Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0420%/8h= −46.0% APRpaid last 24h −0.112%

Price spread now: Hotstuff against BloFin−0.066%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on BloFin Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Hotstuff is 0.066% cheaper against BloFin than usual: you would sell low and buy high (−$7 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin HYPE-USDT	94.303	0.0340	pay 0.0170% / 4h	3h 31m	$17.2M	$12.6M	75x
Short	Hotstuff HYPE-PERP	94.241	−0.0080	pay 0.0010% / 1h	31m 47s	$3K	$331	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now −0.066%Rate

Funding earned: −$88.2
Price spread: −0.066% → 0.000%: −$6.57
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$111.77
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 2 min ago; Hotstuff: no order-book sample. Net counts fees only.

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, 2 min ago	0.05 bp	6.2 bp −$6	6.4 bp −$64	14.7 bp −$1,469	doesn't fit
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0880%	1h	94.602	+0.317%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0624%	1h	94.167	−0.144%	$80K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0295%	1h	94.605	+0.320%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0252%	1h	94.186	−0.124%	$112K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0184%	1h	94.280	−0.024%	$704K	$1.3M	10x	as long as short
Gate HYPE_USDT	−0.0124%	4h	94.206	−0.103%	$51.3M	$55.2M	75x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.216	−0.092%	$1.0M	$3.5M	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	94.252	−0.054%	$89K	$365K	20x	as long as short
Hotstuff HYPE-PERPshort	−0.0080%	1h	94.241	−0.066%	$3K	$331	25x
Kraken Futures PF_HYPEUSD	−0.0048%	1h	94.187	−0.123%	$18.8M	$35.5M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0036%	8h	94.210	−0.099%	$317.3M	$296.5M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0010%	4h	94.174	−0.137%	$146K	$681K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.317	+0.015%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.337	+0.036%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.287	−0.017%	$19K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.228	−0.079%	$123K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.654	+0.372%	$210K	$1.2M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.240	−0.067%	$4.7M	$6.3M	50x	as long as short
Bitget HYPEUSDT	+0.0028%	4h	94.220	−0.088%	$226.5M	$99.0M	75x	as long as short
Derive HYPE-PERP	+0.0034%	1h	94.592	+0.307%	$16.3M	$7.5M	10x	as long as short
Vest HYPE-PERP	+0.0038%	1h	94.333	+0.032%	—	$190K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0045%	8h	94.262	−0.044%	$337K	$154K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0048%	8h	94.230	−0.077%	$117.6M	$328.5M	50x	as long as short
SoDEX HYPE-USD	+0.0060%	1h	94.205	−0.104%	$2.1M	$2.0M	10x	as long as short
Backpack HYPE_USDC_PERP	+0.0062%	1h	94.145	−0.168%	$7.5M	$10.4M	20x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	94.626	+0.343%	$5.0M	$30.9M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.196	−0.113%	$16.2M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.201	−0.108%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.243	−0.064%	$148K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.250	−0.056%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.260	−0.046%	$7.2M	$51.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.273	−0.032%	$2.07B	$688.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.203	−0.106%	$9.5M	$37.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.258	−0.048%	$10.1M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.199	−0.110%	$379.3M	$938.0M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.564	+0.277%	$220K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.223	−0.085%	$93.0M	$86.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.191	−0.119%	$47.0M	$19.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.210	−0.099%	—	$53.6M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	94.619	+0.336%	$30.0M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.643	+0.361%	$7.6M	$44.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.587	+0.301%	$345K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.446	+0.152%	$694K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.333	+0.032%	$498K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.285	−0.019%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.350	+0.050%	$1.4M	$6.9M	75x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	94.236	−0.071%	$12.9M	$2.9M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.174	−0.137%	$18.3M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.331	+0.029%	$399K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.284	−0.020%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.919%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0238%	1h	94.299	−0.004%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.184	−0.126%	$85K	$104K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	94.267	−0.038%	$1.4M	—	100x	as long as short
BloFin HYPE-USDTlong	+0.0340%	4h	94.303	long leg	$17.2M	$12.6M	75x