Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0173%/8h= −19.0% APRpaid last 24h −0.061%

Price spread now: Backpack against BloFin−0.057%66s7-day average +0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$240.242% of the position

Long on BloFin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.414%−$41 on $10k

Price spread, last 3 days (all we have)+0.128%+$13 · spread now −0.057%, 7d avg +0.012%

Together, before fees−0.286%−$29 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Backpack is 0.069% cheaper against BloFin than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.012%). Swap the legs. The two prices were read 66 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	BloFin HYPE-USDT	93.022	0.0273	pay 0.0137% / 4h	1h 25m	$16.9M	$12.5M	75x
Short	Backpack HYPE_USDC_PERP	92.969	0.0100	get 0.0013% / 1h	25m 48s	$7.8M	$11.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BloFin. 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 BloFinbpFee BackpackbpOrdersPrice spread, now −0.057%Rate

Funding earned: −$36.37
Price spread: −0.057% → +0.012%: −$6.88
Slippage, 4 orders: −$2.23
Fee BloFin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$67.47
Costs to cover: 0.242%
Break-even: never at this rate

Slippage from BloFin: live order book, 3 min ago; Backpack: 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 BloFin live order book, 3 min ago	0.54 bp	6.5 bp −$7	7.9 bp −$79	11.4 bp −$1,140	doesn't fit
Sell Backpack live order book, 3 min ago	0.05 bp	5.1 bp −$5	7.0 bp −$70	60.9 bp −$6,086	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
Aftermath Perps HYPEUSD	−0.0396%	1h	93.007	−0.016%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0280%	1h	92.983	−0.041%	$196K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	92.885	−0.147%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0126%	1h	93.030	+0.009%	$698K	$927K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.980	−0.045%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	92.968	−0.058%	$90K	$362K	20x	as long as short
Popdex HYPEUSDT	−0.0016%	1h	92.954	−0.073%	$58K	$1.2M	50x	as long as short
Aster HYPEUSDT	−0.0006%	4h	92.952	−0.076%	$8.8M	$36.0M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.019	−0.003%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.963	−0.064%	$23K	$331K	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 −0.0001%	1h	92.993	−0.031%	$20K	—	150x	as long as short
Bybit HYPEUSDT	+0.0024%	8h	92.930	−0.099%	$322.2M	$287.3M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0024%	4h	92.961	−0.066%	$171K	$518K	20x	as long as short
Derive HYPE-PERP	+0.0033%	1h	92.925	−0.105%	$16.2M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.033	+0.012%	$213K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0046%	4h	92.947	−0.081%	$43.8M	$58.5M	75x	as long as short
Bullet HYPE-USD	+0.0058%	1h	92.945	−0.083%	$111K	$580K	20x	as long as short
Binance HYPEUSDT	+0.0066%	4h	92.935	−0.094%	$381.2M	$895.3M	75x	as long as short
MEXC HYPE_USDT	+0.0068%	4h	92.942	−0.086%	$90.0M	$82.0M	100x	as long as short
edgeX HYPEUSDC	+0.0086%	4h	92.948	−0.079%	$5.0M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.993	−0.032%	$18.5M	$58.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.970	−0.056%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	92.952	−0.075%	$395K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	92.942	−0.086%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.970	−0.056%	$34K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.957	−0.070%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.985	−0.040%	$2.02B	$673.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.963	−0.063%	$9.9M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.932	−0.097%	$113.5M	$313.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.030	+0.009%	$203K	$8K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.969	−0.057%	$46.9M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.950	−0.077%	$225.2M	$103.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.931	−0.098%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERPshort	+0.0100%	1h	92.969	−0.057%	$7.8M	$11.1M	20x
Variational Omni HYPE	+0.0100%	8h	93.003	−0.020%	$28.9M	$50.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.985	−0.039%	$7.5M	$45.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.976	−0.049%	$414K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.004	−0.019%	$673K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.005	−0.019%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.988	−0.037%	$492K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.596	+0.617%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.952	−0.075%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.935	−0.094%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	92.962	−0.065%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.908	−0.122%	$18.2M	$42.1M	50x	as long as short
Kalshi KXHYPEPERP	+0.0110%	8h	93.037	+0.016%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.010	−0.013%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.230	+0.224%	$30K	$338K	12x	as long as short
HTX HYPE-USDT	+0.0241%	4h	93.150	+0.138%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	92.942	−0.086%	$77K	$158K	15x	as long as short
BloFin HYPE-USDTlong	+0.0273%	4h	93.022	long leg	$16.9M	$12.5M	75x
RISEx HYPE/USDC	+0.0280%	1h	92.993	−0.031%	$2.8M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0158%	1h	92.988	−0.037%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0438%	1h	93.054	+0.034%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0467%	1h	93.043	+0.023%	$20.8M	$29.0M	50x	as long as short