Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0215%/8h= +23.6% APRpaid last 24h +0.089%

Price spread now: BloFin against OKX+0.069%7-day average +0.026% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$250.252% of the position

Long on OKX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.533%+$53 on $10k

Price spread, last 3 days (all we have)−0.134%−$13 · spread now +0.069%, 7d avg +0.026%

Together, before fees+0.399%+$40 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and BloFin is 0.043% dearer against OKX than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.026%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX HYPE-USDT-SWAP	94.146	0.0100	pay 0.0100% / 8h	44m 46s	$116.0M	$319.5M	50x
Short	BloFin HYPE-USDT	94.211	0.0315	get 0.0158% / 4h	44m 46s	$17.0M	$12.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against OKX. 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 OKXbpFee BloFinbpOrdersPrice spread, now +0.069%Rate

Funding earned: $45.24
Price spread: +0.069% → +0.026%: $4.29
Slippage, 4 orders: −$3.17
Fee OKX: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: $24.36
Costs to cover: 0.252%
Break-even: 3.2 days

Slippage from OKX: live order book, 4 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 OKX live order book, 4 min ago	0.05 bp	5.6 bp −$6	7.2 bp −$72	15.5 bp −$1,547	doesn't fit
Sell BloFin live order book, 4 min ago	0.43 bp	6.4 bp −$6	8.3 bp −$83	13.8 bp −$1,382	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	−0.0600%	1h	94.204	+0.061%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0438%	1h	94.104	−0.045%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	94.132	−0.015%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.203	+0.061%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.166	+0.021%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.205	+0.063%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.237	+0.097%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	94.301	+0.165%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0012%	4h	94.196	+0.053%	$165K	$552K	20x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	94.143	−0.003%	$324.7M	$281.8M	75x	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	+0.0035%	1h	94.150	+0.004%	$705K	$909K	10x	as long as short
Aster HYPEUSDT	+0.0044%	4h	94.189	+0.046%	$8.9M	$35.9M	300x	as long as short
Phemex HYPEUSDT	+0.0054%	8h	94.184	+0.040%	$12.8M	$2.6M	50x	as long as short
01 Exchange HYPEUSD	+0.0056%	1h	94.216	+0.074%	$87K	$364K	20x	as long as short
Gate HYPE_USDT	+0.0074%	4h	94.170	+0.025%	$44.3M	$58.4M	75x	as long as short
MEXC HYPE_USDT	+0.0078%	4h	94.166	+0.021%	$88.9M	$81.1M	100x	as long as short
Binance HYPEUSDT	+0.0079%	4h	94.155	+0.010%	$385.8M	$889.7M	75x	as long as short
edgeX HYPEUSDC	+0.0079%	4h	94.119	−0.028%	$5.1M	$29.8M	30x	as long as short
Derive HYPE-PERP	+0.0095%	1h	94.174	+0.029%	$16.5M	$6.9M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.189	+0.045%	$19.1M	$59.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.191	+0.048%	$3.1M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.205	+0.063%	$64K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.210	+0.068%	$342K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.240	+0.100%	$30K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.204	+0.062%	$5.8M	$44.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.235	+0.094%	$10.2M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAPlong	+0.0100%	8h	94.146	long leg	$116.0M	$319.5M	50x
Bulk HYPE-USD	+0.0100%	1h	94.095	−0.054%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.182	+0.038%	$47.2M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.155	+0.010%	$228.0M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.159	+0.014%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.216	+0.074%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.203	+0.061%	$31.9M	$53.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.151	+0.006%	$7.6M	$45.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.196	+0.053%	$336K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.199	+0.056%	$681K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.247	+0.107%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.236	+0.096%	$486K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	94.216	+0.074%	$113K	$577K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.199	+0.056%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.200	+0.057%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.201	+0.058%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.160	+0.015%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.144	−0.003%	$18.7M	$42.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.238	+0.098%	$401K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0126%	8h	94.267	+0.129%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.210	+0.068%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0231%	4h	94.360	+0.227%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	94.202	+0.059%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.259	+0.120%	$2.8M	$6.9M	20x	as long as short
BloFin HYPE-USDTshort	+0.0315%	4h	94.211	+0.069%	$17.0M	$12.4M	75x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	94.233	+0.093%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0387%	1h	94.310	+0.174%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0575%	1h	94.297	+0.160%	$21.1M	$29.2M	50x	as long as short
Hyperliquid HYPE	+0.0589%	1h	94.255	+0.116%	$2.05B	$668.1M	10x	as long as short