Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0240%/8h= +26.3% APRpaid last 24h +0.060%

Price spread now: BloFin against ApeX Omni−0.251%7-day average +0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs+$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$300.303% of the position

Long on ApeX Omni Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.473%+$47 on $10k

Price spread, last 4 days (all we have)+0.290%+$29 · spread now −0.251%, 7d avg +0.011%

Together, before fees+0.763%+$76 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.262% cheaper against ApeX Omni than usual: you would sell low and buy high (spread −0.251% now, against its 7-day average of +0.011%). If the spread goes back, that is −$26 on $10k: about 3.6 days of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni HYPEUSDT	94.313	0.0100	pay 0.0013% / 1h	1m 16s	$344K	$1.0M	50x
Short	BloFin HYPE-USDT	94.076	0.0340	get 0.0170% / 4h	2h 01m	$17.0M	$12.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against ApeX Omni. 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 ApeX OmnibpFee BloFinbpOrdersPrice spread, now −0.251%Rate

Funding earned: $50.4
Price spread: −0.251% → +0.011%: −$26.2
Slippage, 4 orders: −$8.34
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$6.14
Costs to cover: 0.303%
Break-even: 7.9 days

Slippage from ApeX Omni: 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 ApeX Omni live order book, 3 min ago	2.44 bp	10.0 bp −$10	15.5 bp −$155	doesn't fit	doesn't fit
Sell BloFin live order book, 3 min ago	0.11 bp	6.2 bp −$6	7.4 bp −$74	10.9 bp −$1,093	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	−0.1280%	1h	94.260	−0.056%	$202K	$241K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0287%	1h	94.275	−0.040%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.328	+0.016%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0016%	4h	94.043	−0.286%	$150K	$681K	20x	as long as short
Bullet HYPE-USD	−0.0003%	1h	94.076	−0.251%	$112K	$580K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.272	−0.044%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	94.185	−0.136%	$86K	$372K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.210	−0.109%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.098	−0.228%	$63K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	94.153	−0.170%	$1.0M	$4.0M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	+0.0014%	4h	94.045	−0.284%	—	$53.7M	—	as long as short
Bybit HYPEUSDT	+0.0019%	8h	94.036	−0.294%	$317.6M	$287.2M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	94.438	+0.133%	$211K	$1.2M	10x	as long as short
Bitget HYPEUSDT	+0.0038%	4h	94.061	−0.267%	$226.9M	$99.4M	75x	as long as short
Phemex HYPEUSDT	+0.0041%	8h	94.092	−0.234%	$12.8M	$2.8M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0057%	1h	94.130	−0.194%	$709K	$1.2M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	94.211	−0.108%	$342K	$158K	20x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	94.230	−0.088%	$5.0M	$30.5M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.073	−0.255%	$16.3M	$63.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.068	−0.260%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.169	−0.153%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.180	−0.141%	$22K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.074	−0.253%	$6.2M	$49.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.198	−0.122%	$2.06B	$680.1M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.075	−0.252%	$8.9M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.215	−0.104%	$10.2M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.063	−0.265%	$378.1M	$926.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.057	−0.271%	$116.2M	$317.3M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.213	−0.106%	$217K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.077	−0.250%	$48.2M	$55.9M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.062	−0.266%	$90.7M	$82.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.072	−0.256%	$46.5M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.106	−0.219%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.388	+0.080%	$28.9M	$56.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.307	−0.007%	$7.7M	$48.1M	10x	as long as short
ApeX Omni HYPEUSDTlong	+0.0100%	1h	94.313	long leg	$344K	$1.0M	50x
StandX HYPE-USD	+0.0100%	1h	94.247	−0.070%	$674K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.238	−0.079%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.145	−0.178%	$478K	$2.8M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.046	−0.283%	$80K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	94.065	−0.263%	$16.4M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.281	−0.034%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.058	−0.270%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.200	−0.120%	$1.4M	$6.6M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.044	−0.285%	$18.3M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.067	−0.261%	$398K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0116%	8h	94.177	−0.144%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	94.610	+0.315%	$31K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.140	−0.183%	$4.7M	$6.1M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0186%	1h	94.150	−0.173%	$7.4M	$4.1M	50x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.075	−0.253%	$77K	$130K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	94.099	−0.227%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0338%	1h	94.132	−0.192%	$21.0M	$29.6M	50x	as long as short
BloFin HYPE-USDTshort	+0.0340%	4h	94.076	−0.251%	$17.0M	$12.2M	75x
RISEx HYPE/USDC	+0.0527%	1h	94.217	−0.102%	$3.2M	$6.3M	20x	as long as short