Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0151%/8h= −16.5% APRpaid last 24h −0.089%

Price spread now: BingX against RISEx−0.094%89s7-day average −0.008% · 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—prices read too far apart to compare

costs, in and out, $10k−$170.172% of the position

Long on RISEx Short on BingX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.214%−$21 on $10k

Price spread, last 7 days+0.092%+$9 · spread now −0.094%, 7d avg −0.008%

Together, before fees−0.122%−$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and BingX is 0.086% cheaper against RISEx than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.008%). Swap the legs. The two prices were read 89 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	RISEx HYPE/USDC	95.192	0.0133	pay 0.0017% / 1h	16m 07s	$3.1M	$6.3M	20x
Short	BingX HYPE-USDT	95.103	−0.0018	pay 0.0009% / 4h	3h 16m	—	$52.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.094%Rate

Funding earned: −$31.74
Price spread: −0.094% → −0.008%: −$8.63
Slippage, 4 orders: −$1.16
Fee RISEx: 3 bp × 2 orders: −$6
Fee BingX: 5 bp × 2 orders: −$10
Net: −$57.53
Costs to cover: 0.172%
Break-even: never at this rate

Slippage from RISEx: live order book, 3 min ago; BingX: live order book, 8 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, 3 min ago	0.42 bp	3.4 bp −$3	6.0 bp −$60	doesn't fit	doesn't fit
Sell BingX live order book, 8 min ago	0.11 bp	5.1 bp −$5	7.0 bp −$70	12.5 bp −$1,250	19.7 bp −$9,852

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	−0.0808%	1h	95.071	−0.128%	$212K	$265K	7x	as long as short
Bluefin HYPE-PERP	−0.0538%	1h	95.082	−0.116%	$79K	$148K	20x	as long as short
Phemex HYPEUSDT	−0.0274%	8h	95.037	−0.163%	$13.0M	$2.8M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0262%	1h	94.997	−0.205%	$22K	$19K	10x	as long as short
Bullet HYPE-USD	−0.0202%	1h	95.129	−0.067%	$113K	$577K	20x	as long as short
dYdX HYPE-USD	−0.0134%	1h	95.162	−0.032%	$130K	$93K	5x	as long as short
Ondo Perps HYPE-USD.P	−0.0131%	1h	95.070	−0.129%	$705K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	95.137	−0.058%	$90K	$356K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	95.086	−0.112%	$1.0M	$3.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.130	−0.066%	$3K	$331	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_HYPEUSD	−0.0047%	1h	95.108	−0.089%	$18.9M	$35.7M	50x	as long as short
Bybit HYPEUSDT	−0.0024%	8h	95.094	−0.103%	$319.6M	$288.8M	75x	as long as short
BingX HYPE-USDTshort	−0.0018%	4h	95.103	−0.094%	—	$52.7M	—
Orderly PERP_HYPE_USDC	−0.0006%	4h	95.095	−0.102%	$148K	$670K	20x	as long as short
Gate HYPE_USDT	−0.0004%	4h	95.088	−0.110%	$52.6M	$56.3M	75x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	95.192	−0.001%	$1.9M	$5.5M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	95.131	−0.065%	$19K	$274K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.158	−0.036%	$86K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	95.051	−0.149%	$212K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0010%	1h	94.160	−1.084%	$16.3M	$7.5M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	95.150	−0.045%	$4.7M	$5.8M	50x	as long as short
Vest HYPE-PERP	+0.0032%	1h	95.214	+0.023%	—	$126K	5x	as long as short
OKX HYPE-USDT-SWAP	+0.0038%	8h	95.081	−0.117%	$118.6M	$324.4M	50x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	95.107	−0.090%	$228.3M	$95.1M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0049%	8h	95.142	−0.053%	$340K	$38K	20x	as long as short
Backpack HYPE_USDC_PERP	+0.0059%	1h	95.058	−0.141%	$7.6M	$10.1M	20x	as long as short
SoDEX HYPE-USD	+0.0094%	1h	95.112	−0.085%	$2.1M	$1.9M	10x	as long as short
Lighter HYPE	+0.0096%	1h	95.108	−0.089%	$16.3M	$63.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.110	−0.087%	$3.2M	$10.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	95.101	−0.096%	$149K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	95.120	−0.076%	$40K	$1.5M	10x	as long as short
edgeX HYPEUSDC	+0.0100%	4h	95.084	−0.114%	$5.1M	$31.0M	30x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.096	−0.101%	$6.6M	$51.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.234	+0.043%	$2.10B	$677.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	95.086	−0.111%	$8.9M	$36.9M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	95.137	−0.058%	$10.3M	$14.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	95.098	−0.099%	$382.8M	$917.6M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.126	−0.069%	$222K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.108	−0.089%	$98.6M	$88.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.102	−0.095%	$47.4M	$18.6M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.031	−0.169%	$29.8M	$56.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.104	−0.093%	$7.7M	$44.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.976	−0.227%	$356K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.146	−0.049%	$692K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.120	−0.076%	$500K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.054	−0.145%	$33K	$1.5M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.262	+0.073%	$1.4M	$6.7M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.078	−0.121%	$18.3M	$42.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.115	−0.082%	$402K	$148K	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0118%	1h	95.189	−0.004%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDClong	+0.0133%	1h	95.192	long leg	$3.1M	$6.3M	20x
Injective HYPE/USDC PERP	+0.0153%	1h	95.380	+0.197%	$31K	$340K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	95.093	−0.105%	$83K	$97K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	95.204	+0.012%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	95.158	−0.036%	$17.2M	$12.4M	75x	as long as short