Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0413%/8h= −45.2% APRpaid last 24h −0.043%

Price spread now: Binance against RISEx−0.121%7-day average +0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$210.211% of the position

Long on RISEx Short on Binance

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.125%−$12 on $10k

Price spread, last 7 days+0.126%+$13 · spread now −0.121%, 7d avg +0.010%

Together, before fees+0.002%$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Binance is 0.131% cheaper against RISEx than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of +0.010%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.125% in total (about -12.9% 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	RISEx HYPE/USDC	93.450	0.0510	pay 0.0064% / 1h	39m 49s	$3.2M	$6.5M	20x
Short	Binance HYPEUSDT	93.337	0.0097	get 0.0049% / 4h	1h 39m	$378.8M	$877.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against RISEx. 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 RISExbpFee BinancebpOrdersPrice spread, now −0.121%Rate

Funding earned: −$86.69
Price spread: −0.121% → +0.010%: −$13.13
Slippage, 4 orders: −$5.13
Fee RISEx: 3 bp × 2 orders: −$6
Fee Binance: 5 bp × 2 orders: −$10
Net: −$120.95
Costs to cover: 0.211%
Break-even: never at this rate

Slippage from RISEx: live order book, 4 min ago; Binance: live order book, 4 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 RISEx live order book, 4 min ago	1.98 bp	5.0 bp −$5	6.2 bp −$62	doesn't fit	doesn't fit
Sell Binance live order book, 4 min ago	0.05 bp	6.1 bp −$6	8.5 bp −$85	15.4 bp −$1,544	29.5 bp −$14.7K

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	−0.1264%	1h	93.481	+0.033%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.229	−0.237%	$1.2M	$3.8M	10x	as long as short
Bluefin HYPE-PERP	−0.0184%	1h	93.318	−0.141%	$79K	$170K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.351	−0.106%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0063%	8h	93.304	−0.156%	$12.6M	$2.7M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0058%	1h	93.260	−0.203%	$700K	$980K	10x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.402	−0.051%	$85K	$346K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0046%	4h	93.328	−0.131%	$155K	$630K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0036%	1h	93.409	−0.044%	$22K	$21K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.361	−0.096%	$128K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.394	−0.060%	$23K	$322K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.364	−0.092%	$62K	—	150x	as long as short
Aster HYPEUSDT	+0.0016%	4h	93.325	−0.134%	$8.8M	$35.6M	300x	as long as short
Bullet HYPE-USD	+0.0021%	1h	93.334	−0.124%	$111K	$578K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	93.549	+0.106%	$213K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0026%	4h	93.330	−0.128%	—	$53.1M	—	as long as short
Bybit HYPEUSDT	+0.0034%	8h	93.330	−0.128%	$321.7M	$277.1M	75x	as long as short
Gate HYPE_USDT	+0.0044%	4h	93.340	−0.118%	$44.5M	$54.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0078%	8h	93.324	−0.135%	$114.1M	$302.0M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.335	−0.124%	$16.3M	$61.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.347	−0.110%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.397	−0.057%	$69K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.380	−0.075%	$339K	$162K	20x	as long as short
Binance HYPEUSDTshort	+0.0097%	4h	93.337	−0.121%	$378.8M	$877.1M	75x
Katana Perps HYPE-USD	+0.0100%	8h	93.410	−0.043%	$17K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.335	−0.123%	$5.8M	$43.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.412	−0.041%	$2.04B	$652.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.384	−0.071%	$10.0M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.580	+0.139%	$204K	$10K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.330	−0.128%	$89.9M	$80.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.350	−0.107%	$45.9M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.341	−0.117%	$225.7M	$96.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.315	−0.145%	$7.4M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.317	−0.143%	$31.1M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.553	+0.110%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.487	+0.040%	$340K	$999K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.585	+0.144%	$668K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.403	−0.050%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.372	−0.084%	$472K	$2.5M	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.332	−0.127%	$16.2M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.428	−0.024%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.332	−0.126%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.306	−0.154%	$18.4M	$43.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.333	−0.125%	$397K	$163K	20x	as long as short
edgeX HYPEUSDC	+0.0116%	4h	93.476	+0.028%	$5.1M	$29.6M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.440	−0.011%	$4.9M	$5.4M	50x	as long as short
HTX HYPE-USDT	+0.0199%	4h	93.510	+0.064%	$1.4M	$6.0M	75x	as long as short
Reya HYPERUSDPERP	+0.0257%	1h	93.331	−0.127%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0279%	8h	93.418	−0.034%	$1.9M	$5.1M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.364	−0.092%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.300	−0.161%	$16.9M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0393%	1h	93.426	−0.026%	$7.4M	$4.4M	50x	as long as short
RISEx HYPE/USDClong	+0.0510%	1h	93.450	long leg	$3.2M	$6.5M	20x
Injective HYPE/USDC PERP	+0.0519%	1h	93.200	−0.268%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0685%	1h	93.408	−0.045%	$20.7M	$30.1M	50x	as long as short