Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0240%/8h= −26.3% APRpaid last 24h −0.089%

Price spread now: OKX against BloFin−0.054%7-day average −0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$78as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$240.243% of the position

Long on BloFin Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.533%−$53 on $10k

Price spread, last 3 days (all we have)+0.160%+$16 · spread now −0.054%, 7d avg −0.026%

Together, before fees−0.373%−$37 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and OKX is 0.029% cheaper against BloFin than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.026%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin HYPE-USDT	93.715	0.0340	pay 0.0170% / 4h	2h 23m	$17.1M	$12.5M	75x
Short	OKX HYPE-USDT-SWAP	93.664	0.0100	get 0.0100% / 8h	2h 23m	$115.0M	$315.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.054%Rate

Funding earned: −$50.4
Price spread: −0.054% → −0.026%: −$2.85
Slippage, 4 orders: −$2.29
Fee BloFin: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: −$77.54
Costs to cover: 0.243%
Break-even: never at this rate

Slippage from BloFin: live order book, 6 min ago; OKX: live order book, 6 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, 6 min ago	0.05 bp	6.1 bp −$6	6.7 bp −$67	9.8 bp −$975	doesn't fit
Sell OKX live order book, 6 min ago	0.05 bp	5.3 bp −$5	8.4 bp −$84	16.8 bp −$1,682	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	−0.1008%	1h	93.638	−0.082%	$198K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0296%	1h	93.649	−0.070%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0237%	1h	93.630	−0.091%	$702K	$934K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.716	+0.001%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.683	−0.034%	$90K	$348K	20x	as long as short
Bullet HYPE-USD	−0.0016%	1h	93.717	+0.003%	$111K	$583K	20x	as long as short
Derive HYPE-PERP	−0.0009%	1h	93.675	−0.043%	$16.5M	$7.0M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.721	+0.006%	$128K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.703	−0.012%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.746	+0.033%	$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	+0.0029%	4h	93.725	+0.011%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0034%	4h	93.685	−0.032%	$44.1M	$57.1M	75x	as long as short
Bybit HYPEUSDT	+0.0037%	8h	93.680	−0.037%	$326.2M	$287.1M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0064%	4h	93.700	−0.016%	$175K	$536K	20x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.649	−0.070%	$57K	$1.2M	50x	as long as short
Phoenix HYPE	+0.0068%	1h	93.742	+0.029%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.741	+0.028%	$18.6M	$59.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.751	+0.038%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.690	−0.027%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.710	−0.005%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.674	−0.043%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.785	+0.075%	$2.04B	$669.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.707	−0.009%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.685	−0.032%	$386.5M	$888.4M	75x	as long as short
OKX HYPE-USDT-SWAPshort	+0.0100%	8h	93.664	−0.054%	$115.0M	$315.9M	50x
Arcus HYPE-USD	+0.0100%	1h	93.642	−0.078%	$1.2M	$4.0M	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.724	+0.010%	$93.8M	$82.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.722	+0.007%	$46.5M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.692	−0.025%	$227.5M	$102.3M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.683	−0.034%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.712	−0.003%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.652	−0.068%	$29.0M	$50.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.613	−0.109%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.545	−0.181%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.752	+0.039%	$678K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.732	+0.018%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.718	+0.003%	$495K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.733	+0.019%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.698	−0.018%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.724	+0.010%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.676	−0.042%	$12.8M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.556	−0.169%	$204K	$12K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.718	+0.003%	$18.3M	$41.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.744	+0.031%	$399K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0105%	4h	93.554	−0.171%	$5.1M	$29.5M	30x	as long as short
Kalshi KXHYPEPERP	+0.0132%	8h	93.775	+0.064%	$1.9M	$5.3M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0145%	1h	93.826	+0.118%	$7.4M	$4.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.760	+0.048%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.678	−0.039%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.610	−0.112%	$30K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0310%	4h	93.864	+0.159%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0164%	1h	93.747	+0.035%	$1.4M	—	100x	as long as short
BloFin HYPE-USDTlong	+0.0340%	4h	93.715	long leg	$17.1M	$12.5M	75x
RISEx HYPE/USDC	+0.0467%	1h	93.719	+0.004%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0571%	1h	93.849	+0.143%	$19.2M	$26.0M	50x	as long as short