Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h +0.009%

Price spread now: Nado against BingX+0.015%7-day average +0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$190.195% of the position

Long on BingX Short on Nado

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.042%+$4 on $10k

Price spread, last 7 days+0.010%+$1 · spread now +0.015%, 7d avg +0.011%

Together, before fees+0.052%+ Points / potential airdropNado: Active · farm board+$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.011%, so right now this pair is about funding alone: +$3 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	94.987	0.0004	pay 0.0002% / 4h	2h 58m	—	$50.3M	—
Short	Nado HYPE-PERP	95.001	0.0100	get 0.0012% / 1h	58m 13s	$7.3M	$55.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.015%Rate

Funding earned: $20.16
Price spread: +0.015% → +0.011%: $0.33
Slippage, 4 orders: −$2.46
Fee BingX: 5 bp × 2 orders: −$10
Fee Nado: 3.5 bp × 2 orders: −$7
Net: $1.03
Costs to cover: 0.195%
Break-even: 6.6 days

Slippage from BingX: live order book, 6 min ago; Nado: live order book, 1 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, 6 min ago	0.10 bp	5.9 bp −$6	7.9 bp −$79	13.2 bp −$1,324	20.6 bp −$10.3K
Sell Nado live order book, 1 min ago	0.05 bp	4.7 bp −$5	7.6 bp −$76	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	−0.1064%	1h	94.977	−0.011%	$211K	$265K	7x	as long as short
Bluefin HYPE-PERP	−0.0785%	1h	94.953	−0.036%	$79K	$147K	20x	as long as short
Bullet HYPE-USD	−0.0486%	1h	94.997	+0.011%	$112K	$580K	20x	as long as short
Kraken Futures PF_HYPEUSD	−0.0376%	1h	94.986	−0.001%	$18.8M	$35.7M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0268%	1h	95.020	+0.035%	$695K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0256%	1h	94.999	+0.013%	$90K	$356K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0202%	1h	95.154	+0.176%	$22K	$19K	10x	as long as short
Arcus HYPE-USD	−0.0159%	1h	94.985	−0.002%	$1.0M	$3.1M	10x	as long as short
Phemex HYPEUSDT	−0.0142%	8h	95.003	+0.017%	$13.0M	$2.8M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.045	+0.061%	$3K	$331	25x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0078%	4h	94.980	−0.007%	$53.2M	$53.7M	75x	as long as short
Polymarket Perps HYPE-USD	−0.0048%	1h	95.028	+0.043%	$499K	$2.6M	20x	as long as short
Vest HYPE-PERP	−0.0044%	1h	95.073	+0.090%	—	$88K	5x	as long as short
Lighter RH HYPE	−0.0032%	1h	94.979	−0.008%	$3.2M	$9.8M	20x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0024%	1h	95.000	+0.014%	$4.7M	$5.7M	50x	as long as short
SoDEX HYPE-USD	−0.0012%	1h	94.975	−0.013%	$2.1M	$1.4M	10x	as long as short
Bybit HYPEUSDT	−0.0008%	8h	94.920	−0.071%	$319.2M	$281.8M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0007%	4h	94.966	−0.022%	$148K	$669K	20x	as long as short
Backpack HYPE_USDC_PERP	−0.0004%	1h	94.992	+0.005%	$7.3M	$10.2M	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	95.003	+0.017%	$130K	$93K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	95.103	+0.122%	$1.8M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	95.019	+0.034%	$19K	$271K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.100	+0.119%	$86K	—	150x	as long as short
BingX HYPE-USDTlong	+0.0004%	4h	94.987	long leg	—	$50.3M	—
Phoenix HYPE	+0.0008%	1h	95.157	+0.179%	$203K	$1.0M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0026%	8h	94.917	−0.074%	$118.6M	$320.7M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0034%	1h	95.079	+0.097%	$7.5M	$4.3M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0039%	8h	95.036	+0.052%	$340K	$38K	20x	as long as short
Bitget HYPEUSDT	+0.0050%	4h	94.997	+0.011%	$228.3M	$93.3M	75x	as long as short
Aster HYPEUSDT	+0.0066%	4h	94.966	−0.022%	$9.0M	$36.4M	300x	as long as short
edgeX HYPEUSDC	+0.0087%	4h	95.022	+0.037%	$5.0M	$31.1M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.993	+0.007%	$16.2M	$60.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.995	+0.008%	$266K	$1.3M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	95.010	+0.024%	$40K	$1.5M	10x	as long as short
Nado HYPE-PERPshort	+0.0100%	1h	95.001	+0.015%	$7.3M	$55.4M	10x
Hyperliquid HYPE	+0.0100%	1h	95.157	+0.179%	$2.10B	$675.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.047	+0.063%	$10.2M	$14.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.980	−0.007%	$381.7M	$907.9M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.176	+0.199%	$222K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.992	+0.005%	$86.8M	$85.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.006	+0.020%	$47.4M	$18.3M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.987	0.000%	$30.1M	$55.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.063	+0.080%	$7.7M	$43.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.023	+0.038%	$348K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.051	+0.067%	$691K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.870	−0.123%	$32K	$1.5M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.126	+0.146%	$1.4M	$6.7M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.967	−0.021%	$18.2M	$41.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.979	−0.008%	$401K	$136K	20x	as long as short
RISEx HYPE/USDC	+0.0166%	1h	95.038	+0.054%	$3.2M	$6.2M	20x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.988	+0.001%	$85K	$93K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.106	+0.125%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	95.006	+0.020%	$17.2M	$12.2M	75x	as long as short
Injective HYPE/USDC PERP	+0.0850%	1h	95.480	+0.519%	$31K	$335K	12x	as long as short