Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.014%

Price spread now: dYdX against BingX+0.149%49s7-day average +0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs−$78as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$720.716% of the position

Long on BingX Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.059%−$6 on $10k

Price spread, last 4 days (all we have)−0.325%−$32 · spread now +0.149%, 7d avg +0.010%

Together, before fees−0.384%−$38 on $10k · with fees, hour by hour

The price spread pays, funding is against you. dYdX is 0.139% dearer against BingX than usual: you sell high and buy low (spread +0.149% now, against its 7-day average of +0.010%): +$14 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 4.6 days. At the pace of the last 7 days (−0.059% in total) that is about 16 days. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX HYPE-USDT	92.689	0.0100	pay 0.0050% / 4h	3h 23m	—	$54.0M	—
Short	dYdX HYPE-USD	92.827	0	get 0.0000% / 1h	23m 49s	$127K	$29K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against BingX. 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 BingXbpFee dYdXbpOrdersPrice spread, now +0.149%Rate

Funding earned: −$21
Price spread: +0.149% → +0.010%: $13.87
Slippage, 4 orders: −$51.61
Fee BingX: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$78.74
Costs to cover: 0.716%
Break-even: never at this rate

Slippage from BingX: live order book, 15 min ago; dYdX: live order book, 30 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 BingX live order book, 15 min ago	0.11 bp	5.6 bp −$6	6.4 bp −$64	10.0 bp −$1,001	14.8 bp −$7,390
Sell dYdX live order book, 30 min ago	25.44 bp	30.4 bp −$30	72.9 bp −$729	180.1 bp −$18.0K	1151.9 bp −$576.0K

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	−0.1656%	1h	92.636	−0.057%	$193K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0313%	1h	92.829	+0.151%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.715	+0.028%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.789	+0.108%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0061%	4h	92.729	+0.043%	$145K	$681K	20x	as long as short
Bullet HYPE-USD	−0.0001%	1h	92.745	+0.060%	$112K	$577K	20x	as long as short
dYdX HYPE-USDshort	0.0000%	1h	92.827	+0.149%	$127K	$29K	5x
Perpl HYPE	0.0000%	43m	92.772	+0.089%	$22K	$293K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.770	+0.087%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0008%	1h	92.740	+0.055%	$698K	$1.1M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	+0.0026%	1h	92.921	+0.250%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.710	+0.023%	$315.2M	$282.8M	75x	as long as short
01 Exchange HYPEUSD	+0.0032%	1h	92.752	+0.068%	$86K	$364K	20x	as long as short
Popdex HYPEUSDT	+0.0048%	1h	92.745	+0.060%	$70K	$1.1M	50x	as long as short
Bitget HYPEUSDT	+0.0048%	4h	92.724	+0.038%	$224.5M	$99.1M	75x	as long as short
Phemex HYPEUSDT	+0.0053%	8h	92.740	+0.055%	$12.5M	$2.7M	50x	as long as short
Gate HYPE_USDT	+0.0064%	4h	92.694	+0.005%	$45.1M	$54.3M	75x	as long as short
edgeX HYPEUSDC	+0.0092%	4h	92.837	+0.159%	$4.9M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.740	+0.056%	$16.0M	$62.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.743	+0.058%	$3.1M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	92.772	+0.089%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.740	+0.055%	$34K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.735	+0.050%	$7.4M	$46.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.766	+0.083%	$2.02B	$665.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	92.703	+0.015%	$8.7M	$36.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	92.778	+0.096%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.688	−0.001%	$372.8M	$905.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.715	+0.028%	$113.8M	$303.5M	50x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.693	+0.004%	$91.3M	$81.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.712	+0.025%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDTlong	+0.0100%	4h	92.689	long leg	—	$54.0M	—
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.754	+0.070%	$7.2M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.768	+0.085%	$28.5M	$57.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.886	+0.213%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.846	+0.169%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.813	+0.134%	$667K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.801	+0.121%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.780	+0.098%	$482K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.737	+0.052%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.734	+0.048%	$16.0M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.786	+0.105%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.728	+0.042%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.900	+0.228%	$1.4M	$6.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.770	+0.087%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.681	−0.009%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.724	+0.037%	$392K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.780	+0.098%	$4.7M	$5.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0145%	8h	92.798	+0.118%	$1.8M	$5.4M	2.3x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.802	+0.122%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.750	+0.066%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0266%	1h	92.737	+0.051%	$79K	$131K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0310%	1h	92.829	+0.151%	$7.5M	$4.5M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.770	+0.088%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.759	+0.076%	$16.7M	$11.6M	75x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.811	+0.132%	$3.1M	$6.4M	20x	as long as short