	93.204	−0.135%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.209	−0.129%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.333	+0.003%	$16.8M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0341%	1h	93.414	+0.090%	$20.8M	$29.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0457%	1h	93.433	+0.110%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.302	−0.030%	$3.2M	$6.2M	20x	as long as short