Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0009%/8h= −0.9% APRpaid last 24h −0.015%

Price spread now: Binance against Bluefin−0.104%7-day average +0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$360.359% of the position

Long on Bluefin Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.095%+$9 on $10k

Price spread, last 3 days (all we have)+0.185%+$18 · spread now −0.104%, 7d avg +0.014%

Together, before fees+0.280%+$28 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Binance is 0.117% cheaper against Bluefin than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of +0.014%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin HYPE-PERP	93.255	0.0100	pay 0.0013% / 1h	37m 50s	$76K	$167K	20x
Short	Binance HYPEUSDT	93.158	0.0091	get 0.0046% / 4h	1h 37m	$383.0M	$892.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Bluefin. 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 BluefinbpFee BinancebpOrdersPrice spread, now −0.104%Rate

Funding earned: −$1.81
Price spread: −0.104% → +0.014%: −$11.71
Slippage, 4 orders: −$18.86
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$49.38
Costs to cover: 0.359%
Break-even: never at this rate

Slippage from Bluefin: live order book, 46 min ago; Binance: 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 Bluefin live order book, 46 min ago	1.92 bp	13.0 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 6 min ago	0.05 bp	5.1 bp −$5	7.4 bp −$74	16.8 bp −$1,682	35.6 bp −$17.8K

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	−0.0370%	1h	93.224	−0.033%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0160%	1h	93.305	+0.053%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.152	−0.110%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0094%	1h	93.190	−0.070%	$700K	$924K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.206	−0.053%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	93.248	−0.008%	$90K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.267	+0.013%	$127K	$32K	5x	as long as short
Popdex HYPEUSDT	0.0000%	1h	93.224	−0.033%	$58K	$1.2M	50x	as long as short
Perpl HYPE	0.0000%	43m	93.240	−0.016%	$23K	$331K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.269	+0.015%	$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	+0.0010%	4h	93.167	−0.094%	$8.9M	$35.9M	300x	as long as short
Derive HYPE-PERP	+0.0028%	1h	93.203	−0.055%	$16.3M	$7.1M	10x	as long as short
Bybit HYPEUSDT	+0.0029%	8h	93.140	−0.123%	$323.3M	$286.9M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0034%	4h	93.240	−0.016%	$171K	$519K	20x	as long as short
Bullet HYPE-USD	+0.0034%	1h	93.235	−0.021%	$112K	$579K	20x	as long as short
Phoenix HYPE	+0.0034%	1h	93.374	+0.128%	$214K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0042%	4h	93.156	−0.106%	$43.9M	$57.9M	75x	as long as short
Binance HYPEUSDTshort	+0.0091%	4h	93.158	−0.104%	$383.0M	$892.5M	75x
MEXC HYPE_USDT	+0.0094%	4h	93.156	−0.106%	$90.0M	$81.7M	100x	as long as short
Lighter HYPE	+0.0096%	1h	93.223	−0.035%	$18.5M	$58.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.203	−0.056%	$3.1M	$12.1M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.214	−0.044%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.260	+0.005%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.216	−0.041%	$5.9M	$44.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.188	−0.072%	$2.02B	$670.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.215	−0.043%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.119	−0.146%	$113.9M	$313.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.390	+0.145%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.194	−0.065%	$47.2M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.143	−0.120%	$225.8M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.165	−0.097%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.202	−0.057%	$7.8M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.354	+0.106%	$29.0M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.350	+0.102%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.355	+0.107%	$413K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.288	+0.035%	$675K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.272	+0.018%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.244	−0.012%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERPlong	+0.0100%	1h	93.255	long leg	$76K	$167K	20x
SunX HYPE-USDT	+0.0100%	4h	93.239	−0.017%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.198	−0.061%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.234	−0.023%	$12.7M	$2.6M	50x	as long as short
edgeX HYPEUSDC	+0.0103%	4h	93.338	+0.089%	$5.1M	$29.5M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.138	−0.125%	$18.2M	$42.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.180	−0.081%	$396K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0108%	8h	93.288	+0.035%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.310	+0.059%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.150	−0.113%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.231	−0.026%	$78K	$158K	15x	as long as short
HTX HYPE-USDT	+0.0262%	4h	93.366	+0.119%	$1.5M	$7.7M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.256	+0.001%	$2.8M	$6.8M	20x	as long as short
BloFin HYPE-USDT	+0.0336%	4h	93.252	−0.003%	$16.9M	$12.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0159%	1h	93.264	+0.010%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0351%	1h	93.302	+0.050%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0466%	1h	93.300	+0.049%	$20.8M	$28.9M	50x	as long as short