Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0724%/8h= −79.3% APRpaid last 24h +0.024%

Price spread now: Bluefin against BingX−0.038%7-day average +0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$400.399% of the position

Long on BingX Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.044%−$4 on $10k

Price spread, last 4 days (all we have)−0.007%−$1 · spread now −0.038%, 7d avg +0.004%

Together, before fees−0.051%−$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$22 a day on $10k at the current rate, and Bluefin is 0.042% cheaper against BingX than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.004%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.044% in total (about -2.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX HYPE-USDT	94.203	0.0100	pay 0.0050% / 4h	3h 32m	—	$53.6M	—
Short	Bluefin HYPE-PERP	94.167	−0.0624	pay 0.0078% / 1h	32m 23s	$80K	$150K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against BingX. 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 BingXbpFee BluefinbpOrdersPrice spread, now −0.038%Rate

Funding earned: −$152.01
Price spread: −0.038% → +0.004%: −$4.18
Slippage, 4 orders: −$22.9
Fee BingX: 5 bp × 2 orders: −$10
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$196.09
Costs to cover: 0.399%
Break-even: never at this rate

Slippage from BingX: live order book, 7 min ago; Bluefin: live order book, 2 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 BingX live order book, 7 min ago	0.16 bp	5.2 bp −$5	5.6 bp −$56	6.2 bp −$619	13.7 bp −$6,848
Sell Bluefin live order book, 2 min ago	4.08 bp	14.2 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	−0.0880%	1h	94.602	+0.423%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERPshort	−0.0624%	1h	94.167	−0.038%	$80K	$150K	20x
Aftermath Perps HYPEUSD	−0.0295%	1h	94.605	+0.427%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0252%	1h	94.186	−0.018%	$112K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0184%	1h	94.280	+0.082%	$704K	$1.3M	10x	as long as short
Gate HYPE_USDT	−0.0124%	4h	94.192	−0.012%	$51.3M	$55.1M	75x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.216	+0.014%	$1.0M	$3.5M	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	94.252	+0.052%	$89K	$365K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.241	+0.040%	$3K	$331	25x	as long as short
Kraken Futures PF_HYPEUSD	−0.0048%	1h	94.309	+0.112%	$18.9M	$35.4M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0036%	8h	94.190	−0.014%	$316.9M	$296.2M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0010%	4h	94.174	−0.031%	$146K	$681K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.317	+0.121%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.451	+0.263%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.287	+0.090%	$19K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.336	+0.142%	$123K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.654	+0.479%	$210K	$1.2M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.330	+0.135%	$4.7M	$6.3M	50x	as long as short
Bitget HYPEUSDT	+0.0028%	4h	94.216	+0.014%	$226.4M	$98.8M	75x	as long as short
Derive HYPE-PERP	+0.0034%	1h	94.592	+0.413%	$16.3M	$7.5M	10x	as long as short
Vest HYPE-PERP	+0.0038%	1h	94.333	+0.138%	—	$190K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0045%	8h	94.262	+0.062%	$337K	$154K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0048%	8h	94.192	−0.012%	$117.5M	$327.9M	50x	as long as short
Phemex HYPEUSDT	+0.0064%	8h	94.326	+0.131%	$12.9M	$2.9M	50x	as long as short
SoDEX HYPE-USD	+0.0068%	1h	94.330	+0.135%	$2.1M	$2.0M	10x	as long as short
Backpack HYPE_USDC_PERP	+0.0074%	1h	94.239	+0.038%	$7.5M	$10.4M	20x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	94.626	+0.449%	$5.0M	$30.9M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.248	+0.048%	$16.2M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.240	+0.039%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.243	+0.042%	$148K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.250	+0.050%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.260	+0.060%	$7.2M	$51.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.335	+0.140%	$2.07B	$688.2M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.196	−0.007%	$9.5M	$37.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.258	+0.058%	$10.1M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.209	+0.006%	$379.4M	$937.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.564	+0.383%	$220K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.190	−0.014%	$93.2M	$86.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.235	+0.034%	$47.0M	$19.1M	75x	as long as short
BingX HYPE-USDTlong	+0.0100%	4h	94.203	long leg	—	$53.6M	—
Variational Omni HYPE	+0.0100%	8h	94.619	+0.442%	$30.0M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.643	+0.467%	$7.6M	$44.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.587	+0.408%	$345K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.446	+0.258%	$694K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.333	+0.138%	$498K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.369	+0.176%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.500	+0.315%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.230	+0.029%	$18.4M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.331	+0.136%	$399K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.284	+0.086%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+1.027%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0237%	1h	94.428	+0.239%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.184	−0.020%	$85K	$104K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	94.267	+0.068%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.303	+0.106%	$17.2M	$12.6M	75x	as long as short