Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Pacifica against Bulk−0.157%7-day average −0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$190.189% of the position

Long on Bulk Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)0.000%$0 on $10k

Price spread, last 4 days (all we have)+0.221%+$22 · spread now −0.157%, 7d avg −0.013%

Together, before fees+0.221%+ Points / potential airdropPacifica: Active · farm board+$22 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 0.144% cheaper against Bulk than usual: you would sell low and buy high, −$14 on $10k if it goes back to its 7-day average of −0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk HYPE-USD	94.151	0.0100	pay 0.0013% / 1h	21m 07s	$205K	$2K	10x
Short	Pacifica HYPE	94.003	0.0100	get 0.0013% / 1h	21m 07s	$10.2M	$14.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica against Bulk. 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 BulkbpFee PacificabpOrdersPrice spread, now −0.157%Rate

Funding earned: $0
Price spread: −0.157% → −0.013%: −$14.37
Slippage, 4 orders: −$3.91
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$33.28
Costs to cover: 0.189%
Break-even: never at this rate

Slippage from Bulk: live order book, 53 min ago; Pacifica: live order book, 3 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 Bulk live order book, 53 min ago	0.53 bp	4.0 bp −$4	5.9 bp −$59	12.3 bp −$1,232	35.8 bp −$17.9K
Sell Pacifica live order book, 3 min ago	0.16 bp	4.5 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	−0.1336%	1h	93.984	−0.177%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.858	−0.311%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0209%	1h	94.121	−0.031%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0144%	1h	93.940	−0.224%	$710K	$959K	10x	as long as short
dYdX HYPE-USD	−0.0117%	1h	94.038	−0.120%	$129K	$31K	5x	as long as short
Bullet HYPE-USD	−0.0098%	1h	93.977	−0.185%	$113K	$581K	20x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	93.947	−0.216%	$86K	$360K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.035	−0.123%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0051%	8h	93.927	−0.238%	$12.8M	$2.6M	50x	as long as short
Bybit HYPEUSDT	−0.0027%	8h	93.836	−0.334%	$322.4M	$280.3M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0023%	4h	93.935	−0.229%	$159K	$645K	20x	as long as short
Gate HYPE_USDT	−0.0022%	4h	93.838	−0.332%	$44.4M	$59.9M	75x	as long as short
Perpl HYPE	0.0000%	43m	93.978	−0.184%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.002	−0.158%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0013%	4h	93.934	−0.230%	$8.9M	$36.1M	300x	as long as short
Derive HYPE-PERP	+0.0023%	1h	93.926	−0.238%	$16.4M	$7.3M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	94.149	−0.002%	$219K	$1.2M	10x	as long as short
Binance HYPEUSDT	+0.0048%	4h	93.903	−0.263%	$383.0M	$893.3M	75x	as long as short
MEXC HYPE_USDT	+0.0050%	4h	93.870	−0.298%	$89.0M	$82.8M	100x	as long as short
edgeX HYPEUSDC	+0.0070%	4h	94.065	−0.091%	$5.1M	$30.0M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0075%	8h	93.817	−0.355%	$116.0M	$317.6M	50x	as long as short
Bluefin HYPE-PERP	+0.0095%	1h	93.950	−0.213%	$76K	$171K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.999	−0.161%	$19.1M	$59.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.903	−0.263%	$3.0M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.947	−0.216%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.951	−0.212%	$400K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.037	−0.121%	$342K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.980	−0.181%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.945	−0.218%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.972	−0.190%	$2.05B	$673.5M	10x	as long as short
Pacifica HYPEshort	+0.0100%	1h	94.003	−0.157%	$10.2M	$14.6M	20x
KuCoin HYPEUSDTM	+0.0100%	4h	93.885	−0.282%	$46.6M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.844	−0.326%	$227.5M	$101.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.841	−0.329%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.853	−0.316%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.939	−0.224%	$31.4M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.199	+0.051%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.047	−0.110%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.044	−0.113%	$680K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.010	−0.149%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.982	−0.179%	$481K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.038	−0.120%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.972	−0.190%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USDlong	+0.0100%	1h	94.151	long leg	$205K	$2K	10x
Extended HYPE-USD	+0.0104%	1h	93.961	−0.202%	$18.8M	$44.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.000	−0.160%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0192%	4h	93.962	−0.201%	$17.0M	$12.2M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.360%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.011	−0.149%	$2.7M	$6.8M	20x	as long as short
Kalshi KXHYPEPERP	+0.0227%	8h	94.002	−0.158%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	93.957	−0.206%	$79K	$142K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0324%	1h	94.064	−0.092%	$7.5M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0155%	1h	93.996	−0.164%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0390%	4h	94.100	−0.054%	$1.5M	$6.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.039	−0.118%	$21.0M	$29.7M	50x	as long as short