Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.1244%/8h= −136.2% APRpaid last 24h −0.013%

Price spread now: Variational Omni against Bluefin+0.364%7-day average −0.021% · you sell dearer than you buy

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

Long on Bluefin Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.047%+$5 on $10k

Price spread, last 4 days (all we have)−0.350%−$35 · spread now +0.364%, 7d avg −0.021%

Together, before fees−0.303%+ Points / potential airdropVariational Omni: Active · farm board−$30 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.385% dearer against Bluefin than usual: you sell high and buy low (spread +0.364% now, against its 7-day average of −0.021%): +$38 on $10k if it goes back. Holding the pair costs −$37 a day in funding at the current rate, which eats that in about 25 hours.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.047% in total (about 5.0% 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	92.483	0.1344	pay 0.0168% / 1h	51m 16s	$78K	$169K	20x
Short	Variational Omni HYPE	92.820	0.0100	get 0.0100% / 8h	4h 51m	$28.4M	$57.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Bluefin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now +0.364%Rate

Funding earned: −$261.17
Price spread: +0.364% → −0.021%: $38.5
Slippage, 4 orders: no order book: not counted
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$229.67
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Bluefin: live order book, 8 min ago; Variational Omni: RFQ quote, 3 min ago. 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, 8 min ago	4.21 bp	17.4 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	0.42 bp	doesn't fit	7.4 bp −$74	28.2 bp −$2,820	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	92.414	−0.075%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0760%	1h	92.788	+0.330%	$195K	$227K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0110%	1h	92.696	+0.230%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	92.530	+0.051%	$86K	$351K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.555	+0.078%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0066%	4h	92.470	−0.014%	$157K	$663K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0059%	1h	92.720	+0.256%	$699K	$1.1M	10x	as long as short
Bullet HYPE-USD	−0.0052%	1h	92.518	+0.038%	$110K	$579K	20x	as long as short
Aster HYPEUSDT	−0.0003%	4h	92.506	+0.024%	$8.7M	$36.2M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.516	+0.036%	$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 HYPE	0.0000%	43m	92.520	+0.040%	$23K	$309K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.520	+0.040%	$62K	—	150x	as long as short
Derive HYPE-PERP	+0.0020%	1h	92.434	−0.053%	$16.0M	$7.5M	10x	as long as short
BingX HYPE-USDT	+0.0032%	4h	92.517	+0.037%	—	$53.2M	—	as long as short
Phemex HYPEUSDT	+0.0033%	8h	92.492	+0.010%	$12.5M	$2.7M	50x	as long as short
Bybit HYPEUSDT	+0.0038%	8h	92.468	−0.016%	$317.4M	$279.2M	75x	as long as short
Phoenix HYPE	+0.0043%	1h	92.855	+0.402%	$211K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0048%	4h	92.511	+0.030%	$44.4M	$54.5M	75x	as long as short
Popdex HYPEUSDT	+0.0072%	1h	92.529	+0.050%	$67K	$1.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0074%	8h	92.491	+0.009%	$113.1M	$300.7M	50x	as long as short
Binance HYPEUSDT	+0.0079%	4h	92.509	+0.028%	$371.9M	$892.3M	75x	as long as short
MEXC HYPE_USDT	+0.0084%	4h	92.518	+0.038%	$87.6M	$80.2M	100x	as long as short
Paradex HYPE-USD-PERP	+0.0092%	8h	92.546	+0.068%	$338K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.484	+0.002%	$16.0M	$62.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.495	+0.013%	$3.1M	$11.6M	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.530	+0.051%	$14K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.525	+0.045%	$5.8M	$43.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.578	+0.103%	$2.02B	$657.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.552	+0.075%	$10.0M	$14.9M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	+0.343%	$202K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.529	+0.050%	$45.8M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.491	+0.009%	$223.8M	$97.5M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.550	+0.072%	$7.4M	$10.0M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	92.820	+0.364%	$28.4M	$57.0M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.799	+0.342%	$7.5M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.847	+0.394%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.793	+0.335%	$665K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.585	+0.111%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.546	+0.068%	$467K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.586	+0.111%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.493	+0.011%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.650	+0.181%	$1.4M	$6.2M	75x	as long as short
edgeX HYPEUSDC	+0.0103%	4h	92.776	+0.317%	$5.1M	$29.2M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.463	−0.022%	$18.1M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.474	−0.010%	$391K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.430	−0.057%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.550	+0.072%	$4.7M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0260%	1h	92.515	+0.035%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0263%	8h	92.559	+0.082%	$1.8M	$5.4M	2.3x	as long as short
BloFin HYPE-USDT	+0.0317%	4h	92.544	+0.066%	$16.8M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0153%	1h	92.537	+0.059%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0332%	1h	92.558	+0.081%	$20.6M	$30.3M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0442%	1h	92.587	+0.112%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.603	+0.130%	$3.1M	$6.4M	20x	as long as short
Bluefin HYPE-PERPlong	+0.1344%	1h	92.483	long leg	$78K	$169K	20x