Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:07 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.003%

Price spread now: Perpl against BingX+0.059%93s7-day average +0.026% · you sell dearer than you buy

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

Long on BingX Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days−0.073%−$7 on $10k

Price spread, last 4 days (all we have)+1.106%+$111 · spread now +0.059%, 7d avg +0.026%

Together, before fees+1.034%+ Points / potential airdropPerpl: Active · farm board+$103 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Perpl is 0.033% dearer against BingX than usual: you sell high and buy low (spread +0.059% now, against its 7-day average of +0.026%): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 26 hours. At the pace of the last 7 days (−0.073% in total) that is about 3.2 days. The two prices were read 93 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX HYPE-USDT	94.790	0.0100	pay 0.0050% / 4h	3h 51m	—	$53.4M	—
Short	Perpl HYPE	94.846	0	get 0.0000% / 43m	23m 52s	$19K	$285K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now +0.059%Rate

Funding earned: −$21
Price spread: +0.059% → +0.026%: $3.27
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$41.53
Costs to cover: 0.238%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 2 min ago; Perpl: 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, 2 min ago	0.16 bp	6.4 bp −$6	7.2 bp −$72	12.6 bp −$1,261	19.5 bp −$9,726
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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	−0.1432%	1h	94.783	−0.008%	$208K	$267K	7x	as long as short
Phemex HYPEUSDT	−0.0429%	8h	94.781	−0.009%	$12.9M	$2.9M	50x	as long as short
Bluefin HYPE-PERP	−0.0323%	1h	94.789	−0.001%	$80K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0320%	1h	94.714	−0.081%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0149%	1h	94.818	+0.029%	$112K	$576K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.825	+0.037%	$1.0M	$3.5M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.756	−0.036%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0074%	1h	94.810	+0.021%	$714K	$1.2M	10x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	94.869	+0.083%	$88K	$364K	20x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.847	+0.060%	$20.3M	$30.3M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0007%	4h	94.791	+0.001%	$147K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.808	+0.019%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.899	+0.115%	$1.9M	$5.5M	2.3x	as long as short
Perpl HYPEshort	0.0000%	43m	94.846	+0.059%	$19K	$285K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.763	−0.029%	$124K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.810	+0.021%	$208K	$1.2M	10x	as long as short
Bitget HYPEUSDT	+0.0012%	4h	94.813	+0.024%	$227.4M	$99.6M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.880	+0.095%	$4.7M	$6.2M	50x	as long as short
Derive HYPE-PERP	+0.0022%	1h	94.691	−0.104%	$16.4M	$7.4M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0051%	8h	94.873	+0.087%	$339K	$154K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0064%	8h	94.786	−0.004%	$118.2M	$327.6M	50x	as long as short
Bybit HYPEUSDT	+0.0067%	8h	94.786	−0.004%	$317.4M	$289.1M	75x	as long as short
Vest HYPE-PERP	+0.0069%	1h	94.911	+0.128%	—	$190K	5x	as long as short
Lighter HYPE	+0.0080%	1h	94.818	+0.029%	$16.3M	$61.8M	20x	as long as short
edgeX HYPEUSDC	+0.0083%	4h	94.539	−0.265%	$5.0M	$30.7M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.821	+0.033%	$3.2M	$10.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.853	+0.066%	$144K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.840	+0.053%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.840	+0.053%	$7.3M	$52.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.924	+0.141%	$2.09B	$688.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.801	+0.012%	$9.6M	$37.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.869	+0.083%	$10.2M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.798	+0.009%	$380.7M	$934.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.685	−0.111%	$219K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.808	+0.019%	$51.0M	$53.7M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.812	+0.023%	$93.8M	$84.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.794	+0.004%	$46.9M	$18.9M	75x	as long as short
BingX HYPE-USDTlong	+0.0100%	4h	94.790	long leg	—	$53.4M	—
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.795	+0.005%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.549	−0.254%	$29.9M	$55.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.656	−0.142%	$7.6M	$44.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.534	−0.270%	$351K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.821	+0.033%	$694K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.922	+0.139%	$501K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.905	+0.121%	$33K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.807	+0.018%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.972	+0.192%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.791	+0.001%	$18.4M	$43.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.830	+0.042%	$401K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.889	+0.105%	$3.2M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	94.950	+0.169%	$31K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.803	+0.014%	$83K	$118K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0277%	1h	94.894	+0.110%	$7.5M	$4.3M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0327% / S −0.0152%	1h	94.881	+0.096%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.800	+0.011%	$17.2M	$12.5M	75x	as long as short