Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0012%/8h= +1.3% APRpaid last 24h −0.056%

Price spread now: Deribit against BloFin+0.169%57s7-day average +0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$78as 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−$270.271% of the position

Long on BloFin Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.512%−$51 on $10k

Price spread, last 3 days (all we have)−0.094%−$9 · spread now +0.169%, 7d avg +0.037%

Together, before fees−0.606%−$61 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and Deribit is 0.133% dearer against BloFin than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.037%. Mind the row above: over the last 7 days funding on this pair cost −0.512%, so the current rate has only just turned in your favour. The two prices were read 57 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	93.930	0.0280	pay 0.0140% / 4h	54m 09s	$17.0M	$12.3M	75x
Short	Deribit HYPE_USDC-PERPETUAL	94.089	0.0292	get 0.0036% / 1h	54m 09s	$7.4M	$4.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.169%Rate

Funding earned: $2.44
Price spread: +0.169% → +0.037%: $13.27
Slippage, 4 orders: −$8.1
Fee BloFin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$11.39
Costs to cover: 0.271%
Break-even: 39.7 days

Slippage from BloFin: live order book, 5 min ago; Deribit: 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 BloFin live order book, 5 min ago	0.11 bp	6.3 bp −$6	7.5 bp −$75	12.0 bp −$1,201	doesn't fit
Sell Deribit live order book, 5 min ago	1.65 bp	9.2 bp −$9	12.5 bp −$125	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	−0.0536%	1h	93.857	−0.077%	$199K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0487%	1h	93.772	−0.169%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.888	−0.045%	$1.2M	$3.8M	10x	as long as short
ApeX Omni HYPEUSDT	−0.0160%	1h	93.896	−0.036%	$349K	$1.1M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.965	+0.037%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.912	−0.019%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.001	+0.076%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.011	+0.086%	$28K	—	150x	as long as short
Orderly PERP_HYPE_USDC	+0.0014%	4h	94.004	+0.079%	$176K	$526K	20x	as long as short
Bybit HYPEUSDT	+0.0020%	8h	93.981	+0.054%	$324.8M	$280.7M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0028%	4h	93.994	+0.068%	$8.9M	$35.8M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	93.805	−0.133%	$215K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0046%	1h	93.920	−0.011%	$703K	$904K	10x	as long as short
edgeX HYPEUSDC	+0.0067%	4h	93.855	−0.080%	$5.1M	$29.7M	30x	as long as short
Gate HYPE_USDT	+0.0068%	4h	93.989	+0.063%	$44.5M	$57.9M	75x	as long as short
Phemex HYPEUSDT	+0.0069%	8h	93.934	+0.004%	$12.8M	$2.6M	50x	as long as short
MEXC HYPE_USDT	+0.0070%	4h	93.993	+0.067%	$90.6M	$80.3M	100x	as long as short
Binance HYPEUSDT	+0.0072%	4h	93.992	+0.066%	$386.2M	$886.8M	75x	as long as short
Derive HYPE-PERP	+0.0077%	1h	93.939	+0.009%	$16.4M	$6.9M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.043	+0.120%	$19.0M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.026	+0.102%	$3.1M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.977	+0.050%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.988	+0.062%	$400K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.979	+0.052%	$341K	$169K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.950	+0.021%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.980	+0.053%	$5.9M	$44.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.979	+0.052%	$10.2M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.995	+0.069%	$115.4M	$315.4M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.011	+0.086%	$47.3M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.996	+0.070%	$227.8M	$102.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.993	+0.067%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.960	+0.032%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.882	−0.051%	$32.1M	$53.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.906	−0.025%	$7.6M	$45.5M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.945	+0.016%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.998	+0.072%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.018	+0.094%	$485K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.976	+0.049%	$113K	$578K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.996	+0.070%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.018	+0.094%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.993	+0.067%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.680	−0.266%	$205K	$7K	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	93.850	−0.085%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.976	+0.049%	$18.6M	$42.0M	50x	as long as short
01 Exchange HYPEUSD	+0.0104%	1h	94.004	+0.079%	$91K	$356K	20x	as long as short
Kalshi KXHYPEPERP	+0.0123%	8h	94.029	+0.105%	$1.9M	$5.1M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.060	+0.138%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0225%	4h	94.148	+0.232%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	93.993	+0.067%	$77K	$142K	15x	as long as short
BloFin HYPE-USDTlong	+0.0280%	4h	93.930	long leg	$17.0M	$12.3M	75x
RISEx HYPE/USDC	+0.0284%	1h	94.035	+0.112%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUALshort	+0.0292%	1h	94.089	+0.169%	$7.4M	$4.5M	50x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	93.966	+0.039%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0577%	1h	94.098	+0.178%	$21.0M	$29.0M	50x	as long as short
Hyperliquid HYPE	+0.0625%	1h	94.046	+0.123%	$2.05B	$665.0M	10x	as long as short