Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0559%/8h= +61.2% APRpaid last 24h +0.071%

Price spread now: BloFin against Phemex−0.044%59s7-day average −0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$3as in the Funding arb table

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

costs, in and out, $10k−$530.525% of the position

Long on Phemex Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.495%+$50 on $10k

Price spread, last 4 days (all we have)−0.067%−$7 · spread now −0.044%, 7d avg −0.003%

Together, before fees+0.429%+$43 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.041% cheaper against Phemex than usual: you would sell low and buy high (spread −0.044% now, against its 7-day average of −0.003%). If the spread goes back, that is −$4 on $10k: about 6 hours of funding at the current rate (+$17 a day). At the pace of the last 7 days (+0.495% in total) that is about 14 hours. The two prices were read 59 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	Phemex HYPEUSDT	95.057	−0.0219	get 0.0219% / 8h	7h 11m	$13.0M	$2.8M	50x
Short	BloFin HYPE-USDT	95.015	0.0340	get 0.0170% / 4h	3h 11m	$17.2M	$12.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Phemex. 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 PhemexbpFee BloFinbpOrdersPrice spread, now −0.044%Rate

Funding earned: $117.36
Price spread: −0.044% → −0.003%: −$4.11
Slippage, 4 orders: −$28.51
Fee Phemex: 6 bp × 2 orders: −$12
Fee BloFin: 6 bp × 2 orders: −$12
Net: $60.74
Costs to cover: 0.525%
Break-even: 3.4 days

Slippage from Phemex: live order book, 3 min ago; BloFin: live order book, 2 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 Phemex live order book, 3 min ago	4.79 bp	19.9 bp −$20	39.1 bp −$391	doesn't fit	doesn't fit
Sell BloFin live order book, 2 min ago	0.16 bp	6.4 bp −$6	7.0 bp −$70	10.3 bp −$1,035	doesn't fit

HYPE on 54 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	−0.0856%	1h	95.015	−0.045%	$211K	$265K	7x	as long as short
Bluefin HYPE-PERP	−0.0541%	1h	95.066	+0.009%	$79K	$148K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0235%	1h	95.092	+0.037%	$22K	$19K	10x	as long as short
Phemex HYPEUSDTlong	−0.0219%	8h	95.057	long leg	$13.0M	$2.8M	50x
Bullet HYPE-USD	−0.0197%	1h	95.193	+0.143%	$113K	$576K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0134%	1h	95.060	+0.003%	$695K	$1.3M	10x	as long as short
dYdX HYPE-USD	−0.0120%	1h	95.170	+0.119%	$130K	$93K	5x	as long as short
Arcus HYPE-USD	−0.0112%	1h	95.133	+0.080%	$1.0M	$3.2M	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	95.189	+0.139%	$90K	$353K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.031	−0.027%	$3K	$331	25x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_HYPEUSD	−0.0047%	1h	95.096	+0.041%	$18.9M	$35.7M	50x	as long as short
BingX HYPE-USDT	−0.0012%	4h	95.171	+0.120%	—	$52.6M	—	as long as short
Bybit HYPEUSDT	−0.0008%	8h	95.150	+0.098%	$319.8M	$286.5M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0004%	4h	95.091	+0.036%	$147K	$670K	20x	as long as short
Gate HYPE_USDT	−0.0002%	4h	95.149	+0.097%	$52.8M	$56.8M	75x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	95.122	+0.068%	$1.9M	$5.5M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	95.121	+0.067%	$19K	$273K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.210	+0.161%	$86K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	95.142	+0.089%	$212K	$1.2M	10x	as long as short
Vest HYPE-PERP	+0.0011%	1h	95.206	+0.157%	—	$126K	5x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	95.030	−0.028%	$4.7M	$5.8M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0035%	8h	95.149	+0.097%	$118.7M	$323.3M	50x	as long as short
Bitget HYPEUSDT	+0.0042%	4h	95.142	+0.089%	$228.6M	$94.5M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0048%	8h	95.183	+0.132%	$340K	$38K	20x	as long as short
Backpack HYPE_USDC_PERP	+0.0058%	1h	95.074	+0.018%	$7.6M	$10.1M	20x	as long as short
Aster HYPEUSDT	+0.0091%	4h	95.133	+0.080%	$9.0M	$36.5M	300x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	95.053	−0.004%	$5.1M	$31.1M	30x	as long as short
Lighter HYPE	+0.0096%	1h	95.155	+0.103%	$16.3M	$64.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.164	+0.113%	$3.2M	$10.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	95.164	+0.113%	$181K	$1.2M	50x	as long as short
SoDEX HYPE-USD	+0.0098%	1h	95.113	+0.059%	$2.1M	$1.9M	10x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	95.120	+0.066%	$40K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.150	+0.097%	$5.4M	$54.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.282	+0.237%	$2.10B	$681.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.190	+0.140%	$10.3M	$14.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	95.173	+0.122%	$383.1M	$912.4M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.126	+0.073%	$222K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.183	+0.133%	$98.3M	$89.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.181	+0.130%	$47.5M	$18.5M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.091	+0.036%	$29.9M	$56.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.088	+0.033%	$7.7M	$44.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.052	−0.005%	$348K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.050	−0.007%	$691K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.163	+0.112%	$500K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.062	+0.005%	$32K	$1.5M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.252	+0.205%	$1.4M	$6.7M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.132	+0.079%	$18.2M	$42.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.061	+0.005%	$402K	$136K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.192	+0.142%	$3.1M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.380	+0.340%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0170%	1h	95.194	+0.144%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	95.013	−0.047%	$85K	$93K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.156	+0.105%	$1.4M	—	100x	as long as short
BloFin HYPE-USDTshort	+0.0340%	4h	95.015	−0.044%	$17.2M	$12.3M	75x