Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0160%/8h= −17.5% APRpaid last 24h +0.021%

Price spread now: Bluefin against KuCoin−0.034%7-day average −0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$62as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$510.511% of the position

Long on KuCoin Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.105%−$10 on $10k

Price spread, last 4 days (all we have)+0.009%+$1 · spread now −0.034%, 7d avg −0.002%

Together, before fees−0.095%−$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Bluefin is 0.032% cheaper against KuCoin than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.002%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin HYPEUSDTM	94.152	0.0100	pay 0.0050% / 4h	1h 04m	$46.9M	$18.6M	75x
Short	Bluefin HYPE-PERP	94.120	−0.0060	pay 0.0008% / 1h	4m 51s	$80K	$155K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against KuCoin. 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 KuCoinbpFee BluefinbpOrdersPrice spread, now −0.034%Rate

Funding earned: −$33.62
Price spread: −0.034% → −0.002%: −$3.22
Slippage, 4 orders: −$32.13
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$87.97
Costs to cover: 0.511%
Break-even: never at this rate

Slippage from KuCoin: live order book, 4 min ago; Bluefin: live order book, 39 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 KuCoin live order book, 4 min ago	0.05 bp	12.1 bp −$12	16.6 bp −$166	doesn't fit	doesn't fit
Sell Bluefin live order book, 39 min ago	3.63 bp	14.9 bp −$15	doesn't fit	doesn't fit	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	−0.1096%	1h	94.278	+0.133%	$201K	$236K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0158%	1h	94.294	+0.151%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0099%	1h	94.130	−0.023%	$710K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.373	+0.235%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0070%	1h	94.180	+0.030%	$111K	$578K	20x	as long as short
Bluefin HYPE-PERPshort	−0.0060%	1h	94.120	−0.034%	$80K	$155K	20x
01 Exchange HYPEUSD	−0.0048%	1h	94.170	+0.019%	$87K	$366K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0009%	4h	94.127	−0.027%	$146K	$685K	20x	as long as short
Bybit HYPEUSDT	−0.0006%	8h	94.130	−0.023%	$317.1M	$289.5M	75x	as long as short
BingX HYPE-USDT	−0.0004%	4h	94.145	−0.007%	—	$53.5M	—	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	94.178	+0.028%	$129K	$26K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.255	+0.109%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.421	+0.285%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.195	+0.045%	$117K	—	150x	as long as short
Derive HYPE-PERP	+0.0003%	1h	94.317	+0.176%	$16.4M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0017%	1h	94.223	+0.075%	$206K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0050%	4h	94.130	−0.023%	$226.6M	$99.9M	75x	as long as short
Phemex HYPEUSDT	+0.0058%	8h	94.191	+0.041%	$12.8M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0066%	8h	94.252	+0.106%	$337K	$156K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.142	−0.011%	$1.0M	$3.5M	10x	as long as short
edgeX HYPEUSDC	+0.0085%	4h	94.169	+0.018%	$5.0M	$30.7M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0093%	8h	94.148	−0.004%	$117.0M	$321.0M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.148	−0.004%	$16.3M	$64.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.164	+0.013%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.145	−0.007%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.190	+0.040%	$15K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.144	−0.008%	$7.3M	$50.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.248	+0.102%	$2.07B	$688.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.149	−0.003%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.212	+0.064%	$10.2M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.145	−0.007%	$376.8M	$931.6M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.183	+0.033%	$217K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.129	−0.024%	$49.3M	$57.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.137	−0.016%	$89.8M	$85.4M	100x	as long as short
KuCoin HYPEUSDTMlong	+0.0100%	4h	94.152	long leg	$46.9M	$18.6M	75x
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.153	+0.001%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.239	+0.092%	$29.1M	$55.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.264	+0.119%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.207	+0.058%	$362K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.384	+0.246%	$682K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.257	+0.112%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.180	+0.030%	$495K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.199	+0.050%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.154	+0.002%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.315	+0.173%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.110	−0.045%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.193	+0.044%	$398K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.190	+0.040%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	94.220	+0.072%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.550	+0.423%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0206%	1h	94.253	+0.107%	$7.4M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.133	−0.021%	$82K	$134K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.149	−0.003%	$17.0M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0413%	1h	94.216	+0.068%	$20.2M	$30.3M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.194	+0.045%	$3.2M	$6.4M	20x	as long as short