Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.1284%/8h= +140.6% APRpaid last 24h +0.304%

Price spread now: BloFin against Hibachi+0.116%47s7-day average +0.085% · you sell dearer than you buy

Net, funding: paid 7d − costs+$146as 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−$700.696% of the position

Long on Hibachi Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+2.154%+$215 on $10k

Price spread, last 4 days (all we have)−0.130%−$13 · spread now +0.116%, 7d avg +0.085%

Together, before fees+2.024%+ Points / potential airdropHibachi: Active · farm board+$202 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$39 a day on $10k at the current rate, and BloFin is 0.031% dearer against Hibachi than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.085%. The two prices were read 47 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	Hibachi HYPE/USDT-P	92.689	−0.0944	get 0.0118% / 1h	44m 30s	$193K	$229K	7x
Short	BloFin HYPE-USDT	92.796	0.0340	get 0.0170% / 4h	3h 44m	$16.7M	$11.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Hibachi. 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 HibachibpFee BloFinbpOrdersPrice spread, now +0.116%Rate

Funding earned: $269.64
Price spread: +0.116% → +0.085%: $3.11
Slippage, 4 orders: −$48.58
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: $203.17
Costs to cover: 0.696%
Break-even: 1.7 days

Slippage from Hibachi: live order book, 9 min ago; BloFin: 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 Hibachi live order book, 9 min ago	9.25 bp	43.2 bp −$43	60.9 bp −$609	doesn't fit	doesn't fit
Sell BloFin live order book, 4 min ago	0.11 bp	6.5 bp −$7	9.1 bp −$91	17.1 bp −$1,707	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-Plong	−0.0944%	1h	92.689	long leg	$193K	$229K	7x
Aftermath Perps HYPEUSD	−0.0266%	1h	92.851	+0.175%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.857	+0.181%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.870	+0.195%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0062%	4h	92.875	+0.201%	$158K	$667K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.854	+0.179%	$127K	$29K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	92.906	+0.234%	$1.8M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	92.912	+0.241%	$22K	$301K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.937	+0.267%	$62K	—	150x	as long as short
Bullet HYPE-USD	+0.0004%	1h	92.878	+0.204%	$112K	$578K	20x	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	+0.0023%	1h	92.820	+0.142%	$698K	$1.1M	10x	as long as short
Phoenix HYPE	+0.0026%	1h	92.899	+0.227%	$210K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0026%	4h	92.875	+0.201%	$44.8M	$53.8M	75x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.900	+0.228%	$316.2M	$282.7M	75x	as long as short
Phemex HYPEUSDT	+0.0051%	8h	92.884	+0.211%	$12.5M	$2.7M	50x	as long as short
01 Exchange HYPEUSD	+0.0056%	1h	92.936	+0.267%	$87K	$362K	20x	as long as short
Bitget HYPEUSDT	+0.0074%	4h	92.898	+0.226%	$225.0M	$99.1M	75x	as long as short
Popdex HYPEUSDT	+0.0088%	1h	92.908	+0.236%	$70K	$1.1M	50x	as long as short
Aster HYPEUSDT	+0.0090%	4h	92.902	+0.230%	$8.7M	$36.1M	300x	as long as short
Lighter HYPE	+0.0096%	1h	92.874	+0.200%	$16.1M	$62.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.880	+0.206%	$3.1M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	92.890	+0.217%	$339K	$163K	20x	as long as short
edgeX HYPEUSDC	+0.0099%	4h	92.872	+0.198%	$4.9M	$29.6M	30x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.910	+0.239%	$39K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.853	+0.178%	$7.4M	$45.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.946	+0.277%	$2.03B	$665.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.895	+0.223%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.905	+0.233%	$373.6M	$904.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.911	+0.240%	$113.9M	$304.5M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.942	+0.273%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.909	+0.238%	$87.3M	$80.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.922	+0.252%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.907	+0.235%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.880	+0.206%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.879	+0.205%	$28.6M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.944	+0.275%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.852	+0.176%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.859	+0.184%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.941	+0.272%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.928	+0.258%	$468K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.849	+0.173%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.829	+0.152%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.805	+0.125%	$31K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.868	+0.193%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.870	+0.195%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.870	+0.195%	$393K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.880	+0.206%	$4.7M	$5.6M	50x	as long as short
HTX HYPE-USDT	+0.0164%	4h	93.064	+0.405%	$1.4M	$6.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.930	+0.260%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.740	+0.055%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0264%	1h	92.905	+0.233%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.914	+0.243%	$1.4M	—	100x	as long as short
BloFin HYPE-USDTshort	+0.0340%	4h	92.796	+0.116%	$16.7M	$11.6M	75x
Deribit HYPE_USDC-PERPETUAL	+0.0407%	1h	92.954	+0.286%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.957	+0.289%	$3.1M	$6.4M	20x	as long as short