Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0118%/8h= +12.9% APRpaid last 24h +0.058%

Price spread now: BloFin against SoDEX+0.092%56s7-day average +0.006% · you sell dearer than you buy

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−$270.268% of the position

Long on SoDEX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.214%+$21 on $10k

Price spread, last 3 days (all we have)−0.127%−$13 · spread now +0.092%, 7d avg +0.006%

Together, before fees+0.088%+$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and BloFin is 0.086% dearer against SoDEX than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.006%. The two prices were read 56 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	SoDEX HYPE-USD	93.833	0.0100	pay 0.0013% / 1h	6m 12s	$2.0M	$2.0M	10x
Short	BloFin HYPE-USDT	93.919	0.0218	get 0.0109% / 4h	3h 06m	$17.1M	$12.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against SoDEX. 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 SoDEXbpFee BloFinbpOrdersPrice spread, now +0.092%Rate

Funding earned: $24.71
Price spread: +0.092% → +0.006%: $8.55
Slippage, 4 orders: −$6.83
Fee SoDEX: 4 bp × 2 orders: −$8
Fee BloFin: 6 bp × 2 orders: −$12
Net: $6.44
Costs to cover: 0.268%
Break-even: 5.2 days

Slippage from SoDEX: live order book, 3 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 SoDEX live order book, 3 min ago	0.21 bp	6.5 bp −$6	12.0 bp −$120	99.3 bp −$9,926	doesn't fit
Sell BloFin live order book, 3 min ago	0.11 bp	6.9 bp −$7	8.7 bp −$87	12.8 bp −$1,284	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	−0.1128%	1h	93.815	−0.020%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.685	−0.158%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0193%	1h	93.943	+0.117%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0098%	1h	93.810	−0.025%	$710K	$958K	10x	as long as short
dYdX HYPE-USD	−0.0084%	1h	93.911	+0.083%	$129K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.787	−0.049%	$85K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.856	+0.025%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0050%	1h	93.799	−0.036%	$113K	$580K	20x	as long as short
Phemex HYPEUSDT	−0.0038%	8h	93.823	−0.011%	$12.8M	$2.6M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0034%	4h	93.769	−0.068%	$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	−0.0014%	4h	93.788	−0.048%	$44.4M	$60.4M	75x	as long as short
Perpl HYPE	0.0000%	43m	93.836	+0.003%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.818	−0.016%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0007%	4h	93.813	−0.021%	$8.9M	$36.0M	300x	as long as short
Derive HYPE-PERP	+0.0010%	1h	93.747	−0.091%	$16.4M	$7.6M	10x	as long as short
Bybit HYPEUSDT	+0.0019%	8h	93.830	−0.003%	$322.9M	$278.8M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	94.045	+0.226%	$214K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0054%	4h	93.854	+0.022%	$88.3M	$83.4M	100x	as long as short
Binance HYPEUSDT	+0.0054%	4h	93.843	+0.011%	$383.2M	$893.3M	75x	as long as short
edgeX HYPEUSDC	+0.0055%	4h	94.001	+0.179%	$5.1M	$29.7M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0071%	8h	93.850	+0.018%	$115.9M	$314.6M	50x	as long as short
Bluefin HYPE-PERP	+0.0082%	1h	93.751	−0.087%	$76K	$170K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.868	+0.037%	$18.9M	$60.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.840	+0.007%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.802	−0.033%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.777	−0.060%	$399K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.847	+0.015%	$341K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.780	−0.056%	$31K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.841	+0.009%	$6.6M	$44.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.845	+0.013%	$2.05B	$668.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.847	+0.015%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.843	+0.011%	$46.6M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.848	+0.016%	$227.2M	$100.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.791	−0.045%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.818	−0.016%	$7.9M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.768	−0.070%	$31.3M	$53.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.999	+0.177%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.020	+0.199%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.866	+0.035%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.850	+0.018%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.820	−0.014%	$474K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.839	+0.006%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USDlong	+0.0100%	1h	93.833	long leg	$2.0M	$2.0M	10x
Bulk HYPE-USD	+0.0100%	1h	93.894	+0.065%	$204K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.768	−0.069%	$18.4M	$45.1M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.870	+0.039%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.810	−0.025%	$31K	$338K	12x	as long as short
BloFin HYPE-USDTshort	+0.0218%	4h	93.919	+0.092%	$17.1M	$12.1M	75x
RISEx HYPE/USDC	+0.0222%	1h	93.820	−0.013%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0244%	8h	93.896	+0.067%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	93.781	−0.055%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0159%	1h	93.815	−0.019%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0367%	4h	94.004	+0.182%	$1.5M	$5.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0400%	1h	93.907	+0.079%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0672%	1h	93.901	+0.072%	$20.9M	$29.7M	50x	as long as short