Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0170%/8h= −18.7% APRpaid last 24h −0.019%

Price spread now: Ondo Perps against BingX−0.102%7-day average +0.007% · you buy dearer than you sell

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

Long on BingX Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.050%−$5 on $10k

Price spread, last 7 days−0.070%−$7 · spread now −0.102%, 7d avg +0.007%

Together, before fees−0.121%+ Points / potential airdropOndo Perps: Active · farm board−$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Ondo Perps is 0.109% cheaper against BingX than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of +0.007%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX HYPE-USDT	93.135	0.0036	pay 0.0018% / 4h	1h 12m	—	$52.9M	—
Short	Ondo Perps HYPE-USD.P	93.040	−0.0134	pay 0.0017% / 1h	12m 01s	$699K	$1.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now −0.102%Rate

Funding earned: −$35.78
Price spread: −0.102% → +0.007%: −$10.92
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$61.71
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 7 min ago; Ondo Perps: 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, 7 min ago	0.11 bp	15.6 bp −$16	15.6 bp −$156	15.6 bp −$1,561	20.9 bp −$10.5K
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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	−0.1000%	1h	93.101	−0.037%	$197K	$227K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	92.998	−0.147%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.Pshort	−0.0134%	1h	93.040	−0.102%	$699K	$1.0M	10x
Hotstuff HYPE-PERP	−0.0080%	1h	93.088	−0.050%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.114	−0.023%	$85K	$345K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0050%	1h	93.224	+0.096%	$22K	$21K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0049%	4h	93.120	−0.016%	$155K	$654K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.083	−0.055%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.132	−0.003%	$23K	$319K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.151	+0.018%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet HYPE-USD	+0.0012%	1h	93.095	−0.043%	$111K	$579K	20x	as long as short
Phemex HYPEUSDT	+0.0015%	8h	93.131	−0.004%	$12.6M	$2.7M	50x	as long as short
Aster HYPEUSDT	+0.0018%	4h	93.147	+0.013%	$8.8M	$35.9M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.156	+0.023%	$212K	$1.2M	10x	as long as short
BingX HYPE-USDTlong	+0.0036%	4h	93.135	long leg	—	$52.9M	—
Gate HYPE_USDT	+0.0044%	4h	93.172	+0.040%	$44.5M	$55.5M	75x	as long as short
Bybit HYPEUSDT	+0.0047%	8h	93.230	+0.102%	$320.7M	$277.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	93.232	+0.104%	$113.6M	$299.5M	50x	as long as short
Derive HYPE-PERP	+0.0094%	1h	93.100	−0.037%	$16.1M	$7.5M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.136	+0.001%	$16.2M	$62.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.125	−0.011%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.101	−0.037%	$70K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.159	+0.026%	$339K	$162K	20x	as long as short
MEXC HYPE_USDT	+0.0098%	4h	93.230	+0.102%	$89.5M	$81.2M	100x	as long as short
Binance HYPEUSDT	+0.0098%	4h	93.227	+0.099%	$376.9M	$880.3M	75x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.120	−0.016%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.095	−0.043%	$5.8M	$43.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.176	+0.044%	$2.03B	$657.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.134	−0.001%	$10.0M	$14.8M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.235	+0.107%	$45.8M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.240	+0.113%	$225.5M	$96.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.115	−0.021%	$7.3M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.377	+0.260%	$31.1M	$53.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.364	+0.245%	$7.5M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.292	+0.169%	$339K	$998K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.148	+0.014%	$665K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.139	+0.005%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.139	+0.004%	$481K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.107	−0.030%	$79K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.158	+0.025%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.125	−0.011%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.155	+0.021%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.212	+0.082%	$18.3M	$42.9M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.121	−0.015%	$396K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0117%	4h	93.295	+0.172%	$5.0M	$29.1M	30x	as long as short
HTX HYPE-USDT	+0.0138%	4h	93.247	+0.120%	$1.4M	$6.0M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.150	+0.016%	$4.8M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0259%	1h	93.092	−0.046%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0269%	8h	93.154	+0.020%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	93.137	+0.003%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0339%	4h	93.088	−0.050%	$17.0M	$11.5M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0394%	1h	93.217	+0.088%	$7.4M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.194	+0.063%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.730	+0.639%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0687%	1h	93.182	+0.050%	$20.7M	$29.8M	50x	as long as short