Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0131%/8h= +14.4% APRpaid last 24h +0.072%

Price spread now: Injective against BingX+0.767%7-day average +0.181% · you sell dearer than you buy

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

Long on BingX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+2.334%+$233 on $10k

Price spread, last 3 days (all we have)−0.943%−$94 · spread now +0.767%, 7d avg +0.181%

Together, before fees+1.391%+$139 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Injective is 0.586% dearer against BingX than usual: you sell high and buy low: +$59 more if the spread goes back to its 7-day average of +0.181%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX HYPE-USDT	93.463	0.0006	pay 0.0003% / 4h	2h 04m	—	$53.4M	—
Short	Injective HYPE/USDC PERP	94.180	0.0137	get 0.0017% / 1h	4m 34s	$31K	$339K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.767%Rate

Funding earned: $27.55
Price spread: +0.767% → +0.181%: $58.63
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $76.16
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: BingX: live order book, 4 min ago; Injective: live order book, 64 min ago. 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 BingX live order book, 4 min ago	0.11 bp	5.1 bp −$5	6.4 bp −$64	8.5 bp −$850	14.0 bp −$6,997
Sell Injective live order book, 64 min ago	36.64 bp	3817.2 bp −$3,817	doesn't fit	doesn't fit	doesn't fit

HYPE on 54 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	−0.1120%	1h	93.308	−0.165%	$196K	$227K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.352	−0.119%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.347	−0.124%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0074%	8h	93.318	−0.155%	$12.6M	$2.7M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0061%	1h	93.330	−0.142%	$699K	$905K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0054%	4h	93.327	−0.146%	$156K	$645K	20x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.501	+0.041%	$85K	$347K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0034%	1h	93.488	+0.027%	$22K	$21K	10x	as long as short
Aster HYPEUSDT	−0.0003%	4h	93.395	−0.073%	$8.8M	$35.7M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.389	−0.079%	$128K	$31K	5x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.373	−0.097%	$22K	$323K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.359	−0.112%	$26K	—	150x	as long as short
BingX HYPE-USDTlong	+0.0006%	4h	93.463	long leg	—	$53.4M	—
Backpack HYPE_USDC_PERP	+0.0009%	1h	93.318	−0.155%	$7.4M	$10.4M	20x	as long as short
Bybit HYPEUSDT	+0.0012%	8h	93.415	−0.051%	$320.5M	$276.8M	75x	as long as short
Gate HYPE_USDT	+0.0018%	4h	93.458	−0.005%	$44.3M	$55.4M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.424	−0.042%	$210K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0070%	1h	93.352	−0.118%	$112K	$577K	20x	as long as short
MEXC HYPE_USDT	+0.0070%	4h	93.450	−0.014%	$88.2M	$83.5M	100x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	93.464	+0.001%	$114.7M	$303.0M	50x	as long as short
Binance HYPEUSDT	+0.0076%	4h	93.425	−0.040%	$380.1M	$881.0M	75x	as long as short
edgeX HYPEUSDC	+0.0085%	4h	93.295	−0.180%	$5.0M	$30.0M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.445	−0.019%	$16.3M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.403	−0.064%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.480	+0.018%	$67K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.335	−0.137%	$397K	$172K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.459	−0.005%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.490	+0.029%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.356	−0.114%	$5.7M	$43.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.489	+0.028%	$2.04B	$657.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.445	−0.019%	$10.0M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	−0.137%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.432	−0.033%	$46.2M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.465	+0.002%	$226.2M	$97.3M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.349	−0.122%	$31.1M	$54.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.391	−0.077%	$7.5M	$47.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.340	−0.132%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.399	−0.068%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.396	−0.071%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.379	−0.090%	$475K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.293	−0.182%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.311	−0.162%	$16.2M	$7.7M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.454	−0.010%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.345	−0.126%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.445	−0.019%	$18.3M	$43.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.410	−0.057%	$4.9M	$5.4M	50x	as long as short
Injective HYPE/USDC PERPshort	+0.0137%	1h	94.180	+0.767%	$31K	$339K	12x
HTX HYPE-USDT	+0.0190%	4h	93.525	+0.066%	$1.4M	$5.9M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.559	+0.103%	$3.2M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0256%	1h	93.354	−0.117%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0279%	8h	93.395	−0.073%	$1.9M	$4.9M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.354	−0.116%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0446%	1h	93.433	−0.032%	$7.4M	$4.4M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0683%	1h	93.425	−0.040%	$20.8M	$29.8M	50x	as long as short