Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0078%/8h= +8.5% APRpaid last 24h +0.008%

Price spread now: Binance against Derive+0.136%336s7-day average +0.042% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Derive Short on Binance

What this pair did over the last

the charts below follow

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

Price spread, last 4 days (all we have)−0.099%−$10 · spread now +0.136%, 7d avg +0.042%

Together, before fees−0.081%−$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Binance is 0.094% dearer against Derive than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.042%. The two prices were read 336 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive HYPE-PERP	94.691	0.0022	pay 0.0003% / 1h	51m 35s	$16.4M	$7.4M	10x
Short	Binance HYPEUSDT	94.820	0.0100	get 0.0050% / 4h	3h 51m	$380.8M	$933.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Derive. 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 DerivebpFee BinancebpOrdersPrice spread, now +0.136%Rate

Funding earned: $16.39
Price spread: +0.136% → +0.042%: $9.43
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Binance: 5 bp × 2 orders: −$10
Net: $9.82
Costs to cover: 0.160%
Break-even: 2.8 days

Slippage unknown: Derive: no order-book sample; Binance: live order book, 7 min ago. Net counts fees only.

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 Derive no order-book sample	—	—	—	—	—
Sell Binance live order book, 7 min ago	0.05 bp	5.6 bp −$6	7.8 bp −$78	15.4 bp −$1,541	doesn't fit

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1432%	1h	94.783	+0.097%	$208K	$267K	7x	as long as short
Phemex HYPEUSDT	−0.0429%	8h	94.781	+0.095%	$12.9M	$2.9M	50x	as long as short
Bluefin HYPE-PERP	−0.0323%	1h	94.789	+0.103%	$80K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0320%	1h	94.714	+0.024%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0149%	1h	94.818	+0.134%	$112K	$576K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.817	+0.133%	$1.0M	$3.5M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.756	+0.068%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	94.869	+0.188%	$88K	$364K	20x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.847	+0.164%	$20.3M	$30.3M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0044%	1h	94.730	+0.041%	$715K	$1.2M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0007%	4h	94.791	+0.105%	$147K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.808	+0.123%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.899	+0.219%	$1.9M	$5.5M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.846	+0.163%	$19K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.763	+0.075%	$124K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.810	+0.125%	$208K	$1.2M	10x	as long as short
Bitget HYPEUSDT	+0.0012%	4h	94.813	+0.129%	$227.4M	$99.4M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.880	+0.199%	$4.7M	$6.2M	50x	as long as short
Derive HYPE-PERPlong	+0.0022%	1h	94.691	long leg	$16.4M	$7.4M	10x
Paradex HYPE-USD-PERP	+0.0051%	8h	94.842	+0.159%	$339K	$154K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0064%	8h	94.829	+0.145%	$118.2M	$327.7M	50x	as long as short
Bybit HYPEUSDT	+0.0067%	8h	94.818	+0.134%	$317.5M	$289.2M	75x	as long as short
Vest HYPE-PERP	+0.0069%	1h	94.911	+0.232%	—	$190K	5x	as long as short
edgeX HYPEUSDC	+0.0083%	4h	94.539	−0.161%	$5.0M	$30.7M	30x	as long as short
Lighter HYPE	+0.0088%	1h	94.826	+0.143%	$16.3M	$61.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.825	+0.141%	$3.2M	$10.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.853	+0.171%	$144K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.830	+0.147%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.840	+0.158%	$7.3M	$52.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.893	+0.213%	$2.09B	$688.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.815	+0.131%	$9.6M	$37.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.857	+0.175%	$10.2M	$14.8M	20x	as long as short
Binance HYPEUSDTshort	+0.0100%	4h	94.820	+0.136%	$380.8M	$933.4M	75x
Bulk HYPE-USD	+0.0100%	1h	94.685	−0.007%	$219K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.789	+0.103%	$50.9M	$53.7M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.824	+0.140%	$93.8M	$84.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.828	+0.144%	$47.0M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.826	+0.142%	—	$53.4M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.795	+0.110%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.549	−0.150%	$29.9M	$55.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.656	−0.038%	$7.6M	$44.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.534	−0.166%	$351K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.821	+0.137%	$694K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.922	+0.244%	$501K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.905	+0.226%	$33K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.807	+0.122%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.972	+0.296%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.801	+0.116%	$18.4M	$43.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.830	+0.146%	$401K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.866	+0.185%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	94.950	+0.273%	$31K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.803	+0.118%	$83K	$118K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0277%	1h	94.894	+0.214%	$7.5M	$4.3M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0327% / S −0.0152%	1h	94.881	+0.200%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.800	+0.115%	$17.2M	$12.5M	75x	as long as short