Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0146%/8h= −16.0% APRpaid last 24h −0.034%

Price spread now: BingX against Reya+0.096%7-day average −0.004% · you sell dearer than you buy

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

Long on Reya Short on BingX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.050%−$5 on $10k

Price spread, last 3 days (all we have)−0.402%−$40 · spread now +0.096%, 7d avg −0.004%

Together, before fees−0.451%+ Points / potential airdropReya: Active · farm board−$45 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.099% dearer against Reya than usual: you sell high and buy low (spread +0.096% now, against its 7-day average of −0.004%): +$10 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 2.3 days. At the pace of the last 3 days (−0.050% in total) that is about 6.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya HYPERUSDPERP	92.985	0.0246	pay 0.0031% / 1h	48m 45s	$77K	$158K	15x
Short	BingX HYPE-USDT	93.074	0.0100	get 0.0050% / 4h	1h 48m	—	$54.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Reya. 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 ReyabpFee BingXbpOrdersPrice spread, now +0.096%Rate

Funding earned: −$30.71
Price spread: +0.096% → −0.004%: $9.94
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee BingX: 5 bp × 2 orders: −$10
Net: −$36.77
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; BingX: live order book, 5 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 Reya no order-book sample	—	—	—	—	—
Sell BingX live order book, 5 min ago	0.16 bp	6.0 bp −$6	9.8 bp −$98	12.8 bp −$1,278	15.5 bp −$7,762

Reya: 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
Aftermath Perps HYPEUSD	−0.0298%	1h	93.027	+0.045%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	92.927	−0.063%	$1.2M	$4.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.961	−0.026%	$3K	$331	25x	as long as short
Hibachi HYPE/USDT-P	−0.0056%	1h	92.964	−0.023%	$196K	$231K	7x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	92.996	+0.012%	$90K	$365K	20x	as long as short
Aster HYPEUSDT	0.0000%	4h	93.065	+0.086%	$8.9M	$36.0M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.090	+0.112%	$127K	$32K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.047	+0.067%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	92.957	−0.030%	$23K	$331K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.029	+0.047%	$20K	—	150x	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	+0.0006%	1h	92.952	−0.036%	$16.3M	$7.1M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0009%	1h	92.900	−0.092%	$697K	$921K	10x	as long as short
Popdex HYPEUSDT	+0.0016%	1h	92.971	−0.015%	$57K	$1.2M	50x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	93.080	+0.102%	$323.6M	$286.9M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.039	+0.058%	$215K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0040%	4h	92.991	+0.006%	$169K	$515K	20x	as long as short
Gate HYPE_USDT	+0.0060%	4h	93.079	+0.101%	$44.0M	$57.3M	75x	as long as short
Bullet HYPE-USD	+0.0084%	1h	92.988	+0.003%	$112K	$579K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.127	+0.153%	$18.5M	$58.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.099	+0.122%	$3.0M	$12.1M	20x	as long as short
Binance HYPEUSDT	+0.0097%	4h	93.080	+0.102%	$383.0M	$892.4M	75x	as long as short
MEXC HYPE_USDT	+0.0098%	4h	93.076	+0.098%	$90.2M	$81.5M	100x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	92.961	−0.026%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.960	−0.027%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.955	−0.032%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.091	+0.114%	$2.02B	$670.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.100	+0.124%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.082	+0.104%	$114.0M	$314.2M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.884	−0.109%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.094	+0.117%	$47.1M	$19.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.084	+0.106%	$225.6M	$102.9M	75x	as long as short
BingX HYPE-USDTshort	+0.0100%	4h	93.074	+0.096%	—	$54.2M	—
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.134	+0.160%	$7.8M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.887	−0.105%	$28.9M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.983	−0.003%	$7.5M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.016	+0.033%	$411K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.000	+0.016%	$673K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.003	+0.019%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.007	+0.024%	$492K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.026	+0.044%	$75K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.035	+0.054%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.034	+0.053%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.102	+0.126%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.061	+0.082%	$18.3M	$42.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.016	+0.033%	$396K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0108%	4h	92.923	−0.066%	$5.0M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	92.950	−0.038%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	92.880	−0.113%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERPlong	+0.0246%	1h	92.985	long leg	$77K	$158K	15x
RISEx HYPE/USDC	+0.0280%	1h	93.029	+0.047%	$2.7M	$6.8M	20x	as long as short
HTX HYPE-USDT	+0.0289%	4h	93.250	+0.285%	$1.5M	$7.6M	75x	as long as short
BloFin HYPE-USDT	+0.0338%	4h	93.072	+0.093%	$17.0M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0159%	1h	93.016	+0.033%	$1.5M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0466%	1h	93.165	+0.194%	$20.8M	$28.5M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0470%	1h	93.124	+0.149%	$7.4M	$4.6M	50x	as long as short