Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0420%/8h= +46.0% APRpaid last 24h +0.112%

Price spread now: BloFin against Hotstuff−0.032%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hotstuff Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Funding pays, the price is against you. BloFin is 0.032% cheaper against Hotstuff than usual: you would sell low and buy high (spread −0.032% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 6 hours of funding at the current rate (+$13 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff HYPE-PERP	92.789	−0.0080	get 0.0010% / 1h	24m 16s	$3K	$331	25x
Short	BloFin HYPE-USDT	92.759	0.0340	get 0.0170% / 4h	3h 24m	$16.7M	$11.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Hotstuff. 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 HotstuffbpFee BloFinbpOrdersPrice spread, now −0.032%Rate

Funding earned: $88.2
Price spread: −0.032% → 0.000%: −$3.23
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee BloFin: 6 bp × 2 orders: −$12
Net: $67.97
Costs to cover: 0.170%
Break-even: 1.6 days

Slippage unknown: Hotstuff: no order-book sample; BloFin: live order book, 10 min ago. Net counts fees only.

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 Hotstuff no order-book sample	—	—	—	—	—
Sell BloFin live order book, 10 min ago	0.32 bp	6.5 bp −$7	8.1 bp −$81	16.0 bp −$1,604	doesn't fit

Hotstuff: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1656%	1h	92.636	−0.165%	$193K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0313%	1h	92.829	+0.043%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.715	−0.080%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERPlong	−0.0080%	1h	92.789	long leg	$3K	$331	25x
Orderly PERP_HYPE_USDC	−0.0061%	4h	92.729	−0.065%	$145K	$681K	20x	as long as short
Bullet HYPE-USD	−0.0001%	1h	92.745	−0.048%	$112K	$577K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.827	+0.041%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.772	−0.019%	$22K	$293K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.770	−0.021%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0008%	1h	92.740	−0.053%	$698K	$1.1M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	+0.0026%	1h	92.921	+0.142%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.730	−0.064%	$315.3M	$282.8M	75x	as long as short
01 Exchange HYPEUSD	+0.0032%	1h	92.752	−0.040%	$86K	$364K	20x	as long as short
Popdex HYPEUSDT	+0.0048%	1h	92.745	−0.047%	$70K	$1.1M	50x	as long as short
Bitget HYPEUSDT	+0.0048%	4h	92.725	−0.069%	$224.5M	$99.1M	75x	as long as short
Phemex HYPEUSDT	+0.0053%	8h	92.740	−0.053%	$12.5M	$2.7M	50x	as long as short
Gate HYPE_USDT	+0.0064%	4h	92.719	−0.075%	$45.1M	$54.3M	75x	as long as short
edgeX HYPEUSDC	+0.0092%	4h	92.837	+0.051%	$4.9M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.740	−0.052%	$16.0M	$62.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.743	−0.050%	$3.1M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	92.772	−0.019%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.740	−0.053%	$34K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.735	−0.058%	$7.4M	$46.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.772	−0.018%	$2.02B	$665.2M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	92.736	−0.057%	$8.7M	$36.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	92.778	−0.012%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.727	−0.067%	$372.9M	$905.5M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.731	−0.063%	$113.8M	$303.4M	50x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.727	−0.067%	$91.4M	$81.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.739	−0.054%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.730	−0.064%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.754	−0.038%	$7.2M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.768	−0.023%	$28.5M	$57.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.886	+0.105%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.846	+0.061%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.813	+0.026%	$667K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.801	+0.013%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.780	−0.010%	$482K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.737	−0.056%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.734	−0.060%	$16.0M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.786	−0.003%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.728	−0.066%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.900	+0.120%	$1.4M	$6.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.770	−0.020%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.710	−0.086%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.724	−0.070%	$392K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.780	−0.010%	$4.7M	$5.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0145%	8h	92.798	+0.010%	$1.8M	$5.4M	2.3x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.802	+0.014%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.750	−0.042%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0266%	1h	92.737	−0.056%	$79K	$131K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0310%	1h	92.829	+0.043%	$7.5M	$4.5M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.770	−0.020%	$1.4M	—	100x	as long as short
BloFin HYPE-USDTshort	+0.0340%	4h	92.759	−0.032%	$16.7M	$11.6M	75x
RISEx HYPE/USDC	+0.0598%	1h	92.811	+0.024%	$3.1M	$6.4M	20x	as long as short