Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0041%/8h= +4.5% APRpaid last 24h −0.026%

Price spread now: BingX against Bluefin+0.020%7-day average −0.008% · you sell dearer than you buy

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$440.436% of the position

Long on Bluefin Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.030%+$3 on $10k

Price spread, last 3 days (all we have)−0.024%−$2 · spread now +0.020%, 7d avg −0.008%

Together, before fees+0.006%+$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and BingX is 0.028% dearer against Bluefin than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin HYPE-PERP	93.083	−0.0023	get 0.0003% / 1h	42m 25s	$79K	$173K	20x
Short	BingX HYPE-USDT	93.102	0.0018	get 0.0009% / 4h	2h 42m	—	$54.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Bluefin. 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 BluefinbpFee BingXbpOrdersPrice spread, now +0.020%Rate

Funding earned: $8.6
Price spread: +0.020% → −0.008%: $2.81
Slippage, 4 orders: −$26.64
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$32.23
Costs to cover: 0.436%
Break-even: 33.2 days

Slippage from Bluefin: live order book, 27 min ago; BingX: live order book, 11 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 Bluefin live order book, 27 min ago	5.49 bp	17.2 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 11 min ago	0.11 bp	5.1 bp −$5	5.2 bp −$52	12.3 bp −$1,235	18.6 bp −$9,319

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	−0.0976%	1h	93.346	+0.283%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.001	−0.088%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0163%	1h	93.316	+0.251%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0133%	1h	93.340	+0.276%	$698K	$979K	10x	as long as short
Backpack HYPE_USDC_PERP	−0.0092%	1h	93.215	+0.142%	$7.8M	$10.4M	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.140	+0.061%	$84K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.127	+0.047%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0078%	4h	93.116	+0.035%	$44.1M	$54.1M	75x	as long as short
Phemex HYPEUSDT	−0.0068%	8h	93.331	+0.266%	$12.7M	$2.7M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0056%	4h	93.107	+0.026%	$155K	$652K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0029%	4h	93.148	+0.069%	$8.8M	$36.2M	300x	as long as short
Bluefin HYPE-PERPlong	−0.0023%	1h	93.083	long leg	$79K	$173K	20x
dYdX HYPE-USD	0.0000%	1h	93.166	+0.089%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.145	+0.066%	$22K	$333K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.129	+0.049%	$25K	—	150x	as long as short
Bybit HYPEUSDT	+0.0007%	8h	93.100	+0.018%	$318.3M	$283.4M	75x	as long as short
BingX HYPE-USDTshort	+0.0018%	4h	93.102	+0.020%	—	$54.2M	—
Bullet HYPE-USD	+0.0038%	1h	93.099	+0.017%	$111K	$579K	20x	as long as short
MEXC HYPE_USDT	+0.0042%	4h	93.135	+0.056%	$87.8M	$82.5M	100x	as long as short
Binance HYPEUSDT	+0.0044%	4h	93.108	+0.027%	$378.8M	$905.2M	75x	as long as short
edgeX HYPEUSDC	+0.0059%	4h	93.354	+0.291%	$5.1M	$30.0M	30x	as long as short
Phoenix HYPE	+0.0060%	1h	93.266	+0.197%	$212K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0063%	8h	93.130	+0.050%	$114.7M	$314.6M	50x	as long as short
Derive HYPE-PERP	+0.0065%	1h	93.091	+0.009%	$16.2M	$7.6M	10x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.094	+0.012%	$396K	$177K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.201	+0.127%	$339K	$165K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.122	+0.042%	$16.4M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.133	+0.054%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.133	+0.054%	$65K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.160	+0.083%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.138	+0.060%	$6.5M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.229	+0.157%	$2.03B	$675.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.153	+0.075%	$10.0M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.404	+0.344%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.136	+0.057%	$45.9M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.133	+0.054%	$225.4M	$100.7M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.241	+0.169%	$30.9M	$55.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.215	+0.142%	$7.5M	$47.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.381	+0.320%	$337K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.389	+0.329%	$666K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.206	+0.132%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.162	+0.085%	$466K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.364	+0.302%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.281	+0.213%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.092	+0.009%	$18.4M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.400	+0.341%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.330	+0.265%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0175%	4h	93.407	+0.348%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.177	+0.101%	$2.7M	$6.7M	20x	as long as short
HTX HYPE-USDT	+0.0245%	4h	93.499	+0.447%	$1.4M	$6.1M	75x	as long as short
Reya HYPERUSDPERP	+0.0254%	1h	93.133	+0.054%	$79K	$142K	15x	as long as short
Kalshi KXHYPEPERP	+0.0259%	8h	93.416	+0.358%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0158%	1h	93.137	+0.058%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0479%	1h	93.399	+0.339%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0683%	1h	93.362	+0.299%	$20.8M	$30.0M	50x	as long as short