Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0240%/8h= +26.3% APRpaid last 24h +0.058%

Price spread now: BloFin against Variational Omni−0.040%7-day average +0.032% · you buy dearer than you sell

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

Long on Variational Omni Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.226%+$23 on $10k

Price spread, last 4 days (all we have)−0.098%−$10 · spread now −0.040%, 7d avg +0.032%

Together, before fees+0.128%+ Points / potential airdropVariational Omni: Active · farm board+$13 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.073% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.040% now, against its 7-day average of +0.032%). If the spread goes back, that is −$7 on $10k: about 24 hours of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni HYPE	93.358	0.0100	pay 0.0100% / 8h	5h 16m	$31.1M	$53.7M	—
Short	BloFin HYPE-USDT	93.320	0.0340	get 0.0170% / 4h	1h 16m	$17.0M	$11.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Variational Omni. 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 Variational OmnibpFee BloFinbpOrdersPrice spread, now −0.040%Rate

Funding earned: $50.4
Price spread: −0.040% → +0.032%: −$7.25
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee BloFin: 6 bp × 2 orders: −$12
Net: $31.15
Costs to cover: 0.120%
Break-even: 2.7 days

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; BloFin: live order book, 2 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 Variational Omni RFQ quote, 3 min ago	0.41 bp	doesn't fit	5.9 bp −$59	21.3 bp −$2,130	doesn't fit
Sell BloFin live order book, 2 min ago	0.05 bp	6.2 bp −$6	6.5 bp −$65	6.8 bp −$676	10.2 bp −$5,093

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	−0.1064%	1h	93.274	−0.090%	$197K	$227K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.276	−0.088%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0131%	1h	93.270	−0.094%	$699K	$1.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.366	+0.009%	$3K	$331	25x	as long as short
Aftermath Perps HYPEUSD	−0.0063%	1h	93.378	+0.022%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.401	+0.046%	$85K	$343K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0047%	4h	93.378	+0.022%	$154K	$652K	20x	as long as short
Phemex HYPEUSDT	−0.0024%	8h	93.361	+0.004%	$12.6M	$2.7M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.420	+0.067%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.394	+0.039%	$23K	$319K	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	93.413	+0.059%	$63K	—	150x	as long as short
Bullet HYPE-USD	+0.0025%	1h	93.404	+0.050%	$112K	$578K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	93.367	+0.010%	$213K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0028%	4h	93.374	+0.017%	$8.8M	$35.7M	300x	as long as short
BingX HYPE-USDT	+0.0034%	4h	93.396	+0.041%	—	$52.9M	—	as long as short
Bybit HYPEUSDT	+0.0043%	8h	93.390	+0.035%	$321.6M	$277.2M	75x	as long as short
Gate HYPE_USDT	+0.0044%	4h	93.397	+0.042%	$44.6M	$55.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	93.411	+0.057%	$114.0M	$300.7M	50x	as long as short
Derive HYPE-PERP	+0.0082%	1h	93.301	−0.061%	$16.2M	$7.5M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.398	+0.043%	$16.3M	$62.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.378	+0.022%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.369	+0.012%	$71K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.421	+0.068%	$339K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.340	−0.019%	$12K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.401	+0.047%	$5.8M	$43.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.450	+0.099%	$2.04B	$654.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.398	+0.043%	$10.0M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.408	+0.054%	$379.0M	$877.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.402	+0.047%	$89.5M	$81.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.402	+0.047%	$45.9M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.397	+0.042%	$225.8M	$96.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.388	+0.032%	$7.4M	$10.3M	20x	as long as short
Variational Omni HYPElong	+0.0100%	8h	93.358	long leg	$31.1M	$53.7M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.354	−0.004%	$7.5M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.412	+0.058%	$339K	$997K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.347	−0.011%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.408	+0.054%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.426	+0.073%	$482K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.389	+0.033%	$79K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.353	−0.005%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.359	+0.001%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.217	−0.150%	$203K	$10K	10x	as long as short
edgeX HYPEUSDC	+0.0102%	4h	93.298	−0.064%	$5.0M	$29.1M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.361	+0.004%	$18.4M	$43.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.406	+0.052%	$397K	$162K	20x	as long as short
HTX HYPE-USDT	+0.0154%	4h	93.464	+0.114%	$1.4M	$6.0M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.390	+0.035%	$4.8M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0259%	1h	93.378	+0.022%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0273%	8h	93.378	+0.022%	$1.9M	$5.1M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.410	+0.056%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0339%	1h	93.430	+0.077%	$7.4M	$4.4M	50x	as long as short
BloFin HYPE-USDTshort	+0.0340%	4h	93.320	−0.040%	$17.0M	$11.5M	75x
RISEx HYPE/USDC	+0.0510%	1h	93.466	+0.117%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.730	+0.399%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0685%	1h	93.426	+0.073%	$20.7M	$29.8M	50x	as long as short