Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0092%/8h= +10.1% APRpaid last 24h +0.006%

Price spread now: BloFin against Hyperliquid+0.094%107s7-day average −0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs+$16as in the Funding arb table

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

costs, in and out, $10k−$230.227% of the position

Long on Hyperliquid Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.389%+$39 on $10k

Price spread, last 3 days (all we have)−0.170%−$17 · spread now +0.094%, 7d avg −0.046%

Together, before fees+0.219%+ Points / potential airdropHyperliquid: Season 2 · farm board+$22 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and BloFin is 0.139% dearer against Hyperliquid than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of −0.046%. The two prices were read 107 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	Hyperliquid HYPE	93.874	0.0100	pay 0.0013% / 1h	19m 28s	$2.05B	$673.6M	10x
Short	BloFin HYPE-USDT	93.962	0.0192	get 0.0096% / 4h	3h 19m	$17.0M	$12.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Hyperliquid. 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 HyperliquidbpFee BloFinbpOrdersPrice spread, now +0.094%Rate

Funding earned: $19.37
Price spread: +0.094% → −0.046%: $13.93
Slippage, 4 orders: −$1.68
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: $10.62
Costs to cover: 0.227%
Break-even: 3.2 days

Slippage from Hyperliquid: live order book, 5 min ago; BloFin: live order book, 4 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 Hyperliquid live order book, 5 min ago	0.05 bp	4.6 bp −$5	5.9 bp −$59	doesn't fit	doesn't fit
Sell BloFin live order book, 4 min ago	0.16 bp	6.5 bp −$6	8.6 bp −$86	13.7 bp −$1,372	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	−0.1312%	1h	93.756	−0.126%	$198K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.675	−0.212%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0194%	1h	94.033	+0.170%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0153%	1h	93.910	+0.038%	$710K	$959K	10x	as long as short
dYdX HYPE-USD	−0.0111%	1h	93.863	−0.012%	$129K	$31K	5x	as long as short
Bullet HYPE-USD	−0.0100%	1h	93.644	−0.245%	$112K	$581K	20x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	93.769	−0.112%	$86K	$360K	20x	as long as short
Gate HYPE_USDT	−0.0082%	4h	93.641	−0.248%	$44.4M	$60.0M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.782	−0.098%	$3K	$331	25x	as long as short
Bybit HYPEUSDT	−0.0029%	8h	93.630	−0.260%	$321.7M	$280.2M	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	−0.0025%	4h	93.609	−0.282%	$159K	$645K	20x	as long as short
Phemex HYPEUSDT	−0.0008%	8h	93.884	+0.011%	$12.8M	$2.6M	50x	as long as short
Perpl HYPE	0.0000%	43m	93.769	−0.112%	$23K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.683	−0.203%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0007%	4h	93.743	−0.140%	$8.9M	$36.1M	300x	as long as short
Derive HYPE-PERP	+0.0017%	1h	93.782	−0.098%	$16.4M	$7.3M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	94.149	+0.293%	$219K	$1.2M	10x	as long as short
Binance HYPEUSDT	+0.0045%	4h	93.700	−0.186%	$382.2M	$893.2M	75x	as long as short
MEXC HYPE_USDT	+0.0048%	4h	93.755	−0.127%	$88.3M	$83.0M	100x	as long as short
edgeX HYPEUSDC	+0.0057%	4h	93.961	+0.093%	$5.1M	$30.0M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0074%	8h	93.629	−0.261%	$115.7M	$316.3M	50x	as long as short
Bluefin HYPE-PERP	+0.0089%	1h	93.812	−0.066%	$76K	$171K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.802	−0.077%	$19.1M	$60.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.796	−0.083%	$3.0M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.793	−0.086%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.798	−0.080%	$399K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.794	−0.085%	$341K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.800	−0.079%	$20K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.757	−0.125%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPElong	+0.0100%	1h	93.874	long leg	$2.05B	$673.6M	10x
Pacifica HYPE	+0.0100%	1h	93.786	−0.094%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.799	−0.080%	$46.7M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.792	−0.087%	$227.4M	$100.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.648	−0.241%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.832	−0.045%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.939	+0.070%	$31.4M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.991	+0.125%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.940	+0.070%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.838	−0.038%	$679K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.847	−0.029%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.793	−0.086%	$480K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.880	+0.006%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.839	−0.037%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.151	+0.295%	$205K	$2K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.749	−0.134%	$18.8M	$44.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.870	−0.004%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDTshort	+0.0192%	4h	93.962	+0.094%	$17.0M	$12.2M	75x
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.656%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.822	−0.055%	$2.7M	$6.8M	20x	as long as short
Kalshi KXHYPEPERP	+0.0227%	8h	93.905	+0.033%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	93.754	−0.128%	$79K	$142K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0155%	1h	93.855	−0.020%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0385%	4h	93.958	+0.089%	$1.5M	$6.1M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0453%	1h	93.937	+0.067%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0672%	1h	93.935	+0.065%	$21.0M	$29.7M	50x	as long as short