Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.029%

Price spread now: BingX against Bluefin−0.004%7-day average −0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$360.362% of the position

Long on Bluefin Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.028%+$3 on $10k

Price spread, last 3 days (all we have)+0.017%+$2 · spread now −0.004%, 7d avg −0.008%

Together, before fees+0.045%+$4 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin HYPE-PERP	93.996	0.0100	pay 0.0013% / 1h	53m 47s	$76K	$166K	20x
Short	BingX HYPE-USDT	93.992	0.0100	get 0.0050% / 4h	53m 47s	—	$54.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.004%Rate

Funding earned: $0
Price spread: −0.004% → −0.008%: $0.42
Slippage, 4 orders: −$19.24
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$35.82
Costs to cover: 0.362%
Break-even: never at this rate

Slippage from Bluefin: live order book, 25 min ago; BingX: live order book, 10 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, 25 min ago	2.73 bp	13.2 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 10 min ago	0.16 bp	5.2 bp −$5	5.2 bp −$52	9.0 bp −$901	14.7 bp −$7,359

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	−0.0536%	1h	93.857	−0.147%	$199K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0487%	1h	93.772	−0.239%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.888	−0.115%	$1.2M	$3.8M	10x	as long as short
ApeX Omni HYPEUSDT	−0.0160%	1h	93.896	−0.106%	$349K	$1.1M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.965	−0.033%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.912	−0.089%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.001	+0.005%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.011	+0.016%	$28K	—	150x	as long as short
Orderly PERP_HYPE_USDC	+0.0014%	4h	94.004	+0.009%	$176K	$526K	20x	as long as short
Bybit HYPEUSDT	+0.0020%	8h	93.991	−0.005%	$324.8M	$280.8M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0028%	4h	93.994	−0.002%	$8.9M	$35.8M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	93.805	−0.203%	$215K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0046%	1h	93.920	−0.081%	$703K	$904K	10x	as long as short
edgeX HYPEUSDC	+0.0067%	4h	93.855	−0.150%	$5.1M	$29.7M	30x	as long as short
Gate HYPE_USDT	+0.0068%	4h	93.982	−0.015%	$44.5M	$57.9M	75x	as long as short
Phemex HYPEUSDT	+0.0069%	8h	93.934	−0.066%	$12.8M	$2.6M	50x	as long as short
MEXC HYPE_USDT	+0.0070%	4h	93.992	−0.004%	$90.7M	$80.4M	100x	as long as short
Binance HYPEUSDT	+0.0072%	4h	93.999	+0.003%	$386.2M	$887.1M	75x	as long as short
Derive HYPE-PERP	+0.0077%	1h	93.939	−0.061%	$16.4M	$6.9M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.043	+0.049%	$19.0M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.026	+0.032%	$3.1M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.977	−0.020%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.988	−0.008%	$400K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.979	−0.018%	$341K	$169K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.950	−0.049%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.980	−0.018%	$5.9M	$44.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.979	−0.018%	$10.2M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.007	+0.012%	$115.6M	$315.8M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.011	+0.016%	$47.3M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.008	+0.013%	$227.8M	$102.5M	75x	as long as short
BingX HYPE-USDTshort	+0.0100%	4h	93.992	−0.004%	—	$54.0M	—
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.020	+0.026%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.882	−0.121%	$32.1M	$53.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.906	−0.096%	$7.6M	$45.5M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.945	−0.054%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.998	+0.002%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.018	+0.023%	$485K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.976	−0.021%	$113K	$578K	20x	as long as short
Bluefin HYPE-PERPlong	+0.0100%	1h	93.996	long leg	$76K	$166K	20x
SunX HYPE-USDT	+0.0100%	4h	94.018	+0.023%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.993	−0.003%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.680	−0.336%	$205K	$7K	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	93.850	−0.155%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.973	−0.024%	$18.6M	$42.1M	50x	as long as short
01 Exchange HYPEUSD	+0.0104%	1h	94.004	+0.009%	$91K	$356K	20x	as long as short
Kalshi KXHYPEPERP	+0.0123%	8h	94.029	+0.035%	$1.9M	$5.1M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.060	+0.068%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0225%	4h	94.148	+0.162%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	93.993	−0.004%	$77K	$142K	15x	as long as short
BloFin HYPE-USDT	+0.0280%	4h	93.930	−0.070%	$17.0M	$12.3M	75x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.035	+0.041%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0292%	1h	94.089	+0.099%	$7.4M	$4.5M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	93.966	−0.031%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0577%	1h	94.098	+0.108%	$21.0M	$29.0M	50x	as long as short
Hyperliquid HYPE	+0.0638%	1h	94.059	+0.067%	$2.05B	$665.3M	10x	as long as short