Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0291%/8h= −31.9% APRpaid last 24h −0.079%

Price spread now: Bybit against BloFin−0.023%62s7-day average −0.032% · you buy dearer than you sell

Net, funding: paid 7d − costs−$80as 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−$280.279% of the position

Long on BloFin Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.522%−$52 on $10k

Price spread, last 4 days (all we have)+0.133%+$13 · spread now −0.023%, 7d avg −0.032%

Together, before fees−0.389%−$39 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.032%, so right now this pair is about funding alone: −$9 a day on $10k at the current rate. The two prices were read 62 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	92.771	0.0340	pay 0.0170% / 4h	20m 14s	$16.7M	$11.6M	75x
Short	Bybit HYPEUSDT	92.750	0.0049	get 0.0049% / 8h	4h 20m	$316.7M	$281.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.023%Rate

Funding earned: −$61.18
Price spread: −0.023% → −0.032%: $0.89
Slippage, 4 orders: −$4.94
Fee BloFin: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$88.23
Costs to cover: 0.279%
Break-even: never at this rate

Slippage from BloFin: live order book, 4 min ago; Bybit: live order book, 4 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, 4 min ago	0.70 bp	7.1 bp −$7	7.9 bp −$79	12.2 bp −$1,217	doesn't fit
Sell Bybit live order book, 4 min ago	0.54 bp	7.0 bp −$7	9.1 bp −$91	16.1 bp −$1,613	36.6 bp −$18.3K

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
Arcus HYPE-USD	−0.0948%	1h	92.714	−0.061%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0240%	1h	92.701	−0.075%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0234%	1h	92.688	−0.089%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.779	+0.009%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0063%	4h	92.738	−0.036%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	92.797	+0.028%	$86K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.770	−0.001%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.763	−0.008%	$22K	$304K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.782	+0.012%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0018%	8h	92.717	−0.058%	$12.5M	$2.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet HYPE-USD	+0.0031%	1h	92.761	−0.011%	$111K	$579K	20x	as long as short
Ondo Perps HYPE-USD.P	+0.0038%	1h	92.690	−0.087%	$697K	$1.1M	10x	as long as short
BingX HYPE-USDT	+0.0040%	4h	92.759	−0.013%	—	$53.4M	—	as long as short
Aster HYPEUSDT	+0.0042%	4h	92.765	−0.006%	$8.7M	$36.2M	300x	as long as short
Phoenix HYPE	+0.0043%	1h	92.652	−0.128%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDTshort	+0.0049%	8h	92.750	−0.023%	$316.7M	$281.8M	75x
OKX HYPE-USDT-SWAP	+0.0088%	8h	92.757	−0.015%	$113.7M	$304.1M	50x	as long as short
Gate HYPE_USDT	+0.0090%	4h	92.747	−0.026%	$44.5M	$55.3M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	92.811	+0.043%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.787	+0.017%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.785	+0.015%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.762	−0.010%	$69K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.740	−0.033%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.788	+0.019%	$7.1M	$45.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.791	+0.022%	$2.02B	$663.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.825	+0.058%	$10.0M	$15.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.769	−0.003%	$372.6M	$904.2M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.775	+0.004%	$87.6M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.779	+0.009%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.735	−0.039%	$224.5M	$98.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.769	−0.002%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.688	−0.090%	$28.6M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.707	−0.069%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.679	−0.099%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.729	−0.045%	$665K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.800	+0.032%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.781	+0.011%	$466K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.741	−0.032%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.752	−0.020%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.776	+0.005%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.768	−0.003%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.902	+0.141%	$1.4M	$6.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.701	−0.075%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.744	−0.029%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.768	−0.003%	$392K	$164K	20x	as long as short
edgeX HYPEUSDC	+0.0116%	4h	92.666	−0.113%	$5.0M	$29.5M	30x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.247%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.810	+0.042%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0240%	8h	92.830	+0.064%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.740	−0.034%	$79K	$132K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.774	+0.003%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0332%	1h	92.835	+0.068%	$20.6M	$30.5M	50x	as long as short
BloFin HYPE-USDTlong	+0.0340%	4h	92.771	long leg	$16.7M	$11.6M	75x
Deribit HYPE_USDC-PERPETUAL	+0.0461%	1h	92.866	+0.102%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.852	+0.087%	$3.2M	$6.4M	20x	as long as short