Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0228%/8h= −25.0% APRpaid last 24h −0.022%

Price spread now: BingX against Deribit−0.182%7-day average −0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$230.229% of the position

Long on Deribit Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.031%−$3 on $10k

Price spread, last 3 days (all we have)+0.156%+$16 · spread now −0.182%, 7d avg −0.054%

Together, before fees+0.124%+$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and BingX is 0.128% cheaper against Deribit than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.054%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.031% in total (about -1.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit HYPE_USDC-PERPETUAL	93.457	0.0328	pay 0.0041% / 1h	11m 36s	$7.4M	$4.6M	50x
Short	BingX HYPE-USDT	93.287	0.0100	get 0.0050% / 4h	2h 11m	—	$54.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Deribit. 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 DeribitbpFee BingXbpOrdersPrice spread, now −0.182%Rate

Funding earned: −$47.88
Price spread: −0.182% → −0.054%: −$12.79
Slippage, 4 orders: −$5.87
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$83.54
Costs to cover: 0.229%
Break-even: never at this rate

Slippage from Deribit: live order book, 2 min ago; BingX: live order book, 12 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 Deribit live order book, 2 min ago	1.01 bp	7.7 bp −$8	11.5 bp −$115	doesn't fit	doesn't fit
Sell BingX live order book, 12 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	−0.0928%	1h	93.452	−0.005%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0263%	1h	93.583	+0.134%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0234%	1h	93.410	−0.050%	$700K	$932K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.337	−0.128%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.305	−0.163%	$90K	$351K	20x	as long as short
Derive HYPE-PERP	−0.0025%	1h	93.309	−0.158%	$16.4M	$7.1M	10x	as long as short
Bullet HYPE-USD	−0.0019%	1h	93.364	−0.099%	$111K	$581K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.383	−0.079%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.395	−0.067%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.391	−0.070%	$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	+0.0011%	4h	93.277	−0.193%	$8.9M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0024%	4h	93.282	−0.187%	$43.9M	$57.6M	75x	as long as short
Bybit HYPEUSDT	+0.0033%	8h	93.279	−0.190%	$324.8M	$287.2M	75x	as long as short
Popdex HYPEUSDT	+0.0040%	1h	93.287	−0.182%	$58K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0057%	4h	93.357	−0.107%	$162K	$541K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.605	+0.158%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.325	−0.141%	$18.6M	$59.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.319	−0.148%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.308	−0.160%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.320	−0.147%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.345	−0.120%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.387	−0.075%	$2.03B	$670.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.307	−0.161%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.281	−0.188%	$385.1M	$889.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.272	−0.198%	$114.5M	$315.0M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.271	−0.199%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.285	−0.184%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.281	−0.188%	$93.2M	$82.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.293	−0.175%	$46.2M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.299	−0.169%	$226.7M	$102.5M	75x	as long as short
BingX HYPE-USDTshort	+0.0100%	4h	93.287	−0.182%	—	$54.2M	—
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.378	−0.085%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.561	+0.111%	$29.2M	$50.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.632	+0.188%	$7.5M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.558	+0.108%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.510	+0.057%	$676K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.415	−0.045%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.406	−0.055%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.346	−0.119%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.409	−0.051%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.328	−0.138%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.380	−0.082%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.271	−0.199%	$18.3M	$41.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.402	−0.058%	$397K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0112%	8h	93.442	−0.016%	$1.9M	$5.3M	2.3x	as long as short
edgeX HYPEUSDC	+0.0118%	4h	93.534	+0.083%	$5.1M	$29.7M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.430	−0.029%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.348	−0.117%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.400	−0.061%	$30K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0296%	4h	93.550	+0.100%	$1.5M	$7.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0328%	1h	93.457	long leg	$7.4M	$4.6M	50x
BloFin HYPE-USDT	+0.0340%	4h	93.405	−0.056%	$17.1M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0346% / S −0.0171%	1h	93.401	−0.060%	$1.5M	—	100x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.365	−0.099%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.449	−0.008%	$19.1M	$26.1M	50x	as long as short