Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0019%/8h= −2.1% APRpaid last 24h +0.018%

Price spread now: SoDEX against BingX+0.070%7-day average +0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$250.248% of the position

Long on BingX Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.055%+$6 on $10k

Price spread, last 4 days (all we have)−0.102%−$10 · spread now +0.070%, 7d avg +0.009%

Together, before fees−0.047%−$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SoDEX is 0.061% dearer against BingX than usual: you sell high and buy low (spread +0.070% now, against its 7-day average of +0.009%): +$6 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 11 days. Mind the row above: over the last 4 days funding on this pair paid +0.055%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX HYPE-USDT	94.671	0.0100	pay 0.0050% / 4h	3h 42m	—	$53.4M	—
Short	SoDEX HYPE-USD	94.737	0.0081	get 0.0010% / 1h	42m 34s	$2.1M	$2.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now +0.070%Rate

Funding earned: −$3.97
Price spread: +0.070% → +0.009%: $6.11
Slippage, 4 orders: −$6.76
Fee BingX: 5 bp × 2 orders: −$10
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$22.62
Costs to cover: 0.248%
Break-even: never at this rate

Slippage from BingX: live order book, 11 min ago; SoDEX: live order book, 1 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, 11 min ago	0.16 bp	6.4 bp −$6	7.2 bp −$72	12.6 bp −$1,261	19.5 bp −$9,726
Sell SoDEX live order book, 1 min ago	0.11 bp	7.1 bp −$7	12.0 bp −$120	103.8 bp −$10.4K	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	−0.1160%	1h	94.863	+0.202%	$208K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0656%	1h	94.666	−0.005%	$80K	$149K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0302%	1h	94.870	+0.210%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0175%	1h	94.762	+0.096%	$112K	$577K	20x	as long as short
Phemex HYPEUSDT	−0.0157%	8h	94.790	+0.126%	$12.9M	$2.9M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0116%	1h	94.790	+0.126%	$707K	$1.3M	10x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.679	+0.008%	$1.0M	$3.5M	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.709	+0.040%	$89K	$365K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.906	+0.248%	$3K	$331	25x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.731	+0.063%	$19.1M	$35.2M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0046%	4h	94.661	−0.011%	$51.0M	$54.4M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	94.752	+0.086%	$147K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.743	+0.076%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.901	+0.243%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.802	+0.138%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.801	+0.137%	$95K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.941	+0.285%	$211K	$1.2M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.790	+0.126%	$4.8M	$6.4M	50x	as long as short
Bitget HYPEUSDT	+0.0018%	4h	94.673	+0.002%	$227.3M	$99.8M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0053%	8h	94.725	+0.058%	$338K	$154K	20x	as long as short
Vest HYPE-PERP	+0.0054%	1h	94.899	+0.241%	—	$190K	5x	as long as short
OKX HYPE-USDT-SWAP	+0.0059%	8h	94.667	−0.004%	$118.2M	$329.1M	50x	as long as short
Derive HYPE-PERP	+0.0065%	1h	94.914	+0.256%	$16.4M	$7.4M	10x	as long as short
Bybit HYPEUSDT	+0.0068%	8h	94.658	−0.014%	$317.4M	$293.8M	75x	as long as short
SoDEX HYPE-USDshort	+0.0081%	1h	94.737	+0.070%	$2.1M	$2.0M	10x
Lighter HYPE	+0.0096%	1h	94.698	+0.029%	$16.3M	$62.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.710	+0.041%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.677	+0.006%	$147K	$1.3M	50x	as long as short
edgeX HYPEUSDC	+0.0096%	4h	94.889	+0.230%	$5.0M	$30.9M	30x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.690	+0.020%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.704	+0.035%	$7.3M	$52.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.813	+0.150%	$2.09B	$693.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.673	+0.003%	$9.7M	$37.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.724	+0.056%	$10.2M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.675	+0.004%	$381.2M	$938.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.690	+0.020%	$221K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.698	+0.029%	$94.2M	$85.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.710	+0.041%	$47.2M	$19.1M	75x	as long as short
BingX HYPE-USDTlong	+0.0100%	4h	94.671	long leg	—	$53.4M	—
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.681	+0.011%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.929	+0.273%	$30.1M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.955	+0.300%	$7.7M	$44.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.884	+0.225%	$346K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.833	+0.171%	$695K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.900	+0.242%	$501K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.909	+0.251%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.927	+0.270%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.641	−0.031%	$18.5M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.848	+0.187%	$401K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.724	+0.056%	$3.1M	$6.4M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0140%	1h	94.833	+0.171%	$7.5M	$4.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.527%	$31K	$340K	12x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.717	+0.049%	$83K	$115K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0327% / S −0.0152%	1h	94.844	+0.183%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.729	+0.061%	$17.2M	$12.8M	75x	as long as short