Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0070%/8h= +7.6% APRpaid last 24h +0.085%

Price spread now: BloFin against Coinbase International−0.062%7-day average +0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs+$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$280.284% of the position

Long on Coinbase International Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.565%+$56 on $10k

Price spread, last 3 days (all we have)+0.041%+$4 · spread now −0.062%, 7d avg +0.035%

Together, before fees+0.605%+$61 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.096% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.062% now, against its 7-day average of +0.035%). If the spread goes back, that is −$10 on $10k: about 4.6 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.565% in total) that is about 29 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International HYPE-PERP-INTX	93.980	0.0152	pay 0.0019% / 1h	18m 24s	$4.9M	$5.7M	50x
Short	BloFin HYPE-USDT	93.922	0.0222	get 0.0111% / 4h	18m 24s	$17.0M	$12.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Coinbase International. 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 Coinbase InternationalbpFee BloFinbpOrdersPrice spread, now −0.062%Rate

Funding earned: $14.63
Price spread: −0.062% → +0.035%: −$9.65
Slippage, 4 orders: −$6.37
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$23.38
Costs to cover: 0.284%
Break-even: 18.2 days

Slippage from Coinbase International: live order book, 6 min ago; BloFin: live order book, 6 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 Coinbase International live order book, 6 min ago	0.54 bp	7.9 bp −$8	15.7 bp −$157	39.2 bp −$3,919	doesn't fit
Sell BloFin live order book, 6 min ago	0.11 bp	6.2 bp −$6	8.1 bp −$81	14.0 bp −$1,402	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	−0.1056%	1h	93.778	−0.215%	$198K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0405%	1h	93.752	−0.243%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.780	−0.213%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.887	−0.099%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0078%	1h	93.710	−0.287%	$704K	$913K	10x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.846	−0.143%	$86K	$368K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.923	−0.061%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.880	−0.107%	$23K	$329K	10x	as long as short
Orderly PERP_HYPE_USDC	0.0000%	4h	93.895	−0.090%	$168K	$586K	20x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.902	−0.083%	$26K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	+0.0009%	1h	93.610	−0.394%	$216K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0019%	4h	93.906	−0.079%	$8.9M	$36.0M	300x	as long as short
Bybit HYPEUSDT	+0.0020%	8h	93.880	−0.106%	$322.8M	$283.8M	75x	as long as short
Derive HYPE-PERP	+0.0030%	1h	93.878	−0.109%	$16.4M	$7.1M	10x	as long as short
MEXC HYPE_USDT	+0.0054%	4h	93.862	−0.126%	$88.7M	$82.0M	100x	as long as short
Phemex HYPEUSDT	+0.0054%	8h	93.913	−0.071%	$12.8M	$2.6M	50x	as long as short
Binance HYPEUSDT	+0.0059%	4h	93.880	−0.106%	$383.3M	$897.0M	75x	as long as short
edgeX HYPEUSDC	+0.0070%	4h	93.483	−0.529%	$5.1M	$29.7M	30x	as long as short
Gate HYPE_USDT	+0.0076%	4h	93.874	−0.113%	$44.1M	$59.8M	75x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	93.854	−0.134%	$59K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.927	−0.056%	$18.9M	$60.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.906	−0.079%	$3.0M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.936	−0.047%	$400K	$318K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0098%	8h	93.880	−0.106%	$115.9M	$322.2M	50x	as long as short
Bullet HYPE-USD	+0.0098%	1h	93.870	−0.117%	$113K	$577K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.897	−0.088%	$341K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.830	−0.160%	$26K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.900	−0.085%	$5.7M	$44.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.899	−0.087%	$10.1M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.820	−0.170%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.868	−0.119%	$46.5M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.861	−0.127%	$227.3M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.870	−0.117%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.963	−0.018%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.672	−0.327%	$31.1M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.549	−0.459%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.489	−0.522%	$358K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.896	−0.089%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.900	−0.085%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.884	−0.102%	$471K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.929	−0.054%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.965	−0.016%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.928	−0.055%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.458%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.848	−0.141%	$18.3M	$42.9M	50x	as long as short
Hyperliquid HYPE	+0.0114%	1h	93.919	−0.065%	$2.04B	$679.2M	10x	as long as short
Kalshi KXHYPEPERP	+0.0140%	8h	93.917	−0.067%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTXlong	+0.0152%	1h	93.980	long leg	$4.9M	$5.7M	50x
HTX HYPE-USDT	+0.0203%	4h	94.050	+0.074%	$1.5M	$7.8M	75x	as long as short
BloFin HYPE-USDTshort	+0.0222%	4h	93.922	−0.062%	$17.0M	$12.6M	75x
Reya HYPERUSDPERP	+0.0249%	1h	93.843	−0.146%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.921	−0.062%	$2.8M	$6.9M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0163%	1h	93.901	−0.084%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0346%	1h	94.019	+0.041%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0577%	1h	94.025	+0.048%	$21.0M	$29.5M	50x	as long as short