Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0359%/8h= −39.3% APRpaid last 24h −0.079%

Price spread now: Bybit against BloFin−0.050%72s7-day average −0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs−$81as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$270.268% of the position

Long on BloFin Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.539%−$54 on $10k

Price spread, last 4 days (all we have)+0.075%+$8 · spread now −0.050%, 7d avg −0.029%

Together, before fees−0.463%−$46 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Bybit is 0.021% cheaper against BloFin than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.029%). Swap the legs. The two prices were read 72 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin HYPE-USDT	94.044	0.0340	pay 0.0170% / 4h	22m 00s	$17.1M	$12.3M	75x
Short	Bybit HYPEUSDT	93.997	−0.0019	pay 0.0019% / 8h	22m 00s	$316.0M	$289.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.050%Rate

Funding earned: −$75.41
Price spread: −0.050% → −0.029%: −$2.09
Slippage, 4 orders: −$3.83
Fee BloFin: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$104.33
Costs to cover: 0.268%
Break-even: never at this rate

Slippage from BloFin: live order book, 7 min ago; Bybit: 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 BloFin live order book, 7 min ago	0.53 bp	7.1 bp −$7	9.4 bp −$94	14.4 bp −$1,443	doesn't fit
Sell Bybit live order book, 2 min ago	0.53 bp	6.9 bp −$7	8.1 bp −$81	15.8 bp −$1,584	34.4 bp −$17.2K

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	−0.1728%	1h	93.996	−0.051%	$201K	$255K	7x	as long as short
Bluefin HYPE-PERP	−0.0414%	1h	93.999	−0.048%	$79K	$152K	20x	as long as short
Bullet HYPE-USD	−0.0237%	1h	94.031	−0.014%	$111K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0235%	1h	93.910	−0.142%	$711K	$1.2M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0131%	1h	94.156	+0.120%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	94.055	+0.012%	$87K	$368K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.046	+0.002%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0080%	1h	93.964	−0.085%	$16.4M	$7.5M	10x	as long as short
Lighter HYPE	−0.0056%	1h	94.027	−0.018%	$16.3M	$64.4M	20x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.030	−0.015%	$1.0M	$3.6M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	−0.0020%	4h	93.996	−0.051%	—	$52.9M	—	as long as short
Bybit HYPEUSDTshort	−0.0019%	8h	93.997	−0.050%	$316.0M	$289.2M	75x
Orderly PERP_HYPE_USDC	−0.0009%	4h	93.999	−0.048%	$146K	$684K	20x	as long as short
Polymarket Perps HYPE-USD	−0.0006%	1h	94.064	+0.021%	$496K	$2.8M	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.136	+0.098%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.146	+0.108%	$1.8M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.232	+0.200%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.049	+0.005%	$19K	$288K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.076	+0.033%	$123K	—	150x	as long as short
Paradex HYPE-USD-PERP	+0.0031%	8h	94.104	+0.063%	$336K	$154K	20x	as long as short
Bitget HYPEUSDT	+0.0032%	4h	93.992	−0.055%	$225.8M	$100.0M	75x	as long as short
SoDEX HYPE-USD	+0.0037%	1h	94.015	−0.031%	$2.0M	$1.9M	10x	as long as short
Vest HYPE-PERP	+0.0040%	1h	94.105	+0.065%	—	$190K	5x	as long as short
Phemex HYPEUSDT	+0.0049%	8h	94.014	−0.032%	$12.8M	$2.9M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.120	+0.081%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	93.989	−0.058%	$117.2M	$322.9M	50x	as long as short
Gate HYPE_USDT	+0.0090%	4h	94.002	−0.045%	$49.9M	$56.7M	75x	as long as short
edgeX HYPEUSDC	+0.0090%	4h	94.094	+0.053%	$5.0M	$30.7M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.033	−0.012%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.035	−0.010%	$81K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.030	−0.015%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.035	−0.010%	$7.2M	$53.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.104	+0.064%	$2.07B	$687.5M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.021	−0.025%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.112	+0.072%	$10.1M	$15.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.002	−0.045%	$376.5M	$933.6M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.240	+0.209%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.000	−0.047%	$88.1M	$83.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.022	−0.023%	$46.7M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.988	−0.060%	$7.5M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.108	+0.068%	$29.5M	$54.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.122	+0.083%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.083	+0.041%	$369K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.060	+0.017%	$680K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.069	+0.027%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.180	+0.145%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.971	−0.078%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.027	−0.019%	$397K	$154K	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0143%	1h	94.124	+0.085%	$7.4M	$4.3M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.084	+0.042%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.740%	$31K	$340K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0224%	1h	94.085	+0.043%	$20.2M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.064	+0.022%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.011	−0.035%	$84K	$123K	15x	as long as short
BloFin HYPE-USDTlong	+0.0340%	4h	94.044	long leg	$17.1M	$12.3M	75x