Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0109%/8h= +11.9% APRpaid last 24h −0.007%

Price spread now: BingX against OKX+0.020%7-day average +0.005% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$230.232% of the position

Long on OKX Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.027%−$3 on $10k

Price spread, last 7 days−0.027%−$3 · spread now +0.020%, 7d avg +0.005%

Together, before fees−0.054%−$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.005%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX HYPE-USDT-SWAP	95.228	−0.0009	get 0.0009% / 8h	6h 00m	$119.2M	$304.7M	50x
Short	BingX HYPE-USDT	95.247	0.0100	get 0.0050% / 4h	2h 00m	—	$48.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against OKX. 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 OKXbpFee BingXbpOrdersPrice spread, now +0.020%Rate

Funding earned: $22.79
Price spread: +0.020% → +0.005%: $1.5
Slippage, 4 orders: −$3.17
Fee OKX: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: $1.12
Costs to cover: 0.232%
Break-even: 6.7 days

Slippage from OKX: live order book, 2 min ago; BingX: live order book, 7 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 OKX live order book, 2 min ago	0.05 bp	6.9 bp −$7	9.4 bp −$94	17.7 bp −$1,767	doesn't fit
Sell BingX live order book, 7 min ago	0.21 bp	5.8 bp −$6	8.7 bp −$87	12.8 bp −$1,279	17.5 bp −$8,755

HYPE on 54 exchanges

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	−0.1344%	1h	95.136	−0.097%	$212K	$261K	7x	as long as short
Kraken Futures PF_HYPEUSD	−0.0375%	1h	95.253	+0.026%	$18.6M	$35.3M	50x	as long as short
Bluefin HYPE-PERP	−0.0371%	1h	95.251	+0.024%	$79K	$136K	20x	as long as short
Phemex HYPEUSDT	−0.0273%	8h	95.172	−0.059%	$13.0M	$2.5M	50x	as long as short
Bullet HYPE-USD	−0.0272%	1h	95.237	+0.009%	$114K	$581K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0200%	1h	95.180	−0.050%	$690K	$1.3M	10x	as long as short
Arcus HYPE-USD	−0.0159%	1h	95.224	−0.004%	$1.1M	$2.4M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0137%	1h	95.156	−0.075%	$22K	$17K	10x	as long as short
01 Exchange HYPEUSD	−0.0128%	1h	95.257	+0.030%	$92K	$347K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.176	−0.055%	$3K	$331	25x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0074%	4h	95.230	+0.002%	$54.6M	$55.0M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0039%	4h	95.204	−0.025%	$148K	$645K	20x	as long as short
Aster HYPEUSDT	−0.0025%	4h	95.234	+0.006%	$9.0M	$33.1M	300x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0024%	1h	95.220	−0.008%	$4.7M	$5.5M	50x	as long as short
OKX HYPE-USDT-SWAPlong	−0.0009%	8h	95.228	long leg	$119.2M	$304.7M	50x
Lighter HYPE	−0.0008%	1h	95.221	−0.007%	$16.3M	$61.3M	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	95.259	+0.033%	$129K	$94K	5x	as long as short
Perpl HYPE	0.0000%	43m	95.257	+0.031%	$24K	$254K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.216	−0.012%	$100K	—	150x	as long as short
Bulk HYPE-USD	+0.0016%	1h	95.192	−0.038%	$232K	$12K	10x	as long as short
Phoenix HYPE	+0.0017%	1h	95.204	−0.025%	$201K	$1.0M	10x	as long as short
Bitget HYPEUSDT	+0.0022%	4h	95.245	+0.018%	$228.9M	$87.3M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0023%	1h	95.328	+0.105%	$7.5M	$4.3M	50x	as long as short
Bybit HYPEUSDT	+0.0033%	8h	95.230	+0.002%	$321.5M	$267.3M	75x	as long as short
Vest HYPE-PERP	+0.0036%	1h	95.272	+0.047%	—	$80K	5x	as long as short
SoDEX HYPE-USD	+0.0040%	1h	95.242	+0.015%	$2.1M	$373K	10x	as long as short
Paradex HYPE-USD-PERP	+0.0072%	8h	95.231	+0.003%	$340K	$35K	20x	as long as short
edgeX HYPEUSDC	+0.0082%	4h	95.128	−0.105%	$5.1M	$29.5M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.252	+0.025%	$3.3M	$10.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	95.238	+0.011%	$274K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.180	−0.050%	$39K	$1.5M	10x	as long as short
Binance HYPEUSDT	+0.0099%	4h	95.257	+0.031%	$382.8M	$859.3M	75x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.231	+0.003%	$7.3M	$52.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.325	+0.102%	$2.11B	$649.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.272	+0.046%	$10.3M	$13.5M	20x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.234	+0.006%	$91.0M	$88.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.223	−0.005%	$48.1M	$17.6M	75x	as long as short
BingX HYPE-USDTshort	+0.0100%	4h	95.247	+0.020%	—	$48.8M	—
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.263	+0.037%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.143	−0.090%	$30.0M	$53.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.108	−0.126%	$7.7M	$40.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.180	−0.050%	$347K	$892K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.126	−0.107%	$692K	$2.8M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.262	+0.036%	$504K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.328	+0.105%	$33K	$1.4M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.300	+0.076%	$1.4M	$5.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.214	−0.015%	$18.4M	$40.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.232	+0.005%	$403K	$130K	20x	as long as short
Kalshi KXHYPEPERP	+0.0120%	8h	95.316	+0.092%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0166%	1h	95.198	−0.032%	$3.1M	$5.5M	20x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	95.207	−0.023%	$85K	$100K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.266	+0.040%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	95.173	−0.058%	$17.3M	$11.6M	75x	as long as short
Injective HYPE/USDC PERP	+0.0850%	1h	95.400	+0.181%	$31K	$335K	12x	as long as short