Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.009%

Price spread now: Bluefin against Backpack−0.009%7-day average −0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$360.360% of the position

Long on Backpack Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.161%−$16 on $10k

Price spread, last 3 days (all we have)−0.058%−$6 · spread now −0.009%, 7d avg −0.022%

Together, before fees−0.219%−$22 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack HYPE_USDC_PERP	93.973	0.0100	pay 0.0013% / 1h	9m 00s	$7.9M	$10.4M	20x
Short	Bluefin HYPE-PERP	93.965	0.0100	get 0.0013% / 1h	9m 00s	$76K	$171K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against Backpack. 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 BackpackbpFee BluefinbpOrdersPrice spread, now −0.009%Rate

Funding earned: $0
Price spread: −0.009% → −0.022%: $1.34
Slippage, 4 orders: −$19.02
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$34.68
Costs to cover: 0.360%
Break-even: never at this rate

Slippage from Backpack: live order book, 5 min ago; Bluefin: live order book, 5 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 Backpack live order book, 5 min ago	0.05 bp	5.1 bp −$5	6.9 bp −$69	146.4 bp −$14.6K	doesn't fit
Sell Bluefin live order book, 5 min ago	2.45 bp	13.8 bp −$14	doesn't fit	doesn't fit	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	−0.1280%	1h	93.773	−0.212%	$198K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0393%	1h	93.880	−0.099%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.783	−0.202%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0111%	1h	93.820	−0.163%	$705K	$917K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.927	−0.049%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.894	−0.084%	$86K	$368K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0003%	4h	93.943	−0.032%	$170K	$590K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.941	−0.034%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.934	−0.041%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.976	+0.003%	$27K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	+0.0009%	1h	93.919	−0.057%	$217K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0011%	1h	93.894	−0.084%	$16.4M	$7.1M	10x	as long as short
Aster HYPEUSDT	+0.0015%	4h	93.940	−0.035%	$8.9M	$36.1M	300x	as long as short
Bybit HYPEUSDT	+0.0021%	8h	93.950	−0.024%	$323.3M	$284.0M	75x	as long as short
Phemex HYPEUSDT	+0.0041%	8h	93.899	−0.079%	$12.8M	$2.6M	50x	as long as short
Binance HYPEUSDT	+0.0051%	4h	93.956	−0.018%	$384.1M	$898.6M	75x	as long as short
MEXC HYPE_USDT	+0.0054%	4h	93.950	−0.024%	$88.5M	$82.2M	100x	as long as short
edgeX HYPEUSDC	+0.0061%	4h	93.800	−0.184%	$5.1M	$29.6M	30x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.892	−0.086%	$60K	$1.2M	50x	as long as short
Gate HYPE_USDT	+0.0072%	4h	93.941	−0.034%	$44.2M	$59.9M	75x	as long as short
Bullet HYPE-USD	+0.0090%	1h	93.952	−0.023%	$113K	$578K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0090%	8h	93.952	−0.022%	$115.9M	$323.0M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.983	+0.010%	$18.9M	$60.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.963	−0.011%	$3.1M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.965	−0.009%	$400K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.922	−0.054%	$341K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.870	−0.110%	$38K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.912	−0.064%	$5.7M	$44.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.034	+0.065%	$2.05B	$679.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.906	−0.071%	$10.1M	$14.5M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.889	−0.090%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.944	−0.031%	$46.5M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.965	−0.009%	$227.6M	$102.3M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.922	−0.054%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERPlong	+0.0100%	1h	93.973	long leg	$7.9M	$10.4M	20x
Variational Omni HYPE	+0.0100%	8h	93.811	−0.172%	$31.2M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.855	−0.126%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.859	−0.121%	$359K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.889	−0.089%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.946	−0.028%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.965	−0.009%	$472K	$2.5M	20x	as long as short
Bluefin HYPE-PERPshort	+0.0100%	1h	93.965	−0.009%	$76K	$171K	20x
SunX HYPE-USDT	+0.0100%	4h	93.956	−0.018%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.957	−0.017%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.465%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.937	−0.038%	$18.3M	$42.8M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.010	+0.039%	$4.9M	$5.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0155%	8h	94.007	+0.036%	$1.9M	$5.0M	2.3x	as long as short
HTX HYPE-USDT	+0.0192%	4h	94.100	+0.135%	$1.5M	$7.8M	75x	as long as short
BloFin HYPE-USDT	+0.0206%	4h	93.947	−0.028%	$17.0M	$12.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.932	−0.044%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.936	−0.039%	$2.8M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0163%	1h	93.975	+0.002%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0346%	1h	94.048	+0.080%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0577%	1h	94.031	+0.062%	$21.0M	$29.5M	50x	as long as short