Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.1002%/8h= −109.7% APRpaid last 24h −0.247%

Price spread now: Hibachi against BingX−0.114%7-day average −0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$233as in the Funding arb table

Net, price: spread back to 7d avg − costs−$75as in the Price arb table

costs, in and out, $10k−$690.693% of the position

Long on BingX Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days−1.637%−$164 on $10k

Price spread, last 4 days (all we have)+0.195%+$19 · spread now −0.114%, 7d avg −0.053%

Together, before fees−1.442%+ Points / potential airdropHibachi: Active · farm board−$144 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$30 a day on $10k at the current rate, and Hibachi is 0.062% cheaper against BingX than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.053%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX HYPE-USDT	93.560	0.0002	pay 0.0001% / 4h	1h 29m	—	$53.5M	—
Short	Hibachi HYPE/USDT-P	93.453	−0.1000	pay 0.0125% / 1h	29m 54s	$198K	$240K	7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi 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 HibachibpOrdersPrice spread, now −0.114%Rate

Funding earned: −$210.42
Price spread: −0.114% → −0.053%: −$6.16
Slippage, 4 orders: −$50.29
Fee BingX: 5 bp × 2 orders: −$10
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$285.87
Costs to cover: 0.693%
Break-even: never at this rate

Slippage from BingX: live order book, 4 min ago; Hibachi: live order book, 14 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, 4 min ago	0.11 bp	5.7 bp −$6	7.0 bp −$70	11.7 bp −$1,170	15.8 bp −$7,879
Sell Hibachi live order book, 14 min ago	18.66 bp	24.5 bp −$24	43.9 bp −$439	doesn't fit	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-Pshort	−0.1000%	1h	93.453	−0.114%	$198K	$240K	7x
Aftermath Perps HYPEUSD	−0.0194%	1h	93.498	−0.067%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0087%	1h	93.420	−0.150%	$703K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0086%	1h	93.533	−0.029%	$111K	$579K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.493	−0.072%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.558	−0.002%	$86K	$369K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0021%	4h	93.537	−0.025%	$145K	$685K	20x	as long as short
Bluefin HYPE-PERP	−0.0017%	1h	93.544	−0.017%	$79K	$155K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.519	−0.044%	$128K	$26K	5x	as long as short
Bybit HYPEUSDT	0.0000%	8h	93.554	−0.006%	$315.7M	$287.9M	75x	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	93.513	−0.050%	$20K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.520	−0.043%	$83K	—	150x	as long as short
BingX HYPE-USDTlong	+0.0002%	4h	93.560	long leg	—	$53.5M	—
Derive HYPE-PERP	+0.0007%	1h	93.302	−0.275%	$16.2M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0017%	1h	93.508	−0.056%	$209K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0046%	4h	93.584	+0.026%	$225.4M	$99.6M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0076%	8h	93.565	+0.005%	$334K	$161K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.504	−0.060%	$1.0M	$4.0M	10x	as long as short
edgeX HYPEUSDC	+0.0084%	4h	93.440	−0.128%	$5.0M	$30.6M	30x	as long as short
Phemex HYPEUSDT	+0.0093%	8h	93.557	−0.003%	$12.8M	$2.8M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.557	−0.003%	$16.1M	$64.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.560	0.000%	$3.1M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.525	−0.037%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.510	−0.053%	$21K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.510	−0.053%	$7.5M	$50.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.634	+0.079%	$2.05B	$682.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.578	+0.019%	$8.8M	$37.0M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.547	−0.014%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.585	+0.027%	$374.5M	$929.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.560	0.000%	$115.5M	$315.1M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.557	−0.003%	$48.6M	$55.3M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.573	+0.014%	$90.4M	$84.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.570	+0.011%	$46.3M	$18.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.561	+0.001%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.449	−0.119%	$28.7M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.469	−0.097%	$7.5M	$48.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.494	−0.071%	$354K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.466	−0.100%	$677K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.584	+0.026%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.570	+0.011%	$470K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.584	+0.026%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.560	0.000%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.700	+0.150%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.438	−0.130%	$216K	$15K	10x	as long as short
Kalshi KXHYPEPERP	+0.0104%	8h	93.542	−0.019%	$1.8M	$5.6M	2.3x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.535	−0.027%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.549	−0.012%	$395K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.600	+0.043%	$4.7M	$6.1M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0152% / S +0.0022%	1h	93.515	−0.048%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.460	−0.107%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.543	−0.018%	$77K	$129K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0284%	1h	93.642	+0.088%	$7.5M	$4.2M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.489	−0.076%	$16.9M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0415%	1h	93.626	+0.070%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.563	+0.004%	$3.2M	$6.4M	20x	as long as short