Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0024%/8h= −2.7% APRpaid last 24h −0.001%

Price spread now: BloFin against Injective−0.442%7-day average −0.165% · you buy dearer than you sell

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

Long on Injective Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−1.807%−$181 on $10k

Price spread, last 3 days (all we have)+0.603%+$60 · spread now −0.442%, 7d avg −0.165%

Together, before fees−1.204%−$120 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and BloFin is 0.278% cheaper against Injective than usual: you would sell low and buy high (−$28 if the spread goes back to its 7-day average of −0.165%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective HYPE/USDC PERP	94.490	0.0205	pay 0.0026% / 1h	13m 54s	$31K	$338K	12x
Short	BloFin HYPE-USDT	94.072	0.0181	get 0.0090% / 4h	3h 13m	$17.1M	$12.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Injective. 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 InjectivebpFee BloFinbpOrdersPrice spread, now −0.442%Rate

Funding earned: −$5.13
Price spread: −0.442% → −0.165%: −$27.77
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$44.92
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Injective: live order book, 60 min ago; BloFin: live order book, 5 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 Injective live order book, 60 min ago	32.41 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 5 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	−0.1240%	1h	93.973	−0.547%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.958	−0.563%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0203%	1h	93.924	−0.599%	$22K	$21K	10x	as long as short
Phemex HYPEUSDT	−0.0144%	8h	94.067	−0.448%	$12.8M	$2.6M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0116%	1h	94.010	−0.508%	$708K	$960K	10x	as long as short
dYdX HYPE-USD	−0.0099%	1h	94.086	−0.428%	$129K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	94.079	−0.435%	$85K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.066	−0.449%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0071%	1h	94.050	−0.466%	$113K	$581K	20x	as long as short
Gate HYPE_USDT	−0.0034%	4h	94.032	−0.485%	$44.5M	$60.2M	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	−0.0027%	4h	94.066	−0.449%	$160K	$646K	20x	as long as short
Bybit HYPEUSDT	−0.0011%	8h	94.014	−0.504%	$323.6M	$280.7M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.082	−0.431%	$23K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.099	−0.414%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0008%	4h	94.142	−0.368%	$8.9M	$36.1M	300x	as long as short
Derive HYPE-PERP	+0.0017%	1h	94.042	−0.475%	$16.4M	$7.3M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.678	−0.859%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0044%	4h	94.065	−0.450%	$88.7M	$83.2M	100x	as long as short
Binance HYPEUSDT	+0.0051%	4h	94.078	−0.436%	$383.7M	$895.7M	75x	as long as short
edgeX HYPEUSDC	+0.0062%	4h	93.602	−0.939%	$5.1M	$30.1M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0075%	8h	94.029	−0.488%	$116.2M	$316.6M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.132	−0.379%	$19.1M	$60.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.115	−0.397%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.072	−0.442%	$65K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.095	−0.418%	$400K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.112	−0.400%	$342K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.080	−0.434%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.068	−0.446%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.161	−0.348%	$2.05B	$676.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.103	−0.410%	$10.2M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.528	−1.018%	$204K	$12K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.101	−0.412%	$46.7M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.034	−0.483%	$227.8M	$101.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.027	−0.490%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.123	−0.388%	$7.7M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.810	−0.719%	$31.4M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.614	−0.927%	$7.5M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.656	−0.883%	$339K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.843	−0.685%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.085	−0.429%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.100	−0.413%	$475K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.104	−0.409%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.141	−0.369%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.108	−0.404%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.994	−0.525%	$18.4M	$45.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.140	−0.370%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDTshort	+0.0181%	4h	94.072	−0.442%	$17.1M	$12.2M	75x
Injective HYPE/USDC PERPlong	+0.0205%	1h	94.490	long leg	$31K	$338K	12x
RISEx HYPE/USDC	+0.0222%	1h	94.110	−0.402%	$2.7M	$6.8M	20x	as long as short
Kalshi KXHYPEPERP	+0.0232%	8h	94.152	−0.358%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	94.059	−0.456%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0156%	1h	94.094	−0.419%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0381%	4h	94.250	−0.254%	$1.5M	$6.0M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0547%	1h	94.197	−0.310%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0670%	1h	94.196	−0.311%	$21.0M	$29.8M	50x	as long as short