Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0343%/8h= +37.5% APRpaid last 24h +0.079%

Price spread now: BloFin against Derive+0.013%7-day average +0.036% · you sell dearer than you buy

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

Long on Derive Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.485%+$48 on $10k

Price spread, last 3 days (all we have)−0.068%−$7 · spread now +0.013%, 7d avg +0.036%

Together, before fees+0.417%+$42 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.023% cheaper against Derive than usual: you would sell low and buy high (spread +0.013% now, against its 7-day average of +0.036%). If the spread goes back, that is −$2 on $10k: about 5 hours of funding at the current rate (+$10 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive HYPE-PERP	93.437	−0.0003	get 0.0000% / 1h	34m 36s	$16.4M	$7.1M	10x
Short	BloFin HYPE-USDT	93.449	0.0340	get 0.0170% / 4h	2h 34m	$17.1M	$12.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Derive. 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 DerivebpFee BloFinbpOrdersPrice spread, now +0.013%Rate

Funding earned: $71.98
Price spread: +0.013% → +0.036%: −$2.32
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee BloFin: 6 bp × 2 orders: −$12
Net: $51.66
Costs to cover: 0.180%
Break-even: 2.0 days

Slippage unknown: Derive: no order-book sample; BloFin: live order book, 4 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 Derive no order-book sample	—	—	—	—	—
Sell BloFin live order book, 4 min ago	0.75 bp	7.1 bp −$7	8.1 bp −$81	11.0 bp −$1,104	doesn't fit

Derive: 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
Hibachi HYPE/USDT-P	−0.1104%	1h	93.433	−0.004%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0256%	1h	93.449	+0.013%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0244%	1h	93.370	−0.072%	$701K	$940K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.536	+0.106%	$89K	$348K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.510	+0.078%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0025%	1h	93.459	+0.024%	$112K	$583K	20x	as long as short
Derive HYPE-PERPlong	−0.0003%	1h	93.437	long leg	$16.4M	$7.1M	10x
dYdX HYPE-USD	0.0000%	1h	93.563	+0.135%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.463	+0.028%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.518	+0.086%	$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	+0.0012%	4h	93.519	+0.087%	$9.0M	$35.9M	300x	as long as short
Gate HYPE_USDT	+0.0028%	4h	93.517	+0.085%	$44.1M	$56.5M	75x	as long as short
Bybit HYPEUSDT	+0.0037%	8h	93.510	+0.078%	$325.8M	$287.3M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.464	+0.029%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0070%	4h	93.491	+0.057%	$180K	$529K	20x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	93.505	+0.072%	$57K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.564	+0.136%	$18.6M	$59.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.539	+0.109%	$3.1M	$12.3M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.540	+0.110%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.470	+0.035%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.484	+0.051%	$6.0M	$44.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.564	+0.136%	$2.04B	$668.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.540	+0.110%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.534	+0.104%	$385.7M	$888.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.512	+0.080%	$114.9M	$315.5M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.488	+0.054%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.403	−0.037%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.523	+0.092%	$92.8M	$82.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.526	+0.095%	$46.4M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.530	+0.099%	$227.2M	$102.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.513	+0.081%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.575	+0.147%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.402	−0.038%	$28.9M	$49.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.494	+0.061%	$7.5M	$45.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.482	+0.048%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.470	+0.035%	$676K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.497	+0.064%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.512	+0.080%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.508	+0.076%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.531	+0.100%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.490	+0.056%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.504	+0.071%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.505	+0.072%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.509	+0.077%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0113%	4h	93.336	−0.108%	$5.1M	$29.5M	30x	as long as short
Kalshi KXHYPEPERP	+0.0116%	8h	93.598	+0.172%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.400	−0.040%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.484	+0.050%	$78K	$158K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0274%	1h	93.585	+0.158%	$7.4M	$4.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.350	−0.093%	$30K	$231K	12x	as long as short
HTX HYPE-USDT	+0.0338%	4h	93.662	+0.240%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0164%	1h	93.519	+0.087%	$1.4M	—	100x	as long as short
BloFin HYPE-USDTshort	+0.0340%	4h	93.449	+0.013%	$17.1M	$12.5M	75x
RISEx HYPE/USDC	+0.0467%	1h	93.576	+0.148%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.599	+0.173%	$19.2M	$25.9M	50x	as long as short