Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0240%/8h= +26.3% APRpaid last 24h +0.073%

Price spread now: BloFin against Nado−0.044%103s7-day average +0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$210.208% of the position

Long on Nado Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.243%+$24 on $10k

Price spread, last 4 days (all we have)−0.105%−$11 · spread now −0.044%, 7d avg +0.015%

Together, before fees+0.138%+ Points / potential airdropNado: Active · farm board+$14 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.059% cheaper against Nado than usual: you would sell low and buy high (spread −0.044% now, against its 7-day average of +0.015%). If the spread goes back, that is −$6 on $10k: about 20 hours of funding at the current rate (+$7 a day). The two prices were read 103 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	Nado HYPE-PERP	92.767	0.0100	pay 0.0012% / 1h	55m 27s	$7.5M	$45.8M	10x
Short	BloFin HYPE-USDT	92.727	0.0340	get 0.0170% / 4h	3h 55m	$16.7M	$11.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Nado. 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 NadobpFee BloFinbpOrdersPrice spread, now −0.044%Rate

Funding earned: $50.4
Price spread: −0.044% → +0.015%: −$5.86
Slippage, 4 orders: −$1.82
Fee Nado: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: $23.72
Costs to cover: 0.208%
Break-even: 3.7 days

Slippage from Nado: live order book, 4 min ago; BloFin: live order book, 3 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 Nado live order book, 4 min ago	0.05 bp	4.4 bp −$4	7.8 bp −$78	28.9 bp −$2,893	doesn't fit
Sell BloFin live order book, 3 min ago	0.11 bp	6.8 bp −$7	7.4 bp −$74	12.3 bp −$1,226	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	−0.0512%	1h	92.611	−0.168%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0266%	1h	92.810	+0.046%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.776	+0.009%	$1.1M	$3.9M	10x	as long as short
Gate HYPE_USDT	−0.0134%	4h	92.875	+0.116%	$44.5M	$53.5M	75x	as long as short
ApeX Omni HYPEUSDT	−0.0091%	1h	92.784	+0.018%	$350K	$1.0M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.814	+0.050%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0063%	4h	92.892	+0.134%	$157K	$653K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.772	+0.005%	$127K	$29K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	92.832	+0.070%	$1.8M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	92.800	+0.035%	$22K	$302K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.897	+0.139%	$62K	—	150x	as long as short
Bybit HYPEUSDT	+0.0039%	8h	92.900	+0.143%	$316.5M	$281.9M	75x	as long as short
Phoenix HYPE	+0.0043%	1h	92.888	+0.130%	$210K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0044%	8h	92.754	−0.015%	$12.5M	$2.7M	50x	as long as short
01 Exchange HYPEUSD	+0.0056%	1h	92.868	+0.108%	$87K	$362K	20x	as long as short
Aster HYPEUSDT	+0.0072%	4h	92.819	+0.056%	$8.7M	$36.2M	300x	as long as short
Bitget HYPEUSDT	+0.0082%	4h	92.919	+0.163%	$225.0M	$98.8M	75x	as long as short
edgeX HYPEUSDC	+0.0088%	4h	92.755	−0.013%	$4.9M	$29.5M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	92.792	+0.026%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.813	+0.049%	$16.0M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.798	+0.033%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.820	+0.057%	$69K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.810	+0.046%	$39K	$1.7M	10x	as long as short
Nado HYPE-PERPlong	+0.0100%	1h	92.767	long leg	$7.5M	$45.8M	10x
Hyperliquid HYPE	+0.0100%	1h	92.891	+0.133%	$2.02B	$664.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.827	+0.064%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.869	+0.109%	$373.1M	$903.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.917	+0.161%	$113.8M	$304.3M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0100%	1h	92.760	−0.008%	$697K	$1.1M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	+0.035%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.869	+0.109%	$88.2M	$79.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.824	+0.061%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.889	+0.131%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.855	+0.094%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.709	−0.063%	$28.4M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.766	−0.001%	$7.5M	$46.3M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.738	−0.032%	$666K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.873	+0.114%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.871	+0.112%	$468K	$2.6M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	92.841	+0.079%	$111K	$579K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.925	+0.170%	$79K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.900	+0.142%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.673	−0.102%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.754	−0.015%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.778	+0.011%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.917	+0.161%	$393K	$164K	20x	as long as short
HTX HYPE-USDT	+0.0118%	4h	92.871	+0.112%	$1.4M	$6.3M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.810	+0.046%	$4.7M	$5.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.829	+0.066%	$20.6M	$30.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.760	−0.008%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0264%	1h	92.853	+0.092%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.870	+0.111%	$1.4M	—	100x	as long as short
BloFin HYPE-USDTshort	+0.0340%	4h	92.727	−0.044%	$16.7M	$11.6M	75x
Deribit HYPE_USDC-PERPETUAL	+0.0397%	1h	92.853	+0.092%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.874	+0.115%	$3.2M	$6.4M	20x	as long as short