Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0267%/8h= +29.2% APRpaid last 24h +0.066%

Price spread now: BloFin against Bullet+0.055%48s7-day average −0.004% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$310.313% of the position

Long on Bullet Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.241%+$24 on $10k

Price spread, last 3 days (all we have)−0.122%−$12 · spread now +0.055%, 7d avg −0.004%

Together, before fees+0.119%+$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and BloFin is 0.059% dearer against Bullet than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.004%. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet HYPE-USD	93.964	−0.0061	get 0.0008% / 1h	12m 25s	$113K	$581K	20x
Short	BloFin HYPE-USDT	94.015	0.0205	get 0.0103% / 4h	3h 12m	$17.0M	$12.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Bullet. 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 BulletbpFee BloFinbpOrdersPrice spread, now +0.055%Rate

Funding earned: $55.98
Price spread: +0.055% → −0.004%: $5.87
Slippage, 4 orders: −$11.33
Fee Bullet: 4 bp × 2 orders: −$8
Fee BloFin: 6 bp × 2 orders: −$12
Net: $30.52
Costs to cover: 0.313%
Break-even: 3.2 days

Slippage from Bullet: live order book, 62 min ago; BloFin: live order book, 7 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 Bullet live order book, 62 min ago	0.27 bp	7.1 bp −$7	9.4 bp −$94	doesn't fit	doesn't fit
Sell BloFin live order book, 7 min ago	0.27 bp	7.4 bp −$7	7.5 bp −$75	12.1 bp −$1,211	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	−0.1200%	1h	94.014	+0.053%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.881	−0.088%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0208%	1h	93.960	−0.004%	$22K	$21K	10x	as long as short
Phemex HYPEUSDT	−0.0133%	8h	94.011	+0.050%	$12.8M	$2.6M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0115%	1h	93.930	−0.036%	$708K	$960K	10x	as long as short
dYdX HYPE-USD	−0.0094%	1h	94.002	+0.040%	$129K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.984	+0.022%	$86K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.988	+0.026%	$3K	$331	25x	as long as short
Bullet HYPE-USDlong	−0.0061%	1h	93.964	long leg	$113K	$581K	20x
Gate HYPE_USDT	−0.0046%	4h	93.973	+0.010%	$44.5M	$60.3M	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	−0.0027%	4h	93.989	+0.027%	$160K	$645K	20x	as long as short
Bybit HYPEUSDT	−0.0007%	8h	93.948	−0.017%	$323.4M	$280.3M	75x	as long as short
Perpl HYPE	0.0000%	43m	93.993	+0.032%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.990	+0.028%	$26K	—	150x	as long as short
Aster HYPEUSDT	+0.0013%	4h	93.994	+0.032%	$8.9M	$36.1M	300x	as long as short
Derive HYPE-PERP	+0.0017%	1h	93.964	0.000%	$16.4M	$7.3M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.678	−0.304%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0050%	4h	93.975	+0.012%	$88.5M	$83.3M	100x	as long as short
Binance HYPEUSDT	+0.0054%	4h	93.976	+0.013%	$383.6M	$894.5M	75x	as long as short
edgeX HYPEUSDC	+0.0058%	4h	93.999	+0.037%	$5.1M	$30.1M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0075%	8h	93.953	−0.011%	$116.1M	$315.9M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.012	+0.051%	$19.0M	$60.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.004	+0.043%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.977	+0.014%	$65K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.006	+0.045%	$400K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.020	+0.059%	$341K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.970	+0.007%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.979	+0.017%	$6.6M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.038	+0.079%	$2.05B	$676.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.020	+0.060%	$10.2M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.528	−0.463%	$204K	$12K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.973	+0.010%	$46.7M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.971	+0.008%	$227.6M	$100.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.955	−0.009%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.992	+0.030%	$7.7M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.810	−0.163%	$31.4M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.085	+0.129%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.061	+0.103%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.040	+0.081%	$671K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.024	+0.064%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.005	+0.044%	$475K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.984	+0.022%	$76K	$170K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.092	+0.136%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.004	+0.043%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.968	+0.005%	$18.4M	$45.3M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.130	+0.177%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.930	−0.036%	$31K	$338K	12x	as long as short
BloFin HYPE-USDTshort	+0.0205%	4h	94.015	+0.055%	$17.0M	$12.1M	75x
RISEx HYPE/USDC	+0.0222%	1h	94.008	+0.048%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0232%	8h	94.151	+0.199%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	93.953	−0.011%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0158%	1h	94.012	+0.051%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0377%	4h	94.230	+0.283%	$1.5M	$6.0M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0494%	1h	94.109	+0.155%	$7.5M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.086	+0.130%	$21.0M	$29.8M	50x	as long as short