Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0187%/8h= −20.5% APRpaid last 24h −0.015%

Price spread now: Ondo Perps against Binance−0.075%7-day average −0.012% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Binance Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.106%−$11 on $10k

Price spread, last 7 days−0.071%−$7 · spread now −0.075%, 7d avg −0.012%

Together, before fees−0.177%+ Points / potential airdropOndo Perps: Active · farm board−$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Ondo Perps is 0.063% cheaper against Binance than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.012%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.106% in total (about -5.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance HYPEUSDT	93.230	0.0062	pay 0.0031% / 4h	1h 08m	$382.7M	$887.7M	75x
Short	Ondo Perps HYPE-USD.P	93.160	−0.0126	pay 0.0016% / 1h	8m 04s	$699K	$895K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now −0.075%Rate

Funding earned: −$39.37
Price spread: −0.075% → −0.012%: −$6.33
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$60.7
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 6 min ago; Ondo Perps: no order-book sample. Net counts fees only.

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, 6 min ago	0.05 bp	5.5 bp −$5	8.1 bp −$81	16.8 bp −$1,676	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Aftermath Perps HYPEUSD	−0.0466%	1h	93.232	+0.003%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0400%	1h	93.275	+0.048%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.203	−0.029%	$1.2M	$3.9M	10x	as long as short
Ondo Perps HYPE-USD.Pshort	−0.0126%	1h	93.160	−0.075%	$699K	$895K	10x
Hotstuff HYPE-PERP	−0.0080%	1h	93.297	+0.072%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.246	+0.017%	$90K	$358K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.308	+0.084%	$127K	$32K	5x	as long as short
Popdex HYPEUSDT	0.0000%	1h	93.220	−0.011%	$58K	$1.2M	50x	as long as short
Perpl HYPE	0.0000%	43m	93.247	+0.018%	$23K	$330K	10x	as long as short
Aster HYPEUSDT	+0.0002%	4h	93.290	+0.064%	$8.9M	$35.7M	300x	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	93.264	+0.037%	$27K	—	150x	as long as short
Orderly PERP_HYPE_USDC	+0.0017%	4h	93.247	+0.018%	$176K	$524K	20x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	93.220	−0.011%	$322.8M	$282.4M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.306	+0.081%	$214K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0047%	1h	93.232	+0.002%	$111K	$577K	20x	as long as short
Derive HYPE-PERP	+0.0050%	1h	93.190	−0.043%	$16.3M	$7.0M	10x	as long as short
Binance HYPEUSDTlong	+0.0062%	4h	93.230	long leg	$382.7M	$887.7M	75x
Gate HYPE_USDT	+0.0062%	4h	93.228	−0.002%	$44.0M	$58.8M	75x	as long as short
MEXC HYPE_USDT	+0.0062%	4h	93.232	+0.002%	$90.1M	$82.3M	100x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.250	+0.022%	$5.1M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.289	+0.064%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.272	+0.045%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.229	−0.001%	$397K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.306	+0.082%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.250	+0.021%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.288	+0.063%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.272	+0.045%	$2.03B	$661.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.319	+0.095%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.230	0.000%	$114.0M	$312.4M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.254	+0.026%	$47.0M	$18.5M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.238	+0.009%	$226.1M	$102.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.239	+0.010%	—	$53.7M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.258	+0.030%	$7.8M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.212	−0.019%	$30.8M	$51.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.339	+0.117%	$7.5M	$45.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.280	+0.054%	$415K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.273	+0.046%	$675K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.283	+0.057%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.259	+0.031%	$493K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.257	+0.029%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.281	+0.055%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.230	0.000%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.288	+0.062%	$12.7M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.280	+0.054%	$204K	$8K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.210	−0.021%	$18.2M	$41.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0118%	8h	93.365	+0.145%	$1.9M	$5.2M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.260	+0.032%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0220%	4h	93.396	+0.178%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.530	+0.322%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.236	+0.007%	$77K	$159K	15x	as long as short
BloFin HYPE-USDT	+0.0250%	4h	93.270	+0.043%	$16.9M	$12.4M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.277	+0.050%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.260	+0.032%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0361%	1h	93.326	+0.103%	$7.4M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.341	+0.119%	$20.9M	$28.9M	50x	as long as short