Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0063%/8h= −6.9% APRpaid last 24h +0.003%

Price spread now: Bybit against BingX+0.007%7-day average −0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$240.236% of the position

Long on BingX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.018%+$2 on $10k

Price spread, last 7 days−0.009%−$1 · spread now +0.007%, 7d avg −0.010%

Together, before fees+0.009%+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.010%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX HYPE-USDT	93.662	0.0100	pay 0.0050% / 4h	2h 23m	—	$54.2M	—
Short	Bybit HYPEUSDT	93.669	0.0037	get 0.0037% / 8h	2h 23m	$326.2M	$287.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.007%Rate

Funding earned: −$13.16
Price spread: +0.007% → −0.010%: $1.74
Slippage, 4 orders: −$2.56
Fee BingX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$34.98
Costs to cover: 0.236%
Break-even: never at this rate

Slippage from BingX: live order book, 10 min ago; Bybit: live order book, 5 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, 10 min ago	0.37 bp	6.1 bp −$6	6.2 bp −$62	11.8 bp −$1,181	17.2 bp −$8,601
Sell Bybit live order book, 5 min ago	0.54 bp	6.0 bp −$6	6.8 bp −$68	19.0 bp −$1,900	43.1 bp −$21.6K

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	−0.1008%	1h	93.638	−0.026%	$198K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0297%	1h	93.630	−0.034%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0237%	1h	93.630	−0.034%	$702K	$934K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.716	+0.058%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.683	+0.022%	$90K	$348K	20x	as long as short
Bullet HYPE-USD	−0.0027%	1h	93.725	+0.067%	$112K	$583K	20x	as long as short
Derive HYPE-PERP	−0.0009%	1h	93.678	+0.017%	$16.5M	$7.0M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.721	+0.063%	$128K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.725	+0.067%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.760	+0.104%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0029%	4h	93.736	+0.079%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0034%	4h	93.683	+0.022%	$44.1M	$57.0M	75x	as long as short
Bybit HYPEUSDTshort	+0.0037%	8h	93.669	+0.007%	$326.2M	$287.0M	75x
Popdex HYPEUSDT	+0.0064%	1h	93.649	−0.014%	$57K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0064%	4h	93.713	+0.054%	$175K	$536K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.742	+0.085%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.723	+0.065%	$18.6M	$59.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.723	+0.065%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.690	+0.029%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.710	+0.051%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.707	+0.048%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.790	+0.137%	$2.04B	$669.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.707	+0.048%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.679	+0.018%	$386.5M	$888.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.672	+0.011%	$115.1M	$315.9M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.642	−0.021%	$1.2M	$4.0M	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.673	+0.012%	$93.7M	$82.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.714	+0.056%	$46.5M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.672	+0.011%	$227.5M	$102.2M	75x	as long as short
BingX HYPE-USDTlong	+0.0100%	4h	93.662	long leg	—	$54.2M	—
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.747	+0.091%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.652	−0.011%	$29.0M	$50.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.613	−0.052%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.545	−0.125%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.686	+0.026%	$677K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.751	+0.095%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.751	+0.095%	$495K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.729	+0.072%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.761	+0.106%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.715	+0.057%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.689	+0.029%	$12.8M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.556	−0.113%	$204K	$12K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.643	−0.021%	$18.3M	$41.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.712	+0.054%	$399K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0105%	4h	93.554	−0.115%	$5.1M	$29.5M	30x	as long as short
Kalshi KXHYPEPERP	+0.0135%	8h	93.806	+0.154%	$1.9M	$5.3M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0166%	1h	93.826	+0.175%	$7.4M	$4.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.760	+0.105%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.717	+0.059%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.610	−0.056%	$30K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0313%	4h	93.884	+0.237%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0164%	1h	93.755	+0.099%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.691	+0.031%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.719	+0.061%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0572%	1h	93.807	+0.155%	$19.2M	$26.0M	50x	as long as short