Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0157%/8h= −17.2% APRpaid last 24h −0.066%

Price spread now: Coinbase International against BloFin−0.069%58s7-day average −0.032% · you buy dearer than you sell

Net, funding: paid 7d − costs−$88as 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−$320.324% of the position

Long on BloFin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.556%−$56 on $10k

Price spread, last 4 days (all we have)+0.130%+$13 · spread now −0.069%, 7d avg −0.032%

Together, before fees−0.425%−$43 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Coinbase International is 0.037% cheaper against BloFin than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.032%). Swap the legs. The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin HYPE-USDT	92.544	0.0317	pay 0.0158% / 4h	49m 42s	$16.8M	$11.5M	75x
Short	Coinbase International HYPE-PERP-INTX	92.480	0.0160	get 0.0020% / 1h	49m 42s	$4.7M	$5.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.069%Rate

Funding earned: −$32.91
Price spread: −0.069% → −0.032%: −$3.74
Slippage, 4 orders: −$10.38
Fee BloFin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$69.03
Costs to cover: 0.324%
Break-even: never at this rate

Slippage from BloFin: live order book, 4 min ago; Coinbase International: live order book, 4 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, 4 min ago	0.11 bp	7.2 bp −$7	10.0 bp −$100	16.3 bp −$1,627	doesn't fit
Sell Coinbase International live order book, 4 min ago	3.23 bp	9.7 bp −$10	15.5 bp −$155	35.4 bp −$3,538	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
Arcus HYPE-USD	−0.0948%	1h	92.216	−0.354%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0728%	1h	92.519	−0.027%	$194K	$227K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0112%	1h	92.647	+0.111%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	92.387	−0.170%	$85K	$352K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.501	−0.046%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0067%	4h	92.385	−0.172%	$157K	$663K	20x	as long as short
Bullet HYPE-USD	−0.0053%	1h	92.394	−0.162%	$110K	$579K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0046%	1h	92.280	−0.285%	$699K	$1.1M	10x	as long as short
Aster HYPEUSDT	−0.0005%	4h	92.376	−0.182%	$8.7M	$36.2M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.417	−0.137%	$127K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	92.413	−0.142%	$23K	$309K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.436	−0.117%	$61K	—	150x	as long as short
Derive HYPE-PERP	+0.0020%	1h	92.367	−0.191%	$16.0M	$7.5M	10x	as long as short
BingX HYPE-USDT	+0.0032%	4h	92.317	−0.245%	—	$53.2M	—	as long as short
Phemex HYPEUSDT	+0.0038%	8h	92.433	−0.120%	$12.5M	$2.7M	50x	as long as short
Bybit HYPEUSDT	+0.0038%	8h	92.342	−0.218%	$316.8M	$279.4M	75x	as long as short
Phoenix HYPE	+0.0043%	1h	92.855	+0.336%	$211K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0050%	4h	92.343	−0.217%	$44.3M	$54.5M	75x	as long as short
Popdex HYPEUSDT	+0.0072%	1h	92.395	−0.161%	$67K	$1.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0075%	8h	92.344	−0.216%	$112.9M	$300.3M	50x	as long as short
MEXC HYPE_USDT	+0.0078%	4h	92.334	−0.227%	$87.4M	$80.2M	100x	as long as short
Binance HYPEUSDT	+0.0079%	4h	92.338	−0.223%	$371.2M	$893.4M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0092%	8h	92.363	−0.196%	$337K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.355	−0.204%	$16.0M	$62.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.362	−0.197%	$3.1M	$11.6M	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.370	−0.188%	$13K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.400	−0.156%	$5.8M	$43.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.391	−0.165%	$2.01B	$660.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.375	−0.183%	$10.0M	$15.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	+0.277%	$202K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.332	−0.229%	$45.7M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.321	−0.241%	$223.4M	$97.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.370	−0.188%	$7.4M	$10.0M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.469	−0.081%	$28.5M	$57.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.799	+0.276%	$7.5M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.847	+0.327%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.569	+0.027%	$664K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.481	−0.068%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.438	−0.115%	$467K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.463	−0.088%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.406	−0.149%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.600	+0.061%	$1.4M	$6.2M	75x	as long as short
edgeX HYPEUSDC	+0.0103%	4h	92.776	+0.250%	$5.1M	$29.2M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.330	−0.231%	$18.1M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.434	−0.119%	$391K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.430	−0.123%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTXshort	+0.0160%	1h	92.480	−0.069%	$4.7M	$5.5M	50x
Reya HYPERUSDPERP	+0.0260%	1h	92.391	−0.165%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0262%	8h	92.513	−0.033%	$1.8M	$5.4M	2.3x	as long as short
BloFin HYPE-USDTlong	+0.0317%	4h	92.544	long leg	$16.8M	$11.5M	75x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0329% / S −0.0153%	1h	92.424	−0.129%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0333%	1h	92.439	−0.113%	$20.5M	$30.4M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0464%	1h	92.500	−0.048%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.479	−0.070%	$3.1M	$6.4M	20x	as long as short
Bluefin HYPE-PERP	+0.1078%	1h	92.386	−0.171%	$78K	$169K	20x	as long as short