Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.020%

Price spread now: Bluefin against BingX+0.011%7-day average +0.008% · you sell dearer than you buy

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$480.484% of the position

Long on BingX Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.028%−$3 on $10k

Price spread, last 3 days (all we have)−0.023%−$2 · spread now +0.011%, 7d avg +0.008%

Together, before fees−0.051%−$5 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX HYPE-USDT	93.485	0.0100	pay 0.0050% / 4h	2h 34m	—	$54.2M	—
Short	Bluefin HYPE-PERP	93.495	0.0100	get 0.0013% / 1h	34m 11s	$76K	$168K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against BingX. 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 BingXbpFee BluefinbpOrdersPrice spread, now +0.011%Rate

Funding earned: $0
Price spread: +0.011% → +0.008%: $0.3
Slippage, 4 orders: −$31.36
Fee BingX: 5 bp × 2 orders: −$10
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$48.06
Costs to cover: 0.484%
Break-even: never at this rate

Slippage from BingX: live order book, 10 min ago; Bluefin: live order book, 55 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 BingX live order book, 10 min ago	0.11 bp	5.1 bp −$5	7.9 bp −$79	10.2 bp −$1,019	13.8 bp −$6,911
Sell Bluefin live order book, 55 min ago	5.45 bp	20.6 bp −$21	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	−0.1104%	1h	93.433	−0.056%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0265%	1h	93.465	−0.021%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0244%	1h	93.370	−0.123%	$701K	$940K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.536	+0.055%	$89K	$348K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.510	+0.027%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0028%	1h	93.471	−0.015%	$112K	$583K	20x	as long as short
Derive HYPE-PERP	−0.0003%	1h	93.441	−0.047%	$16.4M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.563	+0.084%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.565	+0.086%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.528	+0.046%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0012%	4h	93.518	+0.035%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0028%	4h	93.493	+0.009%	$44.1M	$56.5M	75x	as long as short
Bybit HYPEUSDT	+0.0037%	8h	93.479	−0.006%	$325.7M	$287.3M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.464	−0.022%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0070%	4h	93.501	+0.017%	$180K	$529K	20x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	93.505	+0.021%	$57K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.539	+0.058%	$18.5M	$59.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.515	+0.032%	$3.1M	$12.3M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.540	+0.059%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.470	−0.016%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.503	+0.020%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.570	+0.091%	$2.04B	$668.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.540	+0.059%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.499	+0.015%	$385.6M	$888.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.479	−0.006%	$114.9M	$315.4M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.488	+0.003%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.403	−0.088%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.494	+0.010%	$92.8M	$82.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.503	+0.019%	$46.4M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.503	+0.019%	$227.1M	$102.1M	75x	as long as short
BingX HYPE-USDTlong	+0.0100%	4h	93.485	long leg	—	$54.2M	—
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.575	+0.096%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.402	−0.089%	$28.9M	$49.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.494	+0.010%	$7.5M	$45.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.482	−0.003%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.503	+0.019%	$676K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.530	+0.048%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.526	+0.044%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERPshort	+0.0100%	1h	93.495	+0.011%	$76K	$168K	20x
SunX HYPE-USDT	+0.0100%	4h	93.552	+0.072%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.487	+0.002%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.474	−0.012%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.476	−0.009%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.517	+0.034%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0113%	4h	93.336	−0.159%	$5.1M	$29.5M	30x	as long as short
Kalshi KXHYPEPERP	+0.0119%	8h	93.583	+0.105%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.400	−0.091%	$4.9M	$5.7M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0242%	1h	93.592	+0.114%	$7.4M	$4.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.494	+0.009%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.350	−0.144%	$30K	$231K	12x	as long as short
HTX HYPE-USDT	+0.0335%	4h	93.662	+0.189%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0164%	1h	93.526	+0.044%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.449	−0.039%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.576	+0.097%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.581	+0.102%	$19.2M	$25.9M	50x	as long as short