Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.036%

Price spread now: Hyperliquid against Bulk+0.687%7-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+$48as in the Price arb table

costs, in and out, $10k−$190.190% of the position

Long on Bulk Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.060%+$6 on $10k

Price spread, last 4 days (all we have)−0.604%−$60 · spread now +0.687%, 7d avg +0.012%

Together, before fees−0.544%+ Points / potential airdropHyperliquid: Season 2 · farm board−$54 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.675% dearer against Bulk than usual: you sell high and buy low, +$67 on $10k if it goes back to its 7-day average of +0.012%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk HYPE-USD	93.358	0.0100	pay 0.0013% / 1h	20m 13s	$216K	$15K	10x
Short	Hyperliquid HYPE	93.999	0.0100	get 0.0013% / 1h	20m 13s	$2.05B	$669.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bulk. 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 BulkbpFee HyperliquidbpOrdersPrice spread, now +0.687%Rate

Funding earned: $0
Price spread: +0.687% → +0.012%: $67.48
Slippage, 4 orders: −$2.99
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $48.5
Costs to cover: 0.190%
Break-even: from the start

Slippage from Bulk: live order book, 29 min ago; Hyperliquid: 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 Bulk live order book, 29 min ago	0.53 bp	4.5 bp −$5	7.4 bp −$74	14.9 bp −$1,485	35.2 bp −$17.6K
Sell Hyperliquid live order book, 4 min ago	0.11 bp	4.8 bp −$5	6.6 bp −$66	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	−0.1392%	1h	93.393	+0.037%	$197K	$238K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0422%	1h	93.426	+0.073%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.930	+0.613%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0044%	1h	93.935	+0.618%	$112K	$581K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0019%	4h	93.885	+0.564%	$146K	$672K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.915	+0.596%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	93.976	+0.662%	$88K	$365K	20x	as long as short
Perpl HYPE	0.0000%	43m	93.934	+0.616%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.957	+0.642%	$62K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	93.911	+0.592%	$1.0M	$3.9M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDT	+0.0014%	4h	93.946	+0.630%	$226.7M	$99.1M	75x	as long as short
Bybit HYPEUSDT	+0.0018%	8h	93.873	+0.552%	$318.7M	$283.0M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.624	+0.285%	$208K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0029%	8h	93.881	+0.560%	$12.8M	$2.8M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0035%	1h	93.900	+0.580%	$704K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	93.211	−0.158%	$5.0M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	93.983	+0.669%	$342K	$157K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.924	+0.607%	$16.2M	$63.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.918	+0.600%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.936	+0.619%	$73K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.900	+0.580%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.948	+0.632%	$7.9M	$48.4M	10x	as long as short
Hyperliquid HYPEshort	+0.0100%	1h	93.999	+0.687%	$2.05B	$669.8M	10x
Aster HYPEUSDT	+0.0100%	4h	93.935	+0.618%	$8.8M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.941	+0.624%	$10.1M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.933	+0.616%	$376.7M	$915.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.897	+0.577%	$115.8M	$313.1M	50x	as long as short
Bulk HYPE-USDlong	+0.0100%	1h	93.358	long leg	$216K	$15K	10x
Gate HYPE_USDT	+0.0100%	4h	93.934	+0.617%	$47.3M	$54.6M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.907	+0.588%	$90.5M	$81.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.917	+0.599%	$46.4M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.943	+0.627%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.778	+0.450%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.699	+0.365%	$28.6M	$56.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.275	−0.089%	$7.5M	$47.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.227	−0.140%	$342K	$997K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.706	+0.373%	$670K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.946	+0.630%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.963	+0.648%	$482K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.953	+0.637%	$80K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.902	+0.583%	$16.2M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.967	+0.652%	$33K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.918	+0.600%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.051	+0.742%	$1.4M	$6.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.886	+0.565%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.939	+0.622%	$397K	$158K	20x	as long as short
Kalshi KXHYPEPERP	+0.0113%	8h	93.839	+0.515%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.620	+0.281%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.000	+0.688%	$4.6M	$5.8M	50x	as long as short
Reya HYPERUSDPERP	+0.0269%	1h	93.944	+0.627%	$80K	$127K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	93.948	+0.632%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0339%	1h	93.984	+0.671%	$21.0M	$29.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.730	+0.398%	$16.8M	$12.0M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0378%	1h	93.998	+0.685%	$7.5M	$4.1M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	94.000	+0.688%	$3.2M	$6.3M	20x	as long as short