Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0090%/8h= +9.8% APRpaid last 24h +0.001%

Price spread now: Binance against Bullet+0.072%7-day average −0.013% · 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−$16as in the Price arb table

costs, in and out, $10k−$250.250% of the position

Long on Bullet Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.006%+$1 on $10k

Price spread, last 4 days (all we have)−0.643%−$64 · spread now +0.072%, 7d avg −0.013%

Together, before fees−0.637%−$64 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Binance is 0.085% dearer against Bullet than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet HYPE-USD	93.226	0.0008	pay 0.0001% / 1h	11m 15s	$111K	$579K	20x
Short	Binance HYPEUSDT	93.293	0.0098	get 0.0049% / 4h	1h 11m	$377.2M	$880.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Bullet. 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 BulletbpFee BinancebpOrdersPrice spread, now +0.072%Rate

Funding earned: $18.83
Price spread: +0.072% → −0.013%: $8.51
Slippage, 4 orders: −$6.98
Fee Bullet: 4 bp × 2 orders: −$8
Fee Binance: 5 bp × 2 orders: −$10
Net: $2.35
Costs to cover: 0.250%
Break-even: 6.1 days

Slippage from Bullet: live order book, 53 min ago; Binance: live order book, 3 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 Bullet live order book, 53 min ago	0.48 bp	6.0 bp −$6	12.1 bp −$121	doesn't fit	doesn't fit
Sell Binance live order book, 3 min ago	0.05 bp	6.5 bp −$6	8.5 bp −$85	15.1 bp −$1,509	29.9 bp −$15.0K

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	−0.135%	$197K	$227K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.117	−0.117%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0130%	1h	93.170	−0.060%	$698K	$1.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.234	+0.008%	$3K	$331	25x	as long as short
Aftermath Perps HYPEUSD	−0.0064%	1h	93.218	−0.009%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.262	+0.038%	$85K	$345K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0048%	4h	93.270	+0.047%	$155K	$654K	20x	as long as short
Phemex HYPEUSDT	−0.0003%	8h	93.277	+0.054%	$12.6M	$2.7M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.241	+0.016%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.238	+0.012%	$23K	$319K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.268	+0.044%	$63K	—	150x	as long as short
Bullet HYPE-USDlong	+0.0008%	1h	93.226	long leg	$111K	$579K	20x
Aster HYPEUSDT	+0.0018%	4h	93.257	+0.033%	$8.8M	$35.9M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.156	−0.075%	$212K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0036%	4h	93.251	+0.027%	—	$52.9M	—	as long as short
Gate HYPE_USDT	+0.0046%	4h	93.250	+0.025%	$44.6M	$55.5M	75x	as long as short
Bybit HYPEUSDT	+0.0047%	8h	93.292	+0.071%	$320.9M	$276.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0077%	8h	93.294	+0.073%	$113.7M	$299.6M	50x	as long as short
Derive HYPE-PERP	+0.0086%	1h	93.247	+0.022%	$16.2M	$7.5M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.307	+0.087%	$16.2M	$62.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.300	+0.079%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.243	+0.018%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.280	+0.057%	$339K	$162K	20x	as long as short
MEXC HYPE_USDT	+0.0098%	4h	93.298	+0.077%	$89.6M	$81.2M	100x	as long as short
Binance HYPEUSDTshort	+0.0098%	4h	93.293	+0.072%	$377.2M	$880.2M	75x
Katana Perps HYPE-USD	+0.0100%	8h	93.230	+0.004%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.243	+0.017%	$5.8M	$43.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.298	+0.077%	$2.03B	$657.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.252	+0.028%	$10.0M	$14.8M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.256	+0.032%	$45.9M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.288	+0.066%	$225.6M	$96.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.115	−0.119%	$7.3M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.377	+0.161%	$31.1M	$53.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.122	−0.112%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.125	−0.109%	$338K	$998K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.143	−0.089%	$665K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.261	+0.037%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.276	+0.053%	$473K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.268	+0.045%	$79K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.328	+0.109%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.298	+0.077%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.155	−0.077%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.273	+0.051%	$18.3M	$42.9M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.287	+0.065%	$397K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0112%	4h	93.083	−0.154%	$5.0M	$28.9M	30x	as long as short
HTX HYPE-USDT	+0.0137%	4h	93.400	+0.186%	$1.4M	$6.0M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.340	+0.122%	$4.8M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0259%	1h	93.236	+0.011%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0268%	8h	93.317	+0.097%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.269	+0.046%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0338%	4h	93.247	+0.022%	$17.0M	$11.5M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0436%	1h	93.390	+0.176%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.338	+0.120%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.160	−0.071%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0685%	1h	93.350	+0.133%	$20.7M	$29.8M	50x	as long as short