Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0231%/8h= +25.3% APRpaid last 24h −0.040%

Price spread now: Deribit against BloFin+0.160%57s7-day average +0.038% · you sell dearer than you buy

Net, funding: paid 7d − costs−$79as 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−$300.297% of the position

Long on BloFin Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.497%−$50 on $10k

Price spread, last 3 days (all we have)−0.093%−$9 · spread now +0.160%, 7d avg +0.038%

Together, before fees−0.590%−$59 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Deribit is 0.122% dearer against BloFin than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.038%. Mind the row above: over the last 7 days funding on this pair cost −0.497%, so the current rate has only just turned in your favour. The two prices were read 57 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	94.138	0.0198	pay 0.0099% / 4h	3h 25m	$17.0M	$12.2M	75x
Short	Deribit HYPE_USDC-PERPETUAL	94.289	0.0429	get 0.0054% / 1h	25m 25s	$7.5M	$4.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.160%Rate

Funding earned: $48.56
Price spread: +0.160% → +0.038%: $12.2
Slippage, 4 orders: −$10.66
Fee BloFin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $31.1
Costs to cover: 0.297%
Break-even: 2.5 days

Slippage from BloFin: live order book, 4 min ago; Deribit: 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	0.21 bp	6.2 bp −$6	6.5 bp −$65	10.3 bp −$1,025	18.2 bp −$9,080
Sell Deribit live order book, 4 min ago	3.56 bp	7.1 bp −$7	14.6 bp −$146	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	−0.1360%	1h	94.120	−0.019%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	94.076	−0.066%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0219%	1h	94.155	+0.018%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0142%	1h	94.090	−0.051%	$711K	$959K	10x	as long as short
dYdX HYPE-USD	−0.0131%	1h	94.204	+0.071%	$129K	$31K	5x	as long as short
Phemex HYPEUSDT	−0.0115%	8h	94.166	+0.030%	$12.8M	$2.6M	50x	as long as short
Bullet HYPE-USD	−0.0106%	1h	94.136	−0.002%	$113K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.136	−0.002%	$86K	$360K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.161	+0.024%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0019%	4h	94.155	+0.018%	$160K	$645K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0016%	8h	94.120	−0.019%	$323.3M	$280.4M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.167	+0.031%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.206	+0.072%	$27K	—	150x	as long as short
Gate HYPE_USDT	+0.0014%	4h	94.179	+0.044%	$44.6M	$59.8M	75x	as long as short
Aster HYPEUSDT	+0.0020%	4h	94.194	+0.060%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	94.222	+0.089%	$219K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0040%	1h	94.146	+0.008%	$16.5M	$7.3M	10x	as long as short
MEXC HYPE_USDT	+0.0048%	4h	94.146	+0.008%	$89.3M	$82.7M	100x	as long as short
Binance HYPEUSDT	+0.0051%	4h	94.162	+0.025%	$384.1M	$893.0M	75x	as long as short
edgeX HYPEUSDC	+0.0057%	4h	94.108	−0.032%	$5.1M	$29.9M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0079%	8h	94.140	+0.002%	$116.1M	$318.6M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.238	+0.106%	$19.2M	$59.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.221	+0.088%	$3.0M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.131	−0.007%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.165	+0.028%	$401K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.207	+0.073%	$342K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.130	−0.008%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.203	+0.069%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.242	+0.110%	$2.05B	$677.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.210	+0.076%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.156	+0.019%	$46.6M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.144	+0.006%	$228.3M	$100.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.160	+0.023%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.159	+0.022%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.149	+0.012%	$31.5M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.151	+0.013%	$7.6M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.088	−0.053%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.130	−0.008%	$681K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.189	+0.054%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.172	+0.036%	$481K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.183	+0.048%	$76K	$170K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.246	+0.115%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.195	+0.061%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.151	+0.014%	$205K	$2K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.145	+0.007%	$18.8M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.030	−0.115%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDTlong	+0.0198%	4h	94.138	long leg	$17.0M	$12.2M	75x
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.374%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.183	+0.047%	$2.8M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0225%	8h	94.221	+0.088%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.134	−0.005%	$79K	$142K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0155%	1h	94.212	+0.079%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0415%	4h	94.349	+0.224%	$1.5M	$6.3M	75x	as long as short
Deribit HYPE_USDC-PERPETUALshort	+0.0429%	1h	94.289	+0.160%	$7.5M	$4.6M	50x
Kraken Futures PF_HYPEUSD	+0.0670%	1h	94.290	+0.162%	$21.1M	$29.7M	50x	as long as short