Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0063%/8h= +6.9% APRpaid last 24h +0.004%

Price spread now: Bluefin against Bitget−0.006%7-day average +0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$510.507% of the position

Long on Bitget Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.069%−$7 on $10k

Price spread, last 4 days (all we have)+0.022%+$2 · spread now −0.006%, 7d avg +0.010%

Together, before fees−0.048%−$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.010%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.069%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget HYPEUSDT	95.170	0.0018	pay 0.0009% / 4h	1h 53m	$228.7M	$86.9M	75x
Short	Bluefin HYPE-PERP	95.164	0.0081	get 0.0010% / 1h	53m 20s	$79K	$136K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against Bitget. 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 BitgetbpFee BluefinbpOrdersPrice spread, now −0.006%Rate

Funding earned: $13.23
Price spread: −0.006% → +0.010%: −$1.61
Slippage, 4 orders: −$31.65
Fee Bitget: 6 bp × 2 orders: −$12
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$39.03
Costs to cover: 0.507%
Break-even: 27.6 days

Slippage from Bitget: live order book, 4 min ago; Bluefin: live order book, 58 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 Bitget live order book, 4 min ago	0.05 bp	7.8 bp −$8	11.8 bp −$118	doesn't fit	doesn't fit
Sell Bluefin live order book, 58 min ago	5.06 bp	17.1 bp −$17	doesn't fit	doesn't fit	doesn't fit

HYPE on 54 exchanges

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	−0.1208%	1h	95.237	+0.071%	$213K	$261K	7x	as long as short
Phemex HYPEUSDT	−0.0283%	8h	95.208	+0.040%	$13.0M	$2.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0251%	1h	95.169	−0.001%	$18.5M	$35.2M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0160%	1h	95.160	−0.011%	$690K	$1.3M	10x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.153	−0.018%	$1.1M	$2.4M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0130%	1h	95.248	+0.081%	$22K	$17K	10x	as long as short
Bullet HYPE-USD	−0.0127%	1h	95.157	−0.014%	$114K	$581K	20x	as long as short
01 Exchange HYPEUSD	−0.0096%	1h	95.145	−0.026%	$92K	$337K	20x	as long as short
Lighter HYPE	−0.0096%	1h	95.147	−0.024%	$16.3M	$57.5M	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.191	+0.022%	$3K	$331	25x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0076%	4h	95.164	−0.006%	$54.7M	$53.1M	75x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.250	+0.084%	$4.7M	$5.6M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0042%	4h	95.124	−0.048%	$148K	$643K	20x	as long as short
Aster HYPEUSDT	−0.0031%	4h	95.148	−0.023%	$9.0M	$32.9M	300x	as long as short
OKX HYPE-USDT-SWAP	−0.0012%	8h	95.150	−0.021%	$119.2M	$303.1M	50x	as long as short
Phoenix HYPE	−0.0008%	1h	95.326	+0.164%	$201K	$1.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	95.259	+0.094%	$129K	$94K	5x	as long as short
Popdex HYPEUSDT	0.0000%	1h	95.142	−0.029%	$274K	$1.0M	50x	as long as short
Perpl HYPE	0.0000%	43m	95.139	−0.032%	$24K	$251K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.248	+0.082%	$100K	—	150x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0002%	1h	95.244	+0.078%	$7.5M	$4.3M	50x	as long as short
SoDEX HYPE-USD	+0.0010%	1h	95.152	−0.019%	$2.1M	$373K	10x	as long as short
Bitget HYPEUSDTlong	+0.0018%	4h	95.170	long leg	$228.7M	$86.9M	75x
Bybit HYPEUSDT	+0.0028%	8h	95.160	−0.011%	$320.6M	$265.9M	75x	as long as short
Bulk HYPE-USD	+0.0074%	1h	95.269	+0.104%	$232K	$12K	10x	as long as short
Paradex HYPE-USD-PERP	+0.0075%	8h	95.170	0.000%	$340K	$35K	20x	as long as short
Bluefin HYPE-PERPshort	+0.0081%	1h	95.164	−0.006%	$79K	$136K	20x
Binance HYPEUSDT	+0.0092%	4h	95.151	−0.020%	$382.5M	$855.0M	75x	as long as short
edgeX HYPEUSDC	+0.0092%	4h	95.253	+0.087%	$5.1M	$29.1M	30x	as long as short
MEXC HYPE_USDT	+0.0094%	4h	95.136	−0.036%	$90.4M	$83.1M	100x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.179	+0.009%	$3.3M	$10.0M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.120	−0.053%	$39K	$1.5M	10x	as long as short
Vest HYPE-PERP	+0.0100%	1h	95.222	+0.055%	—	$80K	5x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.154	−0.016%	$7.4M	$51.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.255	+0.090%	$2.11B	$645.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.191	+0.022%	$10.3M	$13.3M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.156	−0.015%	$48.1M	$17.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	95.170	0.000%	—	$49.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.242	+0.076%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.251	+0.085%	$30.0M	$53.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.290	+0.126%	$7.7M	$39.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.279	+0.115%	$347K	$882K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.216	+0.048%	$693K	$2.8M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.182	+0.013%	$504K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.223	+0.056%	$32K	$1.4M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.326	+0.164%	$1.4M	$5.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.129	−0.043%	$18.4M	$39.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.138	−0.034%	$402K	$130K	20x	as long as short
Kalshi KXHYPEPERP	+0.0125%	8h	95.316	+0.153%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.182	+0.013%	$3.1M	$5.5M	20x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	95.118	−0.055%	$85K	$96K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.187	+0.018%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0338%	4h	95.266	+0.101%	$17.3M	$11.5M	75x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.500	+0.347%	$31K	$334K	12x	as long as short