Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0265%/8h= −29.0% APRpaid last 24h −0.059%

Price spread now: SoDEX against BloFin−0.024%7-day average −0.008% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$280.275% of the position

Long on BloFin Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.239%−$24 on $10k

Price spread, last 4 days (all we have)+0.142%+$14 · spread now −0.024%, 7d avg −0.008%

Together, before fees−0.098%−$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.008%, so right now this pair is about funding alone: −$8 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin HYPE-USDT	94.724	0.0340	pay 0.0170% / 4h	3h 49m	$17.2M	$12.4M	75x
Short	SoDEX HYPE-USD	94.701	0.0075	get 0.0009% / 1h	49m 04s	$2.1M	$2.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.024%Rate

Funding earned: −$55.57
Price spread: −0.024% → −0.008%: −$1.66
Slippage, 4 orders: −$7.54
Fee BloFin: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$84.78
Costs to cover: 0.275%
Break-even: never at this rate

Slippage from BloFin: live order book, 5 min ago; SoDEX: 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	6.8 bp −$7	9.1 bp −$91	15.7 bp −$1,571	doesn't fit
Sell SoDEX live order book, 5 min ago	0.21 bp	7.3 bp −$7	12.8 bp −$128	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
Hibachi HYPE/USDT-P	−0.1376%	1h	94.787	+0.066%	$208K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0386%	1h	94.667	−0.060%	$80K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0321%	1h	94.785	+0.065%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0186%	1h	94.709	−0.016%	$112K	$576K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.732	+0.008%	$1.0M	$3.5M	10x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	94.776	+0.055%	$89K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.940	+0.228%	$3K	$331	25x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.719	−0.005%	$19.7M	$33.9M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0041%	1h	94.730	+0.006%	$715K	$1.3M	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	94.717	−0.007%	$147K	$685K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	94.792	+0.072%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.930	+0.217%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.746	+0.024%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.748	+0.026%	$85K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.810	+0.091%	$209K	$1.2M	10x	as long as short
Bitget HYPEUSDT	+0.0012%	4h	94.720	−0.004%	$227.4M	$100.0M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.700	−0.025%	$4.8M	$6.3M	50x	as long as short
Phemex HYPEUSDT	+0.0033%	8h	94.756	+0.034%	$12.9M	$2.9M	50x	as long as short
Derive HYPE-PERP	+0.0051%	1h	94.682	−0.044%	$16.4M	$7.4M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0052%	8h	94.819	+0.100%	$339K	$154K	20x	as long as short
Vest HYPE-PERP	+0.0062%	1h	94.825	+0.106%	—	$190K	5x	as long as short
OKX HYPE-USDT-SWAP	+0.0065%	8h	94.685	−0.041%	$118.3M	$328.6M	50x	as long as short
SoDEX HYPE-USDshort	+0.0075%	1h	94.701	−0.024%	$2.1M	$2.0M	10x
edgeX HYPEUSDC	+0.0095%	4h	94.791	+0.070%	$5.0M	$30.7M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.713	−0.012%	$16.3M	$62.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.713	−0.012%	$3.2M	$10.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.730	+0.006%	$147K	$1.3M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.730	+0.006%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.784	+0.064%	$7.3M	$52.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.800	+0.080%	$2.08B	$691.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.696	−0.030%	$9.6M	$37.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.823	+0.105%	$10.2M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.684	−0.042%	$380.9M	$937.3M	75x	as long as short
Bybit HYPEUSDT	+0.0100%	8h	94.690	−0.036%	$317.1M	$291.4M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.685	−0.042%	$219K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.693	−0.033%	$51.0M	$54.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.705	−0.020%	$94.1M	$85.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.713	−0.012%	$46.9M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.725	+0.001%	—	$53.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.682	−0.044%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.809	+0.090%	$30.0M	$55.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.848	+0.131%	$7.7M	$44.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.799	+0.079%	$352K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.833	+0.115%	$694K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.802	+0.082%	$500K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.807	+0.088%	$33K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.851	+0.134%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.680	−0.047%	$18.5M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.741	+0.018%	$400K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.772	+0.050%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.471%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0214%	1h	94.797	+0.077%	$7.5M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.684	−0.042%	$83K	$115K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0327% / S −0.0152%	1h	94.767	+0.046%	$1.4M	—	100x	as long as short
BloFin HYPE-USDTlong	+0.0340%	4h	94.724	long leg	$17.2M	$12.4M	75x