Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0212%/8h= −23.2% APRpaid last 24h −0.019%

Price spread now: Binance against Deribit−0.119%7-day average −0.034% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

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

costs, in and out, $10k−$290.288% of the position

Long on Deribit Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.029%+$3 on $10k

Price spread, last 3 days (all we have)+0.142%+$14 · spread now −0.119%, 7d avg −0.034%

Together, before fees+0.171%+$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Binance is 0.085% cheaper against Deribit than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.034%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.029% in total (about 1.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit HYPE_USDC-PERPETUAL	93.948	0.0251	pay 0.0031% / 1h	55m 42s	$7.5M	$4.7M	50x
Short	Binance HYPEUSDT	93.836	0.0039	get 0.0020% / 4h	3h 55m	$383.3M	$898.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Deribit. 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 DeribitbpFee BinancebpOrdersPrice spread, now −0.119%Rate

Funding earned: −$44.42
Price spread: −0.119% → −0.034%: −$8.52
Slippage, 4 orders: −$11.78
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$81.73
Costs to cover: 0.288%
Break-even: never at this rate

Slippage from Deribit: live order book, 3 min ago; Binance: live order book, 3 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 Deribit live order book, 3 min ago	1.75 bp	8.6 bp −$9	11.1 bp −$111	doesn't fit	doesn't fit
Sell Binance live order book, 3 min ago	0.05 bp	5.1 bp −$5	7.5 bp −$75	10.1 bp −$1,006	28.6 bp −$14.3K

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	−0.1432%	1h	93.897	−0.055%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.706	−0.258%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0322%	1h	93.973	+0.027%	$22K	$22K	10x	as long as short
dYdX HYPE-USD	−0.0179%	1h	93.914	−0.036%	$128K	$30K	5x	as long as short
Ondo Perps HYPE-USD.P	−0.0125%	1h	93.770	−0.189%	$705K	$925K	10x	as long as short
Bybit HYPEUSDT	−0.0123%	8h	93.790	−0.168%	$322.7M	$283.5M	75x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	93.843	−0.112%	$86K	$365K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.868	−0.085%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0075%	1h	93.825	−0.131%	$112K	$579K	20x	as long as short
Gate HYPE_USDT	−0.0062%	4h	93.830	−0.126%	$44.6M	$58.8M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Derive HYPE-PERP	−0.0013%	1h	93.778	−0.181%	$16.4M	$7.2M	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0008%	4h	93.829	−0.127%	$169K	$594K	20x	as long as short
Perpl HYPE	0.0000%	43m	93.879	−0.074%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.860	−0.094%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	94.114	+0.177%	$218K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0011%	4h	93.813	−0.144%	$8.9M	$36.1M	300x	as long as short
Binance HYPEUSDTshort	+0.0039%	4h	93.836	−0.119%	$383.3M	$898.1M	75x
Popdex HYPEUSDT	+0.0040%	1h	93.835	−0.120%	$60K	$1.2M	50x	as long as short
MEXC HYPE_USDT	+0.0042%	4h	93.830	−0.126%	$88.0M	$81.8M	100x	as long as short
edgeX HYPEUSDC	+0.0054%	4h	93.988	+0.042%	$5.1M	$29.7M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0086%	8h	93.805	−0.152%	$115.8M	$321.5M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.868	−0.086%	$18.8M	$58.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.851	−0.103%	$3.1M	$12.0M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.904	−0.047%	$399K	$268K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.860	−0.094%	$341K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.860	−0.094%	$42K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.835	−0.120%	$6.6M	$44.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.930	−0.019%	$2.04B	$680.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.843	−0.112%	$10.1M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.830	−0.126%	$46.5M	$18.5M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.802	−0.155%	$227.2M	$101.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.822	−0.134%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.879	−0.073%	$7.7M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.832	−0.123%	$31.2M	$54.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.052	+0.110%	$7.6M	$45.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.033	+0.090%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.964	+0.017%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.895	−0.057%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.872	−0.081%	$471K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.828	−0.128%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.903	−0.048%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.850	−0.104%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.890	−0.062%	$12.8M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.944	−0.005%	$205K	$6K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.842	−0.113%	$18.4M	$42.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.890	−0.062%	$4.9M	$5.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0163%	8h	93.929	−0.020%	$1.9M	$5.1M	2.3x	as long as short
BloFin HYPE-USDT	+0.0175%	4h	93.897	−0.054%	$17.0M	$12.5M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.150	+0.215%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.889	−0.063%	$2.8M	$6.9M	20x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	93.820	−0.136%	$78K	$143K	15x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0251%	1h	93.948	long leg	$7.5M	$4.7M	50x
HTX HYPE-USDT	+0.0310%	4h	94.050	+0.109%	$1.5M	$7.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0157%	1h	93.862	−0.092%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0672%	1h	93.955	+0.007%	$21.0M	$29.5M	50x	as long as short