Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0554%/8h= −60.6% APRpaid last 24h −0.094%

Price spread now: Ondo Perps against BloFin−0.049%7-day average −0.086% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on BloFin Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.613%−$61 on $10k

Price spread, last 4 days (all we have)+0.015%+$1 · spread now −0.049%, 7d avg −0.086%

Together, before fees−0.599%+ Points / potential airdropOndo Perps: Active · farm board−$60 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Ondo Perps is 0.037% dearer against BloFin than usual: you sell high and buy low (spread −0.049% now, against its 7-day average of −0.086%): +$4 on $10k if it goes back. Holding the pair costs −$17 a day in funding at the current rate, which eats that in about 5 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin HYPE-USDT	94.436	0.0340	pay 0.0170% / 4h	12m 48s	$17.1M	$12.4M	75x
Short	Ondo Perps HYPE-USD.P	94.390	−0.0214	pay 0.0027% / 1h	12m 48s	$712K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now −0.049%Rate

Funding earned: −$116.26
Price spread: −0.049% → −0.086%: $3.73
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$129.52
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 6 min ago; Ondo Perps: no order-book sample. Net counts fees only.

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	0.58 bp	6.6 bp −$7	7.0 bp −$70	12.6 bp −$1,256	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1672%	1h	94.413	−0.024%	$204K	$266K	7x	as long as short
Bluefin HYPE-PERP	−0.0392%	1h	94.433	−0.003%	$80K	$151K	20x	as long as short
Ondo Perps HYPE-USD.Pshort	−0.0214%	1h	94.390	−0.049%	$712K	$1.2M	10x
Bullet HYPE-USD	−0.0182%	1h	94.462	+0.027%	$111K	$575K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0162%	1h	94.403	−0.035%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.470	+0.036%	$88K	$365K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.424	−0.013%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0045%	1h	94.391	−0.047%	$16.4M	$7.4M	10x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.435	−0.001%	$1.0M	$3.6M	10x	as long as short
Lighter HYPE	−0.0032%	1h	94.452	+0.017%	$16.4M	$64.6M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0019%	8h	94.437	+0.001%	$317.4M	$288.9M	75x	as long as short
BingX HYPE-USDT	−0.0018%	4h	94.440	+0.004%	—	$52.8M	—	as long as short
Orderly PERP_HYPE_USDC	−0.0009%	4h	94.433	−0.003%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.464	+0.030%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.539	+0.109%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.527	+0.096%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.464	+0.029%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.481	+0.048%	$124K	—	150x	as long as short
Polymarket Perps HYPE-USD	+0.0014%	1h	94.475	+0.041%	$498K	$2.8M	20x	as long as short
Bitget HYPEUSDT	+0.0024%	4h	94.425	−0.012%	$226.7M	$100.2M	75x	as long as short
Phemex HYPEUSDT	+0.0035%	8h	94.445	+0.010%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0037%	8h	94.486	+0.053%	$338K	$154K	20x	as long as short
Vest HYPE-PERP	+0.0046%	1h	94.519	+0.088%	—	$190K	5x	as long as short
SoDEX HYPE-USD	+0.0056%	1h	94.458	+0.023%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.470	+0.036%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	94.435	−0.001%	$117.8M	$325.7M	50x	as long as short
edgeX HYPEUSDC	+0.0083%	4h	94.403	−0.035%	$5.0M	$30.8M	30x	as long as short
Gate HYPE_USDT	+0.0092%	4h	94.437	+0.001%	$50.3M	$56.8M	75x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.458	+0.023%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.446	+0.011%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.440	+0.004%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.434	−0.002%	$7.2M	$52.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.528	+0.098%	$2.08B	$688.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.453	+0.018%	$8.8M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.469	+0.035%	$10.2M	$15.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.451	+0.016%	$378.7M	$933.1M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.307	−0.137%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.463	+0.029%	$89.7M	$84.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.452	+0.017%	$46.9M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.431	−0.005%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.390	−0.048%	$29.6M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.449	+0.014%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.394	−0.044%	$353K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.412	−0.025%	$682K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.508	+0.076%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.560	+0.131%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.426	−0.010%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.418	−0.019%	$399K	$153K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.452	+0.017%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.322%	$31K	$340K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.496	+0.064%	$20.2M	$30.2M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0247%	1h	94.545	+0.115%	$7.4M	$4.3M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.472	+0.038%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.435	−0.001%	$83K	$122K	15x	as long as short
BloFin HYPE-USDTlong	+0.0340%	4h	94.436	long leg	$17.1M	$12.4M	75x