Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0046%/8h= −5.0% APRpaid last 24h −0.009%

Price spread now: Binance against SoDEX+0.034%7-day average +0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$250.247% of the position

Long on SoDEX Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.009%−$1 on $10k

Price spread, last 3 days (all we have)+0.002%$0 · spread now +0.034%, 7d avg +0.010%

Together, before fees−0.007%−$1 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.024% dearer against SoDEX than usual: you sell high and buy low (spread +0.034% now, against its 7-day average of +0.010%): +$2 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 42 hours. At the pace of the last 3 days (−0.009% in total) that is about 9.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX HYPE-USD	93.824	0.0100	pay 0.0013% / 1h	4m 21s	$2.0M	$2.0M	10x
Short	Binance HYPEUSDT	93.856	0.0054	get 0.0027% / 4h	3h 04m	$383.3M	$893.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against SoDEX. 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 SoDEXbpFee BinancebpOrdersPrice spread, now +0.034%Rate

Funding earned: −$9.63
Price spread: +0.034% → +0.010%: $2.43
Slippage, 4 orders: −$6.72
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Binance: 5 bp × 2 orders: −$10
Net: −$31.92
Costs to cover: 0.247%
Break-even: never at this rate

Slippage from SoDEX: live order book, 5 min ago; Binance: live order book, 10 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 SoDEX live order book, 5 min ago	0.21 bp	6.5 bp −$6	12.0 bp −$120	99.3 bp −$9,926	doesn't fit
Sell Binance live order book, 10 min ago	0.05 bp	5.5 bp −$5	8.3 bp −$83	15.1 bp −$1,515	31.3 bp −$15.7K

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-P	−0.1120%	1h	93.756	−0.073%	$198K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.785	−0.042%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0194%	1h	93.910	+0.091%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0090%	1h	93.810	−0.015%	$710K	$958K	10x	as long as short
dYdX HYPE-USD	−0.0081%	1h	93.953	+0.138%	$129K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.884	+0.064%	$86K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.912	+0.094%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0073%	8h	93.801	−0.025%	$12.8M	$2.6M	50x	as long as short
Bullet HYPE-USD	−0.0046%	1h	93.872	+0.051%	$113K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0035%	4h	93.840	+0.017%	$159K	$643K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0014%	4h	93.870	+0.049%	$44.5M	$60.4M	75x	as long as short
Perpl HYPE	0.0000%	43m	93.919	+0.101%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.898	+0.079%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0004%	4h	93.849	+0.027%	$8.9M	$36.0M	300x	as long as short
Derive HYPE-PERP	+0.0016%	1h	93.810	−0.015%	$16.4M	$7.6M	10x	as long as short
Bybit HYPEUSDT	+0.0025%	8h	93.786	−0.041%	$322.6M	$278.6M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	94.045	+0.236%	$214K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0054%	4h	93.883	+0.063%	$88.3M	$83.4M	100x	as long as short
Binance HYPEUSDTshort	+0.0054%	4h	93.856	+0.034%	$383.3M	$893.4M	75x
OKX HYPE-USDT-SWAP	+0.0071%	8h	93.771	−0.056%	$116.0M	$314.3M	50x	as long as short
edgeX HYPEUSDC	+0.0074%	4h	93.859	+0.037%	$5.1M	$29.7M	30x	as long as short
Bluefin HYPE-PERP	+0.0076%	1h	93.841	+0.018%	$76K	$170K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.866	+0.044%	$18.9M	$60.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.839	+0.016%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.881	+0.061%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.851	+0.029%	$399K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.983	+0.169%	$341K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.900	+0.081%	$31K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.927	+0.110%	$6.6M	$44.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.942	+0.126%	$2.05B	$668.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.935	+0.118%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.897	+0.078%	$46.6M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.844	+0.021%	$227.2M	$100.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.880	+0.060%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.767	−0.061%	$7.9M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.768	−0.060%	$31.3M	$53.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.999	+0.187%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.020	+0.209%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.827	+0.003%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.910	+0.091%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.906	+0.087%	$474K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.940	+0.124%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USDlong	+0.0100%	1h	93.824	long leg	$2.0M	$2.0M	10x
Bulk HYPE-USD	+0.0100%	1h	93.894	+0.074%	$204K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.803	−0.023%	$18.4M	$45.0M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.900	+0.081%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.760	−0.068%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0216%	4h	93.818	−0.006%	$17.1M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.933	+0.116%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0246%	8h	93.912	+0.094%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	93.873	+0.052%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0157%	1h	93.895	+0.076%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0366%	4h	94.112	+0.307%	$1.5M	$6.0M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0421%	1h	93.922	+0.104%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0672%	1h	93.906	+0.087%	$20.9M	$29.7M	50x	as long as short