Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0142%/8h= −15.6% APRpaid last 24h −0.073%

Price spread now: Binance against Injective−0.248%67s7-day average −0.150% · you buy dearer than you sell

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

Long on Injective Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−2.220%−$222 on $10k

Price spread, last 4 days (all we have)+0.362%+$36 · spread now −0.248%, 7d avg −0.150%

Together, before fees−1.858%−$186 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Binance is 0.098% cheaper against Injective than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.150%). Swap the legs. The two prices were read 67 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	Injective HYPE/USDC PERP	93.150	0.0242	pay 0.0030% / 1h	50m 08s	$30K	$339K	12x
Short	Binance HYPEUSDT	92.919	0.0100	get 0.0050% / 4h	3h 50m	$373.7M	$904.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpFee BinancebpOrdersPrice spread, now −0.248%Rate

Funding earned: −$29.87
Price spread: −0.248% → −0.150%: −$9.84
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Binance: 5 bp × 2 orders: −$10
Net: −$49.73
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Injective: live order book, 4 min ago; Binance: live order book, 9 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 Injective live order book, 4 min ago	12.37 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 9 min ago	0.05 bp	5.6 bp −$6	7.6 bp −$76	15.1 bp −$1,506	34.1 bp −$17.1K

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	−0.0680%	1h	92.799	−0.377%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0263%	1h	92.908	−0.260%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.889	−0.280%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.022	−0.137%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0062%	4h	92.882	−0.288%	$157K	$660K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.948	−0.217%	$127K	$29K	5x	as long as short
Gate HYPE_USDT	0.0000%	4h	92.918	−0.249%	$44.7M	$53.7M	75x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	92.993	−0.169%	$1.8M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	92.918	−0.249%	$22K	$301K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.946	−0.219%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	+0.0026%	1h	93.032	−0.127%	$210K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0031%	1h	92.910	−0.258%	$699K	$1.1M	10x	as long as short
Bybit HYPEUSDT	+0.0035%	8h	92.900	−0.268%	$316.3M	$282.4M	75x	as long as short
Phemex HYPEUSDT	+0.0043%	8h	92.906	−0.262%	$12.5M	$2.7M	50x	as long as short
01 Exchange HYPEUSD	+0.0056%	1h	92.945	−0.220%	$87K	$362K	20x	as long as short
Bitget HYPEUSDT	+0.0078%	4h	92.906	−0.262%	$225.1M	$99.0M	75x	as long as short
edgeX HYPEUSDC	+0.0086%	4h	92.935	−0.231%	$4.9M	$29.6M	30x	as long as short
Aster HYPEUSDT	+0.0088%	4h	92.932	−0.234%	$8.7M	$36.2M	300x	as long as short
Lighter HYPE	+0.0096%	1h	92.937	−0.229%	$16.1M	$62.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.934	−0.232%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.916	−0.251%	$69K	$1.1M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	92.948	−0.217%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.870	−0.301%	$39K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.945	−0.220%	$7.5M	$45.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.972	−0.191%	$2.03B	$665.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.947	−0.217%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDTshort	+0.0100%	4h	92.919	−0.248%	$373.7M	$904.6M	75x
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.924	−0.243%	$113.9M	$304.8M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.942	−0.224%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.903	−0.265%	$87.6M	$79.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.914	−0.253%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.911	−0.257%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.920	−0.247%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.989	−0.173%	$28.6M	$57.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.015	−0.145%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.928	−0.238%	$351K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.011	−0.149%	$668K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.984	−0.178%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.953	−0.211%	$469K	$2.6M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	92.922	−0.245%	$112K	$578K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.914	−0.253%	$79K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.897	−0.272%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.901	−0.267%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.909	−0.259%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.869	−0.301%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.907	−0.261%	$393K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.940	−0.225%	$4.7M	$5.6M	50x	as long as short
HTX HYPE-USDT	+0.0163%	4h	93.082	−0.073%	$1.4M	$6.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.987	−0.175%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERPlong	+0.0242%	1h	93.150	long leg	$30K	$339K	12x
Reya HYPERUSDPERP	+0.0264%	1h	92.905	−0.263%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.932	−0.234%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.981	−0.181%	$16.7M	$11.7M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0396%	1h	92.998	−0.163%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.990	−0.172%	$3.2M	$6.4M	20x	as long as short