Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0240%/8h= +26.3% APRpaid last 24h +0.060%

Price spread now: BloFin against ApeX Omni+0.089%7-day average +0.008% · you sell dearer than you buy

Net, funding: paid 7d − costs+$15as in the Funding arb table

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

costs, in and out, $10k−$320.322% of the position

Long on ApeX Omni Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.473%+$47 on $10k

Price spread, last 4 days (all we have)−0.097%−$10 · spread now +0.089%, 7d avg +0.008%

Together, before fees+0.375%+$38 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and BloFin is 0.081% dearer against ApeX Omni than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni HYPEUSDT	94.316	0.0100	pay 0.0013% / 1h	13m 59s	$370K	$1.0M	50x
Short	BloFin HYPE-USDT	94.400	0.0340	get 0.0170% / 4h	13m 59s	$17.1M	$12.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against ApeX Omni. 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 ApeX OmnibpFee BloFinbpOrdersPrice spread, now +0.089%Rate

Funding earned: $50.4
Price spread: +0.089% → +0.008%: $8.1
Slippage, 4 orders: −$10.25
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: $26.25
Costs to cover: 0.322%
Break-even: 3.4 days

Slippage from ApeX Omni: live order book, 5 min ago; BloFin: live order book, 5 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 ApeX Omni live order book, 5 min ago	2.86 bp	9.4 bp −$9	13.3 bp −$133	doesn't fit	doesn't fit
Sell BloFin live order book, 5 min ago	0.58 bp	7.3 bp −$7	9.2 bp −$92	16.3 bp −$1,629	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	−0.1688%	1h	94.413	+0.103%	$204K	$266K	7x	as long as short
Bluefin HYPE-PERP	−0.0393%	1h	94.455	+0.147%	$80K	$152K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0214%	1h	94.390	+0.078%	$712K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0182%	1h	94.463	+0.156%	$111K	$575K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0156%	1h	94.381	+0.069%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.463	+0.156%	$88K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.424	+0.115%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0048%	1h	94.403	+0.092%	$16.4M	$7.4M	10x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.433	+0.124%	$1.0M	$3.6M	10x	as long as short
Lighter HYPE	−0.0032%	1h	94.472	+0.165%	$16.4M	$64.6M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0019%	8h	94.450	+0.142%	$317.5M	$289.0M	75x	as long as short
BingX HYPE-USDT	−0.0018%	4h	94.452	+0.144%	—	$52.8M	—	as long as short
Orderly PERP_HYPE_USDC	−0.0009%	4h	94.447	+0.139%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.464	+0.157%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.538	+0.235%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.517	+0.213%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.463	+0.156%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.492	+0.187%	$124K	—	150x	as long as short
Polymarket Perps HYPE-USD	+0.0012%	1h	94.480	+0.174%	$498K	$2.8M	20x	as long as short
Bitget HYPEUSDT	+0.0024%	4h	94.450	+0.142%	$226.9M	$100.1M	75x	as long as short
Phemex HYPEUSDT	+0.0036%	8h	94.448	+0.140%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0037%	8h	94.490	+0.184%	$338K	$154K	20x	as long as short
Vest HYPE-PERP	+0.0043%	1h	94.511	+0.206%	—	$190K	5x	as long as short
SoDEX HYPE-USD	+0.0055%	1h	94.472	+0.165%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.470	+0.163%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	94.453	+0.145%	$117.8M	$325.6M	50x	as long as short
edgeX HYPEUSDC	+0.0083%	4h	94.437	+0.128%	$5.0M	$30.8M	30x	as long as short
Gate HYPE_USDT	+0.0094%	4h	94.467	+0.160%	$50.3M	$56.8M	75x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.472	+0.165%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.442	+0.134%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.440	+0.131%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.439	+0.131%	$7.2M	$52.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.542	+0.240%	$2.08B	$688.2M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.475	+0.168%	$8.9M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.470	+0.163%	$10.2M	$15.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.474	+0.168%	$378.8M	$933.0M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.307	−0.010%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.456	+0.148%	$89.8M	$84.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.455	+0.147%	$46.9M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.438	+0.129%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.390	+0.079%	$29.6M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.361	+0.048%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDTlong	+0.0100%	1h	94.316	long leg	$370K	$1.0M	50x
StandX HYPE-USD	+0.0100%	1h	94.412	+0.102%	$682K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.540	+0.237%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.574	+0.274%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.430	+0.121%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.472	+0.166%	$399K	$153K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.452	+0.144%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0184%	1h	94.553	+0.251%	$7.4M	$4.3M	50x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.450%	$31K	$340K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.510	+0.205%	$20.2M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.473	+0.167%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.388	+0.077%	$85K	$120K	15x	as long as short
BloFin HYPE-USDTshort	+0.0340%	4h	94.400	+0.089%	$17.1M	$12.4M	75x