Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0240%/8h= −26.3% APRpaid last 24h −0.055%

Price spread now: Backpack against BloFin+0.023%7-day average +0.008% · you sell dearer than you buy

Net, funding: paid 7d − costs−$69as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$260.262% of the position

Long on BloFin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.425%−$43 on $10k

Price spread, last 4 days (all we have)+0.087%+$9 · spread now +0.023%, 7d avg +0.008%

Together, before fees−0.338%−$34 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.008%, so right now this pair is about funding alone: −$7 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin HYPE-USDT	92.994	0.0340	pay 0.0170% / 4h	3h 53m	$16.8M	$11.7M	75x
Short	Backpack HYPE_USDC_PERP	93.015	0.0100	get 0.0013% / 1h	53m 08s	$7.3M	$11.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BloFin. 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 BloFinbpFee BackpackbpOrdersPrice spread, now +0.023%Rate

Funding earned: −$50.4
Price spread: +0.023% → +0.008%: $1.43
Slippage, 4 orders: −$4.16
Fee BloFin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$75.12
Costs to cover: 0.262%
Break-even: never at this rate

Slippage from BloFin: live order book, 6 min ago; Backpack: live order book, 6 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 BloFin live order book, 6 min ago	0.11 bp	6.1 bp −$6	8.9 bp −$89	15.8 bp −$1,580	doesn't fit
Sell Backpack live order book, 6 min ago	0.05 bp	8.2 bp −$8	10.1 bp −$101	78.3 bp −$7,825	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	−0.0528%	1h	92.732	−0.282%	$193K	$228K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0264%	1h	92.854	−0.150%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.935	−0.063%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.919	−0.081%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0063%	4h	92.951	−0.046%	$158K	$658K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.935	−0.063%	$127K	$29K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	92.955	−0.042%	$1.8M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.006	+0.013%	$22K	$301K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.006	+0.013%	$62K	—	150x	as long as short
Gate HYPE_USDT	+0.0020%	4h	92.970	−0.026%	$44.6M	$53.6M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	+0.0026%	1h	92.888	−0.114%	$210K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0034%	8h	92.978	−0.017%	$12.6M	$2.7M	50x	as long as short
Bybit HYPEUSDT	+0.0037%	8h	92.990	−0.004%	$316.6M	$282.2M	75x	as long as short
01 Exchange HYPEUSD	+0.0056%	1h	93.014	+0.022%	$87K	$362K	20x	as long as short
Aster HYPEUSDT	+0.0079%	4h	92.980	−0.015%	$8.7M	$36.2M	300x	as long as short
Bullet HYPE-USD	+0.0080%	1h	92.962	−0.034%	$112K	$578K	20x	as long as short
edgeX HYPEUSDC	+0.0081%	4h	92.806	−0.202%	$4.9M	$29.6M	30x	as long as short
Bitget HYPEUSDT	+0.0082%	4h	92.991	−0.003%	$225.2M	$98.9M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0091%	1h	92.800	−0.209%	$697K	$1.1M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.008	+0.015%	$16.1M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.018	+0.026%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.982	−0.013%	$70K	$1.1M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	92.956	−0.041%	$339K	$163K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0099%	8h	92.999	+0.005%	$114.1M	$304.7M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.960	−0.037%	$39K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.915	−0.085%	$7.5M	$45.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.041	+0.051%	$2.03B	$664.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.959	−0.038%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.010	+0.018%	$374.1M	$904.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.942	−0.056%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.011	+0.018%	$88.1M	$79.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.000	+0.006%	$46.2M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.990	−0.004%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERPshort	+0.0100%	1h	93.015	+0.023%	$7.3M	$11.3M	20x
Variational Omni HYPE	+0.0100%	8h	92.709	−0.307%	$28.4M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.766	−0.245%	$7.5M	$46.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.797	−0.212%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.833	−0.173%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.009	+0.016%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.009	+0.016%	$469K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.998	+0.004%	$79K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.972	−0.023%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.999	+0.005%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.006	+0.013%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.961	−0.035%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.002	+0.008%	$393K	$164K	20x	as long as short
HTX HYPE-USDT	+0.0108%	4h	93.100	+0.114%	$1.4M	$6.3M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.020	+0.028%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	93.085	+0.098%	$20.7M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.750	−0.262%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0264%	1h	92.974	−0.022%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.988	−0.006%	$1.4M	—	100x	as long as short
BloFin HYPE-USDTlong	+0.0340%	4h	92.994	long leg	$16.8M	$11.7M	75x
Deribit HYPE_USDC-PERPETUAL	+0.0459%	1h	93.091	+0.104%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	93.028	+0.037%	$3.2M	$6.4M	20x	as long as short