Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:22 UTC−0.0098%/8h= −10.7% APRpaid last 24h −0.012%

Price spread now: Perpl against Binance−0.021%7-day average +0.007% · you buy dearer than you sell

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

Long on Binance Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days−0.131%−$13 on $10k

Price spread, last 4 days (all we have)+0.646%+$65 · spread now −0.021%, 7d avg +0.007%

Together, before fees+0.514%+ Points / potential airdropPerpl: Active · farm board+$51 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Perpl is 0.028% cheaper against Binance than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.007%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance HYPEUSDT	93.257	0.0098	pay 0.0049% / 4h	1h 11m	$377.1M	$880.2M	75x
Short	Perpl HYPE	93.238	0	get 0.0000% / 43m	42m 25s	$23K	$319K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Binance. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PerplbpOrdersPrice spread, now −0.021%Rate

Funding earned: −$20.59
Price spread: −0.021% → +0.007%: −$2.77
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$47.16
Costs to cover: 0.238%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 3 min ago; Perpl: 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, 3 min ago	0.05 bp	5.1 bp −$5	6.4 bp −$64	13.9 bp −$1,393	35.9 bp −$17.9K
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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
Hibachi HYPE/USDT-P	−0.1000%	1h	93.101	−0.168%	$197K	$227K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.117	−0.150%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0130%	1h	93.170	−0.094%	$698K	$1.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.234	−0.025%	$3K	$331	25x	as long as short
Aftermath Perps HYPEUSD	−0.0064%	1h	93.218	−0.043%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.262	+0.005%	$85K	$345K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0048%	4h	93.270	+0.014%	$155K	$654K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.241	−0.017%	$128K	$31K	5x	as long as short
Perpl HYPEshort	0.0000%	43m	93.238	−0.021%	$23K	$319K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.268	+0.011%	$63K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet HYPE-USD	+0.0008%	1h	93.226	−0.033%	$111K	$579K	20x	as long as short
Phemex HYPEUSDT	+0.0015%	8h	93.131	−0.135%	$12.6M	$2.7M	50x	as long as short
Aster HYPEUSDT	+0.0018%	4h	93.252	−0.005%	$8.8M	$35.9M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.156	−0.109%	$212K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0036%	4h	93.251	−0.007%	—	$52.9M	—	as long as short
Gate HYPE_USDT	+0.0046%	4h	93.250	−0.008%	$44.6M	$55.5M	75x	as long as short
Bybit HYPEUSDT	+0.0047%	8h	93.260	+0.003%	$320.8M	$276.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0077%	8h	93.273	+0.017%	$113.7M	$299.5M	50x	as long as short
Derive HYPE-PERP	+0.0094%	1h	93.100	−0.168%	$16.1M	$7.5M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.243	−0.015%	$16.2M	$62.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.248	−0.010%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.243	−0.015%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.280	+0.024%	$339K	$162K	20x	as long as short
MEXC HYPE_USDT	+0.0098%	4h	93.248	−0.010%	$89.5M	$81.2M	100x	as long as short
Binance HYPEUSDTlong	+0.0098%	4h	93.257	long leg	$377.1M	$880.2M	75x
Katana Perps HYPE-USD	+0.0100%	8h	93.230	−0.029%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.243	−0.016%	$5.8M	$43.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.298	+0.044%	$2.03B	$657.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.252	−0.006%	$10.0M	$14.8M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.256	−0.001%	$45.9M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.245	−0.013%	$225.5M	$96.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.115	−0.153%	$7.3M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.377	+0.128%	$31.1M	$53.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.122	−0.145%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.125	−0.142%	$338K	$998K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.143	−0.123%	$665K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.261	+0.004%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.276	+0.020%	$473K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.268	+0.012%	$79K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.158	−0.106%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.125	−0.142%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.155	−0.110%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.191	−0.071%	$18.3M	$42.9M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.121	−0.147%	$396K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0112%	4h	93.083	−0.187%	$5.0M	$28.9M	30x	as long as short
HTX HYPE-USDT	+0.0138%	4h	93.247	−0.011%	$1.4M	$6.0M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.150	−0.115%	$4.8M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0259%	1h	93.236	−0.023%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0269%	8h	93.154	−0.111%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.269	+0.013%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0339%	4h	93.088	−0.181%	$17.0M	$11.5M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0394%	1h	93.217	−0.043%	$7.4M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.338	+0.087%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.730	+0.507%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0687%	1h	93.182	−0.081%	$20.7M	$29.8M	50x	as long as short