Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.1380%/8h= −151.1% APRpaid last 24h −0.341%

Price spread now: Hibachi against BloFin−0.049%7-day average −0.083% · you buy dearer than you sell

Net, funding: paid 7d − costs−$288as in the Funding arb table

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$660.656% of the position

Long on BloFin Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days−2.222%−$222 on $10k

Price spread, last 4 days (all we have)+0.456%+$46 · spread now −0.049%, 7d avg −0.083%

Together, before fees−1.766%+ Points / potential airdropHibachi: Active · farm board−$177 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hibachi is 0.034% dearer against BloFin than usual: you sell high and buy low (spread −0.049% now, against its 7-day average of −0.083%): +$3 on $10k if it goes back. Holding the pair costs −$41 a day in funding at the current rate, which eats that in about 2 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin HYPE-USDT	95.018	0.0340	pay 0.0170% / 4h	3h 01m	$17.2M	$12.2M	75x
Short	Hibachi HYPE/USDT-P	94.971	−0.1040	pay 0.0130% / 1h	1m 03s	$211K	$265K	7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi 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 HibachibpOrdersPrice spread, now −0.049%Rate

Funding earned: −$289.8
Price spread: −0.049% → −0.083%: $3.4
Slippage, 4 orders: −$44.62
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$352.02
Costs to cover: 0.656%
Break-even: never at this rate

Slippage from BloFin: live order book, 3 min ago; Hibachi: live order book, 33 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, 3 min ago	0.16 bp	6.7 bp −$7	7.1 bp −$71	13.8 bp −$1,382	doesn't fit
Sell Hibachi live order book, 33 min ago	11.01 bp	36.5 bp −$37	60.9 bp −$609	doesn't fit	doesn't fit

HYPE on 54 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-Pshort	−0.1040%	1h	94.971	−0.049%	$211K	$265K	7x
Bluefin HYPE-PERP	−0.0546%	1h	94.998	−0.021%	$79K	$149K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0214%	1h	95.195	+0.186%	$22K	$19K	10x	as long as short
Bullet HYPE-USD	−0.0208%	1h	95.050	+0.033%	$112K	$580K	20x	as long as short
Phemex HYPEUSDT	−0.0193%	8h	95.004	−0.015%	$13.0M	$2.8M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0150%	1h	95.010	−0.008%	$695K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	95.039	+0.022%	$91K	$356K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	95.025	+0.007%	$1.0M	$3.1M	10x	as long as short
dYdX HYPE-USD	−0.0101%	1h	95.179	+0.170%	$131K	$93K	5x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.131	+0.119%	$3K	$331	25x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0066%	4h	95.006	−0.013%	$53.1M	$57.1M	75x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	95.041	+0.025%	$18.8M	$35.7M	50x	as long as short
Vest HYPE-PERP	−0.0030%	1h	95.115	+0.102%	—	$88K	5x	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	95.007	−0.012%	$148K	$669K	20x	as long as short
Bybit HYPEUSDT	−0.0004%	8h	95.020	+0.002%	$319.6M	$282.9M	75x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	95.123	+0.111%	$1.8M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	95.025	+0.007%	$19K	$272K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.062	+0.047%	$86K	—	150x	as long as short
BingX HYPE-USDT	+0.0004%	4h	95.012	−0.006%	—	$50.5M	—	as long as short
Phoenix HYPE	+0.0008%	1h	95.157	+0.146%	$203K	$1.2M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	95.060	+0.044%	$4.7M	$5.7M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0028%	8h	95.003	−0.016%	$118.6M	$321.4M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0044%	8h	95.088	+0.073%	$340K	$38K	20x	as long as short
Bitget HYPEUSDT	+0.0048%	4h	95.016	−0.002%	$228.4M	$93.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0053%	1h	94.981	−0.039%	$7.4M	$10.2M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0066%	1h	95.115	+0.102%	$7.5M	$4.4M	50x	as long as short
SoDEX HYPE-USD	+0.0071%	1h	95.024	+0.006%	$2.1M	$1.6M	10x	as long as short
Aster HYPEUSDT	+0.0076%	4h	95.005	−0.014%	$9.0M	$36.4M	300x	as long as short
edgeX HYPEUSDC	+0.0096%	4h	95.176	+0.166%	$5.1M	$31.1M	30x	as long as short
Lighter HYPE	+0.0096%	1h	95.036	+0.019%	$16.2M	$64.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.037	+0.020%	$3.2M	$10.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	95.048	+0.032%	$266K	$1.3M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	95.030	+0.013%	$40K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.075	+0.060%	$7.3M	$55.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.160	+0.149%	$2.10B	$674.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.092	+0.078%	$10.2M	$14.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	95.017	−0.002%	$382.4M	$909.5M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.176	+0.166%	$222K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.014	−0.004%	$86.9M	$90.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.010	−0.008%	$47.4M	$18.3M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.229	+0.222%	$29.9M	$55.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.148	+0.137%	$7.7M	$43.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.146	+0.135%	$349K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.051	+0.035%	$691K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.076	+0.061%	$499K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.899	−0.125%	$32K	$1.5M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.209	+0.201%	$1.4M	$6.7M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.989	−0.031%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.091	+0.077%	$402K	$136K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.210	+0.203%	$3.2M	$6.2M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.480	+0.486%	$31K	$340K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	95.018	0.000%	$85K	$93K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.106	+0.092%	$1.4M	—	100x	as long as short
BloFin HYPE-USDTlong	+0.0340%	4h	95.018	long leg	$17.2M	$12.2M	75x