Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0420%/8h= +46.0% APRpaid last 24h +0.112%

Price spread now: BloFin against Hotstuff−0.041%7-day average — · you buy dearer than you sell

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

Long on Hotstuff Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Funding pays, the price is against you. BloFin is 0.041% cheaper against Hotstuff than usual: you would sell low and buy high (spread −0.041% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 8 hours of funding at the current rate (+$13 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff HYPE-PERP	94.525	−0.0080	get 0.0010% / 1h	46m 48s	$3K	$331	25x
Short	BloFin HYPE-USDT	94.486	0.0340	get 0.0170% / 4h	46m 48s	$17.1M	$12.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Hotstuff. 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 HotstuffbpFee BloFinbpOrdersPrice spread, now −0.041%Rate

Funding earned: $88.2
Price spread: −0.041% → 0.000%: −$4.13
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee BloFin: 6 bp × 2 orders: −$12
Net: $67.07
Costs to cover: 0.170%
Break-even: 1.7 days

Slippage unknown: Hotstuff: no order-book sample; BloFin: live order book, 2 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 Hotstuff no order-book sample	—	—	—	—	—
Sell BloFin live order book, 2 min ago	0.11 bp	6.2 bp −$6	7.2 bp −$72	12.4 bp −$1,240	doesn't fit

Hotstuff: 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	−0.1280%	1h	94.261	−0.279%	$201K	$250K	7x	as long as short
Bluefin HYPE-PERP	−0.0333%	1h	94.456	−0.073%	$80K	$154K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0136%	1h	94.416	−0.116%	$22K	$21K	10x	as long as short
Bullet HYPE-USD	−0.0136%	1h	94.491	−0.036%	$112K	$575K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0120%	1h	94.480	−0.048%	$711K	$1.2M	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	94.543	+0.019%	$87K	$366K	20x	as long as short
Hotstuff HYPE-PERPlong	−0.0080%	1h	94.525	long leg	$3K	$331	25x
Arcus HYPE-USD	−0.0045%	1h	94.518	−0.007%	$1.0M	$3.6M	10x	as long as short
Bybit HYPEUSDT	−0.0013%	8h	94.470	−0.058%	$317.7M	$289.5M	75x	as long as short
Derive HYPE-PERP	−0.0001%	1h	94.439	−0.091%	$16.5M	$7.5M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	94.507	−0.019%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.580	+0.058%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.533	+0.008%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.537	+0.013%	$19K	$287K	10x	as long as short
Orderly PERP_HYPE_USDC	0.0000%	4h	94.485	−0.042%	$147K	$685K	20x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.516	−0.009%	$84K	—	150x	as long as short
Bitget HYPEUSDT	+0.0038%	4h	94.504	−0.022%	$227.2M	$100.2M	75x	as long as short
Phemex HYPEUSDT	+0.0041%	8h	94.463	−0.066%	$12.9M	$2.9M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0057%	1h	94.573	+0.051%	$7.4M	$4.3M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0060%	8h	94.560	+0.037%	$338K	$156K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.560	+0.037%	$4.7M	$6.2M	50x	as long as short
edgeX HYPEUSDC	+0.0084%	4h	94.405	−0.127%	$5.0M	$30.7M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0085%	8h	94.493	−0.034%	$117.8M	$324.8M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.498	−0.028%	$16.3M	$63.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.502	−0.024%	$3.2M	$10.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.523	−0.002%	$82K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.510	−0.016%	$29K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.532	+0.008%	$7.1M	$52.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.611	+0.091%	$2.08B	$689.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.502	−0.024%	$8.8M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.557	+0.034%	$10.2M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.503	−0.023%	$378.6M	$934.4M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.332	−0.205%	$218K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.479	−0.049%	$49.6M	$56.3M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.484	−0.043%	$90.5M	$82.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.488	−0.039%	$47.2M	$18.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.480	−0.048%	—	$53.6M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.469	−0.059%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.347	−0.189%	$29.3M	$54.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.421	−0.110%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.435	−0.095%	$363K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.521	−0.004%	$683K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.584	+0.062%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.541	+0.017%	$496K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.589	+0.068%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.493	−0.034%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.650	+0.132%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.460	−0.069%	$18.3M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.482	−0.045%	$399K	$159K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0021%	1h	94.546	+0.022%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.500	−0.026%	$31K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.538	+0.014%	$20.3M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.548	+0.024%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.482	−0.045%	$84K	$124K	15x	as long as short
BloFin HYPE-USDTshort	+0.0340%	4h	94.486	−0.041%	$17.1M	$12.4M	75x