Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0068%/8h= −7.5% APRpaid last 24h −0.021%

Price spread now: Reya against BloFin−0.022%7-day average −0.030% · you buy dearer than you sell

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

Long on BloFin Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.231%−$23 on $10k

Price spread, last 4 days (all we have)+0.045%+$5 · spread now −0.022%, 7d avg −0.030%

Together, before fees−0.186%+ Points / potential airdropReya: Active · farm board−$19 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.030%, so right now this pair is about funding alone: −$2 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	94.378	0.0340	pay 0.0170% / 4h	1h 22m	$17.0M	$12.3M	75x
Short	Reya HYPERUSDPERP	94.357	0.0272	get 0.0034% / 1h	22m 59s	$78K	$129K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.022%Rate

Funding earned: −$14.36
Price spread: −0.022% → −0.030%: $0.83
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Reya: 3 bp × 2 orders: −$6
Net: −$31.53
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 6 min ago; Reya: 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	0.05 bp	7.1 bp −$7	9.5 bp −$95	14.3 bp −$1,433	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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	−0.1048%	1h	94.204	−0.185%	$200K	$238K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0210%	1h	93.921	−0.484%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.347	−0.033%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0068%	1h	94.220	−0.167%	$705K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0053%	1h	94.398	+0.021%	$112K	$579K	20x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	94.373	−0.005%	$86K	$368K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0016%	4h	94.360	−0.019%	$146K	$683K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.322	−0.059%	$129K	$26K	5x	as long as short
Bybit HYPEUSDT	0.0000%	8h	94.303	−0.079%	$318.5M	$288.8M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.378	0.000%	$20K	$289K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.419	+0.044%	$84K	—	150x	as long as short
Derive HYPE-PERP	+0.0007%	1h	93.302	−1.140%	$16.2M	$7.5M	10x	as long as short
Bluefin HYPE-PERP	+0.0016%	1h	94.389	+0.012%	$80K	$156K	20x	as long as short
Phoenix HYPE	+0.0017%	1h	93.715	−0.702%	$208K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0052%	4h	94.332	−0.049%	$227.3M	$99.7M	75x	as long as short
Phemex HYPEUSDT	+0.0052%	8h	94.324	−0.057%	$12.9M	$2.8M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0078%	8h	94.385	+0.008%	$337K	$161K	20x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.620	−0.803%	$5.0M	$30.5M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.328	−0.053%	$1.0M	$4.0M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.367	−0.011%	$16.3M	$64.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.368	−0.011%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.338	−0.042%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.330	−0.051%	$21K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.335	−0.045%	$7.5M	$50.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.440	+0.066%	$2.08B	$686.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.367	−0.012%	$8.9M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.380	+0.002%	$10.2M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.338	−0.043%	$377.5M	$933.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.345	−0.035%	$116.3M	$318.3M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.340	−0.040%	$49.0M	$56.2M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.340	−0.040%	$89.6M	$84.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.384	+0.006%	$46.7M	$18.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.322	−0.059%	—	$53.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.356	−0.023%	$7.3M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.009	−0.391%	$28.9M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.696	−0.723%	$7.6M	$48.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.663	−0.758%	$357K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.224	−0.163%	$682K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.430	+0.056%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.401	+0.024%	$474K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.395	+0.018%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.379	+0.001%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.513	+0.143%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.438	−0.996%	$216K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.323	−0.058%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.393	+0.015%	$399K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0106%	8h	94.389	+0.012%	$1.8M	$5.6M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.320	−0.061%	$4.7M	$6.2M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0131%	1h	94.470	+0.097%	$7.5M	$4.3M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	94.435	+0.061%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.610	+0.246%	$31K	$339K	12x	as long as short
Reya HYPERUSDPERPshort	+0.0272%	1h	94.357	−0.022%	$78K	$129K	15x
BloFin HYPE-USDTlong	+0.0340%	4h	94.378	long leg	$17.0M	$12.3M	75x
Kraken Futures PF_HYPEUSD	+0.0412%	1h	94.437	+0.063%	$20.3M	$30.4M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.389	+0.012%	$3.2M	$6.3M	20x	as long as short