Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0221%/8h= −24.2% APRpaid last 24h −0.042%

Price spread now: Binance against Deribit−0.121%7-day average −0.036% · you buy dearer than you sell

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$240.245% of the position

Long on Deribit Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.011%+$1 on $10k

Price spread, last 4 days (all we have)+0.151%+$15 · spread now −0.121%, 7d avg −0.036%

Together, before fees+0.162%+$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Binance is 0.084% cheaper against Deribit than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.036%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.011% in total (about 0.6% 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	92.944	0.0321	pay 0.0040% / 1h	26m 53s	$7.5M	$4.5M	50x
Short	Binance HYPEUSDT	92.832	0.0100	get 0.0050% / 4h	3h 26m	$373.3M	$905.7M	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 −0.121%Rate

Funding earned: −$46.41
Price spread: −0.121% → −0.036%: −$8.42
Slippage, 4 orders: −$7.48
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$79.3
Costs to cover: 0.245%
Break-even: never at this rate

Slippage from Deribit: live order book, 2 min ago; Binance: live order book, 2 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, 2 min ago	0.59 bp	4.8 bp −$5	10.4 bp −$104	doesn't fit	doesn't fit
Sell Binance live order book, 2 min ago	0.05 bp	6.4 bp −$6	8.5 bp −$85	15.8 bp −$1,579	36.7 bp −$18.3K

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	−0.1568%	1h	92.719	−0.242%	$193K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0304%	1h	92.848	−0.104%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.823	−0.130%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.869	−0.081%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0061%	4h	92.844	−0.108%	$145K	$681K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.906	−0.041%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.860	−0.091%	$22K	$295K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.880	−0.069%	$62K	—	150x	as long as short
Bullet HYPE-USD	+0.0009%	1h	92.830	−0.123%	$112K	$577K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	92.917	−0.029%	$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	−0.144%	$699K	$1.1M	10x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.830	−0.123%	$315.6M	$282.7M	75x	as long as short
01 Exchange HYPEUSD	+0.0040%	1h	92.873	−0.076%	$86K	$363K	20x	as long as short
Phemex HYPEUSDT	+0.0048%	8h	92.894	−0.054%	$12.5M	$2.7M	50x	as long as short
Bitget HYPEUSDT	+0.0052%	4h	92.837	−0.115%	$224.8M	$99.2M	75x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	92.855	−0.096%	$70K	$1.1M	50x	as long as short
Gate HYPE_USDT	+0.0084%	4h	92.820	−0.133%	$45.0M	$54.3M	75x	as long as short
edgeX HYPEUSDC	+0.0089%	4h	92.855	−0.095%	$4.9M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.871	−0.079%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.877	−0.072%	$3.1M	$11.6M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.860	−0.090%	$34K	$1.7M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	92.880	−0.069%	$339K	$163K	20x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.850	−0.101%	$7.4M	$46.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.901	−0.046%	$2.02B	$666.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	92.838	−0.114%	$8.7M	$36.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	92.886	−0.062%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDTshort	+0.0100%	4h	92.832	−0.121%	$373.3M	$905.7M	75x
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.832	−0.121%	$113.8M	$304.0M	50x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.816	−0.138%	$91.4M	$81.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.850	−0.101%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.832	−0.121%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.864	−0.086%	$7.2M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.959	+0.016%	$28.6M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.886	−0.062%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.975	+0.033%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.843	−0.109%	$668K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.911	−0.036%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.898	−0.049%	$471K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.849	−0.102%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.843	−0.109%	$16.0M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.917	−0.029%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.855	−0.096%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.999	+0.059%	$1.4M	$6.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.770	−0.187%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.792	−0.164%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.843	−0.108%	$393K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.910	−0.037%	$4.7M	$5.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0161%	8h	92.931	−0.014%	$1.8M	$5.4M	2.3x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.919	−0.027%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.790	−0.166%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0265%	1h	92.857	−0.094%	$79K	$131K	15x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0321%	1h	92.944	long leg	$7.5M	$4.5M	50x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.876	−0.073%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.846	−0.105%	$16.8M	$11.6M	75x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.919	−0.027%	$3.2M	$6.4M	20x	as long as short