Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0048%/8h= −5.2% APRpaid last 24h −0.014%

Price spread now: Hyperliquid against BloFin+0.077%7-day average +0.043% · you sell dearer than you buy

Net, funding: paid 7d − costs−$62as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$210.214% of the position

Long on BloFin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.401%−$40 on $10k

Price spread, last 3 days (all we have)+0.064%+$6 · spread now +0.077%, 7d avg +0.043%

Together, before fees−0.337%+ Points / potential airdropHyperliquid: Season 2 · farm board−$34 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.033% dearer against BloFin than usual: you sell high and buy low (spread +0.077% now, against its 7-day average of +0.043%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 2.3 days. At the pace of the last 7 days (−0.401% in total) that is about 14 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin HYPE-USDT	93.753	0.0267	pay 0.0133% / 4h	59m 18s	$17.0M	$12.3M	75x
Short	Hyperliquid HYPE	93.825	0.0219	get 0.0027% / 1h	59m 18s	$2.04B	$666.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.077%Rate

Funding earned: −$10.05
Price spread: +0.077% → +0.043%: $3.35
Slippage, 4 orders: −$0.42
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$28.11
Costs to cover: 0.214%
Break-even: never at this rate

Slippage from BloFin: live order book, 5 min ago; Hyperliquid: 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	0.05 bp	6.3 bp −$6	7.4 bp −$74	12.2 bp −$1,222	doesn't fit
Sell Hyperliquid live order book, 5 min ago	0.05 bp	4.6 bp −$5	5.2 bp −$52	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
Aftermath Perps HYPEUSD	−0.0489%	1h	93.552	−0.215%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0464%	1h	93.565	−0.201%	$198K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.659	−0.100%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.776	+0.025%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.819	+0.070%	$128K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.745	−0.009%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.780	+0.029%	$28K	—	150x	as long as short
Orderly PERP_HYPE_USDC	+0.0014%	4h	93.761	+0.009%	$176K	$524K	20x	as long as short
Bybit HYPEUSDT	+0.0019%	8h	93.727	−0.028%	$324.2M	$280.4M	75x	as long as short
Aster HYPEUSDT	+0.0020%	4h	93.772	+0.021%	$8.9M	$35.7M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	+0.0034%	1h	93.753	0.000%	$215K	$1.2M	10x	as long as short
01 Exchange HYPEUSD	+0.0040%	1h	93.790	+0.039%	$91K	$355K	20x	as long as short
Derive HYPE-PERP	+0.0061%	1h	93.704	−0.052%	$16.4M	$6.9M	10x	as long as short
MEXC HYPE_USDT	+0.0062%	4h	93.755	+0.002%	$90.7M	$80.2M	100x	as long as short
Gate HYPE_USDT	+0.0066%	4h	93.749	−0.004%	$44.2M	$57.6M	75x	as long as short
Binance HYPEUSDT	+0.0067%	4h	93.765	+0.012%	$384.9M	$885.0M	75x	as long as short
edgeX HYPEUSDC	+0.0071%	4h	93.562	−0.204%	$5.1M	$29.7M	30x	as long as short
Phemex HYPEUSDT	+0.0078%	8h	93.696	−0.061%	$12.8M	$2.6M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0084%	1h	93.690	−0.067%	$701K	$901K	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.803	+0.053%	$18.7M	$58.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.794	+0.044%	$3.0M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.749	−0.004%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.727	−0.028%	$399K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.769	+0.017%	$341K	$169K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.730	−0.025%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.769	+0.018%	$5.9M	$44.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.790	+0.040%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.736	−0.018%	$114.5M	$313.4M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.768	+0.016%	$47.2M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.754	+0.001%	$227.3M	$102.3M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.744	−0.010%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.805	+0.055%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.552	−0.214%	$30.9M	$51.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.616	−0.146%	$7.5M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.565	−0.201%	$416K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.677	−0.081%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.756	+0.003%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.772	+0.020%	$496K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.753	0.000%	$112K	$577K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.764	+0.012%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.820	+0.071%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.759	+0.006%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.680	−0.078%	$205K	$7K	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	93.680	−0.078%	$30K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.733	−0.022%	$18.3M	$41.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0120%	8h	93.804	+0.054%	$1.9M	$5.1M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.790	+0.039%	$4.9M	$5.7M	50x	as long as short
Hyperliquid HYPEshort	+0.0219%	1h	93.825	+0.077%	$2.04B	$666.2M	10x
Deribit HYPE_USDC-PERPETUAL	+0.0219%	1h	93.849	+0.102%	$7.4M	$4.5M	50x	as long as short
HTX HYPE-USDT	+0.0219%	4h	93.915	+0.173%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	93.740	−0.014%	$77K	$155K	15x	as long as short
BloFin HYPE-USDTlong	+0.0267%	4h	93.753	long leg	$17.0M	$12.3M	75x
RISEx HYPE/USDC	+0.0284%	1h	93.796	+0.046%	$2.8M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	93.752	−0.001%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0578%	1h	93.876	+0.131%	$21.0M	$28.9M	50x	as long as short