Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0076%/8h= −8.3% APRpaid last 24h +0.006%

Price spread now: BingX against Coinbase International−0.097%7-day average +0.017% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

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

costs, in and out, $10k−$300.298% of the position

Long on Coinbase International 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 3 days (all we have)+0.094%+$9 · spread now −0.097%, 7d avg +0.017%

Together, before fees+0.113%+$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and BingX is 0.114% cheaper against Coinbase International than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of +0.017%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International HYPE-PERP-INTX	93.070	0.0176	pay 0.0022% / 1h	25m 21s	$4.9M	$5.7M	50x
Short	BingX HYPE-USDT	92.980	0.0100	get 0.0050% / 4h	1h 25m	—	$53.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Coinbase International. 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 Coinbase InternationalbpFee BingXbpOrdersPrice spread, now −0.097%Rate

Funding earned: −$15.96
Price spread: −0.097% → +0.017%: −$11.35
Slippage, 4 orders: −$9.77
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$57.08
Costs to cover: 0.298%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 4 min ago; BingX: live order book, 4 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 Coinbase International live order book, 4 min ago	3.22 bp	10.6 bp −$11	15.5 bp −$155	38.9 bp −$3,894	doesn't fit
Sell BingX live order book, 4 min ago	0.11 bp	5.1 bp −$5	11.4 bp −$114	15.2 bp −$1,521	20.4 bp −$10.2K

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
Aftermath Perps HYPEUSD	−0.0397%	1h	92.995	−0.080%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0280%	1h	92.983	−0.093%	$196K	$230K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0135%	1h	93.030	−0.043%	$698K	$927K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	92.911	−0.171%	$1.2M	$4.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.950	−0.129%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	93.025	−0.048%	$90K	$362K	20x	as long as short
Popdex HYPEUSDT	−0.0016%	1h	93.019	−0.055%	$58K	$1.2M	50x	as long as short
Aster HYPEUSDT	−0.0009%	4h	92.992	−0.084%	$8.8M	$36.0M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.019	−0.054%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.989	−0.087%	$23K	$331K	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 −0.0001%	1h	93.024	−0.049%	$20K	—	150x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	92.990	−0.086%	$322.5M	$287.3M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0023%	4h	92.999	−0.076%	$171K	$518K	20x	as long as short
Derive HYPE-PERP	+0.0033%	1h	92.952	−0.127%	$16.2M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.030	−0.043%	$214K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0044%	4h	92.994	−0.082%	$43.8M	$58.5M	75x	as long as short
Bullet HYPE-USD	+0.0057%	1h	92.986	−0.090%	$111K	$580K	20x	as long as short
MEXC HYPE_USDT	+0.0064%	4h	92.984	−0.092%	$90.5M	$82.0M	100x	as long as short
Binance HYPEUSDT	+0.0066%	4h	92.994	−0.082%	$381.5M	$895.4M	75x	as long as short
edgeX HYPEUSDC	+0.0086%	4h	92.948	−0.131%	$5.0M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.054	−0.018%	$18.5M	$58.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.957	−0.121%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	92.981	−0.096%	$396K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	92.938	−0.142%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.010	−0.064%	$34K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.931	−0.149%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.034	−0.039%	$2.02B	$673.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.935	−0.145%	$9.9M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.988	−0.088%	$113.6M	$313.8M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.030	−0.043%	$203K	$8K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.029	−0.044%	$46.9M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.005	−0.070%	$225.4M	$103.0M	75x	as long as short
BingX HYPE-USDTshort	+0.0100%	4h	92.980	−0.097%	—	$53.9M	—
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.969	−0.109%	$7.8M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.933	−0.147%	$28.9M	$50.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.985	−0.091%	$7.5M	$45.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.976	−0.101%	$414K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.004	−0.071%	$673K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.006	−0.069%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.013	−0.061%	$492K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.019	−0.055%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.002	−0.073%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.997	−0.078%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.006	−0.069%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.979	−0.098%	$18.2M	$42.1M	50x	as long as short
Kalshi KXHYPEPERP	+0.0110%	8h	93.088	+0.019%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTXlong	+0.0176%	1h	93.070	long leg	$4.9M	$5.7M	50x
Injective HYPE/USDC PERP	+0.0239%	1h	92.850	−0.236%	$30K	$338K	12x	as long as short
HTX HYPE-USDT	+0.0241%	4h	93.176	+0.114%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	92.976	−0.101%	$77K	$158K	15x	as long as short
BloFin HYPE-USDT	+0.0264%	4h	92.987	−0.089%	$16.9M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.034	−0.039%	$2.8M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0158%	1h	93.024	−0.049%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0384%	1h	93.105	+0.038%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0467%	1h	93.103	+0.035%	$20.8M	$29.0M	50x	as long as short