Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0076%/8h= +8.4% APRpaid last 24h −0.002%

Price spread now: Coinbase International against Binance+0.109%7-day average −0.035% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$290.286% of the position

Long on Binance Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.081%−$8 on $10k

Price spread, last 4 days (all we have)−0.242%−$24 · spread now +0.109%, 7d avg −0.035%

Together, before fees−0.323%−$32 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Coinbase International is 0.144% dearer against Binance than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of −0.035%. Mind the row above: over the last 7 days funding on this pair cost −0.081%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance HYPEUSDT	93.199	0.0100	pay 0.0050% / 4h	1h 09m	$376.8M	$880.4M	75x
Short	Coinbase International HYPE-PERP-INTX	93.300	0.0176	get 0.0022% / 1h	9m 59s	$4.8M	$5.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.109%Rate

Funding earned: $16.02
Price spread: +0.109% → −0.035%: $14.43
Slippage, 4 orders: −$8.59
Fee Binance: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $1.87
Costs to cover: 0.286%
Break-even: 6.2 days

Slippage from Binance: live order book, 4 min ago; Coinbase International: live order book, 4 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, 4 min ago	0.05 bp	5.1 bp −$5	6.4 bp −$64	13.9 bp −$1,393	35.9 bp −$17.9K
Sell Coinbase International live order book, 4 min ago	0.54 bp	7.4 bp −$7	13.8 bp −$138	37.5 bp −$3,749	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	−0.0984%	1h	93.267	+0.074%	$197K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.182	−0.018%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0129%	1h	93.170	−0.031%	$698K	$1.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.300	+0.109%	$3K	$331	25x	as long as short
Aftermath Perps HYPEUSD	−0.0074%	1h	93.238	+0.043%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.309	+0.119%	$85K	$345K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0048%	4h	93.217	+0.020%	$155K	$654K	20x	as long as short
Phemex HYPEUSDT	−0.0011%	8h	93.219	+0.022%	$12.6M	$2.7M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.319	+0.129%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.259	+0.065%	$23K	$319K	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 −0.0002%	1h	93.252	+0.057%	$63K	—	150x	as long as short
Bullet HYPE-USD	+0.0005%	1h	93.217	+0.020%	$111K	$579K	20x	as long as short
Aster HYPEUSDT	+0.0024%	4h	93.261	+0.067%	$8.8M	$35.9M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.156	−0.046%	$212K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0036%	4h	93.207	+0.009%	—	$53.0M	—	as long as short
Gate HYPE_USDT	+0.0046%	4h	93.217	+0.020%	$44.5M	$55.5M	75x	as long as short
Bybit HYPEUSDT	+0.0047%	8h	93.178	−0.022%	$320.5M	$277.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0074%	8h	93.171	−0.030%	$113.7M	$299.2M	50x	as long as short
Derive HYPE-PERP	+0.0086%	1h	93.202	+0.004%	$16.2M	$7.5M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.246	+0.051%	$16.2M	$62.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.243	+0.048%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.290	+0.098%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.336	+0.147%	$340K	$162K	20x	as long as short
MEXC HYPE_USDT	+0.0098%	4h	93.147	−0.055%	$89.4M	$81.2M	100x	as long as short
Binance HYPEUSDTlong	+0.0100%	4h	93.199	long leg	$376.8M	$880.4M	75x
Katana Perps HYPE-USD	+0.0100%	8h	93.230	+0.034%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.290	+0.098%	$5.8M	$43.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.252	+0.057%	$2.03B	$657.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.337	+0.149%	$10.0M	$14.8M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.231	+0.035%	$45.8M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.152	−0.050%	$225.3M	$96.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.186	−0.013%	$7.4M	$10.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.197	−0.002%	$31.4M	$53.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.122	−0.082%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.125	−0.079%	$338K	$998K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.265	+0.071%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.325	+0.136%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.299	+0.108%	$473K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.197	−0.002%	$79K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.323	+0.134%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.238	+0.042%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.155	−0.047%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.117	−0.087%	$18.3M	$42.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.233	+0.037%	$397K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0112%	4h	93.083	−0.124%	$5.0M	$28.9M	30x	as long as short
HTX HYPE-USDT	+0.0133%	4h	93.433	+0.252%	$1.4M	$6.0M	75x	as long as short
Coinbase International HYPE-PERP-INTXshort	+0.0176%	1h	93.300	+0.109%	$4.8M	$5.5M	50x
Reya HYPERUSDPERP	+0.0259%	1h	93.213	+0.015%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0269%	8h	93.302	+0.111%	$1.9M	$5.2M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0308%	1h	93.304	+0.113%	$7.4M	$4.3M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.251	+0.057%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0338%	4h	93.247	+0.052%	$17.0M	$11.5M	75x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.387	+0.202%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.160	−0.041%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0686%	1h	93.312	+0.121%	$20.7M	$29.8M	50x	as long as short