Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0021%/8h= −2.3% APRpaid last 24h −0.001%

Price spread now: Binance against Vest−0.116%47s7-day average +0.009% · you buy dearer than you sell

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

Long on Vest Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.117%+$12 on $10k

Price spread, last 4 days (all we have)−0.385%−$39 · spread now −0.116%, 7d avg +0.009%

Together, before fees−0.268%+ Points / potential airdropVest: Active · farm board−$27 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Binance is 0.125% cheaper against Vest than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.009%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.117%, so the current rate has only just turned against you. 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	Vest HYPE-PERP	92.646	0.0100	pay 0.0013% / 1h	51m 40s	—	$243K	5x
Short	Binance HYPEUSDT	92.539	0.0079	get 0.0040% / 4h	51m 40s	$372.2M	$892.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Vest. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 VestbpFee BinancebpOrdersPrice spread, now −0.116%Rate

Funding earned: −$4.37
Price spread: −0.116% → +0.009%: −$12.46
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Binance: 5 bp × 2 orders: −$10
Net: −$28.84
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Vest: no order-book sample; Binance: live order book, 7 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 Vest no order-book sample	—	—	—	—	—
Sell Binance live order book, 7 min ago	0.05 bp	6.5 bp −$6	7.6 bp −$76	12.9 bp −$1,291	28.0 bp −$14.0K

Vest: 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
Arcus HYPE-USD	−0.0948%	1h	92.414	−0.251%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0760%	1h	92.788	+0.153%	$195K	$227K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0110%	1h	92.736	+0.097%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	92.530	−0.126%	$86K	$351K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.573	−0.079%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	92.552	−0.102%	$158K	$663K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0059%	1h	92.720	+0.080%	$699K	$1.1M	10x	as long as short
Bullet HYPE-USD	−0.0048%	1h	92.565	−0.088%	$111K	$579K	20x	as long as short
Aster HYPEUSDT	−0.0003%	4h	92.526	−0.130%	$8.7M	$36.2M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.516	−0.141%	$127K	$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	92.571	−0.081%	$23K	$309K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.608	−0.041%	$62K	—	150x	as long as short
Derive HYPE-PERP	+0.0018%	1h	92.535	−0.120%	$16.0M	$7.5M	10x	as long as short
Phemex HYPEUSDT	+0.0026%	8h	92.568	−0.085%	$12.5M	$2.7M	50x	as long as short
BingX HYPE-USDT	+0.0032%	4h	92.516	−0.141%	—	$53.2M	—	as long as short
Bybit HYPEUSDT	+0.0037%	8h	92.520	−0.136%	$317.6M	$279.2M	75x	as long as short
Phoenix HYPE	+0.0043%	1h	92.855	+0.225%	$211K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0048%	4h	92.524	−0.132%	$44.4M	$54.5M	75x	as long as short
ApeX Omni HYPEUSDT	+0.0068%	1h	92.356	−0.313%	$337K	$1.0M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0074%	8h	92.521	−0.135%	$113.1M	$300.8M	50x	as long as short
Binance HYPEUSDTshort	+0.0079%	4h	92.539	−0.116%	$372.2M	$892.3M	75x
Popdex HYPEUSDT	+0.0080%	1h	92.552	−0.102%	$67K	$1.2M	50x	as long as short
MEXC HYPE_USDT	+0.0084%	4h	92.509	−0.148%	$87.6M	$80.2M	100x	as long as short
edgeX HYPEUSDC	+0.0090%	4h	92.792	+0.157%	$5.1M	$29.2M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0092%	8h	92.546	−0.108%	$338K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.520	−0.136%	$16.0M	$62.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.515	−0.142%	$3.1M	$11.6M	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.530	−0.126%	$14K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.579	−0.072%	$5.8M	$43.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.548	−0.106%	$2.02B	$657.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.552	−0.101%	$10.0M	$14.9M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	+0.166%	$202K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.509	−0.148%	$45.8M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.509	−0.148%	$223.8M	$97.5M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.550	−0.104%	$7.4M	$10.0M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.820	+0.187%	$28.4M	$57.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.596	−0.054%	$7.5M	$45.7M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.793	+0.158%	$665K	$2.7M	20x	as long as short
Vest HYPE-PERPlong	+0.0100%	1h	92.646	long leg	—	$243K	5x
Polymarket Perps HYPE-USD	+0.0100%	1h	92.612	−0.037%	$468K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.628	−0.020%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.578	−0.074%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.721	+0.081%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.495	−0.164%	$18.1M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.580	−0.072%	$391K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.382%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.630	−0.018%	$4.7M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0260%	1h	92.568	−0.084%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0263%	8h	92.699	+0.057%	$1.8M	$5.4M	2.3x	as long as short
BloFin HYPE-USDT	+0.0325%	4h	92.787	+0.152%	$16.8M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0153%	1h	92.602	−0.048%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0332%	1h	92.618	−0.031%	$20.6M	$30.3M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0473%	1h	92.680	+0.036%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.603	−0.046%	$3.1M	$6.4M	20x	as long as short
Bluefin HYPE-PERP	+0.1674%	1h	92.565	−0.088%	$78K	$169K	20x	as long as short