Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0110%/8h= −12.1% APRpaid last 24h +0.024%

Price spread now: Bluefin against Bitget−0.011%7-day average +0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$470.467% of the position

Long on Bitget Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.045%−$4 on $10k

Price spread, last 4 days (all we have)+0.012%+$1 · spread now −0.011%, 7d avg +0.012%

Together, before fees−0.032%−$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Bluefin is 0.022% cheaper against Bitget than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.012%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget HYPEUSDT	94.130	0.0050	pay 0.0025% / 4h	1h 05m	$226.6M	$99.9M	75x
Short	Bluefin HYPE-PERP	94.120	−0.0060	pay 0.0008% / 1h	5m 04s	$80K	$155K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against Bitget. 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 BitgetbpFee BluefinbpOrdersPrice spread, now −0.011%Rate

Funding earned: −$23.12
Price spread: −0.011% → +0.012%: −$2.24
Slippage, 4 orders: −$27.68
Fee Bitget: 6 bp × 2 orders: −$12
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$72.04
Costs to cover: 0.467%
Break-even: never at this rate

Slippage from Bitget: live order book, 4 min ago; Bluefin: live order book, 39 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 Bitget live order book, 4 min ago	0.05 bp	9.7 bp −$10	12.7 bp −$127	doesn't fit	doesn't fit
Sell Bluefin live order book, 39 min ago	3.63 bp	14.9 bp −$15	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	−0.1096%	1h	94.278	+0.157%	$201K	$236K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0158%	1h	94.294	+0.174%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0099%	1h	94.130	0.000%	$710K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.373	+0.258%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0070%	1h	94.180	+0.053%	$111K	$578K	20x	as long as short
Bluefin HYPE-PERPshort	−0.0060%	1h	94.120	−0.011%	$80K	$155K	20x
01 Exchange HYPEUSD	−0.0048%	1h	94.170	+0.042%	$87K	$366K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0009%	4h	94.127	−0.003%	$146K	$685K	20x	as long as short
Bybit HYPEUSDT	−0.0006%	8h	94.130	0.000%	$317.1M	$289.5M	75x	as long as short
BingX HYPE-USDT	−0.0004%	4h	94.149	+0.020%	—	$53.5M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	94.178	+0.052%	$129K	$26K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.255	+0.133%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.421	+0.309%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.195	+0.069%	$117K	—	150x	as long as short
Derive HYPE-PERP	+0.0003%	1h	94.317	+0.199%	$16.4M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0017%	1h	94.223	+0.099%	$206K	$1.1M	10x	as long as short
Bitget HYPEUSDTlong	+0.0050%	4h	94.130	long leg	$226.6M	$99.9M	75x
Phemex HYPEUSDT	+0.0058%	8h	94.191	+0.065%	$12.8M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0066%	8h	94.252	+0.130%	$337K	$156K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.142	+0.013%	$1.0M	$3.5M	10x	as long as short
edgeX HYPEUSDC	+0.0085%	4h	94.169	+0.042%	$5.0M	$30.7M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0093%	8h	94.138	+0.008%	$117.0M	$320.9M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.162	+0.033%	$16.3M	$64.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.164	+0.036%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.145	+0.016%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.190	+0.064%	$15K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.144	+0.015%	$7.3M	$50.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.259	+0.137%	$2.07B	$688.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.151	+0.022%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.212	+0.087%	$10.2M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.137	+0.007%	$376.7M	$931.6M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.183	+0.056%	$217K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.149	+0.020%	$49.3M	$57.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.154	+0.025%	$89.8M	$85.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.169	+0.041%	$46.9M	$18.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.153	+0.024%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.239	+0.115%	$29.1M	$55.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.264	+0.142%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.207	+0.082%	$362K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.384	+0.270%	$682K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.257	+0.135%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.180	+0.053%	$495K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.199	+0.073%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.154	+0.025%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.315	+0.197%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.110	−0.022%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.193	+0.067%	$398K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.190	+0.064%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	94.220	+0.095%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.550	+0.446%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0206%	1h	94.253	+0.131%	$7.4M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.133	+0.003%	$82K	$134K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.149	+0.020%	$17.0M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0413%	1h	94.216	+0.091%	$20.2M	$30.3M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.194	+0.068%	$3.2M	$6.4M	20x	as long as short