Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0329%/8h= −36.1% APRpaid last 24h −0.156%

Price spread now: Arcus against BloFin−0.151%7-day average −0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$190.193% of the position

Long on BloFin Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.380%−$38 on $10k

Price spread, last 4 days (all we have)+0.186%+$19 · spread now −0.151%, 7d avg −0.045%

Together, before fees−0.194%−$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Arcus is 0.106% cheaper against BloFin than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.045%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin HYPE-USDT	93.312	0.0340	pay 0.0170% / 4h	2h 23m	$16.8M	$11.9M	75x
Short	Arcus HYPE-USD	93.171	0.0011	get 0.0001% / 1h	23m 02s	$1.0M	$3.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against BloFin. 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 BloFinbpFee ArcusbpOrdersPrice spread, now −0.151%Rate

Funding earned: −$69.17
Price spread: −0.151% → −0.045%: −$10.63
Slippage, 4 orders: −$2.84
Fee BloFin: 6 bp × 2 orders: −$12
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$99.13
Costs to cover: 0.193%
Break-even: never at this rate

Slippage from BloFin: live order book, 6 min ago; Arcus: live order book, 1 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 BloFin live order book, 6 min ago	0.05 bp	6.5 bp −$6	8.5 bp −$85	16.0 bp −$1,603	doesn't fit
Sell Arcus live order book, 1 min ago	0.54 bp	3.2 bp −$3	8.1 bp −$81	29.8 bp −$2,982	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	−0.1424%	1h	93.245	−0.072%	$197K	$237K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0377%	1h	93.214	−0.105%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.266	−0.049%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0061%	1h	93.199	−0.121%	$111K	$581K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0021%	4h	93.238	−0.079%	$145K	$672K	20x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	93.211	−0.108%	$87K	$365K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.304	−0.009%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.246	−0.071%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.239	−0.079%	$62K	—	150x	as long as short
Arcus HYPE-USDshort	+0.0011%	1h	93.171	−0.151%	$1.0M	$3.9M	10x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDT	+0.0014%	4h	93.381	+0.074%	$225.3M	$99.0M	75x	as long as short
Bybit HYPEUSDT	+0.0019%	8h	93.380	+0.073%	$317.1M	$282.2M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.255	−0.061%	$207K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0032%	1h	93.240	−0.077%	$702K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0060%	8h	93.318	+0.006%	$12.7M	$2.8M	50x	as long as short
edgeX HYPEUSDC	+0.0085%	4h	93.101	−0.226%	$4.9M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	93.290	−0.023%	$339K	$157K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.288	−0.026%	$16.1M	$63.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.288	−0.026%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.191	−0.130%	$75K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.190	−0.131%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.210	−0.109%	$8.0M	$48.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.355	+0.046%	$2.03B	$665.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.365	+0.057%	$8.7M	$36.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.258	−0.057%	$10.0M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.376	+0.069%	$374.4M	$911.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.382	+0.075%	$114.6M	$309.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.230	−0.088%	$215K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.301	−0.012%	$46.9M	$54.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.403	+0.098%	$90.5M	$81.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.361	+0.053%	$46.2M	$18.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.374	+0.066%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.329	+0.018%	$7.1M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.070	−0.260%	$28.4M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.294	−0.020%	$7.5M	$47.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.095	−0.233%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.345	+0.035%	$668K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.283	−0.031%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.208	−0.111%	$483K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.275	−0.040%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.258	−0.058%	$16.1M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.224	−0.094%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.278	−0.036%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.350	+0.041%	$1.4M	$6.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.371	+0.064%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.249	−0.067%	$394K	$158K	20x	as long as short
Kalshi KXHYPEPERP	+0.0108%	8h	93.314	+0.002%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.140	−0.184%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.250	−0.066%	$4.6M	$5.8M	50x	as long as short
Reya HYPERUSDPERP	+0.0269%	1h	93.183	−0.138%	$80K	$127K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.221	−0.097%	$1.4M	—	100x	as long as short
BloFin HYPE-USDTlong	+0.0340%	4h	93.312	long leg	$16.8M	$11.9M	75x
Kraken Futures PF_HYPEUSD	+0.0341%	1h	93.327	+0.016%	$20.8M	$29.5M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0436%	1h	93.348	+0.039%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.269	−0.046%	$3.2M	$6.2M	20x	as long as short