Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0097%/8h= −10.6% APRpaid last 24h −0.007%

Price spread now: Injective against BloFin−0.109%7-day average +0.170% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on BloFin Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+1.829%+$183 on $10k

Price spread, last 3 days (all we have)+0.101%+$10 · spread now −0.109%, 7d avg +0.170%

Together, before fees+1.930%+$193 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Injective is 0.279% cheaper against BloFin than usual: you would sell low and buy high (−$28 if the spread goes back to its 7-day average of +0.170%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +1.829%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin HYPE-USDT	93.252	0.0336	pay 0.0168% / 4h	1h 37m	$16.9M	$12.5M	75x
Short	Injective HYPE/USDC PERP	93.150	0.0239	get 0.0030% / 1h	37m 34s	$30K	$338K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.109%Rate

Funding earned: −$20.4
Price spread: −0.109% → +0.170%: −$27.92
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$60.34
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 6 min ago; Injective: live order book, 47 min ago. Net counts fees only.

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, 6 min ago	0.11 bp	6.5 bp −$6	8.2 bp −$82	11.0 bp −$1,097	doesn't fit
Sell Injective live order book, 47 min ago	15.46 bp	doesn't fit	doesn't fit	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	−0.0370%	1h	93.224	−0.030%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0184%	1h	93.205	−0.051%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.101	−0.162%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0103%	1h	93.150	−0.109%	$700K	$924K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.161	−0.098%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	93.125	−0.136%	$90K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.189	−0.068%	$127K	$32K	5x	as long as short
Popdex HYPEUSDT	0.0000%	1h	93.125	−0.136%	$58K	$1.2M	50x	as long as short
Perpl HYPE	0.0000%	43m	93.144	−0.116%	$23K	$331K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.269	+0.018%	$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	+0.0008%	4h	93.142	−0.118%	$8.9M	$36.0M	300x	as long as short
Bybit HYPEUSDT	+0.0027%	8h	93.111	−0.151%	$323.2M	$286.8M	75x	as long as short
Derive HYPE-PERP	+0.0028%	1h	93.203	−0.052%	$16.3M	$7.1M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0034%	4h	93.240	−0.013%	$171K	$519K	20x	as long as short
Phoenix HYPE	+0.0034%	1h	93.374	+0.131%	$214K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0035%	1h	93.106	−0.156%	$111K	$579K	20x	as long as short
Gate HYPE_USDT	+0.0038%	4h	93.134	−0.127%	$43.8M	$57.9M	75x	as long as short
Binance HYPEUSDT	+0.0089%	4h	93.122	−0.139%	$382.8M	$892.5M	75x	as long as short
MEXC HYPE_USDT	+0.0090%	4h	93.137	−0.123%	$89.8M	$81.8M	100x	as long as short
Lighter HYPE	+0.0096%	1h	93.189	−0.067%	$18.5M	$58.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.168	−0.090%	$3.1M	$12.1M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	93.143	−0.117%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.150	−0.109%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.120	−0.142%	$5.9M	$44.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.169	−0.089%	$2.02B	$670.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.153	−0.106%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.101	−0.162%	$113.8M	$313.5M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.390	+0.148%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.167	−0.091%	$47.2M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.123	−0.138%	$225.7M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.137	−0.123%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.202	−0.054%	$7.8M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.354	+0.110%	$29.0M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.268	+0.017%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.246	−0.006%	$412K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.210	−0.045%	$674K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.183	−0.074%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.158	−0.101%	$493K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.255	+0.003%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.239	−0.014%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.198	−0.058%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.234	−0.019%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.122	−0.140%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.180	−0.078%	$396K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0106%	4h	93.228	−0.025%	$5.1M	$29.6M	30x	as long as short
Kalshi KXHYPEPERP	+0.0108%	8h	93.288	+0.039%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.310	+0.062%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERPshort	+0.0239%	1h	93.150	−0.109%	$30K	$338K	12x
Reya HYPERUSDPERP	+0.0247%	1h	93.100	−0.163%	$78K	$158K	15x	as long as short
HTX HYPE-USDT	+0.0262%	4h	93.366	+0.122%	$1.5M	$7.7M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.204	−0.051%	$2.8M	$6.8M	20x	as long as short
BloFin HYPE-USDTlong	+0.0336%	4h	93.252	long leg	$16.9M	$12.5M	75x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0159%	1h	93.264	+0.013%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0351%	1h	93.302	+0.054%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0466%	1h	93.300	+0.052%	$20.8M	$28.9M	50x	as long as short