Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0003%/8h= −0.4% APRpaid last 24h +0.034%

Price spread now: Bluefin against Bybit+0.004%7-day average +0.017% · you sell dearer than you buy

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$420.421% of the position

Long on Bybit Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.047%−$5 on $10k

Price spread, last 4 days (all we have)−0.028%−$3 · spread now +0.004%, 7d avg +0.017%

Together, before fees−0.076%−$8 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HYPEUSDT	93.640	0	get 0.0000% / 8h	1h 27m	$316.0M	$287.3M	75x
Short	Bluefin HYPE-PERP	93.644	−0.0003	pay 0.0000% / 1h	27m 16s	$79K	$155K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin 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 BluefinbpOrdersPrice spread, now +0.004%Rate

Funding earned: −$0.71
Price spread: +0.004% → +0.017%: −$1.3
Slippage, 4 orders: −$24.06
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$44.07
Costs to cover: 0.421%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Bluefin: live order book, 17 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, 2 min ago	0.54 bp	6.5 bp −$6	7.7 bp −$77	15.9 bp −$1,590	49.5 bp −$24.8K
Sell Bluefin live order book, 17 min ago	3.63 bp	14.9 bp −$15	doesn't fit	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	−0.0992%	1h	93.495	−0.155%	$198K	$238K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0189%	1h	93.552	−0.094%	$22K	$21K	10x	as long as short
BingX HYPE-USDT	−0.0100%	4h	93.656	+0.017%	—	$53.5M	—	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.616	−0.026%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0079%	1h	93.520	−0.128%	$703K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0070%	1h	93.656	+0.017%	$111K	$579K	20x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.704	+0.068%	$86K	$368K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0018%	4h	93.634	−0.006%	$145K	$683K	20x	as long as short
Bluefin HYPE-PERPshort	−0.0003%	1h	93.644	+0.004%	$79K	$155K	20x
dYdX HYPE-USD	0.0000%	1h	93.682	+0.044%	$128K	$26K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDTlong	0.0000%	8h	93.640	long leg	$316.0M	$287.3M	75x
Perpl HYPE	0.0000%	43m	93.667	+0.029%	$20K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.580	−0.064%	$83K	—	150x	as long as short
Derive HYPE-PERP	+0.0007%	1h	93.302	−0.361%	$16.2M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0017%	1h	93.623	−0.018%	$208K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0048%	4h	93.671	+0.033%	$225.7M	$99.4M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0077%	8h	93.687	+0.050%	$335K	$161K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.632	−0.009%	$1.0M	$4.0M	10x	as long as short
Phemex HYPEUSDT	+0.0093%	8h	93.566	−0.079%	$12.8M	$2.8M	50x	as long as short
edgeX HYPEUSDC	+0.0093%	4h	93.551	−0.095%	$5.0M	$30.5M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.651	+0.012%	$16.1M	$64.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.667	+0.029%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.667	+0.029%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.620	−0.021%	$21K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.643	+0.003%	$7.5M	$50.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.745	+0.112%	$2.05B	$682.5M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.665	+0.026%	$8.8M	$36.9M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.681	+0.044%	$10.1M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.673	+0.035%	$374.8M	$928.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.636	−0.004%	$115.6M	$314.6M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.653	+0.014%	$48.7M	$55.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.656	+0.017%	$90.3M	$84.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.666	+0.028%	$46.4M	$18.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.593	−0.050%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.449	−0.204%	$28.7M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.492	−0.158%	$7.5M	$48.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.566	−0.079%	$354K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.579	−0.065%	$678K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.700	+0.064%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.672	+0.034%	$470K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.725	+0.091%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.666	+0.028%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.691	+0.054%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.438	−0.215%	$216K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.635	−0.006%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.670	+0.032%	$396K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0105%	8h	93.630	−0.011%	$1.8M	$5.6M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.660	+0.021%	$4.7M	$6.1M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	93.597	−0.046%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.540	−0.107%	$30K	$339K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0230%	1h	93.754	+0.122%	$7.4M	$4.2M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.535	−0.112%	$77K	$129K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.572	−0.073%	$16.9M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0415%	1h	93.742	+0.108%	$20.9M	$29.5M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.700	+0.064%	$3.2M	$6.3M	20x	as long as short