Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0219%/8h= −24.0% APRpaid last 24h −0.004%

Price spread now: BloFin against RISEx−0.040%7-day average −0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$210.211% of the position

Long on RISEx Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.111%+$11 on $10k

Price spread, last 4 days (all we have)−0.001%$0 · spread now −0.040%, 7d avg −0.016%

Together, before fees+0.109%+$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and BloFin is 0.024% cheaper against RISEx than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.016%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.111%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx HYPE/USDC	93.553	0.0559	pay 0.0070% / 1h	42m 19s	$3.2M	$6.4M	20x
Short	BloFin HYPE-USDT	93.516	0.0340	get 0.0170% / 4h	1h 42m	$16.9M	$12.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against RISEx. 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 RISExbpFee BloFinbpOrdersPrice spread, now −0.040%Rate

Funding earned: −$46
Price spread: −0.040% → −0.016%: −$2.43
Slippage, 4 orders: −$3.11
Fee RISEx: 3 bp × 2 orders: −$6
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$69.53
Costs to cover: 0.211%
Break-even: never at this rate

Slippage from RISEx: live order book, 2 min ago; BloFin: live order book, 7 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 RISEx live order book, 2 min ago	0.80 bp	3.8 bp −$4	5.2 bp −$52	doesn't fit	doesn't fit
Sell BloFin live order book, 7 min ago	0.43 bp	6.7 bp −$7	9.1 bp −$91	16.9 bp −$1,689	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	−0.1080%	1h	93.575	+0.023%	$198K	$241K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0222%	1h	93.677	+0.132%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0130%	1h	93.470	−0.089%	$705K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.505	−0.052%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0075%	1h	93.502	−0.055%	$111K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.561	+0.008%	$86K	$370K	20x	as long as short
Bluefin HYPE-PERP	−0.0030%	1h	93.542	−0.012%	$79K	$155K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0022%	4h	93.495	−0.062%	$145K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.525	−0.030%	$128K	$28K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.632	+0.084%	$1.8M	$5.6M	2.3x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.499	−0.058%	$20K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.550	−0.004%	$83K	—	150x	as long as short
BingX HYPE-USDT	+0.0004%	4h	93.513	−0.043%	—	$53.7M	—	as long as short
Bybit HYPEUSDT	+0.0005%	8h	93.500	−0.057%	$315.7M	$288.7M	75x	as long as short
Derive HYPE-PERP	+0.0013%	1h	93.471	−0.088%	$16.3M	$7.4M	10x	as long as short
Phoenix HYPE	+0.0017%	1h	93.654	+0.108%	$209K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	93.521	−0.035%	$225.4M	$99.6M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0077%	8h	93.536	−0.019%	$334K	$161K	20x	as long as short
Phemex HYPEUSDT	+0.0082%	8h	93.540	−0.014%	$12.8M	$2.8M	50x	as long as short
edgeX HYPEUSDC	+0.0082%	4h	93.576	+0.024%	$5.0M	$30.6M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.486	−0.072%	$1.0M	$4.0M	10x	as long as short
Popdex HYPEUSDT	+0.0088%	1h	93.510	−0.046%	$78K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.509	−0.048%	$16.1M	$63.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.508	−0.049%	$3.1M	$11.1M	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.490	−0.068%	$22K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.499	−0.058%	$7.4M	$51.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.597	+0.047%	$2.05B	$683.1M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.517	−0.039%	$8.8M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.537	−0.018%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.521	−0.035%	$374.8M	$931.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.511	−0.045%	$115.5M	$315.8M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.515	−0.041%	$48.3M	$55.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.506	−0.051%	$89.6M	$83.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.503	−0.054%	$46.2M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.520	−0.036%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.579	+0.027%	$28.6M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.664	+0.118%	$7.5M	$48.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.589	+0.038%	$347K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.611	+0.062%	$678K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.575	+0.024%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.514	−0.042%	$469K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.559	+0.006%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.517	−0.039%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.650	+0.103%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.507	−0.049%	$216K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.471	−0.088%	$18.2M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.524	−0.031%	$395K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.600	+0.050%	$4.7M	$6.1M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.450	−0.111%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.479	−0.080%	$77K	$130K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.556	+0.003%	$1.4M	—	100x	as long as short
BloFin HYPE-USDTshort	+0.0340%	4h	93.516	−0.040%	$16.9M	$12.2M	75x
Deribit HYPE_USDC-PERPETUAL	+0.0349%	1h	93.617	+0.068%	$7.4M	$4.2M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0415%	1h	93.603	+0.053%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDClong	+0.0559%	1h	93.553	long leg	$3.2M	$6.4M	20x