Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0552%/8h= +60.5% APRpaid last 24h −0.036%

Price spread now: Bybit against Bluefin+0.016%7-day average −0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$420.423% of the position

Long on Bluefin Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.053%+$5 on $10k

Price spread, last 4 days (all we have)+0.123%+$12 · spread now +0.016%, 7d avg −0.016%

Together, before fees+0.176%+$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$17 a day on $10k at the current rate, and Bybit is 0.032% dearer against Bluefin than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.016%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.053% in total (about 2.8% 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	Bluefin HYPE-PERP	94.895	−0.0562	get 0.0070% / 1h	22m 01s	$80K	$149K	20x
Short	Bybit HYPEUSDT	94.910	−0.0010	pay 0.0010% / 8h	7h 22m	$319.9M	$293.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.016%Rate

Funding earned: $115.94
Price spread: +0.016% → −0.016%: $3.17
Slippage, 4 orders: −$24.31
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $76.8
Costs to cover: 0.423%
Break-even: 2.4 days

Slippage from Bluefin: live order book, 12 min ago; Bybit: 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 Bluefin live order book, 12 min ago	4.08 bp	15.4 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.53 bp	6.7 bp −$7	8.9 bp −$89	17.7 bp −$1,773	36.8 bp −$18.4K

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	−0.0816%	1h	94.764	−0.138%	$211K	$267K	7x	as long as short
Bluefin HYPE-PERPlong	−0.0562%	1h	94.895	long leg	$80K	$149K	20x
Aftermath Perps HYPEUSD	−0.0299%	1h	94.573	−0.339%	$22K	$20K	10x	as long as short
Phemex HYPEUSDT	−0.0259%	8h	94.872	−0.024%	$12.9M	$2.9M	50x	as long as short
Bullet HYPE-USD	−0.0243%	1h	94.918	+0.024%	$113K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0156%	1h	94.570	−0.342%	$702K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	94.866	−0.031%	$90K	$364K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.870	−0.026%	$1.0M	$3.3M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.838	−0.060%	$3K	$331	25x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.900	+0.005%	$18.9M	$35.6M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDTshort	−0.0010%	8h	94.910	+0.016%	$319.9M	$293.6M	75x
Orderly PERP_HYPE_USDC	−0.0007%	4h	94.927	+0.034%	$147K	$676K	20x	as long as short
Gate HYPE_USDT	−0.0002%	4h	94.926	+0.033%	$52.0M	$55.5M	75x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.826	−0.073%	$130K	$92K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.983	+0.093%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.956	+0.064%	$19K	$275K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.947	+0.055%	$85K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.372	−0.551%	$209K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0010%	1h	94.160	−0.774%	$16.3M	$7.5M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.900	+0.005%	$4.7M	$5.9M	50x	as long as short
Bitget HYPEUSDT	+0.0032%	4h	94.944	+0.052%	$228.1M	$97.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0039%	1h	94.905	+0.011%	$7.6M	$10.4M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0040%	8h	94.925	+0.032%	$118.4M	$328.4M	50x	as long as short
Vest HYPE-PERP	+0.0042%	1h	94.945	+0.052%	—	$190K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0042%	8h	94.923	+0.029%	$339K	$39K	20x	as long as short
SoDEX HYPE-USD	+0.0058%	1h	94.922	+0.028%	$2.1M	$2.0M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.915	+0.021%	$16.3M	$63.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.918	+0.024%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.891	−0.004%	$150K	$1.2M	50x	as long as short
edgeX HYPEUSDC	+0.0097%	4h	94.374	−0.549%	$5.0M	$30.8M	30x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.880	−0.016%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.873	−0.023%	$7.2M	$51.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.056	+0.170%	$2.09B	$672.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.909	+0.015%	$9.0M	$38.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.905	+0.011%	$10.2M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.940	+0.048%	$381.7M	$930.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.213	−0.718%	$219K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.950	+0.058%	$97.4M	$87.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.938	+0.045%	$47.4M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.919	+0.025%	—	$52.6M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	94.267	−0.662%	$29.8M	$56.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.416	−0.505%	$7.6M	$44.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.358	−0.566%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.612	−0.298%	$691K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.962	+0.071%	$501K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.914	+0.020%	$33K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.001	+0.112%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.884	−0.012%	$18.3M	$42.9M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.972	+0.081%	$401K	$148K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.927	+0.034%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.290%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0161%	1h	95.009	+0.120%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.882	−0.014%	$83K	$105K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	94.895	0.000%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.864	−0.033%	$17.4M	$12.5M	75x	as long as short