Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0111%/8h= −12.2% APRpaid last 24h −0.073%

Price spread now: Bullet against BloFin+0.040%7-day average +0.004% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$310.307% of the position

Long on BloFin Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.233%−$23 on $10k

Price spread, last 3 days (all we have)+0.031%+$3 · spread now +0.040%, 7d avg +0.004%

Together, before fees−0.202%−$20 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bullet is 0.036% dearer against BloFin than usual: you sell high and buy low (spread +0.040% now, against its 7-day average of +0.004%): +$4 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 26 hours. At the pace of the last 3 days (−0.233% in total) that is about 12 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin HYPE-USDT	94.000	0.0183	pay 0.0092% / 4h	0m 42s	$17.0M	$12.6M	75x
Short	Bullet HYPE-USD	94.038	0.0072	get 0.0009% / 1h	0m 42s	$112K	$578K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now +0.040%Rate

Funding earned: −$23.35
Price spread: +0.040% → +0.004%: $3.63
Slippage, 4 orders: −$10.66
Fee BloFin: 6 bp × 2 orders: −$12
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$50.38
Costs to cover: 0.307%
Break-even: never at this rate

Slippage from BloFin: live order book, 8 min ago; Bullet: live order book, 13 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, 8 min ago	0.11 bp	6.2 bp −$6	9.5 bp −$95	13.6 bp −$1,357	doesn't fit
Sell Bullet live order book, 13 min ago	0.27 bp	10.0 bp −$10	14.3 bp −$143	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	−0.1400%	1h	93.873	−0.135%	$199K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0343%	1h	93.963	−0.040%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.874	−0.134%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0133%	1h	93.930	−0.074%	$705K	$925K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.013	+0.014%	$86K	$368K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.983	−0.018%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0011%	1h	93.993	−0.008%	$16.4M	$7.2M	10x	as long as short
dYdX HYPE-USD	−0.0007%	1h	93.976	−0.026%	$128K	$30K	5x	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	94.054	+0.057%	$169K	$594K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.002	+0.003%	$23K	$329K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.074	+0.079%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	93.898	−0.109%	$217K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0017%	8h	94.030	+0.032%	$323.6M	$284.0M	75x	as long as short
Aster HYPEUSDT	+0.0018%	4h	94.041	+0.044%	$8.9M	$36.1M	300x	as long as short
Phemex HYPEUSDT	+0.0026%	8h	94.000	0.000%	$12.8M	$2.6M	50x	as long as short
Binance HYPEUSDT	+0.0046%	4h	94.043	+0.046%	$384.4M	$898.7M	75x	as long as short
MEXC HYPE_USDT	+0.0046%	4h	94.041	+0.044%	$88.5M	$82.3M	100x	as long as short
edgeX HYPEUSDC	+0.0057%	4h	94.017	+0.018%	$5.1M	$29.7M	30x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	94.015	+0.016%	$60K	$1.2M	50x	as long as short
Gate HYPE_USDT	+0.0068%	4h	94.036	+0.038%	$44.2M	$60.1M	75x	as long as short
Bullet HYPE-USDshort	+0.0072%	1h	94.038	+0.040%	$112K	$578K	20x
OKX HYPE-USDT-SWAP	+0.0088%	8h	94.036	+0.038%	$116.0M	$323.1M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.096	+0.103%	$18.9M	$60.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.070	+0.074%	$3.1M	$12.4M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.068	+0.072%	$400K	$318K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	94.040	+0.043%	$42K	$1.6M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.030	+0.032%	$342K	$171K	20x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.014	+0.015%	$6.6M	$44.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.143	+0.152%	$2.05B	$680.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.017	+0.018%	$10.1M	$14.5M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.889	−0.118%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.045	+0.048%	$46.6M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.045	+0.048%	$227.8M	$102.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.035	+0.037%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.082	+0.087%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.972	−0.029%	$31.4M	$54.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.864	−0.145%	$7.6M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.055	+0.059%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.964	−0.038%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.052	+0.055%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.062	+0.066%	$472K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.071	+0.076%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.060	+0.064%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.059	+0.063%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.436%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.017	+0.018%	$18.4M	$42.8M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.070	+0.074%	$4.9M	$5.7M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0156% / S +0.0022%	1h	94.067	+0.071%	$1.5M	—	100x	as long as short
Kalshi KXHYPEPERP	+0.0159%	8h	94.096	+0.102%	$1.9M	$5.1M	2.3x	as long as short
BloFin HYPE-USDTlong	+0.0183%	4h	94.000	long leg	$17.0M	$12.6M	75x
HTX HYPE-USDT	+0.0194%	4h	94.200	+0.213%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	94.030	+0.032%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.041	+0.044%	$2.8M	$6.9M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0409%	1h	94.166	+0.177%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0576%	1h	94.158	+0.168%	$21.1M	$29.5M	50x	as long as short