Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0070%/8h= +7.7% APRpaid last 24h −0.003%

Price spread now: BingX against Bybit−0.015%7-day average +0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$220.224% of the position

Long on Bybit Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.018%−$2 on $10k

Price spread, last 7 days+0.016%+$2 · spread now −0.015%, 7d avg +0.010%

Together, before fees−0.002%$0 on $10k · with fees, hour by hour

Funding pays, the price is against you. BingX is 0.025% cheaper against Bybit than usual: you would sell low and buy high (spread −0.015% now, against its 7-day average of +0.010%). If the spread goes back, that is −$2 on $10k: about 28 hours of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HYPEUSDT	93.280	0.0030	pay 0.0030% / 8h	2h 09m	$324.9M	$287.2M	75x
Short	BingX HYPE-USDT	93.266	0.0100	get 0.0050% / 4h	2h 09m	—	$54.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Bybit. 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 BybitbpFee BingXbpOrdersPrice spread, now −0.015%Rate

Funding earned: $14.7
Price spread: −0.015% → +0.010%: −$2.49
Slippage, 4 orders: −$1.4
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee BingX: 5 bp × 2 orders: −$10
Net: −$10.19
Costs to cover: 0.224%
Break-even: 11.9 days

Slippage from Bybit: live order book, 9 min ago; BingX: live order book, 14 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 Bybit live order book, 9 min ago	0.54 bp	6.2 bp −$6	9.9 bp −$99	19.0 bp −$1,899	67.8 bp −$33.9K
Sell BingX live order book, 14 min ago	0.11 bp	5.1 bp −$5	6.2 bp −$62	10.1 bp −$1,011	14.4 bp −$7,208

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	−0.0920%	1h	93.381	+0.108%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0256%	1h	93.477	+0.211%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0236%	1h	93.410	+0.139%	$700K	$932K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.337	+0.061%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.322	+0.045%	$90K	$353K	20x	as long as short
Derive HYPE-PERP	−0.0025%	1h	93.309	+0.031%	$16.4M	$7.1M	10x	as long as short
Bullet HYPE-USD	−0.0015%	1h	93.304	+0.026%	$110K	$581K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.383	+0.111%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.327	+0.050%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.350	+0.075%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0010%	4h	93.272	−0.009%	$8.9M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0024%	4h	93.270	−0.011%	$43.9M	$57.7M	75x	as long as short
Bybit HYPEUSDTlong	+0.0030%	8h	93.280	long leg	$324.9M	$287.2M	75x
Popdex HYPEUSDT	+0.0040%	1h	93.305	+0.027%	$58K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0055%	4h	93.321	+0.044%	$163K	$539K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.605	+0.348%	$216K	$1.2M	10x	as long as short
SoDEX HYPE-USD	+0.0096%	1h	93.288	+0.009%	$2.0M	$2.0M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.319	+0.042%	$18.6M	$59.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.316	+0.039%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.330	+0.053%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.350	+0.075%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.305	+0.026%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.367	+0.093%	$2.03B	$670.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.322	+0.045%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.276	−0.004%	$385.1M	$889.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.250	−0.032%	$114.6M	$314.9M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.285	+0.005%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.285	+0.005%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.269	−0.012%	$93.1M	$82.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.291	+0.012%	$46.2M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.282	+0.002%	$226.7M	$102.6M	75x	as long as short
BingX HYPE-USDTshort	+0.0100%	4h	93.266	−0.015%	—	$54.2M	—
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.311	+0.033%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.263	−0.019%	$29.1M	$50.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.439	+0.170%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.558	+0.298%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.346	+0.071%	$675K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.337	+0.061%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.295	+0.016%	$75K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.395	+0.123%	$32K	$1.6M	20x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.335	+0.059%	$12.7M	$2.6M	50x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.343	+0.067%	—	$454K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.265	−0.016%	$18.3M	$41.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.322	+0.045%	$397K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0108%	8h	93.397	+0.125%	$1.9M	$5.3M	2.3x	as long as short
edgeX HYPEUSDC	+0.0118%	4h	93.534	+0.273%	$5.1M	$29.7M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.390	+0.118%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.304	+0.026%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.910	+0.675%	$31K	$291K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0286%	1h	93.410	+0.139%	$7.4M	$4.6M	50x	as long as short
HTX HYPE-USDT	+0.0295%	4h	93.487	+0.222%	$1.5M	$7.7M	75x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.289	+0.010%	$17.1M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0346% / S −0.0171%	1h	93.343	+0.067%	$1.5M	—	100x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.365	+0.091%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.397	+0.125%	$19.1M	$26.1M	50x	as long as short