Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0060%/8h= −6.6% APRpaid last 24h −0.038%

Price spread now: OKX against Bluefin+0.016%7-day average −0.014% · you sell dearer than you buy

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$440.438% of the position

Long on Bluefin Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.050%+$5 on $10k

Price spread, last 4 days (all we have)+0.035%+$3 · spread now +0.016%, 7d avg −0.014%

Together, before fees+0.085%+$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.030% dearer against Bluefin than usual: you sell high and buy low (spread +0.016% now, against its 7-day average of −0.014%): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 40 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin HYPE-PERP	92.240	0.0136	pay 0.0017% / 1h	43m 09s	$78K	$169K	20x
Short	OKX HYPE-USDT-SWAP	92.255	0.0076	get 0.0076% / 8h	4h 43m	$112.7M	$301.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.016%Rate

Funding earned: −$12.57
Price spread: +0.016% → −0.014%: $3.03
Slippage, 4 orders: −$26.79
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$53.33
Costs to cover: 0.438%
Break-even: never at this rate

Slippage from Bluefin: live order book, 16 min ago; OKX: 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, 16 min ago	4.21 bp	17.4 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 6 min ago	0.05 bp	6.3 bp −$6	8.1 bp −$81	16.9 bp −$1,688	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
Arcus HYPE-USD	−0.0948%	1h	92.247	+0.008%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0536%	1h	92.271	+0.034%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0159%	1h	92.320	+0.086%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0128%	1h	92.323	+0.090%	$85K	$354K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.319	+0.086%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0070%	4h	92.220	−0.022%	$157K	$663K	20x	as long as short
Bullet HYPE-USD	−0.0052%	1h	92.268	+0.031%	$110K	$579K	20x	as long as short
Aster HYPEUSDT	−0.0012%	4h	92.283	+0.046%	$8.7M	$36.4M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.316	+0.082%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.292	+0.056%	$22K	$310K	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 −0.0002%	1h	92.283	+0.047%	$61K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0027%	1h	92.230	−0.011%	$696K	$1.1M	10x	as long as short
BingX HYPE-USDT	+0.0030%	4h	92.248	+0.009%	—	$53.3M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.246	+0.007%	$209K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0048%	8h	92.230	−0.011%	$315.5M	$281.1M	75x	as long as short
Gate HYPE_USDT	+0.0054%	4h	92.230	−0.011%	$44.3M	$54.8M	75x	as long as short
Phemex HYPEUSDT	+0.0059%	8h	92.231	−0.010%	$12.5M	$2.7M	50x	as long as short
Derive HYPE-PERP	+0.0070%	1h	92.200	−0.043%	$16.0M	$7.5M	10x	as long as short
MEXC HYPE_USDT	+0.0074%	4h	92.225	−0.016%	$87.0M	$80.5M	100x	as long as short
Binance HYPEUSDT	+0.0076%	4h	92.256	+0.017%	$369.8M	$898.9M	75x	as long as short
OKX HYPE-USDT-SWAPshort	+0.0076%	8h	92.255	+0.016%	$112.7M	$301.6M	50x
edgeX HYPEUSDC	+0.0078%	4h	92.205	−0.038%	$4.9M	$29.5M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0091%	8h	92.385	+0.157%	$338K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.249	+0.010%	$16.0M	$62.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.248	+0.009%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.325	+0.092%	$68K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	92.210	−0.032%	$390K	$164K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.260	+0.022%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.332	+0.099%	$5.8M	$43.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.281	+0.044%	$2.01B	$665.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.366	+0.137%	$10.0M	$15.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.245	+0.005%	$201K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.282	+0.046%	$45.8M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.243	+0.003%	$223.7M	$98.3M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.214	−0.028%	$7.3M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.158	−0.089%	$28.3M	$57.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.209	−0.034%	$7.5M	$45.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.186	−0.059%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.228	−0.013%	$662K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.343	+0.111%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.325	+0.092%	$475K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.271	+0.034%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.233	−0.008%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.388	+0.160%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.201	−0.043%	$18.1M	$43.5M	50x	as long as short
Bluefin HYPE-PERPlong	+0.0136%	1h	92.240	long leg	$78K	$169K	20x
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.824%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.420	+0.195%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0257%	8h	92.335	+0.103%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0261%	1h	92.268	+0.030%	$79K	$139K	15x	as long as short
BloFin HYPE-USDT	+0.0304%	4h	92.211	−0.031%	$16.7M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0329% / S −0.0153%	1h	92.279	+0.042%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0333%	1h	92.295	+0.059%	$20.5M	$30.4M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0606%	1h	92.337	+0.105%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.404	+0.178%	$3.1M	$6.4M	20x	as long as short