Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:59 UTC+0.0029%/8h= +3.2% APRpaid last 24h +0.013%

Price spread now: Binance against Perpl+0.022%54s7-day average −0.007% · you sell dearer than you buy

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

Long on Perpl Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.140%+$14 on $10k

Price spread, last 4 days (all we have)−0.321%−$32 · spread now +0.022%, 7d avg −0.007%

Together, before fees−0.182%+ Points / potential airdropPerpl: Active · farm board−$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Binance is 0.028% dearer against Perpl than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.007%. The two prices were read 54 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	Perpl HYPE	94.805	0	get 0.0000% / 43m	14m 36s	$23K	$248K	10x
Short	Binance HYPEUSDT	94.826	0.0029	get 0.0015% / 4h	50m 36s	$382.4M	$848.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Perpl. 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 PerplbpFee BinancebpOrdersPrice spread, now +0.022%Rate

Funding earned: $6.09
Price spread: +0.022% → −0.007%: $2.82
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Binance: 5 bp × 2 orders: −$10
Net: −$14.88
Costs to cover: 0.238%
Break-even: 24.1 days

Slippage unknown: Perpl: no order-book sample; Binance: live order book, 16 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 Perpl no order-book sample	—	—	—	—	—
Sell Binance live order book, 16 min ago	0.05 bp	5.3 bp −$5	7.1 bp −$71	15.4 bp −$1,538	doesn't fit

Perpl: 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 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
Kraken Futures PF_HYPEUSD	−0.0282%	1h	94.771	−0.036%	$18.3M	$32.6M	50x	as long as short
Phemex HYPEUSDT	−0.0261%	8h	94.756	−0.052%	$12.9M	$2.2M	50x	as long as short
Bluefin HYPE-PERP	−0.0221%	1h	94.700	−0.111%	$78K	$130K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0221%	1h	94.670	−0.143%	$677K	$1.3M	10x	as long as short
Lighter HYPE	−0.0128%	1h	94.710	−0.101%	$16.5M	$55.2M	20x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	94.817	+0.012%	$102K	$349K	20x	as long as short
Aster HYPEUSDT	−0.0101%	4h	94.815	+0.010%	$9.0M	$34.3M	300x	as long as short
Gate HYPE_USDT	−0.0084%	4h	94.739	−0.070%	$55.9M	$52.6M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.894	+0.093%	$3K	$421	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0073%	4h	94.698	−0.113%	$147K	$642K	20x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International HYPE-PERP-INTX	−0.0064%	1h	94.750	−0.058%	$4.7M	$5.4M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0049%	1h	95.040	+0.248%	$22K	$17K	10x	as long as short
OKX HYPE-USDT-SWAP	−0.0042%	8h	94.815	+0.010%	$118.9M	$302.5M	50x	as long as short
Bitget HYPEUSDT	−0.0028%	4h	94.765	−0.043%	$229.5M	$85.8M	75x	as long as short
Bullet HYPE-USD	−0.0021%	1h	94.757	−0.051%	$114K	$585K	20x	as long as short
Phoenix HYPE	−0.0017%	1h	94.936	+0.138%	$198K	$1.1M	10x	as long as short
ApeX Omni HYPEUSDT	−0.0010%	1h	95.003	+0.208%	$323K	$925K	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.770	−0.037%	$128K	$96K	5x	as long as short
Perpl HYPElong	0.0000%	43m	94.805	long leg	$23K	$248K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.790	−0.017%	$99K	—	150x	as long as short
Derive HYPE-PERP	+0.0020%	1h	94.685	−0.127%	$16.3M	$7.0M	10x	as long as short
edgeX HYPEUSDC	+0.0025%	4h	94.997	+0.203%	$5.0M	$27.9M	30x	as long as short
Bybit HYPEUSDT	+0.0027%	8h	94.832	+0.028%	$320.2M	$262.1M	75x	as long as short
Binance HYPEUSDTshort	+0.0029%	4h	94.826	+0.022%	$382.4M	$848.3M	75x
Popdex HYPEUSDT	+0.0032%	1h	94.815	+0.010%	$274K	$998K	50x	as long as short
MEXC HYPE_USDT	+0.0032%	4h	94.736	−0.073%	$89.3M	$82.3M	100x	as long as short
SoDEX HYPE-USD	+0.0040%	1h	94.760	−0.048%	$2.1M	$335K	10x	as long as short
BingX HYPE-USDT	+0.0042%	4h	94.766	−0.042%	—	$49.6M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0054%	1h	94.750	−0.058%	$6.8M	$12.3M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0056%	1h	94.824	+0.020%	$7.5M	$4.2M	50x	as long as short
KuCoin HYPEUSDTM	+0.0086%	4h	94.710	−0.101%	$47.3M	$17.7M	75x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	94.721	−0.089%	$400K	$125K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0092%	8h	94.733	−0.077%	$338K	$30K	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.741	−0.068%	$3.2M	$9.8M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	94.720	−0.090%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.816	+0.012%	$7.2M	$50.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.847	+0.044%	$2.10B	$639.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.767	−0.041%	$10.2M	$12.9M	20x	as long as short
Arcus HYPE-USD	+0.0100%	1h	94.799	−0.007%	$1.0M	$2.8M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.036	+0.243%	$228K	$20K	10x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.740	−0.069%	$30.0M	$52.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.002	+0.207%	$7.7M	$41.1M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.901	+0.101%	$690K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.877	+0.075%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.805	0.000%	$497K	$2.4M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.800	−0.006%	$32K	$1.4M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.850	+0.047%	$1.4M	$5.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.734	−0.075%	$18.2M	$37.4M	50x	as long as short
Kalshi KXHYPEPERP	+0.0119%	8h	94.872	+0.070%	$1.8M	$5.1M	2.3x	as long as short
BloFin HYPE-USDT	+0.0135%	4h	94.728	−0.082%	$17.5M	$11.5M	75x	as long as short
RISEx HYPE/USDC	+0.0138%	1h	94.816	+0.011%	$3.1M	$5.2M	20x	as long as short
Reya HYPERUSDPERP	+0.0268%	1h	94.745	−0.064%	$84K	$90K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	94.797	−0.009%	$1.4M	—	100x	as long as short
Hibachi HYPE/USDT-P	+0.1016%	1h	94.967	+0.170%	$214K	$277K	7x	as long as short
Injective HYPE/USDC PERP	+0.1234%	1h	95.420	+0.648%	$31K	$334K	12x	as long as short