Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.068%

Price spread now: Hyperliquid against BingX+0.112%7-day average +0.017% · you sell dearer than you buy

Net, funding: paid 7d − costs−$5as in the Funding arb table

Net, price: spread back to 7d avg − costs−$10as in the Price arb table

costs, in and out, $10k−$190.194% of the position

Long on BingX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.148%+$15 on $10k

Price spread, last 7 days−0.105%−$11 · spread now +0.112%, 7d avg +0.017%

Together, before fees+0.042%+ Points / potential airdropHyperliquid: Season 2 · farm board+$4 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: Hyperliquid is 0.095% dearer against BingX than usual: you sell high and buy low, +$10 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	93.826	0.0100	pay 0.0050% / 4h	6m 00s	—	$54.2M	—
Short	Hyperliquid HYPE	93.931	0.0100	get 0.0013% / 1h	6m 00s	$2.04B	$679.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.112%Rate

Funding earned: $0
Price spread: +0.112% → +0.017%: $9.5
Slippage, 4 orders: −$0.36
Fee BingX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$9.86
Costs to cover: 0.194%
Break-even: never at this rate

Slippage from BingX: live order book, 8 min ago; Hyperliquid: live order book, 8 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, 8 min ago	0.11 bp	5.1 bp −$5	6.3 bp −$63	11.0 bp −$1,097	14.5 bp −$7,227
Sell Hyperliquid live order book, 8 min ago	0.05 bp	4.6 bp −$5	6.8 bp −$68	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-P	−0.1320%	1h	93.960	+0.143%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0367%	1h	93.902	+0.081%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.759	−0.071%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0122%	1h	93.750	−0.081%	$704K	$916K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.840	+0.015%	$86K	$368K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.872	+0.049%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0004%	4h	93.837	+0.012%	$170K	$593K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.941	+0.123%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.859	+0.035%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.865	+0.042%	$27K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Derive HYPE-PERP	+0.0003%	1h	93.775	−0.054%	$16.4M	$7.2M	10x	as long as short
Phoenix HYPE	+0.0009%	1h	93.978	+0.162%	$217K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0016%	4h	93.859	+0.035%	$8.9M	$36.1M	300x	as long as short
Bybit HYPEUSDT	+0.0019%	8h	93.840	+0.015%	$322.9M	$283.8M	75x	as long as short
Phemex HYPEUSDT	+0.0037%	8h	93.889	+0.067%	$12.8M	$2.6M	50x	as long as short
Binance HYPEUSDT	+0.0050%	4h	93.837	+0.012%	$383.6M	$898.3M	75x	as long as short
MEXC HYPE_USDT	+0.0052%	4h	93.846	+0.021%	$88.3M	$82.3M	100x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.851	+0.027%	$60K	$1.2M	50x	as long as short
Gate HYPE_USDT	+0.0068%	4h	93.833	+0.007%	$44.1M	$60.0M	75x	as long as short
edgeX HYPEUSDC	+0.0070%	4h	93.898	+0.077%	$5.1M	$29.7M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0089%	8h	93.866	+0.043%	$115.8M	$322.5M	50x	as long as short
Bullet HYPE-USD	+0.0089%	1h	93.824	−0.002%	$112K	$578K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.889	+0.067%	$18.9M	$60.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.866	+0.043%	$3.0M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.830	+0.004%	$399K	$318K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.860	+0.036%	$38K	$1.6M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.886	+0.064%	$341K	$171K	20x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.849	+0.024%	$5.7M	$44.4M	10x	as long as short
Hyperliquid HYPEshort	+0.0100%	1h	93.931	+0.112%	$2.04B	$679.6M	10x
Pacifica HYPE	+0.0100%	1h	93.871	+0.048%	$10.1M	$14.5M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.889	+0.067%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.838	+0.013%	$46.5M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.863	+0.039%	$227.3M	$102.1M	75x	as long as short
BingX HYPE-USDTlong	+0.0100%	4h	93.826	long leg	—	$54.2M	—
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.869	+0.046%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.812	−0.015%	$31.3M	$54.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.967	+0.150%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.874	+0.051%	$364K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.906	+0.085%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.879	+0.057%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.867	+0.044%	$471K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.827	+0.001%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.873	+0.050%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.828	+0.002%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.622%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.849	+0.025%	$18.3M	$42.8M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.940	+0.122%	$4.9M	$5.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0156%	8h	93.902	+0.081%	$1.9M	$5.0M	2.3x	as long as short
HTX HYPE-USDT	+0.0192%	4h	94.011	+0.197%	$1.5M	$7.8M	75x	as long as short
BloFin HYPE-USDT	+0.0210%	4h	93.870	+0.047%	$17.0M	$12.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	93.819	−0.008%	$77K	$142K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0283%	1h	93.935	+0.116%	$7.5M	$4.6M	50x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.903	+0.083%	$2.8M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0163%	1h	93.861	+0.038%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0578%	1h	93.949	+0.131%	$21.0M	$29.5M	50x	as long as short