Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0553%/8h= −60.6% APRpaid last 24h −0.077%

Price spread now: BingX against RISEx−0.084%7-day average −0.007% · 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−$26as in the Price arb table

costs, in and out, $10k−$180.183% of the position

Long on RISEx Short on BingX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.209%−$21 on $10k

Price spread, last 7 days+0.091%+$9 · spread now −0.084%, 7d avg −0.007%

Together, before fees−0.118%−$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and BingX is 0.077% cheaper against RISEx than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.007%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx HYPE/USDC	93.702	0.0559	pay 0.0070% / 1h	47m 03s	$3.2M	$6.4M	20x
Short	BingX HYPE-USDT	93.623	0.0006	get 0.0003% / 4h	1h 47m	—	$53.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.084%Rate

Funding earned: −$116.14
Price spread: −0.084% → −0.007%: −$7.72
Slippage, 4 orders: −$2.34
Fee RISEx: 3 bp × 2 orders: −$6
Fee BingX: 5 bp × 2 orders: −$10
Net: −$142.2
Costs to cover: 0.183%
Break-even: never at this rate

Slippage from RISEx: 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 RISEx live order book, 2 min ago	0.75 bp	3.7 bp −$4	5.4 bp −$54	doesn't fit	doesn't fit
Sell BingX live order book, 7 min ago	0.11 bp	5.1 bp −$5	5.9 bp −$59	10.2 bp −$1,019	15.7 bp −$7,841

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	−0.1104%	1h	93.558	−0.153%	$198K	$242K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0245%	1h	93.775	+0.077%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0128%	1h	93.610	−0.098%	$706K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.621	−0.086%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0068%	1h	93.624	−0.083%	$111K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.678	−0.026%	$86K	$370K	20x	as long as short
Bluefin HYPE-PERP	−0.0028%	1h	93.625	−0.082%	$79K	$156K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0020%	4h	93.597	−0.112%	$145K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.698	−0.005%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.671	−0.033%	$21K	$287K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.654	−0.052%	$63K	—	150x	as long as short
BingX HYPE-USDTshort	+0.0006%	4h	93.623	−0.084%	—	$53.7M	—
Bybit HYPEUSDT	+0.0009%	8h	93.620	−0.088%	$316.2M	$287.9M	75x	as long as short
Phoenix HYPE	+0.0017%	1h	93.687	−0.016%	$209K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	93.632	−0.075%	$225.5M	$99.5M	75x	as long as short
Phemex HYPEUSDT	+0.0072%	8h	93.666	−0.038%	$12.8M	$2.8M	50x	as long as short
edgeX HYPEUSDC	+0.0082%	4h	93.648	−0.058%	$5.0M	$30.6M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0083%	8h	93.705	+0.004%	$335K	$161K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.609	−0.099%	$1.0M	$4.0M	10x	as long as short
Derive HYPE-PERP	+0.0092%	1h	93.579	−0.131%	$16.3M	$7.4M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.630	−0.077%	$16.1M	$63.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.640	−0.066%	$3.1M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.654	−0.051%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.660	−0.045%	$22K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.606	−0.103%	$7.4M	$50.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.729	+0.029%	$2.05B	$682.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.638	−0.068%	$8.9M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.690	−0.013%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.627	−0.080%	$375.2M	$930.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.620	−0.088%	$115.7M	$316.1M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.624	−0.083%	$48.4M	$55.0M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.628	−0.079%	$89.8M	$83.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.625	−0.082%	$46.3M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.657	−0.048%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.670	−0.035%	$28.6M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.726	+0.026%	$7.6M	$48.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.674	−0.030%	$347K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.679	−0.025%	$679K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.710	+0.008%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.667	−0.037%	$470K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.741	+0.042%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.628	−0.079%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.791	+0.095%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.731	+0.031%	$216K	$15K	10x	as long as short
Kalshi KXHYPEPERP	+0.0104%	8h	93.729	+0.029%	$1.8M	$5.6M	2.3x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.602	−0.107%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.623	−0.084%	$396K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.680	−0.023%	$4.7M	$6.1M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.640	−0.066%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.621	−0.086%	$77K	$130K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0305%	1h	93.727	+0.027%	$7.4M	$4.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	93.662	−0.043%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.653	−0.052%	$17.0M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0415%	1h	93.717	+0.016%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDClong	+0.0559%	1h	93.702	long leg	$3.2M	$6.4M	20x