Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:46 UTC−0.0250%/8h= −27.4% APRpaid last 24h −0.086%

Price spread now: Perpl against BloFin−0.025%48s7-day average −0.005% · you buy dearer than you sell

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

Long on BloFin Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days−0.614%−$61 on $10k

Price spread, last 3 days (all we have)+0.136%+$14 · spread now −0.025%, 7d avg −0.005%

Together, before fees−0.478%+ Points / potential airdropPerpl: Active · farm board−$48 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Perpl is 0.020% cheaper against BloFin than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.005%). Swap the legs. The two prices were read 48 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	93.270	0.0250	pay 0.0125% / 4h	1h 08m	$16.9M	$12.4M	75x
Short	Perpl HYPE	93.247	0	get 0.0000% / 43m	21m 28s	$23K	$330K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.025%Rate

Funding earned: −$52.5
Price spread: −0.025% → −0.005%: −$2.02
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$80.32
Costs to cover: 0.258%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 5 min ago; Perpl: 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, 5 min ago	0.11 bp	7.5 bp −$7	9.4 bp −$94	15.4 bp −$1,545	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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
Aftermath Perps HYPEUSD	−0.0466%	1h	93.232	−0.040%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0400%	1h	93.275	+0.005%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.203	−0.072%	$1.2M	$3.9M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0126%	1h	93.160	−0.118%	$699K	$895K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.297	+0.029%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.246	−0.026%	$90K	$358K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.308	+0.041%	$127K	$32K	5x	as long as short
Popdex HYPEUSDT	0.0000%	1h	93.220	−0.054%	$58K	$1.2M	50x	as long as short
Perpl HYPEshort	0.0000%	43m	93.247	−0.025%	$23K	$330K	10x
Aster HYPEUSDT	+0.0002%	4h	93.291	+0.022%	$8.9M	$35.7M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.264	−0.006%	$27K	—	150x	as long as short
Orderly PERP_HYPE_USDC	+0.0017%	4h	93.303	+0.035%	$176K	$524K	20x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	93.210	−0.064%	$322.8M	$282.9M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.306	+0.039%	$214K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0047%	1h	93.232	−0.041%	$111K	$577K	20x	as long as short
Derive HYPE-PERP	+0.0050%	1h	93.255	−0.016%	$16.3M	$7.0M	10x	as long as short
Binance HYPEUSDT	+0.0062%	4h	93.251	−0.021%	$382.8M	$887.6M	75x	as long as short
Gate HYPE_USDT	+0.0062%	4h	93.273	+0.003%	$44.0M	$58.8M	75x	as long as short
MEXC HYPE_USDT	+0.0062%	4h	93.231	−0.042%	$90.1M	$82.3M	100x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.250	−0.021%	$5.1M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.348	+0.084%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.331	+0.065%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.301	+0.034%	$397K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.306	+0.039%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.250	−0.021%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.288	+0.020%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.272	+0.002%	$2.03B	$661.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.319	+0.053%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.221	−0.053%	$114.1M	$312.3M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.255	−0.016%	$47.0M	$18.5M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.239	−0.033%	$226.1M	$102.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.268	−0.002%	—	$53.7M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.326	+0.060%	$7.8M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.212	−0.062%	$30.8M	$51.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.339	+0.074%	$7.5M	$45.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.280	+0.011%	$415K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.273	+0.003%	$675K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.283	+0.014%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.259	−0.012%	$493K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.303	+0.035%	$75K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.311	+0.044%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.297	+0.029%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.299	+0.031%	$12.7M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.280	+0.011%	$204K	$8K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.226	−0.047%	$18.2M	$41.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0117%	8h	93.365	+0.102%	$1.9M	$5.2M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.270	0.000%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0222%	4h	93.452	+0.195%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.530	+0.279%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.236	−0.036%	$77K	$159K	15x	as long as short
BloFin HYPE-USDTlong	+0.0250%	4h	93.270	long leg	$16.9M	$12.4M	75x
RISEx HYPE/USDC	+0.0280%	1h	93.277	+0.008%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.316	+0.050%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0425%	1h	93.391	+0.130%	$7.4M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.422	+0.164%	$20.9M	$28.9M	50x	as long as short