Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:29 UTC+0.0187%/8h= +20.4% APRpaid last 24h +0.086%

Price spread now: BloFin against Perpl−0.236%108s7-day average +0.005% · you buy dearer than you sell

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

Long on Perpl Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.614%+$61 on $10k

Price spread, last 3 days (all we have)+0.173%+$17 · spread now −0.236%, 7d avg +0.005%

Together, before fees+0.786%+ Points / potential airdropPerpl: Active · farm board+$79 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.241% cheaper against Perpl than usual: you would sell low and buy high (spread −0.236% now, against its 7-day average of +0.005%). If the spread goes back, that is −$24 on $10k: about 4.3 days of funding at the current rate (+$6 a day). The two prices were read 108 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	Perpl HYPE	94.081	0	get 0.0000% / 43m	42m 26s	$23K	$329K	10x
Short	BloFin HYPE-USDT	93.859	0.0187	get 0.0093% / 4h	3m 26s	$17.0M	$12.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Perpl. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PerplbpFee BloFinbpOrdersPrice spread, now −0.236%Rate

Funding earned: $39.19
Price spread: −0.236% → +0.005%: −$24.08
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$10.68
Costs to cover: 0.258%
Break-even: 8.9 days

Slippage unknown: Perpl: no order-book sample; BloFin: live order book, 6 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 Perpl no order-book sample	—	—	—	—	—
Sell BloFin live order book, 6 min ago	0.11 bp	7.3 bp −$7	8.9 bp −$89	15.4 bp −$1,545	doesn't fit

Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1376%	1h	93.897	−0.196%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0359%	1h	93.910	−0.182%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.920	−0.171%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0128%	1h	93.970	−0.118%	$704K	$926K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.042	−0.042%	$86K	$368K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.034	−0.050%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0007%	1h	93.931	−0.160%	$16.4M	$7.2M	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0005%	4h	93.996	−0.091%	$170K	$593K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.987	−0.100%	$128K	$30K	5x	as long as short
Perpl HYPElong	0.0000%	43m	94.081	long leg	$23K	$329K	10x

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 −0.0003%	1h	94.016	−0.070%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	93.898	−0.195%	$217K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0014%	4h	94.046	−0.037%	$8.9M	$36.1M	300x	as long as short
Bybit HYPEUSDT	+0.0019%	8h	94.035	−0.049%	$323.7M	$284.0M	75x	as long as short
Phemex HYPEUSDT	+0.0031%	8h	93.972	−0.116%	$12.8M	$2.6M	50x	as long as short
MEXC HYPE_USDT	+0.0046%	4h	94.042	−0.042%	$88.5M	$82.3M	100x	as long as short
Binance HYPEUSDT	+0.0046%	4h	94.049	−0.034%	$384.4M	$898.4M	75x	as long as short
edgeX HYPEUSDC	+0.0064%	4h	93.859	−0.236%	$5.1M	$29.7M	30x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	94.049	−0.034%	$60K	$1.2M	50x	as long as short
Gate HYPE_USDT	+0.0066%	4h	94.052	−0.031%	$44.2M	$60.0M	75x	as long as short
Bullet HYPE-USD	+0.0079%	1h	94.020	−0.066%	$112K	$578K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0088%	8h	94.050	−0.033%	$116.1M	$323.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.073	−0.008%	$18.9M	$60.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.045	−0.038%	$3.1M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.991	−0.096%	$400K	$318K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	94.040	−0.044%	$36K	$1.6M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.066	−0.017%	$342K	$171K	20x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.049	−0.034%	$6.7M	$44.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.136	+0.058%	$2.05B	$680.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.071	−0.011%	$10.1M	$14.5M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.889	−0.205%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.025	−0.060%	$46.6M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.054	−0.029%	$227.8M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.040	−0.044%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.051	−0.032%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.812	−0.286%	$31.3M	$54.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.864	−0.231%	$7.6M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.817	−0.281%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.966	−0.122%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.055	−0.028%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.070	−0.012%	$472K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.001	−0.085%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.019	−0.066%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.992	−0.095%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.349%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.028	−0.056%	$18.4M	$42.8M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.060	−0.023%	$4.9M	$5.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0155%	8h	93.993	−0.094%	$1.9M	$5.1M	2.3x	as long as short
BloFin HYPE-USDTshort	+0.0187%	4h	93.859	−0.236%	$17.0M	$12.5M	75x
HTX HYPE-USDT	+0.0193%	4h	94.150	+0.073%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	94.042	−0.042%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.091	+0.011%	$2.8M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0163%	1h	94.015	−0.070%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0377%	1h	94.089	+0.008%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0577%	1h	94.112	+0.033%	$21.0M	$29.5M	50x	as long as short