Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0044%/8h= −4.9% APRpaid last 24h −0.007%

Price spread now: Derive against Binance+0.025%57s7-day average −0.040% · you sell dearer than you buy

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

Long on Binance Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days−0.006%−$1 on $10k

Price spread, last 3 days (all we have)−0.082%−$8 · spread now +0.025%, 7d avg −0.040%

Together, before fees−0.088%−$9 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Derive is 0.066% dearer against Binance than usual: you sell high and buy low (spread +0.025% now, against its 7-day average of −0.040%): +$7 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 4.9 days. At the pace of the last 7 days (−0.006% in total) that is about 2 months. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance HYPEUSDT	93.794	0.0054	pay 0.0027% / 4h	3h 06m	$383.0M	$893.3M	75x
Short	Derive HYPE-PERP	93.817	0.0010	get 0.0001% / 1h	6m 25s	$16.4M	$7.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Binance. 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 BinancebpFee DerivebpOrdersPrice spread, now +0.025%Rate

Funding earned: −$9.32
Price spread: +0.025% → −0.040%: $6.55
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Derive: 3 bp × 2 orders: −$6
Net: −$18.76
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 8 min ago; Derive: no order-book sample. 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 Binance live order book, 8 min ago	0.05 bp	5.4 bp −$5	6.7 bp −$67	15.6 bp −$1,555	34.4 bp −$17.2K
Sell Derive no order-book sample	—	—	—	—	—

Derive: 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	−0.1128%	1h	93.815	+0.022%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.685	−0.116%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0193%	1h	93.943	+0.159%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0098%	1h	93.810	+0.017%	$710K	$958K	10x	as long as short
dYdX HYPE-USD	−0.0084%	1h	93.911	+0.125%	$129K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.787	−0.007%	$85K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.856	+0.066%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0054%	8h	93.917	+0.131%	$12.8M	$2.6M	50x	as long as short
Bullet HYPE-USD	−0.0050%	1h	93.799	+0.006%	$113K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0034%	4h	93.769	−0.026%	$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	93.788	−0.006%	$44.4M	$60.4M	75x	as long as short
Perpl HYPE	0.0000%	43m	93.836	+0.045%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.818	+0.026%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0007%	4h	93.800	+0.006%	$8.9M	$36.0M	300x	as long as short
Derive HYPE-PERPshort	+0.0010%	1h	93.817	+0.025%	$16.4M	$7.6M	10x
Bybit HYPEUSDT	+0.0019%	8h	93.783	−0.011%	$322.8M	$279.1M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	94.045	+0.268%	$214K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0054%	4h	93.794	0.000%	$88.3M	$83.4M	100x	as long as short
Binance HYPEUSDTlong	+0.0054%	4h	93.794	long leg	$383.0M	$893.3M	75x
edgeX HYPEUSDC	+0.0055%	4h	94.001	+0.221%	$5.1M	$29.7M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0071%	8h	93.785	−0.009%	$115.9M	$314.3M	50x	as long as short
Bluefin HYPE-PERP	+0.0082%	1h	93.751	−0.046%	$76K	$170K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.884	+0.096%	$18.9M	$60.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.828	+0.037%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.802	+0.009%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.777	−0.018%	$399K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.847	+0.057%	$341K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.780	−0.015%	$31K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.841	+0.051%	$6.6M	$44.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.845	+0.055%	$2.05B	$668.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.847	+0.057%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.804	+0.011%	$46.6M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.795	+0.001%	$227.1M	$100.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.791	−0.003%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.818	+0.026%	$7.9M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.920	+0.134%	$31.4M	$53.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.999	+0.219%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.020	+0.241%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.866	+0.077%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.850	+0.060%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.820	+0.028%	$474K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.917	+0.131%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.871	+0.082%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.894	+0.107%	$204K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.767	−0.028%	$18.4M	$45.1M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.900	+0.113%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.810	+0.017%	$31K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0218%	4h	93.919	+0.134%	$17.1M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.820	+0.029%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0244%	8h	93.947	+0.163%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	93.781	−0.013%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0159%	1h	93.815	+0.023%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0367%	4h	94.069	+0.294%	$1.5M	$5.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0410%	1h	93.963	+0.181%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0672%	1h	93.955	+0.172%	$20.9M	$29.8M	50x	as long as short