Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0362%/8h= +39.6% APRpaid last 24h −0.019%

Price spread now: RISEx against BloFin+0.028%97s7-day average +0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$230.230% of the position

Long on BloFin Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.116%−$12 on $10k

Price spread, last 4 days (all we have)+0.138%+$14 · spread now +0.028%, 7d avg +0.012%

Together, before fees+0.022%+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.012%, so right now this pair is about funding alone: +$11 a day on $10k at the current rate. Mind the row above: over the last 4 days funding on this pair cost −0.116%, so the current rate has only just turned in your favour. The two prices were read 97 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.116% in total (about -11.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin HYPE-USDT	92.277	0.0325	pay 0.0162% / 4h	37m 25s	$16.7M	$11.5M	75x
Short	RISEx HYPE/USDC	92.303	0.0687	get 0.0086% / 1h	37m 25s	$3.1M	$6.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now +0.028%Rate

Funding earned: $76.03
Price spread: +0.028% → +0.012%: $1.59
Slippage, 4 orders: −$4.99
Fee BloFin: 6 bp × 2 orders: −$12
Fee RISEx: 3 bp × 2 orders: −$6
Net: $54.63
Costs to cover: 0.230%
Break-even: 2.0 days

Slippage from BloFin: live order book, 7 min ago; RISEx: live order book, 2 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, 7 min ago	0.16 bp	6.3 bp −$6	6.6 bp −$66	9.1 bp −$910	doesn't fit
Sell RISEx live order book, 2 min ago	1.46 bp	4.5 bp −$4	5.7 bp −$57	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
Arcus HYPE-USD	−0.0948%	1h	92.270	−0.008%	$1.0M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0408%	1h	92.319	+0.046%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0149%	1h	92.322	+0.049%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0096%	1h	92.258	−0.021%	$86K	$356K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.288	+0.012%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0069%	4h	92.275	−0.002%	$157K	$663K	20x	as long as short
Bullet HYPE-USD	−0.0046%	1h	92.235	−0.046%	$110K	$580K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0002%	1h	92.250	−0.029%	$695K	$1.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.311	+0.037%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.206	−0.077%	$22K	$309K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0001%	4h	92.268	−0.010%	$8.7M	$36.3M	300x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.253	−0.026%	$61K	—	150x	as long as short
BingX HYPE-USDT	+0.0032%	4h	92.252	−0.027%	—	$53.3M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.379	+0.111%	$209K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0056%	8h	92.180	−0.105%	$315.2M	$281.3M	75x	as long as short
Phemex HYPEUSDT	+0.0062%	8h	92.287	+0.011%	$12.5M	$2.7M	50x	as long as short
Gate HYPE_USDT	+0.0062%	4h	92.249	−0.030%	$44.2M	$55.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0079%	8h	92.202	−0.081%	$112.8M	$301.6M	50x	as long as short
MEXC HYPE_USDT	+0.0082%	4h	92.227	−0.054%	$86.9M	$80.5M	100x	as long as short
edgeX HYPEUSDC	+0.0082%	4h	92.333	+0.061%	$4.9M	$29.5M	30x	as long as short
Binance HYPEUSDT	+0.0084%	4h	92.227	−0.054%	$369.7M	$901.7M	75x	as long as short
Derive HYPE-PERP	+0.0090%	1h	92.271	−0.006%	$16.0M	$7.5M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0092%	8h	92.306	+0.032%	$338K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.275	−0.002%	$16.0M	$62.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.275	−0.002%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.253	−0.026%	$68K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.260	−0.018%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.209	−0.074%	$6.8M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.266	−0.012%	$2.01B	$663.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.278	+0.001%	$10.0M	$15.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.245	−0.035%	$201K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.270	−0.008%	$45.8M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.210	−0.073%	$223.7M	$98.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.255	−0.024%	$7.3M	$10.8M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.258	−0.021%	$28.3M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.315	+0.041%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.378	+0.109%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.349	+0.078%	$662K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.266	−0.012%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.217	−0.065%	$474K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.270	−0.008%	$78K	$170K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.349	+0.078%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.278	+0.001%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.441	+0.178%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.202	−0.081%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.335	+0.063%	$390K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.784%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.390	+0.122%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0253%	8h	92.339	+0.067%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0261%	1h	92.204	−0.080%	$79K	$137K	15x	as long as short
BloFin HYPE-USDTlong	+0.0325%	4h	92.277	long leg	$16.7M	$11.5M	75x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.315	+0.041%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0333%	1h	92.346	+0.075%	$20.5M	$30.5M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0487%	1h	92.391	+0.124%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDCshort	+0.0687%	1h	92.303	+0.028%	$3.1M	$6.4M	20x