Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0149%/8h= −16.3% APRpaid last 24h −0.077%

Price spread now: Binance against RISEx−0.020%7-day average +0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$190.193% of the position

Long on RISEx Short on Binance

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.156%−$16 on $10k

Price spread, last 7 days+0.045%+$4 · spread now −0.020%, 7d avg +0.009%

Together, before fees−0.111%−$11 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 0.028% cheaper against RISEx than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.009%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx HYPE/USDC	94.473	0.0249	pay 0.0031% / 1h	16m 33s	$3.2M	$6.4M	20x
Short	Binance HYPEUSDT	94.454	0.0100	get 0.0050% / 4h	16m 33s	$378.7M	$933.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against RISEx. 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 RISExbpFee BinancebpOrdersPrice spread, now −0.020%Rate

Funding earned: −$31.23
Price spread: −0.020% → +0.009%: −$2.84
Slippage, 4 orders: −$3.33
Fee RISEx: 3 bp × 2 orders: −$6
Fee Binance: 5 bp × 2 orders: −$10
Net: −$53.41
Costs to cover: 0.193%
Break-even: never at this rate

Slippage from RISEx: live order book, 3 min ago; Binance: 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 RISEx live order book, 3 min ago	0.79 bp	3.8 bp −$4	5.9 bp −$59	doesn't fit	doesn't fit
Sell Binance live order book, 12 min ago	0.05 bp	5.4 bp −$5	7.7 bp −$77	15.8 bp −$1,577	doesn't fit

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	−0.1720%	1h	94.369	−0.110%	$202K	$255K	7x	as long as short
Bluefin HYPE-PERP	−0.0393%	1h	94.426	−0.050%	$80K	$152K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0215%	1h	94.390	−0.088%	$712K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0199%	1h	94.473	0.000%	$111K	$576K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0153%	1h	94.288	−0.196%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.470	−0.003%	$88K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.450	−0.024%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0061%	1h	94.393	−0.085%	$16.4M	$7.5M	10x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.446	−0.029%	$1.0M	$3.6M	10x	as long as short
Lighter HYPE	−0.0032%	1h	94.444	−0.031%	$16.4M	$64.5M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0019%	8h	94.430	−0.046%	$317.4M	$289.0M	75x	as long as short
BingX HYPE-USDT	−0.0018%	4h	94.473	0.000%	—	$52.8M	—	as long as short
Orderly PERP_HYPE_USDC	−0.0009%	4h	94.431	−0.044%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.464	−0.010%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.530	+0.060%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.117	−0.377%	$208K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.481	+0.009%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.480	+0.007%	$124K	—	150x	as long as short
Polymarket Perps HYPE-USD	+0.0012%	1h	94.478	+0.005%	$498K	$2.8M	20x	as long as short
Bitget HYPEUSDT	+0.0026%	4h	94.429	−0.047%	$226.9M	$100.1M	75x	as long as short
Phemex HYPEUSDT	+0.0035%	8h	94.457	−0.017%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0036%	8h	94.488	+0.016%	$338K	$154K	20x	as long as short
Vest HYPE-PERP	+0.0042%	1h	94.514	+0.043%	—	$190K	5x	as long as short
SoDEX HYPE-USD	+0.0052%	1h	94.456	−0.018%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.440	−0.035%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	94.440	−0.035%	$117.9M	$325.3M	50x	as long as short
edgeX HYPEUSDC	+0.0091%	4h	94.281	−0.203%	$5.0M	$30.7M	30x	as long as short
Gate HYPE_USDT	+0.0092%	4h	94.450	−0.024%	$50.2M	$56.8M	75x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.448	−0.026%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.451	−0.023%	$81K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.440	−0.035%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.455	−0.019%	$7.2M	$53.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.543	+0.074%	$2.08B	$688.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.475	+0.003%	$8.9M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.477	+0.004%	$10.2M	$15.0M	20x	as long as short
Binance HYPEUSDTshort	+0.0100%	4h	94.454	−0.020%	$378.7M	$933.8M	75x
Bulk HYPE-USD	+0.0100%	1h	94.307	−0.176%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.449	−0.025%	$89.7M	$84.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.442	−0.033%	$46.9M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.397	−0.080%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.079	−0.418%	$29.4M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.361	−0.119%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.316	−0.166%	$370K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.453	−0.021%	$683K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.500	+0.029%	$33K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.543	+0.074%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.426	−0.049%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.420	−0.057%	$399K	$154K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.501	+0.030%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.283%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0194%	1h	94.543	+0.074%	$7.5M	$4.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.495	+0.023%	$20.2M	$30.2M	50x	as long as short
RISEx HYPE/USDClong	+0.0249%	1h	94.473	long leg	$3.2M	$6.4M	20x
Reya HYPERUSDPERP	+0.0272%	1h	94.437	−0.038%	$85K	$120K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.465	−0.008%	$17.1M	$12.4M	75x	as long as short