Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0002%/8h= −0.2% APRpaid last 24h −0.022%

Price spread now: Bybit against Binance−0.032%7-day average −0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$240.245% of the position

Long on Binance Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.058%−$6 on $10k

Price spread, last 7 days+0.016%+$2 · spread now −0.032%, 7d avg −0.027%

Together, before fees−0.041%−$4 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance HYPEUSDT	94.759	0.0029	pay 0.0015% / 4h	49m 55s	$382.1M	$848.8M	75x
Short	Bybit HYPEUSDT	94.729	0.0027	get 0.0027% / 8h	4h 49m	$319.9M	$262.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.032%Rate

Funding earned: −$0.37
Price spread: −0.032% → −0.027%: −$0.53
Slippage, 4 orders: −$3.46
Fee Binance: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$25.35
Costs to cover: 0.245%
Break-even: never at this rate

Slippage from Binance: live order book, 2 min ago; Bybit: live order book, 2 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, 2 min ago	0.05 bp	5.3 bp −$5	7.4 bp −$74	16.0 bp −$1,602	33.6 bp −$16.8K
Sell Bybit live order book, 2 min ago	0.53 bp	6.0 bp −$6	7.4 bp −$74	14.9 bp −$1,486	31.0 bp −$15.5K

HYPE on 55 exchanges

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
Kraken Futures PF_HYPEUSD	−0.0282%	1h	94.758	−0.002%	$18.3M	$32.6M	50x	as long as short
Phemex HYPEUSDT	−0.0253%	8h	94.736	−0.025%	$12.9M	$2.2M	50x	as long as short
Bluefin HYPE-PERP	−0.0225%	1h	94.740	−0.021%	$78K	$130K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0221%	1h	94.670	−0.094%	$677K	$1.3M	10x	as long as short
Lighter HYPE	−0.0144%	1h	94.748	−0.013%	$16.5M	$55.2M	20x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	94.817	+0.061%	$102K	$349K	20x	as long as short
Aster HYPEUSDT	−0.0101%	4h	94.733	−0.028%	$9.0M	$34.3M	300x	as long as short
Gate HYPE_USDT	−0.0084%	4h	94.733	−0.028%	$55.9M	$52.6M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.894	+0.142%	$3K	$421	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0074%	4h	94.736	−0.025%	$147K	$642K	20x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International HYPE-PERP-INTX	−0.0064%	1h	94.790	+0.032%	$4.7M	$5.4M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0058%	1h	94.996	+0.249%	$22K	$17K	10x	as long as short
OKX HYPE-USDT-SWAP	−0.0042%	8h	94.687	−0.077%	$118.9M	$302.3M	50x	as long as short
Bitget HYPEUSDT	−0.0028%	4h	94.704	−0.059%	$229.3M	$85.8M	75x	as long as short
Phoenix HYPE	−0.0017%	1h	94.936	+0.186%	$198K	$1.1M	10x	as long as short
ApeX Omni HYPEUSDT	−0.0010%	1h	95.003	+0.257%	$323K	$925K	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.770	+0.012%	$128K	$96K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.808	+0.051%	$24K	$249K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.890	+0.137%	$99K	—	150x	as long as short
Bullet HYPE-USD	+0.0008%	1h	94.864	+0.110%	$114K	$585K	20x	as long as short
Derive HYPE-PERP	+0.0020%	1h	94.742	−0.018%	$16.3M	$7.0M	10x	as long as short
edgeX HYPEUSDC	+0.0025%	4h	94.997	+0.251%	$5.0M	$27.9M	30x	as long as short
Bybit HYPEUSDTshort	+0.0027%	8h	94.729	−0.032%	$319.9M	$262.2M	75x
Binance HYPEUSDTlong	+0.0029%	4h	94.759	long leg	$382.1M	$848.8M	75x
Popdex HYPEUSDT	+0.0032%	1h	94.815	+0.059%	$274K	$998K	50x	as long as short
MEXC HYPE_USDT	+0.0032%	4h	94.729	−0.032%	$89.3M	$82.4M	100x	as long as short
BingX HYPE-USDT	+0.0034%	4h	94.718	−0.044%	—	$49.6M	—	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0045%	1h	94.858	+0.104%	$7.5M	$4.2M	50x	as long as short
Backpack HYPE_USDC_PERP	+0.0055%	1h	94.731	−0.030%	$6.8M	$12.3M	20x	as long as short
SoDEX HYPE-USD	+0.0063%	1h	94.799	+0.042%	$2.1M	$335K	10x	as long as short
KuCoin HYPEUSDTM	+0.0086%	4h	94.737	−0.024%	$47.3M	$17.7M	75x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	94.905	+0.154%	$401K	$125K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0092%	8h	94.733	−0.028%	$338K	$30K	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.757	−0.003%	$3.3M	$9.8M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	94.720	−0.042%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.820	+0.064%	$7.2M	$50.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.855	+0.101%	$2.10B	$640.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.767	+0.008%	$10.2M	$12.9M	20x	as long as short
Arcus HYPE-USD	+0.0100%	1h	94.799	+0.042%	$1.0M	$2.8M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.036	+0.292%	$228K	$20K	10x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.740	−0.021%	$30.0M	$52.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.002	+0.256%	$7.7M	$41.1M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.852	+0.098%	$690K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.875	+0.122%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.848	+0.093%	$497K	$2.4M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.928	+0.178%	$32K	$1.4M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.853	+0.099%	$1.4M	$5.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.664	−0.100%	$18.2M	$37.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0118%	8h	94.826	+0.070%	$1.8M	$5.1M	2.3x	as long as short
BloFin HYPE-USDT	+0.0135%	4h	94.728	−0.033%	$17.5M	$11.5M	75x	as long as short
RISEx HYPE/USDC	+0.0138%	1h	94.816	+0.060%	$3.1M	$5.2M	20x	as long as short
Reya HYPERUSDPERP	+0.0268%	1h	94.796	+0.039%	$84K	$90K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	94.889	+0.137%	$1.4M	—	100x	as long as short
Hibachi HYPE/USDT-P	+0.1000%	1h	94.840	+0.085%	$214K	$277K	7x	as long as short
Injective HYPE/USDC PERP	+0.1234%	1h	95.420	+0.697%	$31K	$334K	12x	as long as short