Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0340%/8h= −37.2% APRpaid last 24h −0.093%

Price spread now: dYdX against BloFin+0.032%7-day average −0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs−$134as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$740.741% of the position

Long on BloFin Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.603%−$60 on $10k

Price spread, last 3 days (all we have)+0.194%+$19 · spread now +0.032%, 7d avg −0.002%

Together, before fees−0.408%−$41 on $10k · with fees, hour by hour

The price spread pays, funding is against you. dYdX is 0.034% dearer against BloFin than usual: you sell high and buy low (spread +0.032% now, against its 7-day average of −0.002%): +$3 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 8 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin HYPE-USDT	93.691	0.0340	pay 0.0170% / 4h	2h 25m	$17.1M	$12.5M	75x
Short	dYdX HYPE-USD	93.721	0	get 0.0000% / 1h	25m 01s	$128K	$32K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.032%Rate

Funding earned: −$71.4
Price spread: +0.032% → −0.002%: $3.4
Slippage, 4 orders: −$52.14
Fee BloFin: 6 bp × 2 orders: −$12
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$142.14
Costs to cover: 0.741%
Break-even: never at this rate

Slippage from BloFin: live order book, 4 min ago; dYdX: live order book, 64 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	0.05 bp	6.1 bp −$6	6.7 bp −$67	9.8 bp −$975	doesn't fit
Sell dYdX live order book, 64 min ago	26.01 bp	31.0 bp −$31	72.5 bp −$725	178.3 bp −$17.8K	1004.8 bp −$502.4K

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	−0.1000%	1h	93.619	−0.077%	$198K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0294%	1h	93.602	−0.095%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0242%	1h	93.630	−0.065%	$702K	$936K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.557	−0.143%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.721	+0.032%	$90K	$349K	20x	as long as short
Bullet HYPE-USD	−0.0033%	1h	93.696	+0.005%	$112K	$583K	20x	as long as short
Derive HYPE-PERP	−0.0009%	1h	93.656	−0.038%	$16.4M	$7.0M	10x	as long as short
dYdX HYPE-USDshort	0.0000%	1h	93.721	+0.032%	$128K	$32K	5x
Perpl HYPE	0.0000%	43m	93.718	+0.029%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.730	+0.042%	$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	+0.0024%	4h	93.730	+0.042%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0032%	4h	93.718	+0.029%	$44.1M	$57.0M	75x	as long as short
Bybit HYPEUSDT	+0.0037%	8h	93.727	+0.038%	$326.5M	$287.0M	75x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.686	−0.005%	$57K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0066%	4h	93.698	+0.007%	$176K	$535K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.742	+0.054%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.746	+0.058%	$18.6M	$59.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.727	+0.038%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.708	+0.018%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.720	+0.031%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.702	+0.012%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.784	+0.099%	$2.04B	$670.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.709	+0.019%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.740	+0.052%	$386.7M	$888.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.727	+0.038%	$115.1M	$316.0M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.664	−0.029%	$1.2M	$4.0M	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.703	+0.013%	$93.8M	$82.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.713	+0.023%	$46.6M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.736	+0.048%	$227.6M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.718	+0.029%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.749	+0.062%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.652	−0.042%	$29.0M	$50.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.613	−0.083%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.545	−0.156%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.686	−0.005%	$677K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.721	+0.032%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.746	+0.059%	$495K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.713	+0.023%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.753	+0.066%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.703	+0.013%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.678	−0.014%	$12.8M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.556	−0.144%	$204K	$12K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.687	−0.004%	$18.3M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.687	−0.005%	$399K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0105%	4h	93.554	−0.146%	$5.1M	$29.5M	30x	as long as short
Kalshi KXHYPEPERP	+0.0135%	8h	93.779	+0.094%	$1.9M	$5.3M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0187%	1h	93.805	+0.122%	$7.4M	$4.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.720	+0.031%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.704	+0.014%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.610	−0.086%	$30K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0314%	4h	93.886	+0.208%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0164%	1h	93.732	+0.043%	$1.4M	—	100x	as long as short
BloFin HYPE-USDTlong	+0.0340%	4h	93.691	long leg	$17.1M	$12.5M	75x
RISEx HYPE/USDC	+0.0467%	1h	93.753	+0.066%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0572%	1h	93.807	+0.123%	$19.2M	$26.0M	50x	as long as short