Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0236%/8h= −25.8% APRpaid last 24h −0.057%

Price spread now: Extended against BloFin−0.059%54s7-day average −0.047% · you buy dearer than you sell

Net, funding: paid 7d − costs−$65as 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−$210.213% of the position

Long on BloFin Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.437%−$44 on $10k

Price spread, last 4 days (all we have)+0.190%+$19 · spread now −0.059%, 7d avg −0.047%

Together, before fees−0.247%+ Points / potential airdropExtended: Active · farm board−$25 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.047%, so right now this pair is about funding alone: −$7 a day on $10k at the current rate. 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	92.733	0.0340	pay 0.0170% / 4h	16m 05s	$16.7M	$11.6M	75x
Short	Extended HYPE-USD	92.678	0.0104	get 0.0013% / 1h	16m 05s	$18.1M	$43.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.059%Rate

Funding earned: −$49.56
Price spread: −0.059% → −0.047%: −$1.15
Slippage, 4 orders: −$4.27
Fee BloFin: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$71.98
Costs to cover: 0.213%
Break-even: never at this rate

Slippage from BloFin: live order book, 3 min ago; Extended: 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	0.97 bp	8.4 bp −$8	10.8 bp −$108	16.7 bp −$1,673	doesn't fit
Sell Extended live order book, 3 min ago	0.05 bp	2.6 bp −$3	3.5 bp −$35	24.5 bp −$2,445	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
Arcus HYPE-USD	−0.0948%	1h	92.663	−0.075%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0256%	1h	92.657	−0.082%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0246%	1h	92.707	−0.028%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.724	−0.010%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	92.678	−0.059%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	92.740	+0.008%	$86K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.770	+0.040%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.707	−0.027%	$22K	$304K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.725	−0.009%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0028%	8h	92.728	−0.005%	$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
Ondo Perps HYPE-USD.P	+0.0033%	1h	92.660	−0.079%	$697K	$1.1M	10x	as long as short
BingX HYPE-USDT	+0.0038%	4h	92.681	−0.056%	—	$53.4M	—	as long as short
Bullet HYPE-USD	+0.0041%	1h	92.678	−0.060%	$110K	$578K	20x	as long as short
Phoenix HYPE	+0.0043%	1h	92.817	+0.091%	$210K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0044%	4h	92.707	−0.028%	$8.7M	$36.2M	300x	as long as short
Bybit HYPEUSDT	+0.0045%	8h	92.670	−0.068%	$316.4M	$281.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0090%	8h	92.685	−0.052%	$113.6M	$303.7M	50x	as long as short
Gate HYPE_USDT	+0.0090%	4h	92.673	−0.065%	$44.5M	$55.3M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	92.737	+0.005%	$338K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.709	−0.026%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.713	−0.022%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.709	−0.026%	$69K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.710	−0.025%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.709	−0.026%	$7.1M	$45.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.733	0.000%	$2.02B	$663.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.741	+0.009%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.684	−0.053%	$372.3M	$902.7M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.704	−0.031%	$87.4M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.706	−0.029%	$45.9M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.713	−0.022%	$224.4M	$98.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.681	−0.056%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.669	−0.069%	$28.7M	$57.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.808	+0.081%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.760	+0.029%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.701	−0.035%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.769	+0.039%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.729	−0.004%	$469K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.677	−0.060%	$78K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.691	−0.045%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.702	−0.033%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.704	−0.031%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.875	+0.153%	$1.4M	$6.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.701	−0.034%	$202K	$13K	10x	as long as short
Extended HYPE-USDshort	+0.0104%	1h	92.678	−0.059%	$18.1M	$43.4M	50x
Aevo HYPE-PERP	+0.0104%	1h	92.707	−0.028%	$392K	$164K	20x	as long as short
edgeX HYPEUSDC	+0.0110%	4h	92.754	+0.022%	$5.0M	$29.6M	30x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.288%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.750	+0.018%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0236%	8h	92.830	+0.105%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.703	−0.033%	$79K	$132K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.706	−0.029%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0332%	1h	92.771	+0.041%	$20.6M	$30.5M	50x	as long as short
BloFin HYPE-USDTlong	+0.0340%	4h	92.733	long leg	$16.7M	$11.6M	75x
Deribit HYPE_USDC-PERPETUAL	+0.0354%	1h	92.793	+0.065%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.778	+0.049%	$3.2M	$6.4M	20x	as long as short