Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0207%/8h= −22.7% APRpaid last 24h +0.012%

Price spread now: RISEx against BloFin+0.073%7-day average +0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$240.237% of the position

Long on BloFin Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.118%−$12 on $10k

Price spread, last 4 days (all we have)+0.317%+$32 · spread now +0.073%, 7d avg +0.015%

Together, before fees+0.199%+$20 on $10k · with fees, hour by hour

The price spread pays, funding is against you. RISEx is 0.058% dearer against BloFin than usual: you sell high and buy low (spread +0.073% now, against its 7-day average of +0.015%): +$6 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 22 hours. At the pace of the last 4 days (−0.118% in total) that is about 45 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 01m	$17.2M	$12.3M	75x
Short	RISEx HYPE/USDC	95.210	0.0133	get 0.0017% / 1h	1m 45s	$3.2M	$6.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now +0.073%Rate

Funding earned: −$43.44
Price spread: +0.073% → +0.015%: $5.76
Slippage, 4 orders: −$5.66
Fee BloFin: 6 bp × 2 orders: −$12
Fee RISEx: 3 bp × 2 orders: −$6
Net: −$61.34
Costs to cover: 0.237%
Break-even: never at this rate

Slippage from BloFin: live order book, 7 min ago; RISEx: live order book, 2 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, 7 min ago	0.58 bp	7.4 bp −$7	9.1 bp −$91	14.3 bp −$1,427	doesn't fit
Sell RISEx live order book, 2 min ago	1.73 bp	4.7 bp −$5	6.2 bp −$62	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-P	−0.1008%	1h	95.068	−0.076%	$212K	$265K	7x	as long as short
Bluefin HYPE-PERP	−0.0547%	1h	95.019	−0.128%	$79K	$149K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0221%	1h	95.216	+0.079%	$22K	$19K	10x	as long as short
Phemex HYPEUSDT	−0.0214%	8h	95.074	−0.070%	$13.0M	$2.8M	50x	as long as short
Bullet HYPE-USD	−0.0211%	1h	95.037	−0.109%	$112K	$580K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0150%	1h	95.010	−0.138%	$695K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	95.057	−0.088%	$91K	$357K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	95.025	−0.122%	$1.0M	$3.1M	10x	as long as short
dYdX HYPE-USD	−0.0101%	1h	95.179	+0.040%	$131K	$93K	5x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.131	−0.011%	$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	95.042	−0.104%	$53.1M	$57.1M	75x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	95.038	−0.109%	$18.8M	$35.7M	50x	as long as short
Vest HYPE-PERP	−0.0026%	1h	95.136	−0.005%	—	$97K	5x	as long as short
Bybit HYPEUSDT	−0.0011%	8h	95.070	−0.075%	$319.7M	$282.8M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	95.013	−0.135%	$148K	$670K	20x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	95.102	−0.041%	$1.8M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	95.051	−0.095%	$19K	$272K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.062	−0.083%	$86K	—	150x	as long as short
BingX HYPE-USDT	+0.0004%	4h	95.066	−0.079%	—	$50.4M	—	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	95.060	−0.085%	$4.7M	$5.7M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0030%	8h	95.036	−0.110%	$118.6M	$321.3M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0044%	8h	95.088	−0.056%	$340K	$38K	20x	as long as short
Bitget HYPEUSDT	+0.0048%	4h	95.069	−0.076%	$228.4M	$93.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0054%	1h	95.002	−0.146%	$7.4M	$10.2M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0065%	1h	95.123	−0.019%	$7.5M	$4.4M	50x	as long as short
SoDEX HYPE-USD	+0.0075%	1h	95.033	−0.114%	$2.1M	$1.6M	10x	as long as short
Aster HYPEUSDT	+0.0076%	4h	95.055	−0.090%	$9.0M	$36.4M	300x	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	95.066	−0.079%	$16.2M	$64.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.080	−0.064%	$3.2M	$10.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	95.052	−0.094%	$266K	$1.3M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	95.030	−0.117%	$40K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.085	−0.059%	$7.3M	$55.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.194	+0.056%	$2.10B	$673.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.092	−0.052%	$10.2M	$14.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	95.073	−0.071%	$382.6M	$909.0M	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	95.057	−0.088%	$87.0M	$90.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.057	−0.088%	$47.4M	$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	95.160	+0.020%	$692K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.076	−0.068%	$499K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.906	−0.247%	$32K	$1.5M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.180	+0.041%	$1.4M	$6.7M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.026	−0.121%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.080	−0.064%	$402K	$136K	20x	as long as short
RISEx HYPE/USDCshort	+0.0133%	1h	95.210	+0.073%	$3.2M	$6.2M	20x
Injective HYPE/USDC PERP	+0.0153%	1h	95.120	−0.022%	$31K	$340K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	95.018	−0.129%	$85K	$92K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.102	−0.041%	$1.4M	—	100x	as long as short
BloFin HYPE-USDTlong	+0.0340%	4h	95.141	long leg	$17.2M	$12.3M	75x