Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0295%/8h= +32.3% APRpaid last 24h +0.079%

Price spread now: BloFin against Bybit+0.079%72s7-day average +0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs+$23as in the Funding arb table

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

costs, in and out, $10k−$290.293% of the position

Long on Bybit Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.522%+$52 on $10k

Price spread, last 4 days (all we have)−0.189%−$19 · spread now +0.079%, 7d avg +0.032%

Together, before fees+0.333%+$33 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and BloFin is 0.047% dearer against Bybit than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.032%. The two prices were read 72 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HYPEUSDT	92.660	0.0045	pay 0.0045% / 8h	4h 15m	$316.4M	$281.3M	75x
Short	BloFin HYPE-USDT	92.733	0.0340	get 0.0170% / 4h	15m 57s	$16.7M	$11.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Bybit. 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 BybitbpFee BloFinbpOrdersPrice spread, now +0.079%Rate

Funding earned: $61.95
Price spread: +0.079% → +0.032%: $4.72
Slippage, 4 orders: −$6.27
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee BloFin: 6 bp × 2 orders: −$12
Net: $37.4
Costs to cover: 0.293%
Break-even: 2.8 days

Slippage from Bybit: live order book, 3 min ago; BloFin: live order book, 3 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 Bybit live order book, 3 min ago	0.54 bp	6.0 bp −$6	7.4 bp −$74	16.5 bp −$1,651	51.1 bp −$25.6K
Sell BloFin live order book, 3 min ago	0.97 bp	7.8 bp −$8	9.8 bp −$98	14.6 bp −$1,458	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	92.663	+0.003%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0256%	1h	92.657	−0.003%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0246%	1h	92.707	+0.051%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.724	+0.069%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	92.678	+0.019%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	92.740	+0.086%	$86K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.770	+0.119%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.707	+0.051%	$22K	$304K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.725	+0.070%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0028%	8h	92.728	+0.073%	$12.5M	$2.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0033%	1h	92.660	0.000%	$697K	$1.1M	10x	as long as short
BingX HYPE-USDT	+0.0038%	4h	92.685	+0.027%	—	$53.4M	—	as long as short
Bullet HYPE-USD	+0.0041%	1h	92.678	+0.019%	$110K	$578K	20x	as long as short
Phoenix HYPE	+0.0043%	1h	92.817	+0.169%	$210K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0044%	4h	92.679	+0.021%	$8.7M	$36.2M	300x	as long as short
Bybit HYPEUSDTlong	+0.0045%	8h	92.660	long leg	$316.4M	$281.3M	75x
OKX HYPE-USDT-SWAP	+0.0090%	8h	92.679	+0.021%	$113.6M	$303.7M	50x	as long as short
Gate HYPE_USDT	+0.0090%	4h	92.697	+0.040%	$44.5M	$55.3M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	92.737	+0.084%	$338K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.709	+0.053%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.713	+0.057%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.709	+0.053%	$69K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.710	+0.054%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.709	+0.052%	$7.1M	$45.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.733	+0.079%	$2.02B	$663.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.741	+0.087%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.705	+0.049%	$372.4M	$903.2M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.685	+0.027%	$87.3M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.678	+0.019%	$45.8M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.713	+0.057%	$224.4M	$98.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.681	+0.023%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.669	+0.009%	$28.7M	$57.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.808	+0.160%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.760	+0.108%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.701	+0.044%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.769	+0.118%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.729	+0.074%	$469K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.677	+0.018%	$78K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.691	+0.033%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.702	+0.045%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.704	+0.047%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.875	+0.232%	$1.4M	$6.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.701	+0.045%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.654	−0.006%	$18.1M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.707	+0.051%	$392K	$164K	20x	as long as short
edgeX HYPEUSDC	+0.0110%	4h	92.754	+0.101%	$5.0M	$29.6M	30x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.367%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.750	+0.097%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0236%	8h	92.830	+0.183%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.703	+0.046%	$79K	$132K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.706	+0.050%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0332%	1h	92.771	+0.120%	$20.6M	$30.5M	50x	as long as short
BloFin HYPE-USDTshort	+0.0340%	4h	92.733	+0.079%	$16.7M	$11.6M	75x
Deribit HYPE_USDC-PERPETUAL	+0.0354%	1h	92.793	+0.144%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.778	+0.127%	$3.2M	$6.4M	20x	as long as short