Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0074%/8h= −8.1% APRpaid last 24h −0.004%

Price spread now: Bitget against Bluefin−0.036%7-day average −0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$510.507% of the position

Long on Bluefin Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.069%+$7 on $10k

Price spread, last 4 days (all we have)+0.020%+$2 · spread now −0.036%, 7d avg −0.010%

Together, before fees+0.090%+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bitget is 0.026% cheaper against Bluefin than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.010%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.069%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin HYPE-PERP	95.212	0.0094	pay 0.0012% / 1h	53m 40s	$79K	$136K	20x
Short	Bitget HYPEUSDT	95.178	0.0020	get 0.0010% / 4h	1h 53m	$228.8M	$86.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Bluefin. 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 BluefinbpFee BitgetbpOrdersPrice spread, now −0.036%Rate

Funding earned: −$15.48
Price spread: −0.036% → −0.010%: −$2.59
Slippage, 4 orders: −$31.65
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$68.72
Costs to cover: 0.507%
Break-even: never at this rate

Slippage from Bluefin: live order book, 58 min ago; Bitget: 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 Bluefin live order book, 58 min ago	5.06 bp	16.5 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	0.05 bp	9.3 bp −$9	13.4 bp −$134	doesn't fit	doesn't fit

HYPE on 54 exchanges

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	−0.1272%	1h	95.275	+0.066%	$213K	$261K	7x	as long as short
Phemex HYPEUSDT	−0.0283%	8h	95.208	−0.004%	$13.0M	$2.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0251%	1h	95.218	+0.006%	$18.5M	$35.2M	50x	as long as short
Bullet HYPE-USD	−0.0146%	1h	95.222	+0.011%	$114K	$581K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0135%	1h	95.258	+0.049%	$22K	$17K	10x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.220	+0.008%	$1.1M	$2.4M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0124%	1h	95.160	−0.055%	$690K	$1.3M	10x	as long as short
Lighter HYPE	−0.0096%	1h	95.147	−0.068%	$16.3M	$57.5M	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	95.218	+0.006%	$92K	$337K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.191	−0.022%	$3K	$331	25x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0072%	4h	95.180	−0.034%	$54.7M	$53.1M	75x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.250	+0.040%	$4.7M	$5.6M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0040%	4h	95.180	−0.034%	$148K	$643K	20x	as long as short
Aster HYPEUSDT	−0.0031%	4h	95.163	−0.052%	$9.0M	$32.9M	300x	as long as short
OKX HYPE-USDT-SWAP	−0.0011%	8h	95.146	−0.069%	$119.2M	$303.0M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	95.259	+0.049%	$129K	$94K	5x	as long as short
Perpl HYPE	0.0000%	43m	95.197	−0.015%	$24K	$251K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.248	+0.037%	$100K	—	150x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0012%	1h	95.297	+0.089%	$7.5M	$4.3M	50x	as long as short
Phoenix HYPE	+0.0017%	1h	95.333	+0.127%	$201K	$1.1M	10x	as long as short
Bitget HYPEUSDTshort	+0.0020%	4h	95.178	−0.036%	$228.8M	$86.9M	75x
Popdex HYPEUSDT	+0.0024%	1h	95.218	+0.006%	$274K	$1.0M	50x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	95.161	−0.054%	$320.6M	$266.4M	75x	as long as short
SoDEX HYPE-USD	+0.0049%	1h	95.202	−0.011%	$2.1M	$373K	10x	as long as short
Bulk HYPE-USD	+0.0074%	1h	95.269	+0.060%	$232K	$12K	10x	as long as short
Paradex HYPE-USD-PERP	+0.0075%	8h	95.170	−0.045%	$340K	$35K	20x	as long as short
Binance HYPEUSDT	+0.0092%	4h	95.155	−0.060%	$382.6M	$856.4M	75x	as long as short
edgeX HYPEUSDC	+0.0092%	4h	95.253	+0.043%	$5.1M	$29.1M	30x	as long as short
Vest HYPE-PERP	+0.0093%	1h	95.297	+0.089%	—	$80K	5x	as long as short
Bluefin HYPE-PERPlong	+0.0094%	1h	95.212	long leg	$79K	$136K	20x
MEXC HYPE_USDT	+0.0094%	4h	95.156	−0.059%	$90.6M	$83.0M	100x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.179	−0.035%	$3.3M	$10.0M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.200	−0.013%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.215	+0.003%	$7.3M	$51.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.295	+0.087%	$2.11B	$645.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.191	−0.022%	$10.3M	$13.3M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.175	−0.039%	$48.1M	$17.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	95.197	−0.016%	—	$49.4M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.242	+0.032%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.251	+0.041%	$30.0M	$53.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.301	+0.093%	$7.7M	$39.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.191	−0.022%	$347K	$883K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.269	+0.060%	$693K	$2.8M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.252	+0.042%	$504K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.291	+0.083%	$33K	$1.4M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.326	+0.120%	$1.4M	$5.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.174	−0.040%	$18.4M	$39.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.219	+0.008%	$403K	$130K	20x	as long as short
Kalshi KXHYPEPERP	+0.0125%	8h	95.316	+0.109%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.261	+0.052%	$3.2M	$5.5M	20x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	95.188	−0.026%	$85K	$100K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	95.243	+0.032%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0338%	4h	95.266	+0.057%	$17.3M	$11.5M	75x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.400	+0.197%	$31K	$334K	12x	as long as short