Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0069%/8h= −7.6% APRpaid last 24h −0.018%

Price spread now: Reya against BloFin+0.001%7-day average −0.030% · you sell dearer than you buy

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

Long on BloFin Short on Reya

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.241%−$24 on $10k

Price spread, last 4 days (all we have)+0.274%+$27 · spread now +0.001%, 7d avg −0.030%

Together, before fees+0.032%+ Points / potential airdropReya: Active · farm board+$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Reya is 0.031% dearer against BloFin than usual: you sell high and buy low (spread +0.001% now, against its 7-day average of −0.030%): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 36 hours. At the pace of the last 4 days (−0.241% in total) that is about 11 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin HYPE-USDT	95.141	0.0340	pay 0.0170% / 4h	3h 03m	$17.2M	$12.3M	75x
Short	Reya HYPERUSDPERP	95.142	0.0271	get 0.0034% / 1h	3m 19s	$85K	$92K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against BloFin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 ReyabpOrdersPrice spread, now +0.001%Rate

Funding earned: −$14.49
Price spread: +0.001% → −0.030%: $3.11
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Reya: 3 bp × 2 orders: −$6
Net: −$29.38
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 6 min ago; Reya: no order-book sample. 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	0.58 bp	7.4 bp −$7	9.1 bp −$91	14.3 bp −$1,427	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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-P	−0.1008%	1h	95.068	−0.076%	$212K	$265K	7x	as long as short
Bluefin HYPE-PERP	−0.0544%	1h	95.128	−0.014%	$79K	$149K	20x	as long as short
Phemex HYPEUSDT	−0.0236%	8h	95.135	−0.006%	$13.0M	$2.8M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0231%	1h	95.224	+0.087%	$22K	$19K	10x	as long as short
Bullet HYPE-USD	−0.0206%	1h	95.165	+0.025%	$113K	$580K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0143%	1h	95.100	−0.043%	$696K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	95.171	+0.032%	$91K	$357K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	95.149	+0.008%	$1.0M	$3.1M	10x	as long as short
dYdX HYPE-USD	−0.0103%	1h	95.179	+0.040%	$131K	$93K	5x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.190	+0.052%	$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	−0.0052%	4h	95.152	+0.012%	$53.1M	$57.1M	75x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	95.169	+0.029%	$18.9M	$35.6M	50x	as long as short
Vest HYPE-PERP	−0.0021%	1h	95.225	+0.088%	—	$97K	5x	as long as short
Orderly PERP_HYPE_USDC	−0.0005%	4h	95.150	+0.009%	$148K	$670K	20x	as long as short
Bybit HYPEUSDT	−0.0004%	8h	95.170	+0.030%	$319.9M	$282.9M	75x	as long as short
BingX HYPE-USDT	−0.0004%	4h	95.169	+0.029%	—	$50.4M	—	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	95.280	+0.146%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	95.184	+0.046%	$19K	$272K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.190	+0.052%	$87K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	95.295	+0.162%	$204K	$1.2M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	95.110	−0.033%	$4.7M	$5.7M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0030%	8h	95.146	+0.005%	$118.8M	$321.7M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0047%	8h	95.194	+0.056%	$340K	$38K	20x	as long as short
Bitget HYPEUSDT	+0.0048%	4h	95.157	+0.017%	$228.6M	$93.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0057%	1h	95.087	−0.057%	$7.5M	$10.1M	20x	as long as short
Aster HYPEUSDT	+0.0083%	4h	95.144	+0.003%	$9.0M	$36.4M	300x	as long as short
SoDEX HYPE-USD	+0.0083%	1h	95.150	+0.009%	$2.1M	$1.6M	10x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0086%	1h	95.248	+0.112%	$7.5M	$4.4M	50x	as long as short
edgeX HYPEUSDC	+0.0096%	4h	95.176	+0.037%	$5.1M	$31.1M	30x	as long as short
Lighter HYPE	+0.0096%	1h	95.164	+0.024%	$16.3M	$64.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.180	+0.041%	$3.2M	$10.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	95.159	+0.019%	$273K	$1.3M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	95.140	−0.001%	$40K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.186	+0.048%	$7.3M	$55.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.299	+0.166%	$2.10B	$673.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.200	+0.062%	$10.3M	$14.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	95.150	+0.009%	$382.9M	$909.5M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.176	+0.037%	$222K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.155	+0.015%	$87.2M	$89.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.156	+0.016%	$47.5M	$18.3M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.229	+0.093%	$29.9M	$55.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.148	+0.007%	$7.7M	$43.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.146	+0.005%	$349K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.194	+0.056%	$692K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.190	+0.052%	$500K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.035	−0.111%	$32K	$1.5M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.297	+0.164%	$1.4M	$6.7M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.128	−0.013%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.150	+0.009%	$402K	$136K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.210	+0.073%	$3.2M	$6.2M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.120	−0.022%	$31K	$340K	12x	as long as short
Reya HYPERUSDPERPshort	+0.0271%	1h	95.142	+0.001%	$85K	$92K	15x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.211	+0.074%	$1.4M	—	100x	as long as short
BloFin HYPE-USDTlong	+0.0340%	4h	95.141	long leg	$17.2M	$12.3M	75x