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 −0.066%

Price spread now: Bulk against BloFin+0.015%7-day average +0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$210.212% of the position

Long on BloFin Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.235%−$23 on $10k

Price spread, last 3 days (all we have)+0.152%+$15 · spread now +0.015%, 7d avg +0.033%

Together, before fees−0.083%−$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.033%, 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	93.271	0.0340	pay 0.0170% / 4h	2h 08m	$17.1M	$12.4M	75x
Short	Bulk HYPE-USD	93.285	0.0100	get 0.0013% / 1h	8m 14s	$204K	$12K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now +0.015%Rate

Funding earned: −$50.4
Price spread: +0.015% → +0.033%: −$1.77
Slippage, 4 orders: −$2.17
Fee BloFin: 6 bp × 2 orders: −$12
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$73.34
Costs to cover: 0.212%
Break-even: never at this rate

Slippage from BloFin: live order book, 11 min ago; Bulk: live order book, 16 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, 11 min ago	0.27 bp	6.3 bp −$6	7.7 bp −$77	15.6 bp −$1,558	doesn't fit
Sell Bulk live order book, 16 min ago	0.53 bp	4.6 bp −$5	6.4 bp −$64	12.2 bp −$1,218	31.8 bp −$15.9K

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	−0.0896%	1h	93.344	+0.078%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0254%	1h	93.424	+0.165%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0230%	1h	93.240	−0.033%	$700K	$931K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.323	+0.056%	$90K	$356K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.296	+0.027%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0035%	1h	93.258	−0.014%	$16.4M	$7.1M	10x	as long as short
Bullet HYPE-USD	−0.0022%	1h	93.304	+0.035%	$110K	$580K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.383	+0.120%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.278	+0.007%	$23K	$334K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.340	+0.074%	$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	+0.0009%	4h	93.300	+0.031%	$8.9M	$35.8M	300x	as long as short
Bybit HYPEUSDT	+0.0029%	8h	93.293	+0.024%	$324.9M	$287.2M	75x	as long as short
Gate HYPE_USDT	+0.0030%	4h	93.293	+0.024%	$43.9M	$57.8M	75x	as long as short
Popdex HYPEUSDT	+0.0032%	1h	93.305	+0.036%	$58K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0054%	4h	93.327	+0.060%	$165K	$539K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.605	+0.358%	$216K	$1.2M	10x	as long as short
SoDEX HYPE-USD	+0.0090%	1h	93.304	+0.035%	$2.0M	$2.0M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.341	+0.075%	$18.6M	$59.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.333	+0.066%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.323	+0.056%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.320	+0.053%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.305	+0.036%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.396	+0.134%	$2.03B	$670.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.321	+0.054%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.311	+0.043%	$385.1M	$889.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.291	+0.021%	$114.6M	$315.0M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.284	+0.014%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USDshort	+0.0100%	1h	93.285	+0.015%	$204K	$12K	10x
MEXC HYPE_USDT	+0.0100%	4h	93.306	+0.038%	$93.1M	$82.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.308	+0.040%	$46.1M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.319	+0.051%	$226.7M	$102.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.294	+0.025%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.305	+0.036%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.263	−0.009%	$29.1M	$50.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.311	+0.043%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.267	−0.004%	$405K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.324	+0.057%	$675K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.330	+0.063%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.341	+0.075%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.299	+0.030%	$75K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.358	+0.093%	$32K	$1.6M	20x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.343	+0.077%	$12.7M	$2.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0101%	8h	93.395	+0.133%	$1.9M	$5.2M	2.3x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.293	+0.024%	$18.3M	$41.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.311	+0.043%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0115%	4h	93.290	+0.020%	$5.1M	$29.4M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.390	+0.128%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.304	+0.036%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.910	+0.685%	$31K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0292%	4h	93.469	+0.212%	$1.5M	$7.7M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0328%	1h	93.420	+0.160%	$7.4M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.346	+0.081%	$1.4M	—	100x	as long as short
BloFin HYPE-USDTlong	+0.0340%	4h	93.271	long leg	$17.1M	$12.4M	75x
RISEx HYPE/USDC	+0.0467%	1h	93.369	+0.105%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.430	+0.170%	$19.1M	$26.2M	50x	as long as short