Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0005%/8h= −0.6% APRpaid last 24h +0.001%

Price spread now: Derive against BingX−0.098%7-day average −0.017% · you buy dearer than you sell

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

Long on BingX Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.060%+$6 on $10k

Price spread, last 3 days (all we have)+0.064%+$6 · spread now −0.098%, 7d avg −0.017%

Together, before fees+0.124%+$12 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Derive is 0.082% cheaper against BingX than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of −0.017%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX HYPE-USDT	94.178	0.0100	pay 0.0050% / 4h	48m 29s	—	$54.0M	—
Short	Derive HYPE-PERP	94.085	0.0095	get 0.0012% / 1h	48m 29s	$16.5M	$6.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against BingX. 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 BingXbpFee DerivebpOrdersPrice spread, now −0.098%Rate

Funding earned: −$1.07
Price spread: −0.098% → −0.017%: −$8.18
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Derive: 3 bp × 2 orders: −$6
Net: −$25.26
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 5 min ago; Derive: 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 BingX live order book, 5 min ago	0.32 bp	5.3 bp −$5	6.1 bp −$61	11.0 bp −$1,105	14.8 bp −$7,416
Sell Derive no order-book sample	—	—	—	—	—

Derive: 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 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	−0.0608%	1h	94.035	−0.152%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0460%	1h	93.968	−0.223%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	94.106	−0.076%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.158	−0.021%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.189	+0.012%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.114	−0.068%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.180	+0.002%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	94.176	−0.002%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0013%	4h	94.134	−0.047%	$176K	$526K	20x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	94.176	−0.002%	$324.9M	$281.3M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0040%	4h	94.196	+0.019%	$8.9M	$35.8M	300x	as long as short
Ondo Perps HYPE-USD.P	+0.0059%	1h	94.020	−0.168%	$704K	$907K	10x	as long as short
Phemex HYPEUSDT	+0.0062%	8h	94.101	−0.082%	$12.8M	$2.6M	50x	as long as short
01 Exchange HYPEUSD	+0.0072%	1h	94.204	+0.028%	$87K	$364K	20x	as long as short
MEXC HYPE_USDT	+0.0074%	4h	94.196	+0.019%	$88.2M	$80.9M	100x	as long as short
Binance HYPEUSDT	+0.0076%	4h	94.205	+0.029%	$386.0M	$889.2M	75x	as long as short
Gate HYPE_USDT	+0.0076%	4h	94.194	+0.017%	$44.3M	$58.2M	75x	as long as short
Derive HYPE-PERPshort	+0.0095%	1h	94.085	−0.098%	$16.5M	$6.9M	10x
edgeX HYPEUSDC	+0.0095%	4h	94.085	−0.099%	$5.1M	$29.8M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.232	+0.058%	$19.1M	$59.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.225	+0.050%	$3.1M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.193	+0.016%	$64K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.195	+0.018%	$342K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.230	+0.055%	$30K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.194	+0.016%	$5.8M	$44.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.220	+0.045%	$10.2M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.184	+0.006%	$116.0M	$319.1M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.095	−0.088%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.211	+0.035%	$47.3M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.193	+0.016%	$228.1M	$102.7M	75x	as long as short
BingX HYPE-USDTlong	+0.0100%	4h	94.178	long leg	—	$54.0M	—
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.193	+0.016%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.073	−0.111%	$32.2M	$53.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.128	−0.053%	$7.6M	$45.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.127	−0.054%	$336K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.143	−0.037%	$681K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.239	+0.065%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.231	+0.056%	$486K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	94.160	−0.019%	$113K	$578K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.128	−0.053%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.193	+0.016%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.160	−0.019%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.090	−0.093%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.159	−0.021%	$18.7M	$42.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.166	−0.013%	$401K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0124%	8h	94.192	+0.015%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.190	+0.013%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0231%	4h	94.317	+0.148%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	94.202	+0.026%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.249	+0.075%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0302%	1h	94.244	+0.070%	$7.4M	$4.5M	50x	as long as short
BloFin HYPE-USDT	+0.0303%	4h	94.117	−0.065%	$17.0M	$12.3M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0341% / S −0.0165%	1h	94.145	−0.035%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0576%	1h	94.256	+0.083%	$21.1M	$29.1M	50x	as long as short
Hyperliquid HYPE	+0.0714%	1h	94.302	+0.132%	$2.06B	$667.5M	10x	as long as short