Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0267%/8h= +29.2% APRpaid last 24h +0.083%

Price spread now: RISEx against BingX+0.024%7-day average +0.007% · 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−$17as in the Price arb table

costs, in and out, $10k−$190.186% of the position

Long on BingX Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.216%+$22 on $10k

Price spread, last 7 days−0.045%−$5 · spread now +0.024%, 7d avg +0.007%

Together, before fees+0.170%+$17 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.007%, so right now this pair is about funding alone: +$8 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	94.450	−0.0018	get 0.0009% / 4h	13m 28s	—	$52.8M	—
Short	RISEx HYPE/USDC	94.472	0.0249	get 0.0031% / 1h	13m 28s	$3.2M	$6.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now +0.024%Rate

Funding earned: $56.01
Price spread: +0.024% → +0.007%: $1.6
Slippage, 4 orders: −$2.57
Fee BingX: 5 bp × 2 orders: −$10
Fee RISEx: 3 bp × 2 orders: −$6
Net: $39.04
Costs to cover: 0.186%
Break-even: 2.1 days

Slippage from BingX: live order book, 5 min ago; RISEx: 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, 5 min ago	0.11 bp	5.5 bp −$5	5.8 bp −$58	10.8 bp −$1,084	15.3 bp −$7,662
Sell RISEx live order book, 1 min ago	1.01 bp	4.0 bp −$4	5.0 bp −$50	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	−0.1672%	1h	94.413	−0.039%	$204K	$266K	7x	as long as short
Bluefin HYPE-PERP	−0.0392%	1h	94.433	−0.018%	$80K	$151K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0214%	1h	94.390	−0.064%	$712K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0182%	1h	94.462	+0.012%	$111K	$575K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0162%	1h	94.403	−0.050%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.470	+0.021%	$88K	$365K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.424	−0.028%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0048%	1h	94.403	−0.050%	$16.4M	$7.4M	10x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.435	−0.016%	$1.0M	$3.6M	10x	as long as short
Lighter HYPE	−0.0032%	1h	94.442	−0.008%	$16.4M	$64.6M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0019%	8h	94.450	0.000%	$317.4M	$288.9M	75x	as long as short
BingX HYPE-USDTlong	−0.0018%	4h	94.450	long leg	—	$52.8M	—
Orderly PERP_HYPE_USDC	−0.0009%	4h	94.433	−0.018%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.464	+0.015%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.538	+0.093%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.527	+0.082%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.464	+0.015%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.481	+0.033%	$124K	—	150x	as long as short
Polymarket Perps HYPE-USD	+0.0014%	1h	94.475	+0.026%	$498K	$2.8M	20x	as long as short
Bitget HYPEUSDT	+0.0024%	4h	94.425	−0.026%	$226.8M	$100.2M	75x	as long as short
Phemex HYPEUSDT	+0.0036%	8h	94.448	−0.002%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0037%	8h	94.486	+0.038%	$338K	$154K	20x	as long as short
Vest HYPE-PERP	+0.0046%	1h	94.519	+0.073%	—	$190K	5x	as long as short
SoDEX HYPE-USD	+0.0055%	1h	94.472	+0.023%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.470	+0.021%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	94.451	+0.001%	$117.8M	$325.7M	50x	as long as short
edgeX HYPEUSDC	+0.0083%	4h	94.403	−0.049%	$5.0M	$30.8M	30x	as long as short
Gate HYPE_USDT	+0.0092%	4h	94.438	−0.013%	$50.3M	$56.8M	75x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.448	−0.002%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.446	−0.004%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.440	−0.011%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.434	−0.016%	$7.2M	$52.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.534	+0.089%	$2.08B	$688.2M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.459	+0.010%	$8.9M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.469	+0.020%	$10.2M	$15.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.457	+0.007%	$378.7M	$933.0M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.307	−0.152%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.456	+0.006%	$89.8M	$84.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.439	−0.012%	$46.9M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.438	−0.013%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.390	−0.063%	$29.6M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.449	−0.001%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.394	−0.059%	$353K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.412	−0.040%	$682K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.540	+0.095%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.574	+0.131%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.414	−0.038%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.472	+0.024%	$399K	$153K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.452	+0.002%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0184%	1h	94.553	+0.109%	$7.4M	$4.3M	50x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.307%	$31K	$340K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.510	+0.063%	$20.2M	$30.2M	50x	as long as short
RISEx HYPE/USDCshort	+0.0249%	1h	94.472	+0.024%	$3.2M	$6.4M	20x
Reya HYPERUSDPERP	+0.0272%	1h	94.435	−0.016%	$83K	$122K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.400	−0.053%	$17.1M	$12.4M	75x	as long as short