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 −0.066%

Price spread now: Variational Omni against BloFin+0.108%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 Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.227%−$23 on $10k

Price spread, last 3 days (all we have)−0.039%−$4 · spread now +0.108%, 7d avg −0.030%

Together, before fees−0.266%+ Points / potential airdropVariational Omni: Active · farm board−$27 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.138% dearer against BloFin than usual: you sell high and buy low (spread +0.108% now, against its 7-day average of −0.030%): +$14 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 46 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin HYPE-USDT	93.007	0.0340	pay 0.0170% / 4h	1h 52m	$17.0M	$12.4M	75x
Short	Variational Omni HYPE	93.107	0.0100	get 0.0100% / 8h	1h 52m	$29.0M	$50.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.108%Rate

Funding earned: −$50.4
Price spread: +0.108% → −0.030%: $13.81
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$48.59
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: BloFin: live order book, 6 min ago; Variational Omni: RFQ quote, 2 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	0.05 bp	6.2 bp −$6	7.1 bp −$71	13.2 bp −$1,320	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	0.42 bp	doesn't fit	9.6 bp −$96	29.8 bp −$2,976	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	−0.0295%	1h	93.171	+0.176%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	92.960	−0.051%	$1.2M	$4.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.988	−0.020%	$3K	$331	25x	as long as short
Hibachi HYPE/USDT-P	−0.0040%	1h	93.170	+0.175%	$197K	$231K	7x	as long as short
Derive HYPE-PERP	−0.0017%	1h	92.906	−0.109%	$16.3M	$7.1M	10x	as long as short
Aster HYPEUSDT	0.0000%	4h	92.997	−0.011%	$8.9M	$35.9M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.009	+0.002%	$127K	$32K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	93.009	+0.002%	$90K	$362K	20x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.026	+0.020%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.052	+0.048%	$23K	$331K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.051	+0.047%	$20K	—	150x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	93.000	−0.008%	$323.5M	$286.9M	75x	as long as short
Popdex HYPEUSDT	+0.0032%	1h	92.997	−0.011%	$56K	$1.2M	50x	as long as short
Phoenix HYPE	+0.0034%	1h	93.222	+0.231%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0043%	4h	93.008	+0.001%	$165K	$515K	20x	as long as short
Gate HYPE_USDT	+0.0052%	4h	93.012	+0.005%	$43.9M	$56.8M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0067%	1h	92.840	−0.180%	$699K	$925K	10x	as long as short
Bullet HYPE-USD	+0.0090%	1h	93.006	−0.001%	$112K	$579K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.040	+0.036%	$18.5M	$58.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.015	+0.009%	$3.0M	$12.0M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.018	+0.012%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.980	−0.029%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.943	−0.068%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.999	−0.009%	$2.02B	$669.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.036	+0.031%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.991	−0.017%	$383.4M	$892.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.990	−0.018%	$114.1M	$314.0M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.271	+0.284%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.011	+0.004%	$90.9M	$81.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.960	−0.051%	$47.0M	$19.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.010	+0.003%	$225.4M	$102.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.992	−0.016%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.903	−0.112%	$7.8M	$11.7M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	93.107	+0.108%	$29.0M	$50.3M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.245	+0.256%	$7.5M	$44.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.221	+0.230%	$412K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.100	+0.100%	$673K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.047	+0.043%	$491K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.985	−0.024%	$75K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.053	+0.049%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.928	−0.085%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	92.920	−0.094%	$12.7M	$2.6M	50x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.029	+0.024%	—	$454K	5x	as long as short
edgeX HYPEUSDC	+0.0103%	4h	93.179	+0.185%	$5.1M	$29.4M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.965	−0.046%	$18.3M	$42.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.924	−0.090%	$395K	$318K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	92.980	−0.029%	$4.9M	$5.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	92.990	−0.018%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.003	−0.005%	$77K	$158K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.055	+0.051%	$2.7M	$6.8M	20x	as long as short
HTX HYPE-USDT	+0.0297%	4h	93.200	+0.208%	$1.5M	$7.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0320%	1h	93.026	+0.020%	$7.4M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0158%	1h	93.034	+0.029%	$1.5M	—	100x	as long as short
BloFin HYPE-USDTlong	+0.0340%	4h	93.007	long leg	$17.0M	$12.4M	75x
Kraken Futures PF_HYPEUSD	+0.0467%	1h	93.036	+0.031%	$20.7M	$28.4M	50x	as long as short