Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.016%

Price spread now: BingX against Variational Omni+0.093%7-day average +0.019% · you sell dearer than you buy

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

Long on Variational Omni Short on BingX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.057%−$6 on $10k

Price spread, last 7 days−0.078%−$8 · spread now +0.093%, 7d avg +0.019%

Together, before fees−0.136%+ Points / potential airdropVariational Omni: Active · farm board−$14 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: BingX is 0.073% dearer against Variational Omni than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.019%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni HYPE	92.829	0.0100	pay 0.0100% / 8h	3h 32m	$28.5M	$57.4M	—
Short	BingX HYPE-USDT	92.915	0.0100	get 0.0050% / 4h	3h 32m	—	$54.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Variational Omni. 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 Variational OmnibpFee BingXbpOrdersPrice spread, now +0.093%Rate

Funding earned: $0
Price spread: +0.093% → +0.019%: $7.35
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee BingX: 5 bp × 2 orders: −$10
Net: −$2.65
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; BingX: live order book, 6 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 Variational Omni RFQ quote, 1 min ago	0.42 bp	doesn't fit	4.4 bp −$44	18.6 bp −$1,859	doesn't fit
Sell BingX live order book, 6 min ago	0.11 bp	5.1 bp −$5	7.3 bp −$73	10.2 bp −$1,022	16.1 bp −$8,069

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	−0.1400%	1h	92.616	−0.230%	$193K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0279%	1h	92.815	−0.015%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.832	+0.003%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.839	+0.011%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0064%	4h	92.860	+0.034%	$147K	$679K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.819	−0.011%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.838	+0.009%	$22K	$298K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.896	+0.073%	$62K	—	150x	as long as short
Phoenix HYPE	+0.0026%	1h	92.857	+0.030%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0034%	8h	92.906	+0.083%	$316.1M	$282.1M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0042%	1h	92.760	−0.074%	$699K	$1.1M	10x	as long as short
Bullet HYPE-USD	+0.0044%	1h	92.868	+0.042%	$111K	$577K	20x	as long as short
01 Exchange HYPEUSD	+0.0048%	1h	92.895	+0.071%	$87K	$361K	20x	as long as short
Phemex HYPEUSDT	+0.0051%	8h	92.908	+0.085%	$12.5M	$2.7M	50x	as long as short
Bitget HYPEUSDT	+0.0058%	4h	92.883	+0.058%	$224.9M	$99.1M	75x	as long as short
Popdex HYPEUSDT	+0.0072%	1h	92.875	+0.050%	$70K	$1.1M	50x	as long as short
Lighter HYPE	+0.0096%	1h	92.899	+0.076%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.899	+0.076%	$3.1M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	92.853	+0.026%	$339K	$163K	20x	as long as short
edgeX HYPEUSDC	+0.0099%	4h	92.802	−0.029%	$4.9M	$29.6M	30x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.820	−0.009%	$30K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.811	−0.019%	$7.6M	$45.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.920	+0.098%	$2.02B	$666.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	92.895	+0.071%	$8.7M	$36.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	92.840	+0.012%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.930	+0.109%	$373.5M	$905.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.914	+0.092%	$113.8M	$304.5M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	92.910	+0.088%	$45.0M	$54.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.886	+0.062%	$87.0M	$80.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.881	+0.056%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDTshort	+0.0100%	4h	92.915	+0.093%	—	$54.0M	—
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.890	+0.066%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPElong	+0.0100%	8h	92.829	long leg	$28.5M	$57.4M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.842	+0.014%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.921	+0.099%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.833	+0.005%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.892	+0.068%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.909	+0.086%	$468K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.868	+0.042%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.861	+0.034%	$16.0M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.936	+0.116%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.874	+0.049%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.770	−0.063%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.850	+0.022%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.878	+0.053%	$393K	$164K	20x	as long as short
HTX HYPE-USDT	+0.0122%	4h	93.000	+0.184%	$1.4M	$6.3M	75x	as long as short
Kalshi KXHYPEPERP	+0.0133%	8h	92.819	−0.011%	$1.8M	$5.4M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.890	+0.066%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.929	+0.108%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.150	+0.346%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0265%	1h	92.868	+0.042%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.892	+0.068%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.864	+0.038%	$16.8M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0460%	1h	92.972	+0.154%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.945	+0.125%	$3.2M	$6.4M	20x	as long as short