Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.1119%/8h= −122.6% APRpaid last 24h −0.276%

Price spread now: Hibachi against BloFin−0.457%587s7-day average −0.085% · you buy dearer than you sell

Net, funding: paid 7d − costs−$283as 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−$730.728% of the position

Long on BloFin Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days−2.107%−$211 on $10k

Price spread, last 3 days (all we have)+0.385%+$38 · spread now −0.457%, 7d avg −0.085%

Together, before fees−1.722%+ Points / potential airdropHibachi: Active · farm board−$172 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$34 a day on $10k at the current rate, and Hibachi is 0.372% cheaper against BloFin than usual: you would sell low and buy high (−$37 if the spread goes back to its 7-day average of −0.085%). Swap the legs. The two prices were read 587 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	93.407	0.0175	pay 0.0088% / 4h	2h 39m	$17.0M	$12.1M	75x
Short	Hibachi HYPE/USDT-P	92.980	−0.0944	pay 0.0118% / 1h	39m 07s	$196K	$229K	7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi 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 HibachibpOrdersPrice spread, now −0.457%Rate

Funding earned: −$235.08
Price spread: −0.457% → −0.085%: −$37.21
Slippage, 4 orders: −$51.75
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$345.04
Costs to cover: 0.728%
Break-even: never at this rate

Slippage from BloFin: live order book, 10 min ago; Hibachi: live order book, 30 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, 10 min ago	0.05 bp	7.3 bp −$7	10.2 bp −$102	16.7 bp −$1,669	doesn't fit
Sell Hibachi live order book, 30 min ago	20.74 bp	33.6 bp −$34	53.3 bp −$533	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-Pshort	−0.0944%	1h	92.980	−0.457%	$196K	$229K	7x
Arcus HYPE-USD	−0.0786%	1h	92.992	−0.444%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0167%	1h	93.221	−0.199%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0152%	1h	93.080	−0.350%	$696K	$981K	10x	as long as short
Gate HYPE_USDT	−0.0096%	4h	93.250	−0.168%	$44.2M	$54.2M	75x	as long as short
Backpack HYPE_USDC_PERP	−0.0090%	1h	93.247	−0.171%	$7.8M	$10.4M	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.153	−0.272%	$84K	$357K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.062	−0.369%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0057%	4h	93.228	−0.192%	$156K	$652K	20x	as long as short
Aster HYPEUSDT	−0.0042%	4h	93.211	−0.210%	$8.8M	$36.3M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin HYPE-PERP	−0.0028%	1h	93.257	−0.161%	$79K	$174K	20x	as long as short
Phemex HYPEUSDT	−0.0025%	8h	93.199	−0.223%	$12.6M	$2.7M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.089	−0.341%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.255	−0.163%	$22K	$333K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.286	−0.129%	$25K	—	150x	as long as short
Bybit HYPEUSDT	+0.0003%	8h	93.248	−0.170%	$320.7M	$286.0M	75x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.256	−0.162%	—	$54.3M	—	as long as short
Bullet HYPE-USD	+0.0030%	1h	93.263	−0.154%	$111K	$579K	20x	as long as short
MEXC HYPE_USDT	+0.0040%	4h	93.273	−0.143%	$87.6M	$82.5M	100x	as long as short
Binance HYPEUSDT	+0.0040%	4h	93.273	−0.143%	$379.4M	$906.9M	75x	as long as short
edgeX HYPEUSDC	+0.0056%	4h	93.325	−0.088%	$5.1M	$29.8M	30x	as long as short
Phoenix HYPE	+0.0060%	1h	93.233	−0.186%	$212K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0067%	8h	93.258	−0.160%	$114.8M	$315.3M	50x	as long as short
Derive HYPE-PERP	+0.0067%	1h	93.215	−0.206%	$16.2M	$7.6M	10x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.277	−0.139%	$397K	$177K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.239	−0.180%	$339K	$165K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.269	−0.148%	$16.4M	$62.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.265	−0.152%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.152	−0.273%	$65K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.020	−0.414%	$18K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.215	−0.206%	$5.6M	$45.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.334	−0.078%	$2.04B	$668.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.157	−0.267%	$10.0M	$14.8M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.404	−0.004%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.281	−0.135%	$46.0M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.267	−0.150%	$225.7M	$100.8M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.151	−0.275%	$30.9M	$55.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.195	−0.227%	$7.5M	$48.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.355	−0.056%	$337K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.050	−0.382%	$664K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.242	−0.177%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.208	−0.213%	$466K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.322	−0.091%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.260	−0.157%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.239	−0.180%	$18.3M	$44.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.310	−0.104%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.050	−0.382%	$30K	$338K	12x	as long as short
BloFin HYPE-USDTlong	+0.0175%	4h	93.407	long leg	$17.0M	$12.1M	75x
RISEx HYPE/USDC	+0.0210%	1h	93.162	−0.262%	$2.7M	$6.7M	20x	as long as short
HTX HYPE-USDT	+0.0237%	4h	93.400	−0.007%	$1.4M	$6.1M	75x	as long as short
Reya HYPERUSDPERP	+0.0254%	1h	93.254	−0.164%	$79K	$142K	15x	as long as short
Kalshi KXHYPEPERP	+0.0260%	8h	93.286	−0.130%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0158%	1h	93.279	−0.137%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0672%	1h	93.369	−0.041%	$7.4M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0683%	1h	93.363	−0.047%	$20.8M	$30.2M	50x	as long as short