Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0027%/8h= +2.9% APRpaid last 24h +0.039%

Price spread now: Bluefin against OKX+0.017%7-day average +0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$380.380% of the position

Long on OKX Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.049%−$5 on $10k

Price spread, last 3 days (all we have)−0.046%−$5 · spread now +0.017%, 7d avg +0.016%

Together, before fees−0.095%−$9 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.016%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX HYPE-USDT-SWAP	93.910	0.0073	pay 0.0073% / 8h	7h 09m	$116.2M	$315.1M	50x
Short	Bluefin HYPE-PERP	93.926	0.0100	get 0.0013% / 1h	9m 16s	$76K	$170K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against OKX. 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 OKXbpFee BluefinbpOrdersPrice spread, now +0.017%Rate

Funding earned: $5.6
Price spread: +0.017% → +0.016%: $0.07
Slippage, 4 orders: −$21.02
Fee OKX: 5 bp × 2 orders: −$10
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$32.34
Costs to cover: 0.380%
Break-even: 47.4 days

Slippage from OKX: live order book, 5 min ago; Bluefin: live order book, 65 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 OKX live order book, 5 min ago	0.05 bp	6.6 bp −$7	8.4 bp −$84	18.5 bp −$1,854	doesn't fit
Sell Bluefin live order book, 65 min ago	2.45 bp	13.8 bp −$14	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	−0.1168%	1h	93.966	+0.059%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.924	+0.015%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0210%	1h	93.984	+0.079%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0102%	1h	93.870	−0.043%	$710K	$959K	10x	as long as short
Phemex HYPEUSDT	−0.0095%	8h	93.940	+0.032%	$12.8M	$2.6M	50x	as long as short
dYdX HYPE-USD	−0.0089%	1h	94.078	+0.179%	$129K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.018	+0.115%	$86K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.036	+0.134%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0048%	1h	93.989	+0.084%	$113K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0029%	4h	93.938	+0.030%	$159K	$643K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0012%	4h	93.976	+0.070%	$44.5M	$60.3M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.046	+0.144%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.010	+0.106%	$27K	—	150x	as long as short
Derive HYPE-PERP	+0.0009%	1h	93.925	+0.016%	$16.4M	$7.3M	10x	as long as short
Aster HYPEUSDT	+0.0012%	4h	93.984	+0.079%	$8.9M	$36.1M	300x	as long as short
Bybit HYPEUSDT	+0.0015%	8h	93.936	+0.028%	$323.4M	$279.7M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	94.071	+0.171%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0052%	4h	94.000	+0.096%	$88.5M	$83.3M	100x	as long as short
Binance HYPEUSDT	+0.0053%	4h	93.957	+0.050%	$383.6M	$894.1M	75x	as long as short
edgeX HYPEUSDC	+0.0065%	4h	93.937	+0.029%	$5.1M	$29.6M	30x	as long as short
OKX HYPE-USDT-SWAPlong	+0.0073%	8h	93.910	long leg	$116.2M	$315.1M	50x
Lighter HYPE	+0.0096%	1h	93.985	+0.080%	$18.9M	$60.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.964	+0.058%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.017	+0.114%	$65K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.969	+0.062%	$400K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.104	+0.207%	$342K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.030	+0.128%	$31K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.020	+0.118%	$6.6M	$44.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.063	+0.163%	$2.05B	$668.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.070	+0.170%	$10.1M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.528	−0.406%	$204K	$12K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.026	+0.124%	$46.7M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.986	+0.081%	$227.6M	$100.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.985	+0.080%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.984	+0.079%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.920	+0.010%	$31.4M	$53.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.053	+0.152%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.946	+0.038%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.959	+0.052%	$671K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.050	+0.149%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.049	+0.148%	$475K	$2.5M	20x	as long as short
Bluefin HYPE-PERPshort	+0.0100%	1h	93.926	+0.017%	$76K	$170K	20x
SunX HYPE-USDT	+0.0100%	4h	94.049	+0.148%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.955	+0.048%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.949	+0.041%	$18.4M	$45.2M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.970	+0.064%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.618%	$31K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0212%	4h	94.058	+0.158%	$17.1M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.063	+0.162%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0241%	8h	94.083	+0.184%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	93.976	+0.071%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0158%	1h	94.009	+0.106%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0366%	4h	94.211	+0.321%	$1.5M	$5.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0431%	1h	94.060	+0.160%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0672%	1h	94.012	+0.109%	$21.0M	$29.8M	50x	as long as short