Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0108%/8h= +11.8% APRpaid last 24h +0.009%

Price spread now: BingX against 01 Exchange+0.038%7-day average −0.040% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$240.236% of the position

Long on 01 Exchange Short on BingX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.035%−$3 on $10k

Price spread, last 4 days (all we have)−0.052%−$5 · spread now +0.038%, 7d avg −0.040%

Together, before fees−0.086%−$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and BingX is 0.077% dearer against 01 Exchange than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.040%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	01 Exchange HYPEUSD	92.976	−0.0008	get 0.0001% / 1h	50m 29s	$90K	$365K	20x
Short	BingX HYPE-USDT	93.011	0.0100	get 0.0050% / 4h	1h 50m	—	$54.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against 01 Exchange. 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 01 ExchangebpFee BingXbpOrdersPrice spread, now +0.038%Rate

Funding earned: $22.68
Price spread: +0.038% → −0.040%: $7.73
Slippage, 4 orders: −$6.56
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: $6.84
Costs to cover: 0.236%
Break-even: 4.9 days

Slippage from 01 Exchange: live order book, 34 min ago; BingX: live order book, 3 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 01 Exchange live order book, 34 min ago	0.05 bp	6.3 bp −$6	11.1 bp −$111	doesn't fit	doesn't fit
Sell BingX live order book, 3 min ago	0.16 bp	6.0 bp −$6	9.8 bp −$98	12.8 bp −$1,278	15.5 bp −$7,762

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
Aftermath Perps HYPEUSD	−0.0297%	1h	93.091	+0.123%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	92.956	−0.022%	$1.2M	$4.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.989	+0.014%	$3K	$331	25x	as long as short
Hibachi HYPE/USDT-P	−0.0048%	1h	92.969	−0.007%	$196K	$231K	7x	as long as short
Derive HYPE-PERP	−0.0012%	1h	92.913	−0.068%	$16.3M	$7.1M	10x	as long as short
01 Exchange HYPEUSDlong	−0.0008%	1h	92.976	long leg	$90K	$365K	20x
Aster HYPEUSDT	−0.0001%	4h	92.983	+0.008%	$8.9M	$35.9M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.009	+0.035%	$127K	$32K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.038	+0.067%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	92.956	−0.021%	$23K	$331K	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 −0.0001%	1h	92.997	+0.022%	$20K	—	150x	as long as short
Popdex HYPEUSDT	+0.0016%	1h	92.965	−0.012%	$56K	$1.2M	50x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.963	−0.014%	$323.3M	$286.7M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.039	+0.068%	$215K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0041%	1h	92.880	−0.103%	$697K	$922K	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0042%	4h	92.966	−0.011%	$165K	$515K	20x	as long as short
Gate HYPE_USDT	+0.0058%	4h	92.993	+0.018%	$44.0M	$57.3M	75x	as long as short
Bullet HYPE-USD	+0.0075%	1h	92.952	−0.025%	$112K	$579K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.067	+0.098%	$18.5M	$58.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.016	+0.043%	$3.0M	$12.1M	20x	as long as short
Binance HYPEUSDT	+0.0098%	4h	92.988	+0.013%	$382.6M	$891.6M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.004	+0.030%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.980	+0.004%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.985	+0.009%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.005	+0.031%	$2.02B	$670.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.028	+0.056%	$10.0M	$14.4M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.956	−0.022%	$114.0M	$313.8M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.884	−0.099%	$203K	$10K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.004	+0.030%	$90.6M	$81.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.989	+0.014%	$47.1M	$19.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.986	+0.011%	$225.4M	$102.9M	75x	as long as short
BingX HYPE-USDTshort	+0.0100%	4h	93.011	+0.038%	—	$54.2M	—
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.983	+0.008%	$7.8M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.107	+0.141%	$29.0M	$50.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.245	+0.289%	$7.5M	$44.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.016	+0.043%	$411K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.968	−0.009%	$672K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.010	+0.037%	$492K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.976	0.000%	$75K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.001	+0.027%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.955	−0.023%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	92.980	+0.004%	$12.7M	$2.6M	50x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.998	+0.024%	—	$454K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.993	+0.018%	$18.3M	$42.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.972	−0.004%	$395K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0119%	4h	93.037	+0.065%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.050	+0.080%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	92.820	−0.168%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	92.961	−0.016%	$77K	$158K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.052	+0.082%	$2.7M	$6.8M	20x	as long as short
HTX HYPE-USDT	+0.0293%	4h	93.103	+0.137%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0158%	1h	92.990	+0.015%	$1.5M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.975	−0.001%	$17.0M	$12.4M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0449%	1h	93.077	+0.109%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0467%	1h	93.086	+0.118%	$20.7M	$28.4M	50x	as long as short