Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.052%

Price spread now: Hyperliquid against BingX+0.050%7-day average +0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs−$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$210.207% of the position

Long on BingX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.149%+$15 on $10k

Price spread, last 7 days−0.056%−$6 · spread now +0.050%, 7d avg +0.020%

Together, before fees+0.093%+ Points / potential airdropHyperliquid: Season 2 · farm board+$9 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.030% dearer against BingX than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.020%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX HYPE-USDT	93.090	0.0100	pay 0.0050% / 4h	3h 10m	—	$53.9M	—
Short	Hyperliquid HYPE	93.136	0.0100	get 0.0013% / 1h	10m 11s	$2.03B	$670.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.050%Rate

Funding earned: $0
Price spread: +0.050% → +0.020%: $3
Slippage, 4 orders: −$1.65
Fee BingX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$17.65
Costs to cover: 0.207%
Break-even: never at this rate

Slippage from BingX: live order book, 14 min ago; Hyperliquid: 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 BingX live order book, 14 min ago	0.11 bp	5.7 bp −$6	6.7 bp −$67	11.4 bp −$1,137	15.4 bp −$7,703
Sell Hyperliquid live order book, 4 min ago	0.16 bp	4.8 bp −$5	5.4 bp −$54	doesn't fit	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	−0.1808%	1h	93.008	−0.088%	$194K	$231K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0321%	1h	93.058	−0.035%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	93.058	−0.034%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.071	−0.020%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0051%	4h	93.047	−0.046%	$146K	$671K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.075	−0.016%	$128K	$29K	5x	as long as short
Ondo Perps HYPE-USD.P	0.0000%	1h	92.970	−0.129%	$700K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	93.088	−0.002%	$22K	$293K	10x	as long as short
Bullet HYPE-USD	+0.0002%	1h	93.060	−0.032%	$111K	$578K	20x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.090	0.000%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange HYPEUSD	+0.0016%	1h	93.107	+0.018%	$87K	$365K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	93.056	−0.037%	$208K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0027%	8h	93.070	−0.021%	$317.5M	$284.4M	75x	as long as short
Phemex HYPEUSDT	+0.0030%	8h	93.045	−0.048%	$12.6M	$2.7M	50x	as long as short
Bitget HYPEUSDT	+0.0036%	4h	93.080	−0.011%	$225.2M	$98.8M	75x	as long as short
Popdex HYPEUSDT	+0.0048%	1h	93.081	−0.010%	$76K	$1.1M	50x	as long as short
Gate HYPE_USDT	+0.0054%	4h	93.084	−0.006%	$45.5M	$54.9M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	93.105	+0.016%	$339K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.075	−0.016%	$16.0M	$62.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.095	+0.005%	$3.1M	$11.6M	20x	as long as short
edgeX HYPEUSDC	+0.0099%	4h	93.100	+0.010%	$4.9M	$29.7M	30x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.060	−0.032%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.061	−0.032%	$6.8M	$46.5M	10x	as long as short
Hyperliquid HYPEshort	+0.0100%	1h	93.136	+0.050%	$2.03B	$670.1M	10x
Aster HYPEUSDT	+0.0100%	4h	93.116	+0.028%	$8.7M	$36.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.101	+0.012%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.109	+0.020%	$373.7M	$910.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.095	+0.005%	$114.0M	$305.3M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.125	+0.038%	$203K	$3K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.077	−0.014%	$91.5M	$81.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.077	−0.014%	$46.1M	$18.5M	75x	as long as short
BingX HYPE-USDTlong	+0.0100%	4h	93.090	long leg	—	$53.9M	—
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.098	+0.009%	$7.3M	$11.0M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.028	−0.067%	$28.6M	$56.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.156	+0.071%	$7.5M	$46.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.126	+0.039%	$342K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.104	+0.015%	$665K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.133	+0.047%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.110	+0.021%	$488K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.068	−0.024%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.054	−0.038%	$16.0M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.120	+0.032%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.065	−0.027%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.209	+0.128%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.039	−0.055%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.056	−0.036%	$393K	$164K	20x	as long as short
Kalshi KXHYPEPERP	+0.0117%	8h	93.149	+0.063%	$1.8M	$5.5M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.120	+0.032%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0196%	1h	93.147	+0.061%	$20.7M	$29.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.410	+0.344%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0266%	1h	93.072	−0.020%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	93.093	+0.003%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.074	−0.017%	$16.8M	$11.8M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0556%	1h	93.173	+0.089%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	93.144	+0.058%	$3.2M	$6.3M	20x	as long as short