Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC0.0000%/8hnext payment +$0.00 per $10,000 · paid last 24h −0.006%

Price spread now: Bluefin against Backpack+0.027%7-day average −0.023% · you sell dearer than you buy

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$370.367% of the position

Long on Backpack Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.161%−$16 on $10k

Price spread, last 3 days (all we have)−0.041%−$4 · spread now +0.027%, 7d avg −0.023%

Together, before fees−0.202%−$20 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bluefin is 0.050% dearer against Backpack than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.023%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack HYPE_USDC_PERP	93.263	0.0100	pay 0.0013% / 1h	6m 43s	$8.0M	$11.5M	20x
Short	Bluefin HYPE-PERP	93.288	0.0100	get 0.0013% / 1h	6m 43s	$76K	$171K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin 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 BluefinbpOrdersPrice spread, now +0.027%Rate

Funding earned: $0
Price spread: +0.027% → −0.023%: $4.99
Slippage, 4 orders: −$19.67
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$31.68
Costs to cover: 0.367%
Break-even: never at this rate

Slippage from Backpack: live order book, 2 min ago; Bluefin: live order book, 26 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	6.9 bp −$69	99.5 bp −$9,947	doesn't fit
Sell Bluefin live order book, 26 min ago	2.53 bp	13.9 bp −$14	doesn't fit	doesn't fit	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	−0.1056%	1h	93.273	+0.011%	$196K	$244K	7x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.302	+0.042%	$3K	$331	25x	as long as short
Aftermath Perps HYPEUSD	−0.0005%	1h	93.352	+0.095%	$22K	$22K	10x	as long as short
Injective HYPE/USDC PERP	−0.0004%	1h	93.620	+0.383%	$30K	$177K	12x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.249	−0.015%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.361	+0.105%	$2.0M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.280	+0.018%	$24K	$372K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0006%	1h	93.289	+0.028%	$43K	—	150x	as long as short
Aster HYPEUSDT	+0.0021%	4h	93.244	−0.020%	$8.9M	$36.2M	300x	as long as short
01 Exchange HYPEUSD	+0.0048%	1h	93.276	+0.014%	$90K	$323K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	+0.0072%	4h	93.178	−0.091%	$44.1M	$56.1M	75x	as long as short
Arcus HYPE-USD	+0.0082%	1h	93.160	−0.110%	$1.2M	$4.0M	10x	as long as short
Bybit HYPEUSDT	+0.0085%	8h	93.150	−0.121%	$324.7M	$286.7M	75x	as long as short
Lighter HYPE	+0.0096%	1h	93.254	−0.010%	$18.7M	$58.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.244	−0.020%	$3.1M	$12.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.271	+0.009%	$55K	$1.3M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0097%	1h	93.320	+0.061%	$700K	$945K	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0097%	4h	93.269	+0.006%	$181K	$505K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.230	−0.035%	$21K	$1.8M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.261	−0.002%	$6.3M	$43.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.207	−0.060%	$10.0M	$14.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.202	−0.065%	$389.8M	$870.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.151	−0.120%	$114.5M	$313.1M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.380	+0.125%	$205K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.203	−0.064%	$91.5M	$83.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.224	−0.042%	$46.4M	$19.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.179	−0.090%	$225.5M	$102.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.175	−0.094%	—	$54.7M	—	as long as short
Backpack HYPE_USDC_PERPlong	+0.0100%	1h	93.263	long leg	$8.0M	$11.5M	20x
Variational Omni HYPE	+0.0100%	8h	93.355	+0.098%	$29.1M	$49.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.383	+0.129%	$7.5M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.365	+0.109%	$457K	$943K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.341	+0.084%	$675K	$2.3M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.332	+0.075%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.299	+0.039%	$460K	$2.6M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.278	+0.016%	$113K	$573K	20x	as long as short
Bluefin HYPE-PERPshort	+0.0100%	1h	93.288	+0.027%	$76K	$171K	20x
Derive HYPE-PERP	+0.0100%	1h	93.241	−0.024%	$16.3M	$7.0M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.275	+0.013%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.256	−0.008%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.290	+0.029%	$12.6M	$2.5M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0101%	8h	93.222	−0.044%	$341K	$172K	20x	as long as short
edgeX HYPEUSDC	+0.0104%	4h	93.353	+0.097%	$5.1M	$28.9M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.166	−0.104%	$18.1M	$40.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.262	−0.001%	$397K	$320K	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0151%	1h	93.322	+0.064%	$16.2M	$20.9M	50x	as long as short
Phoenix HYPE	+0.0172%	1h	93.411	+0.159%	$208K	$954K	10x	as long as short
Hyperliquid HYPE	+0.0187%	1h	93.293	+0.032%	$2.02B	$660.7M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0200%	1h	93.430	+0.179%	$4.9M	$5.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0232%	1h	93.358	+0.102%	$7.4M	$4.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0242%	1h	93.272	+0.009%	$77K	$157K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.280	+0.018%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.249	−0.015%	$17.4M	$12.3M	75x	as long as short
HTX HYPE-USDT	+0.0407%	4h	93.450	+0.201%	$1.5M	$7.5M	75x	as long as short
RISEx HYPE/USDC	+0.0516%	1h	93.256	−0.007%	$2.7M	$6.4M	20x	as long as short