Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:05 UTC−0.0850%/8h= −93.1% APRpaid last 24h −0.034%

Price spread now: Perpl against Bluefin+0.107%7-day average +0.006% · you sell dearer than you buy

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

Long on Bluefin Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days−0.038%−$4 on $10k

Price spread, last 4 days (all we have)−0.013%−$1 · spread now +0.107%, 7d avg +0.006%

Together, before fees−0.050%+ Points / potential airdropPerpl: Active · farm board−$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Perpl is 0.101% dearer against Bluefin than usual: you sell high and buy low (spread +0.107% now, against its 7-day average of +0.006%): +$10 on $10k if it goes back. Holding the pair costs −$26 a day in funding at the current rate, which eats that in about 9 hours. At the pace of the last 7 days (−0.038% in total) that is about 19 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.038% in total (about -2.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin HYPE-PERP	92.242	0.0850	pay 0.0106% / 1h	49m 14s	$78K	$169K	20x
Short	Perpl HYPE	92.341	0	get 0.0000% / 43m	20m 14s	$22K	$310K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now +0.107%Rate

Funding earned: −$178.56
Price spread: +0.107% → +0.006%: $10.06
Slippage, 4 orders: no order book: not counted
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$189.3
Costs to cover: 0.208%
Break-even: never at this rate

Slippage unknown: Bluefin: live order book, 10 min ago; Perpl: 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, 10 min ago	4.21 bp	17.4 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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
Arcus HYPE-USD	−0.0948%	1h	92.216	−0.028%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0712%	1h	92.416	+0.189%	$194K	$227K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0115%	1h	92.597	+0.384%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	92.316	+0.080%	$85K	$352K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.501	+0.281%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0068%	4h	92.272	+0.033%	$157K	$663K	20x	as long as short
Bullet HYPE-USD	−0.0064%	1h	92.280	+0.041%	$110K	$579K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0046%	1h	92.280	+0.041%	$699K	$1.1M	10x	as long as short
Aster HYPEUSDT	−0.0005%	4h	92.294	+0.056%	$8.7M	$36.2M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.417	+0.190%	$127K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPEshort	0.0000%	43m	92.341	+0.107%	$22K	$310K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.315	+0.079%	$61K	—	150x	as long as short
Derive HYPE-PERP	+0.0020%	1h	92.242	0.000%	$16.0M	$7.5M	10x	as long as short
BingX HYPE-USDT	+0.0032%	4h	92.294	+0.056%	—	$53.2M	—	as long as short
Bybit HYPEUSDT	+0.0037%	8h	92.290	+0.052%	$316.6M	$279.5M	75x	as long as short
Phoenix HYPE	+0.0043%	1h	92.430	+0.204%	$210K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0045%	8h	92.304	+0.067%	$12.5M	$2.7M	50x	as long as short
Gate HYPE_USDT	+0.0048%	4h	92.287	+0.049%	$44.3M	$54.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0075%	8h	92.303	+0.066%	$112.8M	$300.3M	50x	as long as short
MEXC HYPE_USDT	+0.0078%	4h	92.298	+0.061%	$87.0M	$80.3M	100x	as long as short
Binance HYPEUSDT	+0.0079%	4h	92.295	+0.057%	$371.0M	$893.9M	75x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	92.347	+0.114%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0092%	8h	92.363	+0.131%	$337K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.304	+0.067%	$16.0M	$62.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.314	+0.078%	$3.1M	$11.6M	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.320	+0.085%	$13K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.302	+0.066%	$5.8M	$43.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.350	+0.117%	$2.01B	$660.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.375	+0.144%	$10.0M	$15.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	+0.605%	$202K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.301	+0.064%	$45.7M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.298	+0.061%	$223.2M	$97.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.280	+0.041%	$7.3M	$10.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.469	+0.246%	$28.5M	$57.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.799	+0.604%	$7.5M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.488	+0.267%	$338K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.443	+0.218%	$663K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.383	+0.152%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.356	+0.124%	$466K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.331	+0.096%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.288	+0.050%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.476	+0.254%	$1.4M	$6.2M	75x	as long as short
edgeX HYPEUSDC	+0.0103%	4h	92.776	+0.579%	$5.1M	$29.2M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.258	+0.017%	$18.1M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.276	+0.037%	$390K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.250	+0.009%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.350	+0.117%	$4.7M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0260%	1h	92.299	+0.062%	$78K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0262%	8h	92.333	+0.099%	$1.8M	$5.4M	2.3x	as long as short
BloFin HYPE-USDT	+0.0316%	4h	92.252	+0.011%	$16.7M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0329% / S −0.0153%	1h	92.313	+0.077%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0333%	1h	92.330	+0.095%	$20.5M	$30.4M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0378%	1h	92.379	+0.149%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.395	+0.166%	$3.1M	$6.4M	20x	as long as short
Bluefin HYPE-PERPlong	+0.0850%	1h	92.242	long leg	$78K	$169K	20x