Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0158%/8h= −17.4% APRpaid last 24h −0.004%

Price spread now: Bullet against Binance+0.036%7-day average +0.012% · 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−$23as in the Price arb table

costs, in and out, $10k−$260.256% of the position

Long on Binance Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.011%−$1 on $10k

Price spread, last 4 days (all we have)+0.183%+$18 · spread now +0.036%, 7d avg +0.012%

Together, before fees+0.173%+$17 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bullet is 0.025% dearer against Binance than usual: you sell high and buy low (spread +0.036% now, against its 7-day average of +0.012%): +$2 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 13 hours. At the pace of the last 3 days (−0.011% in total) that is about 8.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance HYPEUSDT	93.215	0.0100	pay 0.0050% / 4h	2h 29m	$373.5M	$912.9M	75x
Short	Bullet HYPE-USD	93.249	−0.0058	pay 0.0007% / 1h	29m 12s	$111K	$578K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against Binance. 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 BinancebpFee BulletbpOrdersPrice spread, now +0.036%Rate

Funding earned: −$33.28
Price spread: +0.036% → +0.012%: $2.48
Slippage, 4 orders: −$7.59
Fee Binance: 5 bp × 2 orders: −$10
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$56.39
Costs to cover: 0.256%
Break-even: never at this rate

Slippage from Binance: live order book, 15 min ago; Bullet: live order book, 20 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 Binance live order book, 15 min ago	0.05 bp	5.3 bp −$5	7.9 bp −$79	15.6 bp −$1,562	doesn't fit
Sell Bullet live order book, 20 min ago	0.48 bp	6.0 bp −$6	9.8 bp −$98	doesn't fit	doesn't fit

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	−0.1528%	1h	93.137	−0.084%	$196K	$234K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0370%	1h	93.259	+0.047%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.236	+0.022%	$3K	$331	25x	as long as short
Bullet HYPE-USDshort	−0.0058%	1h	93.249	+0.036%	$111K	$578K	20x
Orderly PERP_HYPE_USDC	−0.0023%	4h	93.211	−0.005%	$146K	$662K	20x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	93.311	+0.103%	$87K	$365K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.295	+0.086%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.255	+0.042%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.280	+0.069%	$62K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	93.254	+0.042%	$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	+0.0014%	4h	93.173	−0.045%	$225.1M	$98.9M	75x	as long as short
Bybit HYPEUSDT	+0.0017%	8h	93.166	−0.053%	$316.4M	$282.7M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0021%	1h	93.250	+0.037%	$702K	$1.2M	10x	as long as short
Phoenix HYPE	+0.0026%	1h	93.282	+0.072%	$207K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0049%	8h	93.222	+0.007%	$12.7M	$2.8M	50x	as long as short
edgeX HYPEUSDC	+0.0088%	4h	93.175	−0.043%	$5.0M	$30.0M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	93.281	+0.070%	$339K	$160K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.214	−0.001%	$16.1M	$63.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.211	−0.005%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.294	+0.084%	$75K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.260	+0.048%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.279	+0.069%	$8.0M	$48.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.305	+0.096%	$2.03B	$669.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.209	−0.007%	$8.7M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.269	+0.058%	$10.0M	$15.3M	20x	as long as short
Binance HYPEUSDTlong	+0.0100%	4h	93.215	long leg	$373.5M	$912.9M	75x
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.180	−0.038%	$114.3M	$309.0M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.230	+0.016%	$215K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.241	+0.028%	$46.7M	$54.3M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.211	−0.005%	$91.0M	$81.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.192	−0.025%	$46.1M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.187	−0.030%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.221	+0.006%	$7.3M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.131	−0.091%	$28.5M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.193	−0.024%	$7.5M	$47.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.165	−0.054%	$342K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.238	+0.024%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.325	+0.118%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.279	+0.068%	$483K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.232	+0.018%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.211	−0.004%	$16.1M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.260	+0.048%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.191	−0.026%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.425	+0.225%	$1.4M	$6.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.183	−0.034%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.223	+0.008%	$394K	$158K	20x	as long as short
Kalshi KXHYPEPERP	+0.0106%	8h	93.272	+0.061%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.190	−0.027%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.310	+0.102%	$4.6M	$5.8M	50x	as long as short
Reya HYPERUSDPERP	+0.0269%	1h	93.257	+0.045%	$80K	$127K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.274	+0.063%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.309	+0.101%	$16.8M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0342%	1h	93.251	+0.039%	$20.8M	$29.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0447%	1h	93.306	+0.097%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.348	+0.143%	$3.2M	$6.2M	20x	as long as short