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 −0.019%

Price spread now: BingX against Backpack−0.030%7-day average −0.270% · you buy dearer than you sell

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs+$2as in the Price arb table

costs, in and out, $10k−$220.217% of the position

Long on Backpack Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.129%−$13 on $10k

Price spread, last 7 days+0.291%+$29 · spread now −0.030%, 7d avg −0.270%

Together, before fees+0.162%+$16 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 0.240% dearer against Backpack than usual: you sell high and buy low, +$24 on $10k if it goes back to its 7-day average of −0.270%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack HYPE_USDC_PERP	94.172	0.0100	pay 0.0013% / 1h	16m 24s	$7.2M	$10.7M	20x
Short	BingX HYPE-USDT	94.144	0.0100	get 0.0050% / 4h	2h 16m	—	$53.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.030%Rate

Funding earned: $0
Price spread: −0.030% → −0.270%: $24
Slippage, 4 orders: −$1.72
Fee Backpack: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: $2.28
Costs to cover: 0.217%
Break-even: from the start

Slippage from Backpack: 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 Backpack live order book, 3 min ago	0.05 bp	5.5 bp −$5	7.6 bp −$76	92.3 bp −$9,231	doesn't fit
Sell BingX live order book, 8 min ago	0.11 bp	6.1 bp −$6	7.0 bp −$70	12.0 bp −$1,202	16.4 bp −$8,183

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	−0.1344%	1h	94.079	−0.099%	$199K	$239K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0409%	1h	93.796	−0.399%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.130	−0.045%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0026%	1h	94.146	−0.028%	$112K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0017%	4h	94.111	−0.065%	$147K	$674K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.183	+0.012%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	94.178	+0.006%	$87K	$371K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.160	−0.013%	$23K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.160	−0.013%	$63K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	94.129	−0.046%	$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	94.148	−0.025%	$227.0M	$99.3M	75x	as long as short
Phemex HYPEUSDT	+0.0021%	8h	94.154	−0.019%	$12.8M	$2.8M	50x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	94.134	−0.040%	$319.4M	$283.9M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	94.174	+0.002%	$209K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0058%	1h	94.070	−0.108%	$709K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	93.626	−0.580%	$5.0M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	94.178	+0.006%	$342K	$158K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.169	−0.003%	$16.3M	$63.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.153	−0.020%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.161	−0.012%	$72K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.130	−0.045%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.119	−0.056%	$7.3M	$48.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.238	+0.070%	$2.06B	$674.8M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.178	+0.007%	$8.8M	$36.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.183	+0.012%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.159	−0.014%	$378.0M	$918.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.146	−0.028%	$116.3M	$315.0M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.358	−0.864%	$216K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.149	−0.024%	$47.5M	$54.7M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.156	−0.017%	$90.6M	$81.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.163	−0.010%	$46.5M	$18.9M	75x	as long as short
BingX HYPE-USDTshort	+0.0100%	4h	94.144	−0.030%	—	$53.6M	—
Backpack HYPE_USDC_PERPlong	+0.0100%	1h	94.172	long leg	$7.2M	$10.7M	20x
Variational Omni HYPE	+0.0100%	8h	93.699	−0.503%	$28.6M	$56.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.979	−0.205%	$7.7M	$48.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.939	−0.247%	$345K	$993K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.161	−0.012%	$674K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.213	+0.043%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.173	+0.001%	$482K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.127	−0.048%	$80K	$165K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	94.113	−0.063%	$16.2M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.183	+0.012%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.155	−0.018%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.298	+0.134%	$1.4M	$6.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.129	−0.046%	$18.3M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.131	−0.043%	$398K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0119%	8h	94.118	−0.057%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	94.310	+0.147%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.160	−0.013%	$4.7M	$6.0M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0260%	1h	94.201	+0.031%	$7.5M	$4.1M	50x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.141	−0.033%	$81K	$127K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	94.148	−0.026%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0338%	1h	94.242	+0.074%	$21.1M	$29.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.137	−0.037%	$16.8M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	94.226	+0.058%	$3.2M	$6.3M	20x	as long as short