Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0227%/8h= +24.9% APRpaid last 24h +0.022%

Price spread now: Binance against Ondo Perps−0.090%7-day average +0.007% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Ondo Perps Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.114%+$11 on $10k

Price spread, last 7 days+0.274%+$27 · spread now −0.090%, 7d avg +0.007%

Together, before fees+0.388%+ Points / potential airdropOndo Perps: Active · farm board+$39 on $10k · with fees, hour by hour

Funding pays, the price is against you. Binance is 0.097% cheaper against Ondo Perps than usual: you would sell low and buy high (spread −0.090% now, against its 7-day average of +0.007%). If the spread goes back, that is −$10 on $10k: about 34 hours of funding at the current rate (+$7 a day). At the pace of the last 7 days (+0.114% in total) that is about 5.9 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.114% in total (about 6.0% 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	Ondo Perps HYPE-USD.P	93.080	−0.0132	get 0.0016% / 1h	7m 18s	$698K	$1.0M	10x
Short	Binance HYPEUSDT	92.996	0.0095	get 0.0048% / 4h	1h 07m	$376.2M	$879.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Ondo Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Ondo PerpsbpFee BinancebpOrdersPrice spread, now −0.090%Rate

Funding earned: $47.77
Price spread: −0.090% → +0.007%: −$9.71
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Binance: 5 bp × 2 orders: −$10
Net: $23.06
Costs to cover: 0.150%
Break-even: 3.6 days

Slippage unknown: Ondo Perps: no order-book sample; Binance: live order book, 7 min ago. Net counts fees only.

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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Binance live order book, 7 min ago	0.05 bp	6.5 bp −$6	8.5 bp −$85	15.1 bp −$1,509	29.9 bp −$15.0K

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0944%	1h	93.076	−0.005%	$197K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	92.875	−0.220%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.Plong	−0.0132%	1h	93.080	long leg	$698K	$1.0M	10x
Aftermath Perps HYPEUSD	−0.0085%	1h	93.185	+0.113%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.031	−0.053%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	92.973	−0.115%	$86K	$346K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0050%	4h	92.974	−0.114%	$154K	$654K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.069	−0.012%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.017	−0.068%	$23K	$316K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.017	−0.068%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HYPEUSDT	+0.0007%	8h	93.097	+0.018%	$12.6M	$2.7M	50x	as long as short
Bullet HYPE-USD	+0.0007%	1h	92.981	−0.107%	$111K	$579K	20x	as long as short
Aster HYPEUSDT	+0.0016%	4h	93.005	−0.080%	$8.8M	$35.8M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.210	+0.140%	$213K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0038%	4h	92.994	−0.092%	—	$52.9M	—	as long as short
Gate HYPE_USDT	+0.0042%	4h	92.988	−0.099%	$44.4M	$55.6M	75x	as long as short
Bybit HYPEUSDT	+0.0047%	8h	92.986	−0.101%	$319.8M	$276.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0073%	8h	92.994	−0.092%	$113.4M	$298.4M	50x	as long as short
Derive HYPE-PERP	+0.0087%	1h	92.962	−0.126%	$16.1M	$7.5M	10x	as long as short
MEXC HYPE_USDT	+0.0094%	4h	92.962	−0.127%	$89.3M	$81.2M	100x	as long as short
Binance HYPEUSDTshort	+0.0095%	4h	92.996	−0.090%	$376.2M	$879.6M	75x
Lighter HYPE	+0.0096%	1h	93.008	−0.077%	$16.2M	$62.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.023	−0.061%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.965	−0.124%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	93.045	−0.038%	$339K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.990	−0.097%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.985	−0.102%	$5.8M	$43.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.048	−0.034%	$2.03B	$653.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.020	−0.064%	$10.0M	$14.8M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.982	−0.105%	$45.7M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.989	−0.098%	$224.9M	$96.3M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.016	−0.069%	$7.3M	$10.0M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.197	+0.126%	$31.4M	$53.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.172	+0.099%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.081	+0.001%	$338K	$998K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.112	+0.034%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.035	−0.048%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.012	−0.073%	$470K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.964	−0.125%	$79K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.996	−0.090%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.965	−0.124%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.155	+0.080%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.950	−0.140%	$18.3M	$42.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.974	−0.114%	$396K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0114%	4h	93.123	+0.046%	$5.0M	$28.9M	30x	as long as short
HTX HYPE-USDT	+0.0124%	4h	93.200	+0.129%	$1.4M	$6.0M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.050	−0.032%	$4.8M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0259%	1h	92.961	−0.127%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0271%	8h	93.109	+0.031%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	93.001	−0.084%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.118	+0.041%	$16.9M	$11.5M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0352%	1h	93.076	−0.004%	$7.4M	$4.3M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.078	−0.002%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.390	+0.333%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0688%	1h	93.031	−0.053%	$20.7M	$29.8M	50x	as long as short