Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0693%/8h= +75.9% APRpaid last 24h +0.217%

Price spread now: Binance against Hibachi+0.015%7-day average +0.075% · you sell dearer than you buy

Net, funding: paid 7d − costs+$92as in the Funding arb table

Net, price: spread back to 7d avg − costs−$75as in the Price arb table

costs, in and out, $10k−$690.689% of the position

Long on Hibachi Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+1.609%+$161 on $10k

Price spread, last 3 days (all we have)−0.086%−$9 · spread now +0.015%, 7d avg +0.075%

Together, before fees+1.523%+ Points / potential airdropHibachi: Active · farm board+$152 on $10k · with fees, hour by hour

Funding pays, the price is against you. Binance is 0.060% cheaper against Hibachi than usual: you would sell low and buy high (spread +0.015% now, against its 7-day average of +0.075%). If the spread goes back, that is −$6 on $10k: about 7 hours of funding at the current rate (+$21 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi HYPE/USDT-P	94.235	−0.0616	get 0.0077% / 1h	43m 33s	$199K	$230K	7x
Short	Binance HYPEUSDT	94.249	0.0077	get 0.0039% / 4h	43m 33s	$385.9M	$890.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Hibachi. 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 HibachibpFee BinancebpOrdersPrice spread, now +0.015%Rate

Funding earned: $145.61
Price spread: +0.015% → +0.075%: −$6.05
Slippage, 4 orders: −$49.85
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Binance: 5 bp × 2 orders: −$10
Net: $70.7
Costs to cover: 0.689%
Break-even: 3.6 days

Slippage from Hibachi: live order book, 35 min ago; Binance: live order book, 15 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 Hibachi live order book, 35 min ago	16.26 bp	20.8 bp −$21	40.3 bp −$403	doesn't fit	doesn't fit
Sell Binance live order book, 15 min ago	0.05 bp	5.1 bp −$5	6.0 bp −$60	15.2 bp −$1,519	35.5 bp −$17.7K

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-Plong	−0.0616%	1h	94.235	long leg	$199K	$230K	7x
Aftermath Perps HYPEUSD	−0.0428%	1h	94.123	−0.119%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	94.163	−0.077%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.249	+0.015%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.244	+0.009%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.198	−0.039%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.230	−0.006%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	94.301	+0.070%	$216K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0010%	1h	94.150	−0.090%	$705K	$909K	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0011%	4h	94.184	−0.054%	$162K	$562K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0020%	8h	94.240	+0.005%	$325.0M	$282.0M	75x	as long as short
01 Exchange HYPEUSD	+0.0040%	1h	94.258	+0.024%	$87K	$364K	20x	as long as short
Aster HYPEUSDT	+0.0042%	4h	94.256	+0.022%	$9.0M	$35.9M	300x	as long as short
Phemex HYPEUSDT	+0.0056%	8h	94.185	−0.053%	$12.8M	$2.6M	50x	as long as short
Gate HYPE_USDT	+0.0072%	4h	94.230	−0.006%	$44.3M	$58.4M	75x	as long as short
Binance HYPEUSDTshort	+0.0077%	4h	94.249	+0.015%	$385.9M	$890.4M	75x
MEXC HYPE_USDT	+0.0078%	4h	94.238	+0.003%	$88.9M	$81.1M	100x	as long as short
edgeX HYPEUSDC	+0.0087%	4h	94.189	−0.049%	$5.1M	$29.9M	30x	as long as short
Derive HYPE-PERP	+0.0093%	1h	94.178	−0.061%	$16.5M	$6.9M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.293	+0.061%	$19.2M	$59.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.248	+0.014%	$3.1M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.250	+0.016%	$64K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.248	+0.014%	$342K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.250	+0.016%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.243	+0.008%	$5.8M	$44.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.262	+0.028%	$10.2M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.253	+0.019%	$116.2M	$320.0M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.095	−0.148%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.257	+0.023%	$47.3M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.176	−0.063%	$228.0M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.245	+0.010%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.260	+0.026%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.203	−0.034%	$31.9M	$53.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.223	−0.013%	$7.6M	$45.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.200	−0.037%	$336K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.203	−0.034%	$681K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.272	+0.039%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.271	+0.038%	$498K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	94.209	−0.028%	$113K	$579K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.220	−0.016%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.232	−0.003%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.210	−0.027%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.160	−0.080%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.221	−0.016%	$18.7M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.247	+0.012%	$401K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0130%	8h	94.272	+0.039%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.210	−0.027%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0230%	4h	94.354	+0.126%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	94.154	−0.086%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.301	+0.070%	$2.8M	$6.9M	20x	as long as short
BloFin HYPE-USDT	+0.0315%	4h	94.211	−0.026%	$17.0M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	94.241	+0.006%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0397%	1h	94.311	+0.080%	$7.4M	$4.6M	50x	as long as short
Hyperliquid HYPE	+0.0557%	1h	94.299	+0.068%	$2.06B	$668.1M	10x	as long as short
Kraken Futures PF_HYPEUSD	+0.0575%	1h	94.322	+0.092%	$21.1M	$29.2M	50x	as long as short