Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0923%/8h= −101.0% APRpaid last 24h −0.061%

Price spread now: Arcus against BingX−0.200%45s7-day average −0.010% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$160.165% of the position

Long on BingX Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.033%−$3 on $10k

Price spread, last 7 days+0.202%+$20 · spread now −0.200%, 7d avg −0.010%

Together, before fees+0.168%+$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$28 a day on $10k at the current rate, and Arcus is 0.190% cheaper against BingX than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of −0.010%). Swap the legs. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.033% in total (about -3.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX HYPE-USDT	93.540	0.0024	pay 0.0012% / 4h	1h 31m	—	$53.0M	—
Short	Arcus HYPE-USD	93.353	−0.0899	pay 0.0112% / 1h	31m 40s	$1.2M	$3.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against BingX. 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 BingXbpFee ArcusbpOrdersPrice spread, now −0.200%Rate

Funding earned: −$193.74
Price spread: −0.200% → −0.010%: −$18.99
Slippage, 4 orders: −$1.98
Fee BingX: 5 bp × 2 orders: −$10
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$229.21
Costs to cover: 0.165%
Break-even: never at this rate

Slippage from BingX: live order book, 7 min ago; Arcus: live order book, 2 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 BingX live order book, 7 min ago	0.11 bp	5.6 bp −$6	7.7 bp −$77	11.2 bp −$1,124	17.5 bp −$8,729
Sell Arcus live order book, 2 min ago	0.21 bp	2.9 bp −$3	3.9 bp −$39	276.6 bp −$27.7K	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	−0.1296%	1h	93.403	−0.147%	$196K	$226K	7x	as long as short
Arcus HYPE-USDshort	−0.0899%	1h	93.353	−0.200%	$1.2M	$3.8M	10x
Ondo Perps HYPE-USD.P	−0.0104%	1h	93.320	−0.235%	$699K	$996K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.479	−0.065%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0065%	8h	93.401	−0.149%	$12.6M	$2.7M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0064%	1h	93.426	−0.121%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.484	−0.060%	$85K	$344K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0042%	4h	93.423	−0.125%	$154K	$648K	20x	as long as short
Bullet HYPE-USD	−0.0006%	1h	93.440	−0.107%	$111K	$578K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.560	+0.021%	$128K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.447	−0.100%	$23K	$322K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.454	−0.092%	$62K	—	150x	as long as short
BingX HYPE-USDTlong	+0.0024%	4h	93.540	long leg	—	$53.0M	—
Phoenix HYPE	+0.0026%	1h	93.393	−0.157%	$213K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0026%	4h	93.531	−0.009%	$8.8M	$35.5M	300x	as long as short
Bybit HYPEUSDT	+0.0036%	8h	93.560	+0.021%	$321.8M	$277.0M	75x	as long as short
Gate HYPE_USDT	+0.0050%	4h	93.545	+0.005%	$44.7M	$54.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	93.550	+0.011%	$114.3M	$302.4M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.582	+0.045%	$16.3M	$61.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.569	+0.031%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.470	−0.075%	$69K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.492	−0.051%	$340K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0100%	4h	93.360	−0.192%	$5.1M	$29.7M	30x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.470	−0.075%	$17K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.441	−0.105%	$5.8M	$43.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.621	+0.087%	$2.04B	$654.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.587	+0.050%	$10.1M	$14.6M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.562	+0.023%	$379.4M	$876.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.364	−0.188%	$203K	$10K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.555	+0.016%	$89.9M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.552	+0.013%	$46.0M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.561	+0.022%	$226.2M	$96.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.407	−0.142%	$7.4M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.367	−0.185%	$31.1M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.422	−0.126%	$7.5M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.349	−0.204%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.512	−0.030%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.496	−0.047%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.496	−0.047%	$472K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.400	−0.150%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.389	−0.161%	$16.2M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.519	−0.022%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.415	−0.134%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.515	−0.027%	$18.4M	$43.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.423	−0.126%	$397K	$162K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.520	−0.021%	$4.8M	$5.6M	50x	as long as short
HTX HYPE-USDT	+0.0188%	4h	93.592	+0.056%	$1.4M	$6.0M	75x	as long as short
Reya HYPERUSDPERP	+0.0258%	1h	93.452	−0.094%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0278%	8h	93.461	−0.084%	$1.9M	$5.0M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0285%	1h	93.501	−0.042%	$7.5M	$4.4M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.460	−0.086%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.487	−0.057%	$17.0M	$11.6M	75x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.559	+0.021%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.370	−0.182%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0685%	1h	93.477	−0.067%	$20.8M	$29.7M	50x	as long as short