Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.029%

Price spread now: Bluefin against BingX+0.009%7-day average +0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$360.365% of the position

Long on BingX Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.028%−$3 on $10k

Price spread, last 3 days (all we have)−0.046%−$5 · spread now +0.009%, 7d avg +0.009%

Together, before fees−0.074%−$7 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX HYPE-USDT	93.921	0.0100	pay 0.0050% / 4h	19m 00s	—	$54.2M	—
Short	Bluefin HYPE-PERP	93.929	0.0100	get 0.0013% / 1h	19m 00s	$76K	$171K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against BingX. 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 BingXbpFee BluefinbpOrdersPrice spread, now +0.009%Rate

Funding earned: $0
Price spread: +0.009% → +0.009%: −$0.01
Slippage, 4 orders: −$19.47
Fee BingX: 5 bp × 2 orders: −$10
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$36.47
Costs to cover: 0.365%
Break-even: never at this rate

Slippage from BingX: live order book, 5 min ago; Bluefin: live order book, 60 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 BingX live order book, 5 min ago	0.11 bp	6.1 bp −$6	8.3 bp −$83	12.2 bp −$1,222	17.1 bp −$8,549
Sell Bluefin live order book, 60 min ago	2.73 bp	12.0 bp −$12	doesn't fit	doesn't fit	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	−0.1032%	1h	93.669	−0.269%	$198K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0403%	1h	93.712	−0.222%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.804	−0.125%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.863	−0.062%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0073%	1h	93.710	−0.225%	$704K	$913K	10x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.890	−0.033%	$86K	$367K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0001%	4h	93.930	+0.010%	$168K	$586K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.923	+0.002%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.869	−0.056%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.949	+0.030%	$26K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	+0.0009%	1h	93.610	−0.331%	$216K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0014%	4h	93.929	+0.009%	$8.9M	$36.0M	300x	as long as short
Bybit HYPEUSDT	+0.0020%	8h	93.930	+0.010%	$323.0M	$283.8M	75x	as long as short
Derive HYPE-PERP	+0.0030%	1h	93.878	−0.046%	$16.4M	$7.1M	10x	as long as short
MEXC HYPE_USDT	+0.0052%	4h	93.937	+0.017%	$88.8M	$82.0M	100x	as long as short
Phemex HYPEUSDT	+0.0054%	8h	93.913	−0.009%	$12.8M	$2.6M	50x	as long as short
Binance HYPEUSDT	+0.0055%	4h	93.942	+0.022%	$383.6M	$896.9M	75x	as long as short
edgeX HYPEUSDC	+0.0070%	4h	93.483	−0.466%	$5.1M	$29.7M	30x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	93.909	−0.013%	$59K	$1.2M	50x	as long as short
Gate HYPE_USDT	+0.0080%	4h	93.933	+0.013%	$44.1M	$59.7M	75x	as long as short
Lighter HYPE	+0.0096%	1h	93.974	+0.056%	$18.9M	$60.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.946	+0.027%	$3.0M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.936	+0.015%	$400K	$318K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0099%	8h	93.935	+0.015%	$115.8M	$322.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.919	−0.002%	$341K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.870	−0.054%	$15K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.895	−0.028%	$5.7M	$44.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.920	−0.001%	$10.1M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.820	−0.108%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.935	+0.015%	$46.5M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.946	+0.027%	$227.5M	$102.2M	75x	as long as short
BingX HYPE-USDTlong	+0.0100%	4h	93.921	long leg	—	$54.2M	—
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.963	+0.045%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.672	−0.265%	$31.1M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.549	−0.396%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.489	−0.460%	$358K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.696	−0.240%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.913	−0.009%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.924	+0.003%	$471K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.909	−0.013%	$112K	$576K	20x	as long as short
Bluefin HYPE-PERPshort	+0.0100%	1h	93.929	+0.009%	$76K	$171K	20x
SunX HYPE-USDT	+0.0100%	4h	93.965	+0.047%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.928	+0.007%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.521%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.921	0.000%	$18.3M	$42.9M	50x	as long as short
Hyperliquid HYPE	+0.0119%	1h	93.980	+0.063%	$2.04B	$679.0M	10x	as long as short
Kalshi KXHYPEPERP	+0.0140%	8h	93.917	−0.004%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.980	+0.063%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0203%	4h	94.050	+0.137%	$1.5M	$7.8M	75x	as long as short
BloFin HYPE-USDT	+0.0222%	4h	93.922	+0.001%	$17.0M	$12.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.906	−0.016%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.946	+0.027%	$2.8M	$6.9M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0163%	1h	93.946	+0.027%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0346%	1h	94.019	+0.104%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0577%	1h	94.025	+0.111%	$21.0M	$29.5M	50x	as long as short