Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0044%/8h= −4.8% APRpaid last 24h −0.010%

Price spread now: BingX against Coinbase International−0.056%7-day average +0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$300.303% of the position

Long on Coinbase International Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.017%+$2 on $10k

Price spread, last 4 days (all we have)+0.053%+$5 · spread now −0.056%, 7d avg +0.012%

Together, before fees+0.071%+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and BingX is 0.068% cheaper against Coinbase International than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.012%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International HYPE-PERP-INTX	92.910	0.0144	pay 0.0018% / 1h	27m 16s	$4.7M	$5.6M	50x
Short	BingX HYPE-USDT	92.858	0.0100	get 0.0050% / 4h	3h 27m	—	$54.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Coinbase International. 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 Coinbase InternationalbpFee BingXbpOrdersPrice spread, now −0.056%Rate

Funding earned: −$9.24
Price spread: −0.056% → +0.012%: −$6.75
Slippage, 4 orders: −$10.29
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$46.28
Costs to cover: 0.303%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 2 min ago; BingX: live order book, 12 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 Coinbase International live order book, 2 min ago	3.77 bp	8.9 bp −$9	12.9 bp −$129	36.7 bp −$3,667	doesn't fit
Sell BingX live order book, 12 min ago	0.11 bp	5.1 bp −$5	7.3 bp −$73	10.2 bp −$1,022	16.1 bp −$8,069

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	−0.1568%	1h	92.719	−0.205%	$193K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0304%	1h	92.848	−0.067%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.823	−0.094%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.869	−0.044%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0061%	4h	92.844	−0.071%	$145K	$681K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.906	−0.004%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.860	−0.054%	$22K	$295K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.880	−0.032%	$62K	—	150x	as long as short
Bullet HYPE-USD	+0.0009%	1h	92.830	−0.086%	$112K	$577K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	92.917	+0.008%	$210K	$1.2M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0026%	1h	92.810	−0.108%	$699K	$1.1M	10x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.860	−0.054%	$315.7M	$282.7M	75x	as long as short
01 Exchange HYPEUSD	+0.0040%	1h	92.873	−0.040%	$86K	$363K	20x	as long as short
Phemex HYPEUSDT	+0.0048%	8h	92.894	−0.017%	$12.5M	$2.7M	50x	as long as short
Bitget HYPEUSDT	+0.0052%	4h	92.845	−0.070%	$224.9M	$99.2M	75x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	92.855	−0.059%	$70K	$1.1M	50x	as long as short
Gate HYPE_USDT	+0.0084%	4h	92.853	−0.061%	$45.1M	$54.3M	75x	as long as short
edgeX HYPEUSDC	+0.0089%	4h	92.855	−0.059%	$4.9M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.871	−0.042%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.877	−0.036%	$3.1M	$11.6M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.860	−0.054%	$34K	$1.7M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	92.880	−0.032%	$339K	$163K	20x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.850	−0.064%	$7.4M	$46.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.911	+0.001%	$2.02B	$666.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	92.856	−0.058%	$8.7M	$36.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	92.886	−0.026%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.849	−0.066%	$373.4M	$906.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.851	−0.064%	$113.9M	$304.0M	50x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.846	−0.069%	$91.4M	$81.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.843	−0.072%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDTshort	+0.0100%	4h	92.858	−0.056%	—	$54.0M	—
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.891	−0.020%	$7.2M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.959	+0.052%	$28.6M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.886	−0.026%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.975	+0.070%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.843	−0.072%	$668K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.911	+0.001%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.898	−0.013%	$471K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.849	−0.066%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.843	−0.073%	$16.0M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.917	+0.008%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.855	−0.059%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.999	+0.096%	$1.4M	$6.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.770	−0.151%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.828	−0.088%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.843	−0.072%	$393K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTXlong	+0.0144%	1h	92.910	long leg	$4.7M	$5.6M	50x
Kalshi KXHYPEPERP	+0.0161%	8h	92.931	+0.023%	$1.8M	$5.4M	2.3x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.919	+0.010%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.790	−0.129%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0265%	1h	92.857	−0.057%	$79K	$131K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0321%	1h	92.944	+0.037%	$7.5M	$4.5M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.876	−0.036%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.846	−0.069%	$16.8M	$11.6M	75x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.919	+0.010%	$3.2M	$6.4M	20x	as long as short