Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0240%/8h= +26.3% APRpaid last 24h +0.062%

Price spread now: BloFin against Backpack+0.029%66s7-day average −0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs+$19as 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−$220.222% of the position

Long on Backpack Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.414%+$41 on $10k

Price spread, last 3 days (all we have)−0.139%−$14 · spread now +0.029%, 7d avg −0.012%

Together, before fees+0.275%+$28 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 0.040% dearer against Backpack than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.012%. The two prices were read 66 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	Backpack HYPE_USDC_PERP	93.688	0.0100	pay 0.0013% / 1h	21m 40s	$7.9M	$11.7M	20x
Short	BloFin HYPE-USDT	93.715	0.0340	get 0.0170% / 4h	2h 21m	$17.1M	$12.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Backpack. 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 BackpackbpFee BloFinbpOrdersPrice spread, now +0.029%Rate

Funding earned: $50.4
Price spread: +0.029% → −0.012%: $4.04
Slippage, 4 orders: −$0.21
Fee Backpack: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: $32.23
Costs to cover: 0.222%
Break-even: 2.5 days

Slippage from Backpack: 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 Backpack live order book, 2 min ago	0.05 bp	5.1 bp −$5	6.2 bp −$62	74.0 bp −$7,404	doesn't fit
Sell BloFin live order book, 7 min ago	0.05 bp	6.1 bp −$6	7.9 bp −$79	15.6 bp −$1,561	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	−0.1008%	1h	93.647	−0.044%	$198K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0291%	1h	93.660	−0.030%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0238%	1h	93.580	−0.115%	$703K	$934K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.679	−0.010%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.677	−0.012%	$90K	$343K	20x	as long as short
Bullet HYPE-USD	−0.0016%	1h	93.638	−0.053%	$111K	$583K	20x	as long as short
Derive HYPE-PERP	−0.0009%	1h	93.599	−0.095%	$16.4M	$7.0M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.721	+0.035%	$128K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.651	−0.040%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.684	−0.005%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0027%	4h	93.682	−0.007%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0030%	4h	93.677	−0.012%	$44.1M	$57.1M	75x	as long as short
Bybit HYPEUSDT	+0.0036%	8h	93.677	−0.012%	$326.2M	$287.1M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0063%	4h	93.644	−0.047%	$175K	$536K	20x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.639	−0.052%	$57K	$1.2M	50x	as long as short
Phoenix HYPE	+0.0068%	1h	93.742	+0.058%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.712	+0.025%	$18.6M	$59.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.701	+0.014%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.682	−0.006%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.710	+0.023%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.638	−0.053%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.770	+0.088%	$2.04B	$670.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.690	+0.002%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.674	−0.015%	$386.4M	$888.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.660	−0.030%	$115.0M	$316.1M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.647	−0.044%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.690	+0.002%	$205K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.695	+0.007%	$93.8M	$82.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.699	+0.012%	$46.5M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.690	+0.002%	$227.5M	$102.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.672	−0.017%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERPlong	+0.0100%	1h	93.688	long leg	$7.9M	$11.7M	20x
Variational Omni HYPE	+0.0100%	8h	93.652	−0.039%	$29.0M	$50.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.613	−0.080%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.545	−0.153%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.752	+0.068%	$678K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.698	+0.011%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.685	−0.003%	$495K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.644	−0.047%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.704	+0.017%	$33K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.650	−0.041%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.631	−0.061%	$12.8M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.654	−0.036%	$18.3M	$41.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.656	−0.035%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0105%	4h	93.554	−0.143%	$5.1M	$29.5M	30x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0124%	1h	93.741	+0.057%	$7.4M	$4.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0132%	8h	93.740	+0.056%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.700	+0.013%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.639	−0.053%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.610	−0.083%	$30K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0308%	4h	93.825	+0.146%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0164%	1h	93.686	−0.002%	$1.4M	—	100x	as long as short
BloFin HYPE-USDTshort	+0.0340%	4h	93.715	+0.029%	$17.1M	$12.5M	75x
RISEx HYPE/USDC	+0.0467%	1h	93.731	+0.046%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0572%	1h	93.757	+0.073%	$19.2M	$26.0M	50x	as long as short