Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0066%/8h= −7.3% APRpaid last 24h −0.088%

Price spread now: Coinbase International against BloFin+0.278%58s7-day average −0.036% · you sell dearer than you buy

Net, funding: paid 7d − costs−$88as 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−$310.311% of the position

Long on BloFin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.565%−$57 on $10k

Price spread, last 3 days (all we have)−0.239%−$24 · spread now +0.278%, 7d avg −0.036%

Together, before fees−0.804%−$80 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.314% dearer against BloFin than usual: you sell high and buy low (spread +0.278% now, against its 7-day average of −0.036%): +$31 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 16 days. At the pace of the last 7 days (−0.565% in total) that is about 3.9 days. The two prices were read 58 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	93.400	0.0242	pay 0.0121% / 4h	1h 03m	$16.9M	$12.4M	75x
Short	Coinbase International HYPE-PERP-INTX	93.660	0.0176	get 0.0022% / 1h	3m 47s	$4.9M	$5.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.278%Rate

Funding earned: −$13.96
Price spread: +0.278% → −0.036%: $31.41
Slippage, 4 orders: −$9.1
Fee BloFin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$13.65
Costs to cover: 0.311%
Break-even: from the start

Slippage from BloFin: live order book, 10 min ago; Coinbase International: live order book, 5 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, 10 min ago	0.11 bp	7.5 bp −$7	9.4 bp −$94	15.4 bp −$1,545	doesn't fit
Sell Coinbase International live order book, 5 min ago	0.54 bp	6.8 bp −$7	12.3 bp −$123	32.8 bp −$3,278	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	−0.0483%	1h	93.360	−0.043%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0424%	1h	93.420	+0.022%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.506	+0.113%	$1.2M	$3.9M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0127%	1h	93.500	+0.107%	$699K	$899K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.591	+0.204%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.603	+0.217%	$91K	$358K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.615	+0.230%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.593	+0.207%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.599	+0.213%	$27K	—	150x	as long as short
Popdex HYPEUSDT	+0.0008%	1h	93.571	+0.183%	$62K	$1.2M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0008%	4h	93.607	+0.222%	$8.9M	$35.7M	300x	as long as short
Orderly PERP_HYPE_USDC	+0.0016%	4h	93.584	+0.197%	$176K	$524K	20x	as long as short
Bybit HYPEUSDT	+0.0020%	8h	93.590	+0.203%	$324.0M	$281.3M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.456	+0.060%	$214K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0059%	1h	93.569	+0.181%	$112K	$577K	20x	as long as short
MEXC HYPE_USDT	+0.0060%	4h	93.602	+0.216%	$90.6M	$82.4M	100x	as long as short
Derive HYPE-PERP	+0.0061%	1h	93.532	+0.142%	$16.3M	$7.0M	10x	as long as short
edgeX HYPEUSDC	+0.0063%	4h	93.210	−0.204%	$5.1M	$29.6M	30x	as long as short
Binance HYPEUSDT	+0.0064%	4h	93.627	+0.243%	$384.3M	$885.9M	75x	as long as short
Gate HYPE_USDT	+0.0064%	4h	93.595	+0.209%	$44.2M	$59.0M	75x	as long as short
Phemex HYPEUSDT	+0.0093%	8h	93.520	+0.128%	$12.7M	$2.6M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.626	+0.242%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.610	+0.225%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.579	+0.192%	$398K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.585	+0.198%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.600	+0.214%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.538	+0.148%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.643	+0.260%	$2.04B	$664.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.625	+0.241%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.588	+0.201%	$114.5M	$313.0M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.616	+0.231%	$47.2M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.609	+0.224%	$227.0M	$102.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.595	+0.209%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.601	+0.215%	$7.9M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.352	−0.051%	$30.8M	$51.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.317	−0.089%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.209	−0.204%	$415K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.453	+0.057%	$676K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.564	+0.176%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.588	+0.201%	$495K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.571	+0.183%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.622	+0.238%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.575	+0.187%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.280	−0.128%	$204K	$8K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.581	+0.194%	$18.3M	$41.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0120%	8h	93.583	+0.196%	$1.9M	$5.2M	2.3x	as long as short
Coinbase International HYPE-PERP-INTXshort	+0.0176%	1h	93.660	+0.278%	$4.9M	$5.7M	50x
HTX HYPE-USDT	+0.0220%	4h	93.750	+0.375%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.350	−0.054%	$30K	$338K	12x	as long as short
BloFin HYPE-USDTlong	+0.0242%	4h	93.400	long leg	$16.9M	$12.4M	75x
Reya HYPERUSDPERP	+0.0248%	1h	93.556	+0.167%	$77K	$159K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.637	+0.253%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	93.593	+0.207%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0359%	1h	93.675	+0.294%	$7.4M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0464%	1h	93.696	+0.317%	$20.9M	$28.9M	50x	as long as short