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Funding arb · Price arb /

HYPE

all HYPE markets
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Alert: spread
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Funding you earn now, next payment 00:00 UTC+0.0112%/8h= +12.2% APRpaid last 24h +0.061%
Price spread now: BloFin against Backpack−0.134%66s7-day average −0.012% · you buy dearer than you sell
Net, funding: paid 7d − costs+$18as 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−$240.237% of the position
Long on BackpackShort on BloFin
What this pair did over the last
the charts below follow
Funding, last 7 days+0.414%+$41 on $10k
Price spread, last 3 days (all we have)+0.059%+$6 · spread now −0.134%, 7d avg −0.012%
Together, before fees+0.473%+$47 on $10k · with fees, hour by hour
Funding pays, the price is against you. BloFin is 0.122% cheaper against Backpack than usual: you would sell low and buy high (spread −0.134% now, against its 7-day average of −0.012%). If the spread goes back, that is −$12 on $10k: about 3.7 days of funding at the current rate (+$3 a day). The two prices were read 66 seconds apart, so part of this spread may be the market moving, not a spread.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBackpack HYPE_USDC_PERP93.9270.0100pay 0.0013% / 1h9m 54s$7.9M$10.4M20x
ShortBloFin HYPE-USDT93.8010.0212get 0.0106% / 4h9m 54s$16.9M$12.6M75x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

BloFin against Backpack. 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

Funding earned
$23.45
Price spread: −0.134% → −0.012%
−$12.24
Slippage, 4 orders
−$1.7
Fee Backpack: 5 bp × 2 orders
−$10
Fee BloFin: 6 bp × 2 orders
−$12
Net
−$12.49
Costs to cover
0.237%
Break-even
10.7 days
Slippage from Backpack: live order book, 4 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
LegHalf-spread$10k$100k$1M$5M
Buy Backpack live order book, 4 min ago0.05 bp5.1 bp −$56.9 bp −$69146.4 bp −$14.6Kdoesn't fit
Sell BloFin live order book, 4 min ago0.05 bp6.8 bp −$77.8 bp −$7812.6 bp −$1,262doesn't fit

HYPE on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Hibachi HYPE/USDT-P−0.1256%1h93.812−0.123%$199K$230K7xas long as short
Aftermath Perps HYPEUSD−0.0400%1h93.863−0.069%$22K$22K10xas long as short
Arcus HYPE-USD−0.0233%1h93.832−0.101%$1.2M$3.8M10xas long as short
Ondo Perps HYPE-USD.P−0.0108%1h93.780−0.157%$705K$916K10xas long as short
Hotstuff HYPE-PERP−0.0080%1h93.868−0.063%$3K$33125xas long as short
01 Exchange HYPEUSD−0.0072%1h93.933+0.006%$86K$368K20xas long as short
Orderly PERP_HYPE_USDC−0.0003%4h93.918−0.010%$170K$590K20xas long as short
dYdX HYPE-USD0.0000%1h93.857−0.074%$128K$30K5xas long as short
Perpl HYPE0.0000%43m93.939+0.013%$23K$329K10xas long as short
gTrade (Gains Network) HYPE/USDL +0.0002% / S −0.0003%1h93.933+0.007%$27K—150xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Phoenix HYPE+0.0009%1h93.919−0.009%$217K$1.2M10xas long as short
Derive HYPE-PERP+0.0011%1h93.847−0.085%$16.4M$7.1M10xas long as short
Aster HYPEUSDT+0.0015%4h93.898−0.031%$8.9M$36.1M300xas long as short
Bybit HYPEUSDT+0.0021%8h93.902−0.027%$323.1M$284.0M75xas long as short
Phemex HYPEUSDT+0.0041%8h93.840−0.093%$12.8M$2.6M50xas long as short
MEXC HYPE_USDT+0.0052%4h93.894−0.035%$88.4M$82.2M100xas long as short
Binance HYPEUSDT+0.0054%4h93.916−0.012%$383.9M$898.3M75xas long as short
edgeX HYPEUSDC+0.0061%4h93.800−0.135%$5.1M$29.6M30xas long as short
Popdex HYPEUSDT+0.0064%1h93.933+0.006%$60K$1.2M50xas long as short
Gate HYPE_USDT+0.0072%4h93.898−0.031%$44.1M$59.9M75xas long as short
Bullet HYPE-USD+0.0087%1h93.899−0.030%$113K$578K20xas long as short
OKX HYPE-USDT-SWAP+0.0092%8h93.914−0.014%$115.9M$322.9M50xas long as short
Lighter HYPE+0.0096%1h93.946+0.020%$18.9M$60.4M20xas long as short
Lighter RH HYPE+0.0096%1h93.924−0.003%$3.1M$12.3M20xas long as short
Aevo HYPE-PERP+0.0096%1h93.890−0.039%$399K$318K20xas long as short
Paradex HYPE-USD-PERP+0.0099%8h93.955+0.030%$341K$171K20xas long as short
Katana Perps HYPE-USD+0.0099%8h93.890−0.039%$37K$1.6M10xas long as short
Nado HYPE-PERP+0.0100%1h93.863−0.068%$5.7M$44.4M10xas long as short
Hyperliquid HYPE+0.0100%1h93.986+0.063%$2.04B$681.4M10xas long as short
Pacifica HYPE+0.0100%1h93.923−0.005%$10.1M$14.6M20xas long as short
Bulk HYPE-USD+0.0100%1h93.820−0.114%$205K$7K10xas long as short
KuCoin HYPEUSDTM+0.0100%4h93.904−0.024%$46.5M$18.6M75xas long as short
Bitget HYPEUSDT+0.0100%4h93.901−0.028%$227.4M$102.3M75xas long as short
BingX HYPE-USDT+0.0100%4h93.917−0.011%—$54.2M—as long as short
Backpack HYPE_USDC_PERPlong+0.0100%1h93.927long leg$7.9M$10.4M20x
Variational Omni HYPE+0.0100%8h93.811−0.123%$31.2M$54.1M—as long as short
GRVT HYPE_USDT_Perp+0.0100%4h93.848−0.084%$7.6M$45.8M10xas long as short
ApeX Omni HYPEUSDT+0.0100%1h93.859−0.072%$359K$1.1M50xas long as short
StandX HYPE-USD+0.0100%1h93.889−0.040%$679K$2.5M20xas long as short
Vest HYPE-PERP+0.0100%1h93.943+0.017%—$454K5xas long as short
Polymarket Perps HYPE-USD+0.0100%1h93.957+0.032%$472K$2.5M20xas long as short
Bluefin HYPE-PERP+0.0100%1h93.909−0.019%$76K$171K20xas long as short
SunX HYPE-USDT+0.0100%4h93.977+0.053%$32K$1.6M20xas long as short
SoDEX HYPE-USD+0.0100%1h93.891−0.038%$2.0M$2.0M10xas long as short
Injective HYPE/USDC PERP+0.0104%1h94.410+0.514%$31K$338K12xas long as short
Extended HYPE-USD+0.0104%1h93.883−0.047%$18.3M$42.8M50xas long as short
Coinbase International HYPE-PERP-INTX+0.0152%1h94.010+0.088%$4.9M$5.7M50xas long as short
Kalshi KXHYPEPERP+0.0154%8h93.929+0.002%$1.9M$5.0M2.3xas long as short
HTX HYPE-USDT+0.0192%4h94.063+0.145%$1.5M$7.8M75xas long as short
BloFin HYPE-USDTshort+0.0212%4h93.801−0.134%$16.9M$12.6M75x
Reya HYPERUSDPERP+0.0249%1h93.882−0.048%$77K$142K15xas long as short
RISEx HYPE/USDC+0.0284%1h93.988+0.065%$2.8M$6.8M20xas long as short
Deribit HYPE_USDC-PERPETUAL+0.0303%1h94.001+0.079%$7.5M$4.6M50xas long as short
GMX HYPE/USD [WBTC.b-USDC]L +0.0338% / S −0.0163%1h93.924−0.004%$1.4M—100xas long as short
Kraken Futures PF_HYPEUSD+0.0577%1h94.004+0.082%$21.0M$29.5M50xas long as short