Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.012%

Price spread now: Binance against Backpack+0.048%7-day average −0.262% · you sell dearer than you buy

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs+$9as in the Price arb table

costs, in and out, $10k−$220.218% of the position

Long on Backpack Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.062%−$6 on $10k

Price spread, last 7 days+0.202%+$20 · spread now +0.048%, 7d avg −0.262%

Together, before fees+0.140%+$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: Binance is 0.310% dearer against Backpack than usual: you sell high and buy low, +$31 on $10k if it goes back to its 7-day average of −0.262%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack HYPE_USDC_PERP	94.122	0.0100	pay 0.0013% / 1h	17m 24s	$7.2M	$10.7M	20x
Short	Binance HYPEUSDT	94.167	0.0100	get 0.0050% / 4h	2h 17m	$378.1M	$918.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Backpack. 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 BackpackbpFee BinancebpOrdersPrice spread, now +0.048%Rate

Funding earned: $0
Price spread: +0.048% → −0.262%: $31
Slippage, 4 orders: −$1.8
Fee Backpack: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: $9.21
Costs to cover: 0.218%
Break-even: from the start

Slippage from Backpack: live order book, 2 min ago; Binance: live order book, 12 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 Backpack live order book, 2 min ago	0.05 bp	5.5 bp −$5	7.6 bp −$76	92.3 bp −$9,231	doesn't fit
Sell Binance live order book, 12 min ago	0.05 bp	5.7 bp −$6	8.8 bp −$88	15.7 bp −$1,568	35.6 bp −$17.8K

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	−0.1360%	1h	94.017	−0.112%	$199K	$239K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0415%	1h	93.714	−0.433%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.140	+0.019%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0031%	1h	94.130	+0.008%	$112K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0017%	4h	94.111	−0.012%	$147K	$674K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.094	−0.030%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	94.181	+0.063%	$87K	$371K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.170	+0.051%	$23K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.147	+0.027%	$63K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	94.142	+0.021%	$1.0M	$3.9M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDT	+0.0016%	4h	94.123	+0.001%	$227.1M	$99.3M	75x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	94.108	−0.015%	$319.3M	$283.7M	75x	as long as short
Phemex HYPEUSDT	+0.0025%	8h	94.054	−0.072%	$12.8M	$2.8M	50x	as long as short
Phoenix HYPE	+0.0026%	1h	94.174	+0.055%	$209K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0052%	1h	94.070	−0.055%	$704K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	93.626	−0.527%	$5.0M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	94.184	+0.065%	$342K	$158K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.112	−0.011%	$16.3M	$63.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.117	−0.005%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.169	+0.050%	$72K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.130	+0.008%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.110	−0.012%	$7.6M	$48.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.235	+0.120%	$2.06B	$674.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.174	+0.055%	$8.8M	$36.6M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.150	+0.030%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDTshort	+0.0100%	4h	94.167	+0.048%	$378.1M	$918.4M	75x
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.114	−0.008%	$116.3M	$314.9M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.358	−0.812%	$216K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.142	+0.021%	$47.5M	$54.7M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.142	+0.021%	$90.6M	$81.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.154	+0.034%	$46.5M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.123	+0.001%	—	$53.6M	—	as long as short
Backpack HYPE_USDC_PERPlong	+0.0100%	1h	94.122	long leg	$7.2M	$10.7M	20x
Variational Omni HYPE	+0.0100%	8h	93.699	−0.450%	$28.6M	$56.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.979	−0.152%	$7.7M	$48.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.939	−0.194%	$345K	$993K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.019	−0.109%	$673K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.198	+0.081%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.177	+0.058%	$482K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.127	+0.005%	$80K	$165K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	94.113	−0.010%	$16.2M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.208	+0.091%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.143	+0.022%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.250	+0.136%	$1.4M	$6.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.133	+0.011%	$18.3M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.131	+0.010%	$398K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0119%	8h	94.134	+0.013%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	94.310	+0.200%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.180	+0.062%	$4.7M	$5.9M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0260%	1h	94.201	+0.084%	$7.5M	$4.1M	50x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.133	+0.012%	$81K	$127K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	94.148	+0.027%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0338%	1h	94.230	+0.115%	$21.1M	$29.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.930	−0.204%	$16.9M	$12.0M	75x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	94.230	+0.114%	$3.2M	$6.3M	20x	as long as short