Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0189%/8h= +20.7% APRpaid last 24h +0.015%

Price spread now: Binance against Ondo Perps+0.028%46s7-day average +0.012% · you sell dearer than you buy

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

Long on Ondo Perps Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.106%+$11 on $10k

Price spread, last 7 days+0.118%+$12 · spread now +0.028%, 7d avg +0.012%

Together, before fees+0.224%+ Points / potential airdropOndo Perps: Active · farm board+$22 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.012%, so right now this pair is about funding alone: +$6 a day on $10k at the current rate. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.106% in total (about 5.5% 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	Ondo Perps HYPE-USD.P	93.260	−0.0122	get 0.0015% / 1h	11m 56s	$699K	$933K	10x
Short	Binance HYPEUSDT	93.286	0.0067	get 0.0034% / 4h	1h 11m	$383.0M	$889.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Ondo Perps. 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 Ondo PerpsbpFee BinancebpOrdersPrice spread, now +0.028%Rate

Funding earned: $39.61
Price spread: +0.028% → +0.012%: $1.6
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Binance: 5 bp × 2 orders: −$10
Net: $26.21
Costs to cover: 0.150%
Break-even: 2.4 days

Slippage unknown: Ondo Perps: no order-book sample; 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Binance live order book, 2 min ago	0.05 bp	5.4 bp −$5	7.7 bp −$77	14.1 bp −$1,407	31.6 bp −$15.8K

Ondo Perps: 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	−0.0450%	1h	93.258	−0.002%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0376%	1h	93.322	+0.067%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.251	−0.010%	$1.2M	$3.9M	10x	as long as short
Ondo Perps HYPE-USD.Plong	−0.0122%	1h	93.260	long leg	$699K	$933K	10x
Hotstuff HYPE-PERP	−0.0080%	1h	93.313	+0.057%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.348	+0.094%	$91K	$359K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.308	+0.051%	$127K	$32K	5x	as long as short
Popdex HYPEUSDT	0.0000%	1h	93.317	+0.061%	$57K	$1.2M	50x	as long as short
Perpl HYPE	0.0000%	43m	93.310	+0.054%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.351	+0.098%	$27K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0004%	4h	93.281	+0.022%	$8.9M	$35.8M	300x	as long as short
Orderly PERP_HYPE_USDC	+0.0019%	4h	93.339	+0.085%	$176K	$524K	20x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	93.261	+0.001%	$323.0M	$283.6M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.249	−0.012%	$214K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0042%	1h	93.323	+0.067%	$112K	$578K	20x	as long as short
Derive HYPE-PERP	+0.0047%	1h	93.282	+0.024%	$16.3M	$7.0M	10x	as long as short
Gate HYPE_USDT	+0.0062%	4h	93.287	+0.029%	$44.0M	$58.7M	75x	as long as short
MEXC HYPE_USDT	+0.0066%	4h	93.276	+0.017%	$90.2M	$82.3M	100x	as long as short
Binance HYPEUSDTshort	+0.0067%	4h	93.286	+0.028%	$383.0M	$889.8M	75x
edgeX HYPEUSDC	+0.0085%	4h	93.171	−0.095%	$5.1M	$29.7M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.361	+0.108%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.338	+0.084%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.329	+0.074%	$397K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.319	+0.063%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.300	+0.043%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.322	+0.066%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.333	+0.078%	$2.03B	$669.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.343	+0.089%	$10.0M	$14.4M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.270	+0.011%	$114.2M	$313.2M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.232	−0.030%	$204K	$8K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.295	+0.038%	$47.0M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.287	+0.029%	$226.2M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.269	+0.010%	—	$53.7M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.313	+0.057%	$7.8M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.203	−0.061%	$29.0M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.199	−0.065%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.153	−0.115%	$414K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.317	+0.061%	$675K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.355	+0.102%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.351	+0.098%	$494K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.321	+0.065%	$75K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.348	+0.094%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.316	+0.060%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.299	+0.042%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.260	0.000%	$18.2M	$41.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0119%	8h	93.374	+0.122%	$1.9M	$5.2M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.440	+0.193%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0228%	4h	93.483	+0.239%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.420	+0.172%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.322	+0.067%	$77K	$159K	15x	as long as short
BloFin HYPE-USDT	+0.0268%	4h	93.316	+0.060%	$16.8M	$12.4M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.373	+0.121%	$2.7M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0307%	1h	93.414	+0.165%	$7.4M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.349	+0.095%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.413	+0.164%	$20.9M	$28.9M	50x	as long as short