Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0152%/8h= −16.6% APRpaid last 24h −0.038%

Price spread now: Ondo Perps against Binance−0.165%7-day average −0.001% · you buy dearer than you sell

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

Long on Binance Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.140%−$14 on $10k

Price spread, last 7 days−0.210%−$21 · spread now −0.165%, 7d avg −0.001%

Together, before fees−0.351%+ Points / potential airdropOndo Perps: Active · farm board−$35 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Ondo Perps is 0.164% cheaper against Binance than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of −0.001%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance HYPEUSDT	95.107	0.0045	pay 0.0023% / 4h	1h 08m	$382.8M	$848.6M	75x
Short	Ondo Perps HYPE-USD.P	94.950	−0.0106	pay 0.0013% / 1h	8m 35s	$680K	$1.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now −0.165%Rate

Funding earned: −$31.87
Price spread: −0.165% → −0.001%: −$16.36
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$63.23
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 13 min ago; Ondo Perps: 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, 13 min ago	0.05 bp	6.5 bp −$7	8.7 bp −$87	16.7 bp −$1,669	34.0 bp −$17.0K
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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 54 exchanges

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
Phemex HYPEUSDT	−0.0257%	8h	95.108	+0.001%	$13.0M	$2.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0252%	1h	95.058	−0.051%	$18.4M	$34.9M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0132%	1h	95.183	+0.080%	$22K	$17K	10x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.142	+0.037%	$1.1M	$2.7M	10x	as long as short
Ondo Perps HYPE-USD.Pshort	−0.0106%	1h	94.950	−0.165%	$680K	$1.3M	10x
01 Exchange HYPEUSD	−0.0080%	1h	95.104	−0.003%	$100K	$349K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.054	−0.055%	$3K	$421	25x	as long as short
Aster HYPEUSDT	−0.0079%	4h	95.067	−0.042%	$9.7M	$34.3M	300x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	94.998	−0.114%	$148K	$642K	20x	as long as short
Gate HYPE_USDT	−0.0062%	4h	95.112	+0.006%	$55.6M	$54.0M	75x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin HYPE-PERP	−0.0061%	1h	94.997	−0.115%	$79K	$132K	20x	as long as short
Bullet HYPE-USD	−0.0060%	1h	95.022	−0.089%	$113K	$582K	20x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	94.990	−0.123%	$4.7M	$5.5M	50x	as long as short
OKX HYPE-USDT-SWAP	−0.0031%	8h	95.051	−0.058%	$119.2M	$303.2M	50x	as long as short
Bitget HYPEUSDT	−0.0024%	4h	95.122	+0.016%	$230.4M	$86.2M	75x	as long as short
Phoenix HYPE	−0.0008%	1h	95.181	+0.078%	$198K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	95.022	−0.089%	$24K	$251K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.051	−0.058%	$99K	—	150x	as long as short
Lighter HYPE	+0.0016%	1h	95.118	+0.012%	$16.6M	$58.9M	20x	as long as short
Bybit HYPEUSDT	+0.0033%	8h	95.080	−0.028%	$320.9M	$263.3M	75x	as long as short
Binance HYPEUSDTlong	+0.0045%	4h	95.107	long leg	$382.8M	$848.6M	75x
MEXC HYPE_USDT	+0.0046%	4h	95.157	+0.053%	$90.5M	$84.8M	100x	as long as short
edgeX HYPEUSDC	+0.0046%	4h	95.146	+0.041%	$5.1M	$27.9M	30x	as long as short
BingX HYPE-USDT	+0.0052%	4h	95.110	+0.004%	—	$49.1M	—	as long as short
Popdex HYPEUSDT	+0.0056%	1h	95.081	−0.027%	$274K	$999K	50x	as long as short
dYdX HYPE-USD	+0.0066%	1h	95.118	+0.012%	$128K	$96K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0089%	8h	95.129	+0.023%	$339K	$30K	20x	as long as short
ApeX Omni HYPEUSDT	+0.0092%	1h	95.188	+0.086%	$324K	$926K	50x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.139	+0.034%	$3.2M	$10.4M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	95.006	−0.105%	$402K	$125K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.100	−0.007%	$40K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.005	−0.107%	$7.3M	$50.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.142	+0.037%	$10.3M	$13.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.233	+0.133%	$229K	$20K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.112	+0.006%	$47.6M	$17.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.043	−0.067%	$6.9M	$12.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.971	−0.143%	$29.7M	$52.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.037	−0.073%	$7.7M	$40.4M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.079	−0.029%	$692K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	95.075	−0.034%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.010	−0.102%	$504K	$2.4M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.072	−0.036%	$32K	$1.4M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	95.065	−0.044%	$2.1M	$335K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.107	0.000%	$1.4M	$5.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.084	−0.024%	$18.3M	$38.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0118%	1h	95.115	+0.009%	$7.5M	$4.2M	50x	as long as short
Kalshi KXHYPEPERP	+0.0121%	8h	95.145	+0.040%	$1.8M	$5.0M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.038	−0.072%	$3.1M	$5.2M	20x	as long as short
Hyperliquid HYPE	+0.0152%	1h	95.224	+0.123%	$2.11B	$643.7M	10x	as long as short
BloFin HYPE-USDT	+0.0194%	4h	95.035	−0.075%	$17.5M	$11.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0269%	1h	95.038	−0.072%	$85K	$90K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	95.052	−0.057%	$1.4M	—	100x	as long as short
Hibachi HYPE/USDT-P	+0.0680%	1h	95.155	+0.051%	$216K	$278K	7x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.600	+0.519%	$31K	$334K	12x	as long as short