Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.044%

Price spread now: Hyperliquid against Bluefin+0.049%54s7-day average +0.054% · you sell dearer than you buy

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

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

Long on Bluefin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.174%+$17 on $10k

Price spread, last 3 days (all we have)+0.067%+$7 · spread now +0.049%, 7d avg +0.054%

Together, before fees+0.241%+ Points / potential airdropHyperliquid: Season 2 · farm board+$24 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	93.289	0.0100	pay 0.0013% / 1h	40m 32s	$76K	$168K	20x
Short	Hyperliquid HYPE	93.335	0.0100	get 0.0013% / 1h	40m 32s	$2.03B	$672.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.049%Rate

Funding earned: $0
Price spread: +0.049% → +0.054%: −$0.45
Slippage, 4 orders: −$20.2
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$36.64
Costs to cover: 0.362%
Break-even: never at this rate

Slippage from Bluefin: live order book, 44 min ago; Hyperliquid: live order book, 4 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, 44 min ago	1.92 bp	13.0 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 4 min ago	0.05 bp	5.1 bp −$5	6.1 bp −$61	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
Aftermath Perps HYPEUSD	−0.0360%	1h	93.272	−0.018%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0160%	1h	93.252	−0.040%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.266	−0.025%	$1.2M	$4.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.329	+0.043%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0068%	1h	93.270	−0.020%	$700K	$924K	10x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	93.312	+0.025%	$90K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.344	+0.059%	$127K	$32K	5x	as long as short
Popdex HYPEUSDT	0.0000%	1h	93.291	+0.002%	$58K	$1.2M	50x	as long as short
Perpl HYPE	0.0000%	43m	93.313	+0.026%	$23K	$331K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.342	+0.057%	$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	+0.0014%	4h	93.317	+0.030%	$8.9M	$36.0M	300x	as long as short
Derive HYPE-PERP	+0.0016%	1h	93.265	−0.026%	$16.3M	$7.1M	10x	as long as short
Bybit HYPEUSDT	+0.0029%	8h	93.290	+0.001%	$323.9M	$286.8M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.374	+0.091%	$214K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0036%	4h	93.311	+0.024%	$171K	$519K	20x	as long as short
Gate HYPE_USDT	+0.0056%	4h	93.296	+0.008%	$43.7M	$57.8M	75x	as long as short
Bullet HYPE-USD	+0.0069%	1h	93.299	+0.011%	$112K	$578K	20x	as long as short
Binance HYPEUSDT	+0.0096%	4h	93.287	−0.002%	$383.5M	$892.0M	75x	as long as short
Lighter HYPE	+0.0096%	1h	93.347	+0.062%	$18.5M	$58.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.323	+0.036%	$3.1M	$12.1M	20x	as long as short
MEXC HYPE_USDT	+0.0096%	4h	93.292	+0.003%	$90.4M	$81.6M	100x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.305	+0.017%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.290	+0.001%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.285	−0.004%	$5.9M	$44.0M	10x	as long as short
Hyperliquid HYPEshort	+0.0100%	1h	93.335	+0.049%	$2.03B	$672.4M	10x
Pacifica HYPE	+0.0100%	1h	93.329	+0.043%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.281	−0.009%	$114.0M	$313.9M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.390	+0.108%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.311	+0.024%	$47.2M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.310	+0.023%	$226.2M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.293	+0.004%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.330	+0.044%	$7.9M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.236	−0.057%	$28.9M	$50.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.228	−0.065%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.375	+0.092%	$413K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.385	+0.103%	$675K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.341	+0.056%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.326	+0.040%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERPlong	+0.0100%	1h	93.289	long leg	$76K	$168K	20x
SunX HYPE-USDT	+0.0100%	4h	93.429	+0.150%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.321	+0.034%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.315	+0.028%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.278	−0.012%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.277	−0.013%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0104%	4h	93.291	+0.002%	$5.1M	$29.5M	30x	as long as short
Kalshi KXHYPEPERP	+0.0107%	8h	93.452	+0.175%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.350	+0.065%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.340	+0.055%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.296	+0.008%	$78K	$158K	15x	as long as short
HTX HYPE-USDT	+0.0269%	4h	93.471	+0.195%	$1.5M	$7.7M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.363	+0.079%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0296%	1h	93.401	+0.120%	$7.4M	$4.6M	50x	as long as short
BloFin HYPE-USDT	+0.0337%	4h	93.319	+0.032%	$16.9M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0159%	1h	93.329	+0.043%	$1.5M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.434	+0.156%	$20.8M	$28.8M	50x	as long as short