Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0069%/8h= +7.6% APRpaid last 24h +0.003%

Price spread now: Bullet against BingX−0.002%7-day average +0.036% · 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−$28as in the Price arb table

costs, in and out, $10k−$240.238% of the position

Long on BingX Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.043%+$4 on $10k

Price spread, last 4 days (all we have)+1.141%+$114 · spread now −0.002%, 7d avg +0.036%

Together, before fees+1.184%+$118 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bullet is 0.038% cheaper against BingX than usual: you would sell low and buy high (spread −0.002% now, against its 7-day average of +0.036%). If the spread goes back, that is −$4 on $10k: about 44 hours of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX HYPE-USDT	93.427	0.0006	pay 0.0003% / 4h	2h 03m	—	$53.4M	—
Short	Bullet HYPE-USD	93.425	0.0075	get 0.0009% / 1h	3m 49s	$112K	$578K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.002%Rate

Funding earned: $14.5
Price spread: −0.002% → +0.036%: −$3.78
Slippage, 4 orders: −$5.8
Fee BingX: 5 bp × 2 orders: −$10
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$13.08
Costs to cover: 0.238%
Break-even: 13.3 days

Slippage from BingX: live order book, 5 min ago; Bullet: live order book, 65 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, 5 min ago	0.11 bp	5.1 bp −$5	6.4 bp −$64	8.5 bp −$850	14.0 bp −$6,997
Sell Bullet live order book, 65 min ago	0.64 bp	7.2 bp −$7	10.6 bp −$106	doesn't fit	doesn't fit

HYPE on 54 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	−0.1120%	1h	93.308	−0.127%	$196K	$227K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.352	−0.080%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.347	−0.086%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0075%	8h	93.388	−0.042%	$12.6M	$2.7M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0061%	1h	93.330	−0.104%	$699K	$905K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0053%	4h	93.381	−0.049%	$156K	$640K	20x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.501	+0.079%	$85K	$347K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0034%	1h	93.481	+0.058%	$22K	$21K	10x	as long as short
Aster HYPEUSDT	−0.0003%	4h	93.448	+0.022%	$8.8M	$35.7M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.383	−0.047%	$128K	$31K	5x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.485	+0.062%	$22K	$321K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.438	+0.012%	$26K	—	150x	as long as short
BingX HYPE-USDTlong	+0.0006%	4h	93.427	long leg	—	$53.4M	—
Backpack HYPE_USDC_PERP	+0.0013%	1h	93.393	−0.036%	$7.4M	$10.4M	20x	as long as short
Bybit HYPEUSDT	+0.0016%	8h	93.359	−0.073%	$320.3M	$276.9M	75x	as long as short
Gate HYPE_USDT	+0.0018%	4h	93.429	+0.002%	$44.3M	$55.4M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.424	−0.003%	$210K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0070%	4h	93.434	+0.007%	$88.2M	$83.5M	100x	as long as short
Bullet HYPE-USDshort	+0.0075%	1h	93.425	−0.002%	$112K	$578K	20x
OKX HYPE-USDT-SWAP	+0.0076%	8h	93.374	−0.057%	$114.7M	$302.3M	50x	as long as short
Binance HYPEUSDT	+0.0080%	4h	93.407	−0.022%	$380.0M	$880.6M	75x	as long as short
edgeX HYPEUSDC	+0.0085%	4h	93.295	−0.142%	$5.0M	$30.0M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.445	+0.019%	$16.3M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.432	+0.005%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.480	+0.057%	$67K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.412	−0.016%	$397K	$172K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.459	+0.034%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.490	+0.067%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.422	−0.005%	$5.7M	$43.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.528	+0.108%	$2.04B	$657.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.427	0.000%	$10.0M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	−0.098%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.442	+0.016%	$46.2M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.426	−0.001%	$226.1M	$97.3M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.349	−0.084%	$31.1M	$54.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.391	−0.038%	$7.5M	$47.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.340	−0.093%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.370	−0.061%	$666K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.484	+0.061%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.475	+0.051%	$475K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.370	−0.061%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.367	−0.065%	$16.2M	$7.7M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.524	+0.104%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.401	−0.028%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.413	−0.015%	$18.3M	$43.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.410	−0.018%	$4.9M	$5.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	94.180	+0.806%	$31K	$339K	12x	as long as short
HTX HYPE-USDT	+0.0194%	4h	93.600	+0.185%	$1.4M	$5.9M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.559	+0.141%	$3.2M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0256%	1h	93.426	−0.002%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0279%	8h	93.460	+0.035%	$1.9M	$4.9M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.429	+0.003%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0382%	1h	93.477	+0.054%	$7.4M	$4.4M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0682%	1h	93.474	+0.050%	$20.8M	$29.8M	50x	as long as short