Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0015%/8h= −1.7% APRpaid last 24h 0.000%

Price spread now: Bullet against Binance+0.026%7-day average +0.014% · 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−$23as in the Price arb table

costs, in and out, $10k−$240.239% of the position

Long on Binance Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.007%−$1 on $10k

Price spread, last 4 days (all we have)+1.131%+$113 · spread now +0.026%, 7d avg +0.014%

Together, before fees+1.124%+$112 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.014%, so right now this pair is about funding alone: $0 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance HYPEUSDT	93.322	0.0044	pay 0.0022% / 4h	2h 47m	$380.4M	$905.3M	75x
Short	Bullet HYPE-USD	93.346	0.0029	get 0.0004% / 1h	47m 02s	$111K	$579K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against Binance. 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 BinancebpFee BulletbpOrdersPrice spread, now +0.026%Rate

Funding earned: −$3.25
Price spread: +0.026% → +0.014%: $1.2
Slippage, 4 orders: −$5.9
Fee Binance: 5 bp × 2 orders: −$10
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$25.94
Costs to cover: 0.239%
Break-even: never at this rate

Slippage from Binance: live order book, 12 min ago; Bullet: live order book, 22 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 Binance live order book, 12 min ago	0.05 bp	5.2 bp −$5	7.5 bp −$75	16.4 bp −$1,644	doesn't fit
Sell Bullet live order book, 22 min ago	0.64 bp	7.2 bp −$7	10.6 bp −$106	doesn't fit	doesn't fit

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	−0.1064%	1h	93.383	+0.066%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.276	−0.049%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0184%	1h	93.371	+0.053%	$22K	$21K	10x	as long as short
Backpack HYPE_USDC_PERP	−0.0125%	1h	93.296	−0.028%	$7.8M	$10.6M	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0112%	1h	93.340	+0.019%	$699K	$978K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.377	+0.059%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0080%	4h	93.318	−0.004%	$44.2M	$53.8M	75x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.404	+0.088%	$85K	$361K	20x	as long as short
Phemex HYPEUSDT	−0.0064%	8h	93.331	+0.010%	$12.7M	$2.7M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0052%	4h	93.304	−0.019%	$158K	$646K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0025%	4h	93.318	−0.004%	$8.9M	$36.2M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.427	+0.112%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.426	+0.112%	$22K	$333K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.382	+0.064%	$26K	—	150x	as long as short
BingX HYPE-USDT	+0.0016%	4h	93.325	+0.003%	—	$54.2M	—	as long as short
Bybit HYPEUSDT	+0.0018%	8h	93.300	−0.023%	$319.3M	$283.2M	75x	as long as short
Bullet HYPE-USDshort	+0.0029%	1h	93.346	+0.026%	$111K	$579K	20x
Bluefin HYPE-PERP	+0.0033%	1h	93.337	+0.016%	$79K	$174K	20x	as long as short
Binance HYPEUSDTlong	+0.0044%	4h	93.322	long leg	$380.4M	$905.3M	75x
MEXC HYPE_USDT	+0.0046%	4h	93.331	+0.010%	$88.2M	$82.3M	100x	as long as short
Derive HYPE-PERP	+0.0058%	1h	93.301	−0.023%	$16.2M	$7.6M	10x	as long as short
Phoenix HYPE	+0.0060%	1h	93.190	−0.141%	$212K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0062%	4h	93.437	+0.123%	$5.1M	$29.9M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0065%	8h	93.305	−0.018%	$115.0M	$315.5M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.345	+0.025%	$397K	$177K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.325	+0.003%	$16.4M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.315	−0.007%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.407	+0.091%	$64K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.406	+0.090%	$339K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.420	+0.105%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.334	+0.014%	$6.6M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.423	+0.108%	$2.04B	$675.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.385	+0.067%	$10.0M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.404	+0.088%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.314	−0.008%	$46.0M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.339	+0.018%	$225.9M	$100.8M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.281	−0.044%	$30.9M	$55.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.420	+0.105%	$7.5M	$47.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.460	+0.148%	$338K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.508	+0.199%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.437	+0.123%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.417	+0.102%	$467K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.416	+0.101%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.304	−0.019%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.251	−0.076%	$18.4M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.380	+0.062%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.250	−0.077%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0175%	4h	93.407	+0.091%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.452	+0.139%	$2.7M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0253%	1h	93.357	+0.037%	$79K	$142K	15x	as long as short
HTX HYPE-USDT	+0.0259%	4h	93.490	+0.180%	$1.4M	$6.1M	75x	as long as short
Kalshi KXHYPEPERP	+0.0259%	8h	93.441	+0.128%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0158%	1h	93.379	+0.061%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0489%	1h	93.392	+0.075%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0683%	1h	93.374	+0.056%	$20.8M	$30.0M	50x	as long as short