Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0026%/8h= +2.9% APRpaid last 24h +0.066%

Price spread now: Injective against Binance+0.116%7-day average +0.165% · you sell dearer than you buy

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

Long on Binance Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+2.294%+$229 on $10k

Price spread, last 3 days (all we have)−0.325%−$32 · spread now +0.116%, 7d avg +0.165%

Together, before fees+1.970%+$197 on $10k · with fees, hour by hour

Funding pays, the price is against you. Injective is 0.048% cheaper against Binance than usual: you would sell low and buy high (spread +0.116% now, against its 7-day average of +0.165%). If the spread goes back, that is −$5 on $10k: about 6.2 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+2.294% in total) that is about 4 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance HYPEUSDT	94.051	0.0077	pay 0.0039% / 4h	42m 53s	$385.0M	$891.3M	75x
Short	Injective HYPE/USDC PERP	94.160	0.0104	get 0.0013% / 1h	42m 53s	$31K	$338K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.116%Rate

Funding earned: $5.5
Price spread: +0.116% → +0.165%: −$4.84
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$9.36
Costs to cover: 0.100%
Break-even: 18.9 days

Slippage unknown: Binance: live order book, 16 min ago; Injective: live order book, 36 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 Binance live order book, 16 min ago	0.05 bp	5.2 bp −$5	7.1 bp −$71	13.2 bp −$1,321	30.1 bp −$15.0K
Sell Injective live order book, 36 min ago	9.65 bp	doesn't fit	doesn't fit	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	−0.0616%	1h	94.235	+0.196%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0425%	1h	94.145	+0.100%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	94.163	+0.119%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.249	+0.211%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.244	+0.205%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.248	+0.210%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.134	+0.089%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	94.301	+0.266%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0010%	4h	94.132	+0.086%	$163K	$572K	20x	as long as short
Ondo Perps HYPE-USD.P	+0.0010%	1h	94.150	+0.106%	$705K	$909K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0020%	8h	94.040	−0.011%	$323.9M	$282.5M	75x	as long as short
01 Exchange HYPEUSD	+0.0040%	1h	94.258	+0.220%	$87K	$364K	20x	as long as short
Aster HYPEUSDT	+0.0042%	4h	94.106	+0.059%	$8.9M	$35.9M	300x	as long as short
Phemex HYPEUSDT	+0.0053%	8h	94.114	+0.067%	$12.8M	$2.6M	50x	as long as short
Gate HYPE_USDT	+0.0072%	4h	94.053	+0.002%	$44.2M	$58.4M	75x	as long as short
Binance HYPEUSDTlong	+0.0077%	4h	94.051	long leg	$385.0M	$891.3M	75x
MEXC HYPE_USDT	+0.0078%	4h	94.065	+0.015%	$88.9M	$81.2M	100x	as long as short
edgeX HYPEUSDC	+0.0087%	4h	94.189	+0.147%	$5.1M	$29.9M	30x	as long as short
Derive HYPE-PERP	+0.0093%	1h	94.057	+0.007%	$16.5M	$7.1M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.113	+0.066%	$19.0M	$59.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.108	+0.061%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.250	+0.212%	$64K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.248	+0.210%	$342K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.250	+0.212%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.243	+0.204%	$5.8M	$44.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.262	+0.225%	$10.2M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.038	−0.013%	$116.0M	$319.8M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.095	+0.048%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.094	+0.046%	$47.2M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.049	−0.002%	$227.8M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.058	+0.008%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.103	+0.056%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.203	+0.162%	$31.9M	$53.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.223	+0.183%	$7.6M	$45.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.200	+0.159%	$336K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.203	+0.162%	$681K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.272	+0.236%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.271	+0.234%	$498K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	94.074	+0.025%	$112K	$579K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.103	+0.056%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.085	+0.037%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.070	+0.021%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERPshort	+0.0104%	1h	94.160	+0.116%	$31K	$338K	12x
Extended HYPE-USD	+0.0104%	1h	94.037	−0.015%	$18.4M	$42.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.106	+0.059%	$400K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0132%	8h	94.172	+0.129%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.110	+0.063%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0228%	4h	94.250	+0.212%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	94.154	+0.110%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.301	+0.267%	$2.8M	$6.9M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0292%	1h	94.165	+0.122%	$7.4M	$4.6M	50x	as long as short
BloFin HYPE-USDT	+0.0309%	4h	94.057	+0.007%	$17.0M	$12.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0341% / S −0.0165%	1h	94.158	+0.115%	$1.4M	—	100x	as long as short
Hyperliquid HYPE	+0.0518%	1h	94.129	+0.083%	$2.05B	$668.7M	10x	as long as short
Kraken Futures PF_HYPEUSD	+0.0576%	1h	94.170	+0.127%	$21.0M	$29.2M	50x	as long as short