Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0236%/8h= +25.8% APRpaid last 24h +0.058%

Price spread now: BloFin against Aevo−0.071%53s7-day average +0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$171as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$2182.182% of the position

Long on Aevo Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.473%+$47 on $10k

Price spread, last 4 days (all we have)+0.016%+$2 · spread now −0.071%, 7d avg +0.003%

Together, before fees+0.489%+$49 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.073% cheaper against Aevo than usual: you would sell low and buy high (spread −0.071% now, against its 7-day average of +0.003%). If the spread goes back, that is −$7 on $10k: about 25 hours of funding at the current rate (+$7 a day). The two prices were read 53 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	Aevo HYPE-PERP	95.272	0.0104	pay 0.0013% / 1h	57m 38s	$403K	$130K	20x
Short	BloFin HYPE-USDT	95.205	0.0340	get 0.0170% / 4h	1h 57m	$17.3M	$11.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Aevo. 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 AevobpFee BloFinbpOrdersPrice spread, now −0.071%Rate

Funding earned: $49.56
Price spread: −0.071% → +0.003%: −$7.34
Slippage, 4 orders: −$190.18
Fee Aevo: 8 bp × 2 orders: −$16
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$175.96
Costs to cover: 2.182%
Break-even: 31.9 days

Slippage from Aevo: live order book, 54 min ago; BloFin: live order book, 4 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 Aevo live order book, 54 min ago	78.06 bp	110.0 bp −$110	119.9 bp −$1,199	doesn't fit	doesn't fit
Sell BloFin live order book, 4 min ago	0.05 bp	9.7 bp −$10	12.0 bp −$120	19.0 bp −$1,898	doesn't fit

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	−0.1320%	1h	95.200	−0.076%	$212K	$261K	7x	as long as short
Bullet HYPE-USD	−0.0400%	1h	95.257	−0.016%	$114K	$582K	20x	as long as short
Phemex HYPEUSDT	−0.0282%	8h	95.237	−0.037%	$13.0M	$2.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0251%	1h	95.280	+0.008%	$18.6M	$35.3M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0141%	1h	95.192	−0.084%	$22K	$17K	10x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.271	−0.002%	$1.1M	$2.4M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0086%	1h	95.140	−0.139%	$690K	$1.3M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.191	−0.085%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0070%	4h	95.279	+0.007%	$54.7M	$53.0M	75x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	95.307	+0.036%	$92K	$346K	20x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.310	+0.039%	$4.7M	$5.6M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0039%	4h	95.248	−0.026%	$148K	$643K	20x	as long as short
Aster HYPEUSDT	−0.0025%	4h	95.273	+0.001%	$9.0M	$33.0M	300x	as long as short
Lighter HYPE	−0.0024%	1h	95.259	−0.014%	$16.3M	$57.4M	20x	as long as short
OKX HYPE-USDT-SWAP	−0.0009%	8h	95.279	+0.007%	$119.3M	$304.4M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	95.259	−0.014%	$129K	$94K	5x	as long as short
Perpl HYPE	0.0000%	43m	95.283	+0.011%	$24K	$254K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.303	+0.033%	$100K	—	150x	as long as short
Bulk HYPE-USD	+0.0016%	1h	95.192	−0.085%	$232K	$12K	10x	as long as short
Phoenix HYPE	+0.0017%	1h	95.204	−0.072%	$201K	$945K	10x	as long as short
Bitget HYPEUSDT	+0.0020%	4h	95.277	+0.005%	$229.0M	$87.1M	75x	as long as short
Bybit HYPEUSDT	+0.0033%	8h	95.300	+0.029%	$321.3M	$267.0M	75x	as long as short
Popdex HYPEUSDT	+0.0040%	1h	95.292	+0.021%	$274K	$1.0M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0044%	1h	95.363	+0.095%	$7.5M	$4.3M	50x	as long as short
Vest HYPE-PERP	+0.0054%	1h	95.309	+0.039%	—	$80K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0073%	8h	95.280	+0.008%	$340K	$35K	20x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	95.110	−0.171%	$5.1M	$29.5M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.291	+0.019%	$3.3M	$9.9M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.250	−0.024%	$39K	$1.5M	10x	as long as short
Binance HYPEUSDT	+0.0099%	4h	95.282	+0.010%	$382.9M	$858.0M	75x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.288	+0.017%	$7.3M	$52.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.311	+0.040%	$10.3M	$13.3M	20x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.286	+0.014%	$90.8M	$83.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.292	+0.021%	$48.1M	$17.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	95.284	+0.012%	—	$48.6M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.326	+0.056%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.143	−0.136%	$30.0M	$53.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.256	−0.017%	$7.7M	$39.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.191	−0.085%	$347K	$883K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.226	−0.049%	$693K	$2.8M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.290	+0.018%	$504K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	95.278	+0.006%	$79K	$136K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.372	+0.104%	$33K	$1.4M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	95.281	+0.009%	$2.1M	$373K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.397	+0.131%	$1.4M	$5.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.253	−0.020%	$18.4M	$39.9M	50x	as long as short
Aevo HYPE-PERPlong	+0.0104%	1h	95.272	long leg	$403K	$130K	20x
Hyperliquid HYPE	+0.0107%	1h	95.370	+0.102%	$2.11B	$649.9M	10x	as long as short
Kalshi KXHYPEPERP	+0.0122%	8h	95.349	+0.080%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.282	+0.010%	$3.2M	$5.5M	20x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	95.230	−0.045%	$85K	$100K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.246	−0.028%	$1.4M	—	100x	as long as short
BloFin HYPE-USDTshort	+0.0340%	4h	95.205	−0.071%	$17.3M	$11.6M	75x
Injective HYPE/USDC PERP	+0.0969%	1h	95.400	+0.134%	$31K	$334K	12x	as long as short