Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0298%/8h= −32.6% APRpaid last 24h −0.030%

Price spread now: BingX against Deribit−0.093%54s7-day average −0.057% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$250.253% of the position

Long on Deribit Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.042%−$4 on $10k

Price spread, last 3 days (all we have)+0.058%+$6 · spread now −0.093%, 7d avg −0.057%

Together, before fees+0.016%+$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and BingX is 0.036% cheaper against Deribit than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.057%). Swap the legs. The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.042% in total (about -2.2% 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	94.165	0.0398	pay 0.0050% / 1h	31m 28s	$7.5M	$4.7M	50x
Short	BingX HYPE-USDT	94.077	0.0100	get 0.0050% / 4h	3h 31m	—	$53.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.093%Rate

Funding earned: −$62.58
Price spread: −0.093% → −0.057%: −$3.65
Slippage, 4 orders: −$8.32
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$91.55
Costs to cover: 0.253%
Break-even: never at this rate

Slippage from Deribit: live order book, 3 min ago; BingX: live order book, 7 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	1.54 bp	6.3 bp −$6	10.0 bp −$100	doesn't fit	doesn't fit
Sell BingX live order book, 7 min ago	0.11 bp	5.1 bp −$5	5.1 bp −$51	10.3 bp −$1,032	16.0 bp −$7,986

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	−0.1448%	1h	93.991	−0.185%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.997	−0.178%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0241%	1h	94.169	+0.004%	$22K	$23K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0161%	1h	94.030	−0.143%	$706K	$948K	10x	as long as short
dYdX HYPE-USD	−0.0159%	1h	94.048	−0.124%	$129K	$31K	5x	as long as short
Bullet HYPE-USD	−0.0097%	1h	94.060	−0.111%	$112K	$580K	20x	as long as short
Phemex HYPEUSDT	−0.0089%	8h	94.102	−0.067%	$12.8M	$2.6M	50x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.108	−0.061%	$86K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.090	−0.080%	$3K	$331	25x	as long as short
Bybit HYPEUSDT	−0.0030%	8h	94.049	−0.123%	$323.0M	$280.7M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0016%	4h	94.040	−0.133%	$159K	$648K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.097	−0.072%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.099	−0.070%	$27K	—	150x	as long as short
Gate HYPE_USDT	+0.0004%	4h	94.070	−0.101%	$44.5M	$59.7M	75x	as long as short
Aster HYPEUSDT	+0.0018%	4h	94.101	−0.068%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	94.342	+0.188%	$219K	$1.2M	10x	as long as short
Binance HYPEUSDT	+0.0048%	4h	94.097	−0.073%	$383.8M	$893.2M	75x	as long as short
MEXC HYPE_USDT	+0.0050%	4h	94.097	−0.072%	$89.4M	$82.5M	100x	as long as short
Derive HYPE-PERP	+0.0056%	1h	94.034	−0.139%	$16.4M	$7.3M	10x	as long as short
edgeX HYPEUSDC	+0.0061%	4h	94.240	+0.079%	$5.1M	$29.9M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0080%	8h	94.061	−0.110%	$116.0M	$318.4M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.146	−0.020%	$19.0M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.111	−0.057%	$3.0M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.098	−0.071%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.068	−0.103%	$400K	$188K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.137	−0.029%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.120	−0.048%	$26K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.102	−0.067%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.193	+0.030%	$2.05B	$677.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.118	−0.050%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.102	−0.067%	$46.6M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.102	−0.067%	$228.2M	$100.9M	75x	as long as short
BingX HYPE-USDTshort	+0.0100%	4h	94.077	−0.093%	—	$53.9M	—
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.088	−0.082%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.220	+0.059%	$31.8M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.271	+0.113%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.209	+0.047%	$341K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.018	−0.156%	$680K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.126	−0.041%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.111	−0.057%	$480K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.058	−0.114%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.150	−0.016%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.071	−0.100%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.120	−0.048%	$205K	$4K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.082	−0.088%	$18.8M	$44.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.070	−0.101%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.345%	$31K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0206%	4h	94.147	−0.019%	$17.0M	$12.2M	75x	as long as short
Kalshi KXHYPEPERP	+0.0217%	8h	94.109	−0.059%	$1.9M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.145	−0.021%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.079	−0.092%	$79K	$146K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0152%	1h	94.105	−0.064%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0398%	1h	94.165	long leg	$7.5M	$4.7M	50x
HTX HYPE-USDT	+0.0435%	4h	94.230	+0.069%	$1.5M	$6.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.165	0.000%	$21.0M	$29.7M	50x	as long as short