Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0441%/8h= +48.3% APRpaid last 24h −0.019%

Price spread now: KuCoin against Bluefin+0.032%7-day average +0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$450.446% of the position

Long on Bluefin Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.107%+$11 on $10k

Price spread, last 4 days (all we have)−0.013%−$1 · spread now +0.032%, 7d avg +0.002%

Together, before fees+0.094%+$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and KuCoin is 0.030% dearer against Bluefin than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.002%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.107% in total (about 5.6% 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	94.447	−0.0341	get 0.0043% / 1h	48m 25s	$80K	$154K	20x
Short	KuCoin HYPEUSDTM	94.477	0.0100	get 0.0050% / 4h	48m 25s	$47.1M	$18.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.032%Rate

Funding earned: $92.62
Price spread: +0.032% → +0.002%: $2.98
Slippage, 4 orders: −$25.58
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $51.02
Costs to cover: 0.446%
Break-even: 3.1 days

Slippage from Bluefin: live order book, 56 min ago; KuCoin: live order book, 11 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, 56 min ago	3.63 bp	13.6 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 11 min ago	0.11 bp	8.6 bp −$9	12.5 bp −$125	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
Hibachi HYPE/USDT-P	−0.1240%	1h	94.263	−0.195%	$201K	$250K	7x	as long as short
Bluefin HYPE-PERPlong	−0.0341%	1h	94.447	long leg	$80K	$154K	20x
Aftermath Perps HYPEUSD	−0.0136%	1h	94.384	−0.067%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0133%	1h	94.330	−0.124%	$711K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0119%	1h	94.479	+0.034%	$112K	$575K	20x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	94.532	+0.090%	$87K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.441	−0.006%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.486	+0.041%	$1.0M	$3.6M	10x	as long as short
Derive HYPE-PERP	−0.0026%	1h	94.425	−0.023%	$16.5M	$7.5M	10x	as long as short
Bybit HYPEUSDT	−0.0013%	8h	94.500	+0.056%	$317.8M	$289.5M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	−0.0012%	4h	94.498	+0.054%	—	$53.5M	—	as long as short
Orderly PERP_HYPE_USDC	−0.0002%	4h	94.453	+0.006%	$146K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.507	+0.064%	$130K	$60K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.584	+0.145%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.351	−0.102%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.502	+0.058%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.492	+0.048%	$117K	—	150x	as long as short
Bitget HYPEUSDT	+0.0038%	4h	94.531	+0.089%	$227.3M	$100.2M	75x	as long as short
Phemex HYPEUSDT	+0.0043%	8h	94.441	−0.006%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0059%	8h	94.517	+0.075%	$338K	$156K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.510	+0.067%	$4.7M	$6.2M	50x	as long as short
edgeX HYPEUSDC	+0.0084%	4h	94.405	−0.045%	$5.0M	$30.7M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0086%	8h	94.529	+0.087%	$117.8M	$324.7M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.494	+0.049%	$16.3M	$63.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.506	+0.062%	$3.2M	$10.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.504	+0.060%	$82K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.480	+0.035%	$29K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.495	+0.050%	$7.3M	$51.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.611	+0.174%	$2.08B	$689.5M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.510	+0.066%	$8.8M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.530	+0.087%	$10.2M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.533	+0.091%	$378.4M	$933.5M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.332	−0.122%	$218K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.495	+0.051%	$49.6M	$56.2M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.538	+0.096%	$90.8M	$82.4M	100x	as long as short
KuCoin HYPEUSDTMshort	+0.0100%	4h	94.477	+0.032%	$47.1M	$18.6M	75x
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.441	−0.006%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.347	−0.106%	$29.3M	$54.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.421	−0.028%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.418	−0.031%	$363K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.378	−0.073%	$682K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.558	+0.117%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.547	+0.106%	$496K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.544	+0.103%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.473	+0.028%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.603	+0.165%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.491	+0.047%	$18.3M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.526	+0.083%	$400K	$159K	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0131%	1h	94.561	+0.121%	$7.4M	$4.3M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0021%	1h	94.522	+0.079%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.400	−0.050%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0222%	1h	94.542	+0.100%	$20.3M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.535	+0.093%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.451	+0.004%	$83K	$123K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.464	+0.018%	$17.1M	$12.4M	75x	as long as short