Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0240%/8h= −26.3% APRpaid last 24h −0.044%

Price spread now: Bluefin against BloFin−0.069%54s7-day average −0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$101as 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−$440.442% of the position

Long on BloFin Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.569%−$57 on $10k

Price spread, last 4 days (all we have)+0.173%+$17 · spread now −0.069%, 7d avg −0.011%

Together, before fees−0.396%−$40 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Bluefin is 0.058% cheaper against BloFin than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.011%). Swap the legs. The two prices were read 54 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	93.252	0.0340	pay 0.0170% / 4h	1h 26m	$16.9M	$11.6M	75x
Short	Bluefin HYPE-PERP	93.188	0.0100	get 0.0013% / 1h	26m 00s	$79K	$170K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin 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 BluefinbpOrdersPrice spread, now −0.069%Rate

Funding earned: −$50.4
Price spread: −0.069% → −0.011%: −$5.76
Slippage, 4 orders: −$25.19
Fee BloFin: 6 bp × 2 orders: −$12
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$100.35
Costs to cover: 0.442%
Break-even: never at this rate

Slippage from BloFin: live order book, 3 min ago; Bluefin: live order book, 38 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	0.59 bp	7.6 bp −$8	9.3 bp −$93	16.0 bp −$1,601	doesn't fit
Sell Bluefin live order book, 38 min ago	4.82 bp	12.5 bp −$13	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	−0.1224%	1h	93.247	−0.005%	$197K	$227K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.126	−0.135%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0110%	1h	93.180	−0.077%	$698K	$995K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.217	−0.038%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.240	−0.013%	$85K	$343K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0045%	4h	93.185	−0.072%	$153K	$652K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0044%	1h	93.383	+0.141%	$22K	$21K	10x	as long as short
Phemex HYPEUSDT	−0.0031%	8h	93.223	−0.031%	$12.6M	$2.7M	50x	as long as short
Bullet HYPE-USD	−0.0026%	1h	93.194	−0.062%	$111K	$578K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.234	−0.019%	$128K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.226	−0.028%	$23K	$319K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.220	−0.035%	$61K	—	150x	as long as short
Aster HYPEUSDT	+0.0020%	4h	93.218	−0.036%	$8.8M	$35.5M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.609	+0.383%	$213K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0032%	4h	93.216	−0.039%	—	$53.0M	—	as long as short
Bybit HYPEUSDT	+0.0042%	8h	93.210	−0.045%	$320.5M	$276.7M	75x	as long as short
Gate HYPE_USDT	+0.0060%	4h	93.204	−0.051%	$44.6M	$55.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0074%	8h	93.209	−0.046%	$113.9M	$300.7M	50x	as long as short
Derive HYPE-PERP	+0.0083%	1h	93.173	−0.085%	$16.2M	$7.5M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.232	−0.022%	$16.2M	$61.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.228	−0.026%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.248	−0.004%	$69K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.264	+0.013%	$339K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.260	+0.009%	$17K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.221	−0.034%	$5.8M	$43.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.292	+0.043%	$2.04B	$655.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.270	+0.019%	$10.0M	$14.7M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.212	−0.043%	$378.2M	$875.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.364	+0.120%	$203K	$10K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.215	−0.040%	$89.6M	$80.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.228	−0.026%	$45.8M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.216	−0.039%	$225.4M	$96.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.198	−0.058%	$7.4M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.186	−0.071%	$31.1M	$53.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.348	+0.103%	$7.5M	$45.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.581	+0.353%	$340K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.296	+0.047%	$666K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.291	+0.042%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.270	+0.019%	$471K	$2.6M	20x	as long as short
Bluefin HYPE-PERPshort	+0.0100%	1h	93.188	−0.069%	$79K	$170K	20x
SunX HYPE-USDT	+0.0100%	4h	93.262	+0.011%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.209	−0.046%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.185	−0.072%	$18.4M	$43.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.200	−0.056%	$396K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0111%	4h	93.350	+0.105%	$5.1M	$29.0M	30x	as long as short
HTX HYPE-USDT	+0.0176%	4h	93.400	+0.159%	$1.4M	$6.0M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.290	+0.041%	$4.8M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0258%	1h	93.207	−0.049%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0276%	8h	93.272	+0.021%	$1.9M	$5.0M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.234	−0.019%	$1.4M	—	100x	as long as short
BloFin HYPE-USDTlong	+0.0340%	4h	93.252	long leg	$16.9M	$11.6M	75x
RISEx HYPE/USDC	+0.0510%	1h	93.338	+0.092%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.150	−0.109%	$30K	$339K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0565%	1h	93.307	+0.059%	$7.4M	$4.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0686%	1h	93.278	+0.028%	$20.7M	$29.7M	50x	as long as short