Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0066%/8h= −7.2% APRpaid last 24h −0.013%

Price spread now: BingX against Pacifica−0.017%47s7-day average −0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$200.196% of the position

Long on Pacifica Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.009%+$1 on $10k

Price spread, last 7 days+0.018%+$2 · spread now −0.017%, 7d avg −0.007%

Together, before fees+0.027%+ Points / potential airdropPacifica: Active · farm board+$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.007%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate. The two prices were read 47 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	Pacifica HYPE	93.350	0.0100	pay 0.0013% / 1h	17m 48s	$10.0M	$14.8M	20x
Short	BingX HYPE-USDT	93.334	0.0034	get 0.0017% / 4h	1h 17m	—	$52.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Pacifica. 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 PacificabpFee BingXbpOrdersPrice spread, now −0.017%Rate

Funding earned: −$13.86
Price spread: −0.017% → −0.007%: −$0.98
Slippage, 4 orders: −$1.62
Fee Pacifica: 4 bp × 2 orders: −$8
Fee BingX: 5 bp × 2 orders: −$10
Net: −$34.46
Costs to cover: 0.196%
Break-even: never at this rate

Slippage from Pacifica: live order book, 1 min ago; BingX: live order book, 11 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 Pacifica live order book, 1 min ago	0.05 bp	4.4 bp −$4	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 11 min ago	0.11 bp	5.1 bp −$5	6.3 bp −$63	10.0 bp −$997	15.1 bp −$7,537

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	−0.1088%	1h	93.263	−0.094%	$197K	$227K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.206	−0.154%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0130%	1h	93.270	−0.086%	$699K	$1.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.331	−0.020%	$3K	$331	25x	as long as short
Aftermath Perps HYPEUSD	−0.0064%	1h	93.369	+0.021%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.338	−0.013%	$85K	$343K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0047%	4h	93.285	−0.070%	$154K	$652K	20x	as long as short
Phemex HYPEUSDT	−0.0026%	8h	93.338	−0.013%	$12.6M	$2.7M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.320	−0.032%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.330	−0.021%	$23K	$319K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.320	−0.032%	$63K	—	150x	as long as short
Bullet HYPE-USD	+0.0009%	1h	93.328	−0.024%	$111K	$578K	20x	as long as short
Aster HYPEUSDT	+0.0025%	4h	93.312	−0.041%	$8.8M	$35.6M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.480	+0.139%	$213K	$1.2M	10x	as long as short
BingX HYPE-USDTshort	+0.0034%	4h	93.334	−0.017%	—	$52.9M	—
Bybit HYPEUSDT	+0.0043%	8h	93.310	−0.043%	$321.3M	$277.2M	75x	as long as short
Gate HYPE_USDT	+0.0048%	4h	93.321	−0.031%	$44.6M	$55.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	93.319	−0.033%	$113.9M	$300.6M	50x	as long as short
Derive HYPE-PERP	+0.0082%	1h	93.280	−0.075%	$16.2M	$7.5M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.354	+0.004%	$16.2M	$62.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.336	−0.015%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.308	−0.045%	$70K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.352	+0.002%	$339K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.330	−0.021%	$12K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.305	−0.048%	$5.8M	$43.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.414	+0.069%	$2.04B	$653.8M	10x	as long as short
Pacifica HYPElong	+0.0100%	1h	93.350	long leg	$10.0M	$14.8M	20x
Binance HYPEUSDT	+0.0100%	4h	93.321	−0.031%	$378.7M	$876.9M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.323	−0.029%	$89.3M	$80.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.332	−0.019%	$45.9M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.316	−0.036%	$225.6M	$96.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.306	−0.047%	$7.4M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.358	+0.008%	$31.1M	$53.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.441	+0.098%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.412	+0.066%	$339K	$997K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.363	+0.014%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.369	+0.020%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.359	+0.010%	$475K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.281	−0.074%	$79K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.339	−0.012%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.304	−0.049%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.217	−0.142%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.299	−0.055%	$18.4M	$43.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.297	−0.057%	$397K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0110%	4h	93.367	+0.018%	$5.1M	$29.1M	30x	as long as short
HTX HYPE-USDT	+0.0156%	4h	93.453	+0.110%	$1.4M	$6.0M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.350	0.000%	$4.8M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0259%	1h	93.301	−0.053%	$79K	$140K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0264%	1h	93.392	+0.045%	$7.4M	$4.4M	50x	as long as short
Kalshi KXHYPEPERP	+0.0273%	8h	93.374	+0.026%	$1.9M	$5.1M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.331	−0.021%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.353	+0.003%	$16.9M	$11.6M	75x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.397	+0.050%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.730	+0.407%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0685%	1h	93.390	+0.043%	$20.7M	$29.8M	50x	as long as short