Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0240%/8h= +26.3% APRpaid last 24h +0.060%

Price spread now: BloFin against ApeX Omni−0.178%7-day average +0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs+$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$320.324% of the position

Long on ApeX Omni Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.457%+$46 on $10k

Price spread, last 4 days (all we have)+0.038%+$4 · spread now −0.178%, 7d avg +0.010%

Together, before fees+0.495%+$49 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.187% cheaper against ApeX Omni than usual: you would sell low and buy high (spread −0.178% now, against its 7-day average of +0.010%). If the spread goes back, that is −$19 on $10k: about 2.6 days of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni HYPEUSDT	92.892	0.0100	pay 0.0013% / 1h	56m 43s	$350K	$1.0M	50x
Short	BloFin HYPE-USDT	92.727	0.0340	get 0.0170% / 4h	3h 56m	$16.7M	$11.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against ApeX Omni. 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 ApeX OmnibpFee BloFinbpOrdersPrice spread, now −0.178%Rate

Funding earned: $50.4
Price spread: −0.178% → +0.010%: −$18.72
Slippage, 4 orders: −$10.37
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$0.69
Costs to cover: 0.324%
Break-even: 7.1 days

Slippage from ApeX Omni: live order book, 2 min ago; BloFin: live order book, 2 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 ApeX Omni live order book, 2 min ago	3.07 bp	9.6 bp −$10	14.7 bp −$147	doesn't fit	doesn't fit
Sell BloFin live order book, 2 min ago	0.11 bp	6.8 bp −$7	7.4 bp −$74	12.3 bp −$1,226	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	−0.0472%	1h	92.744	−0.159%	$193K	$228K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0281%	1h	92.823	−0.074%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.736	−0.168%	$1.1M	$3.9M	10x	as long as short
Gate HYPE_USDT	−0.0148%	4h	92.736	−0.168%	$44.4M	$53.4M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.807	−0.092%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0063%	4h	92.702	−0.205%	$157K	$653K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.772	−0.129%	$127K	$29K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	92.795	−0.104%	$1.8M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	92.769	−0.133%	$22K	$302K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.778	−0.123%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HYPEUSDT	+0.0040%	8h	92.758	−0.144%	$12.5M	$2.7M	50x	as long as short
Bybit HYPEUSDT	+0.0041%	8h	92.730	−0.174%	$315.8M	$281.7M	75x	as long as short
Phoenix HYPE	+0.0043%	1h	92.888	−0.004%	$210K	$1.2M	10x	as long as short
01 Exchange HYPEUSD	+0.0048%	1h	92.792	−0.108%	$87K	$362K	20x	as long as short
Popdex HYPEUSDT	+0.0048%	1h	92.761	−0.141%	$69K	$1.1M	50x	as long as short
Bullet HYPE-USD	+0.0057%	1h	92.753	−0.149%	$111K	$579K	20x	as long as short
Aster HYPEUSDT	+0.0070%	4h	92.743	−0.160%	$8.7M	$36.2M	300x	as long as short
Bitget HYPEUSDT	+0.0084%	4h	92.726	−0.179%	$224.4M	$98.8M	75x	as long as short
edgeX HYPEUSDC	+0.0093%	4h	92.869	−0.025%	$4.9M	$29.5M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	92.790	−0.110%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.735	−0.169%	$16.0M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.753	−0.150%	$3.1M	$11.6M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0099%	8h	92.745	−0.158%	$113.7M	$303.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.760	−0.142%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.755	−0.147%	$7.4M	$45.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.803	−0.096%	$2.02B	$664.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.798	−0.101%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.743	−0.160%	$372.6M	$902.3M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0100%	1h	92.720	−0.185%	$698K	$1.1M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	−0.099%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.735	−0.169%	$88.0M	$79.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.737	−0.167%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.732	−0.172%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.780	−0.121%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.859	−0.036%	$28.5M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.886	−0.006%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDTlong	+0.0100%	1h	92.892	long leg	$350K	$1.0M	50x
StandX HYPE-USD	+0.0100%	1h	92.845	−0.051%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.833	−0.064%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.791	−0.109%	$468K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.708	−0.198%	$78K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.714	−0.192%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.756	−0.146%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.728	−0.177%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.900	+0.009%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.707	−0.199%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.765	−0.137%	$392K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.800	−0.099%	$4.7M	$5.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.799	−0.101%	$20.6M	$30.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.050	+0.170%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0263%	1h	92.746	−0.158%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.758	−0.145%	$1.4M	—	100x	as long as short
BloFin HYPE-USDTshort	+0.0340%	4h	92.727	−0.178%	$16.7M	$11.6M	75x
Deribit HYPE_USDC-PERPETUAL	+0.0440%	1h	92.842	−0.054%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.826	−0.071%	$3.2M	$6.4M	20x	as long as short