Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0307%/8h= +33.6% APRpaid last 24h +0.078%

Price spread now: BloFin against Bybit+0.045%7-day average +0.031% · you sell dearer than you buy

Net, funding: paid 7d − costs+$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$250.247% of the position

Long on Bybit Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.529%+$53 on $10k

Price spread, last 3 days (all we have)−0.106%−$11 · spread now +0.045%, 7d avg +0.031%

Together, before fees+0.422%+$42 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.031%, so right now this pair is about funding alone: +$9 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HYPEUSDT	93.210	0.0029	pay 0.0029% / 8h	1h 38m	$323.6M	$286.8M	75x
Short	BloFin HYPE-USDT	93.252	0.0336	get 0.0168% / 4h	1h 38m	$16.9M	$12.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Bybit. 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 BybitbpFee BloFinbpOrdersPrice spread, now +0.045%Rate

Funding earned: $64.46
Price spread: +0.045% → +0.031%: $1.4
Slippage, 4 orders: −$1.66
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee BloFin: 6 bp × 2 orders: −$12
Net: $41.21
Costs to cover: 0.247%
Break-even: 2.5 days

Slippage from Bybit: live order book, 5 min ago; BloFin: live order book, 5 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 Bybit live order book, 5 min ago	0.54 bp	6.0 bp −$6	8.2 bp −$82	15.5 bp −$1,550	62.1 bp −$31.0K
Sell BloFin live order book, 5 min ago	0.11 bp	6.1 bp −$6	8.0 bp −$80	17.0 bp −$1,697	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
Aftermath Perps HYPEUSD	−0.0364%	1h	93.237	+0.029%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0160%	1h	93.305	+0.101%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.193	−0.018%	$1.2M	$4.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.236	+0.028%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0074%	1h	93.130	−0.086%	$700K	$923K	10x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	93.246	+0.039%	$90K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.267	+0.061%	$127K	$32K	5x	as long as short
Popdex HYPEUSDT	0.0000%	1h	93.233	+0.025%	$58K	$1.2M	50x	as long as short
Perpl HYPE	0.0000%	43m	93.241	+0.033%	$23K	$331K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.277	+0.072%	$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	+0.0010%	4h	93.218	+0.009%	$8.9M	$35.9M	300x	as long as short
Derive HYPE-PERP	+0.0028%	1h	93.201	−0.010%	$16.3M	$7.1M	10x	as long as short
Bybit HYPEUSDTlong	+0.0029%	8h	93.210	long leg	$323.6M	$286.8M	75x
Orderly PERP_HYPE_USDC	+0.0034%	4h	93.236	+0.028%	$171K	$519K	20x	as long as short
Phoenix HYPE	+0.0034%	1h	93.374	+0.176%	$214K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0043%	1h	93.228	+0.020%	$112K	$578K	20x	as long as short
Gate HYPE_USDT	+0.0052%	4h	93.227	+0.018%	$43.9M	$57.9M	75x	as long as short
Binance HYPEUSDT	+0.0091%	4h	93.190	−0.022%	$383.1M	$892.2M	75x	as long as short
MEXC HYPE_USDT	+0.0094%	4h	93.177	−0.035%	$90.2M	$81.7M	100x	as long as short
Lighter HYPE	+0.0096%	1h	93.248	+0.041%	$18.5M	$58.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.211	+0.001%	$3.1M	$12.1M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.214	+0.004%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.240	+0.032%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.228	+0.020%	$5.9M	$44.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.260	+0.054%	$2.03B	$670.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.215	+0.005%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.199	−0.012%	$113.9M	$313.7M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.390	+0.193%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.247	+0.040%	$47.2M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.192	−0.019%	$225.9M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.228	+0.019%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.255	+0.048%	$7.9M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.354	+0.155%	$29.0M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.350	+0.150%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.355	+0.156%	$413K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.288	+0.084%	$675K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.293	+0.089%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.272	+0.067%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.239	+0.031%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.271	+0.065%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.228	+0.019%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.282	+0.077%	$12.7M	$2.6M	50x	as long as short
edgeX HYPEUSDC	+0.0103%	4h	93.338	+0.137%	$5.1M	$29.5M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.208	−0.002%	$18.2M	$42.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.236	+0.028%	$397K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0109%	8h	93.371	+0.173%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.270	+0.064%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.150	−0.064%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.242	+0.035%	$78K	$158K	15x	as long as short
HTX HYPE-USDT	+0.0263%	4h	93.426	+0.232%	$1.5M	$7.7M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.293	+0.090%	$2.8M	$6.8M	20x	as long as short
BloFin HYPE-USDTshort	+0.0336%	4h	93.252	+0.045%	$16.9M	$12.5M	75x
Deribit HYPE_USDC-PERPETUAL	+0.0340%	1h	93.333	+0.132%	$7.4M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0159%	1h	93.271	+0.066%	$1.5M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.355	+0.156%	$20.9M	$28.8M	50x	as long as short