Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.004%

Price spread now: Pacifica against Bluefin−0.018%7-day average +0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$470.468% of the position

Long on Bluefin Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days+0.015%+$1 on $10k

Price spread, last 3 days (all we have)+0.149%+$15 · spread now −0.018%, 7d avg +0.025%

Together, before fees+0.164%+ Points / potential airdropPacifica: Active · farm board+$16 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: Pacifica is 0.043% cheaper against Bluefin than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.025%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin HYPE-PERP	93.508	0.0100	pay 0.0013% / 1h	35m 01s	$76K	$168K	20x
Short	Pacifica HYPE	93.491	0.0100	get 0.0013% / 1h	35m 01s	$10.0M	$14.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now −0.018%Rate

Funding earned: $0
Price spread: −0.018% → +0.025%: −$4.28
Slippage, 4 orders: −$31.76
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$51.05
Costs to cover: 0.468%
Break-even: never at this rate

Slippage from Bluefin: live order book, 54 min ago; Pacifica: 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, 54 min ago	5.45 bp	17.5 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Pacifica live order book, 4 min ago	0.05 bp	4.1 bp −$4	doesn't fit	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
Hibachi HYPE/USDT-P	−0.1104%	1h	93.433	−0.080%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0256%	1h	93.449	−0.063%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0249%	1h	93.370	−0.148%	$701K	$941K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.512	+0.004%	$89K	$348K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.414	−0.101%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0025%	1h	93.459	−0.052%	$112K	$583K	20x	as long as short
Derive HYPE-PERP	−0.0003%	1h	93.437	−0.076%	$16.4M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.485	−0.025%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.463	−0.048%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.518	+0.010%	$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	+0.0012%	4h	93.512	+0.004%	$8.9M	$35.9M	300x	as long as short
Gate HYPE_USDT	+0.0028%	4h	93.529	+0.022%	$44.1M	$56.5M	75x	as long as short
Bybit HYPEUSDT	+0.0037%	8h	93.512	+0.004%	$325.8M	$287.3M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.464	−0.047%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0070%	4h	93.491	−0.018%	$180K	$529K	20x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	93.485	−0.025%	$57K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.542	+0.036%	$18.5M	$59.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.517	+0.010%	$3.1M	$12.3M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.462	−0.049%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.490	−0.019%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.484	−0.025%	$6.0M	$44.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.560	+0.056%	$2.04B	$668.1M	10x	as long as short
Pacifica HYPEshort	+0.0100%	1h	93.491	−0.018%	$10.0M	$14.4M	20x
Binance HYPEUSDT	+0.0100%	4h	93.531	+0.024%	$385.7M	$888.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.511	+0.003%	$114.9M	$315.5M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.458	−0.053%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.403	−0.113%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.542	+0.036%	$92.8M	$82.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.498	−0.011%	$46.4M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.541	+0.035%	$227.2M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.534	+0.028%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.575	+0.072%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.402	−0.114%	$28.9M	$49.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.494	−0.014%	$7.5M	$45.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.482	−0.028%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.470	−0.041%	$676K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.497	−0.012%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.512	+0.004%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERPlong	+0.0100%	1h	93.508	long leg	$76K	$168K	20x
SunX HYPE-USDT	+0.0100%	4h	93.531	+0.025%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.490	−0.019%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.504	−0.004%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.506	−0.002%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.509	+0.001%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0113%	4h	93.336	−0.183%	$5.1M	$29.5M	30x	as long as short
Kalshi KXHYPEPERP	+0.0116%	8h	93.598	+0.096%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.400	−0.115%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.484	−0.025%	$78K	$158K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0274%	1h	93.585	+0.082%	$7.4M	$4.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.350	−0.169%	$30K	$231K	12x	as long as short
HTX HYPE-USDT	+0.0338%	4h	93.662	+0.165%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0164%	1h	93.519	+0.012%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.449	−0.063%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.557	+0.053%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.599	+0.098%	$19.2M	$25.9M	50x	as long as short