Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0163%/8h= −17.9% APRpaid last 24h −0.060%

Price spread now: Orderly against Bluefin−0.006%7-day average 0.000% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Bluefin Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.061%−$6 on $10k

Price spread, last 4 days (all we have)+0.055%+$5 · spread now −0.006%, 7d avg 0.000%

Together, before fees−0.006%−$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of 0.000%, so right now this pair is about funding alone: −$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin HYPE-PERP	92.708	0.0100	pay 0.0013% / 1h	56m 51s	$78K	$168K	20x
Short	Orderly PERP_HYPE_USDC	92.702	−0.0063	pay 0.0032% / 4h	3h 56m	$157K	$653K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.006%Rate

Funding earned: −$34.28
Price spread: −0.006% → 0.000%: −$0.6
Slippage, 4 orders: no order book: not counted
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$47.88
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Bluefin: live order book, 62 min ago; Orderly: no order-book sample. 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 Bluefin live order book, 62 min ago	4.21 bp	17.4 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0472%	1h	92.744	+0.039%	$193K	$228K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0281%	1h	92.823	+0.124%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.736	+0.030%	$1.1M	$3.9M	10x	as long as short
Gate HYPE_USDT	−0.0148%	4h	92.736	+0.030%	$44.4M	$53.4M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.807	+0.107%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDCshort	−0.0063%	4h	92.702	−0.006%	$157K	$653K	20x
dYdX HYPE-USD	0.0000%	1h	92.772	+0.069%	$127K	$29K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	92.795	+0.094%	$1.8M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	92.769	+0.065%	$22K	$302K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.778	+0.076%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HYPEUSDT	+0.0040%	8h	92.758	+0.054%	$12.5M	$2.7M	50x	as long as short
Bybit HYPEUSDT	+0.0041%	8h	92.730	+0.024%	$315.8M	$281.7M	75x	as long as short
Phoenix HYPE	+0.0043%	1h	92.888	+0.194%	$210K	$1.2M	10x	as long as short
01 Exchange HYPEUSD	+0.0048%	1h	92.792	+0.091%	$87K	$362K	20x	as long as short
Popdex HYPEUSDT	+0.0048%	1h	92.761	+0.057%	$69K	$1.1M	50x	as long as short
Bullet HYPE-USD	+0.0057%	1h	92.753	+0.049%	$111K	$579K	20x	as long as short
Aster HYPEUSDT	+0.0070%	4h	92.743	+0.038%	$8.7M	$36.2M	300x	as long as short
Bitget HYPEUSDT	+0.0084%	4h	92.726	+0.019%	$224.4M	$98.8M	75x	as long as short
edgeX HYPEUSDC	+0.0093%	4h	92.869	+0.174%	$4.9M	$29.5M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	92.790	+0.089%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.735	+0.029%	$16.0M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.753	+0.049%	$3.1M	$11.6M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0099%	8h	92.745	+0.040%	$113.7M	$303.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.760	+0.056%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.755	+0.051%	$7.4M	$45.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.803	+0.102%	$2.02B	$664.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.798	+0.097%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.743	+0.038%	$372.6M	$902.3M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0100%	1h	92.720	+0.013%	$698K	$1.1M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	+0.099%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.735	+0.029%	$88.0M	$79.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.737	+0.031%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.732	+0.026%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.780	+0.078%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.859	+0.163%	$28.5M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.886	+0.192%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.892	+0.198%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.845	+0.148%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.833	+0.134%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.791	+0.090%	$468K	$2.6M	20x	as long as short
Bluefin HYPE-PERPlong	+0.0100%	1h	92.708	long leg	$78K	$168K	20x
Derive HYPE-PERP	+0.0100%	1h	92.714	+0.006%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.756	+0.052%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.728	+0.022%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.900	+0.207%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.707	−0.001%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.765	+0.062%	$392K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.800	+0.099%	$4.7M	$5.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.799	+0.098%	$20.6M	$30.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.050	+0.369%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0263%	1h	92.746	+0.041%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.758	+0.054%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.727	+0.020%	$16.7M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0440%	1h	92.842	+0.145%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.826	+0.127%	$3.2M	$6.4M	20x	as long as short