Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0420%/8h= −46.0% APRpaid last 24h −0.091%

Price spread now: 01 Exchange against BloFin−0.021%7-day average +0.021% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$320.324% of the position

Long on BloFin Short on 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.314%−$31 on $10k

Price spread, last 4 days (all we have)+0.431%+$43 · spread now −0.021%, 7d avg +0.021%

Together, before fees+0.117%+$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and 01 Exchange is 0.042% cheaper against BloFin than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.021%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin HYPE-USDT	94.729	0.0340	pay 0.0170% / 4h	3h 42m	$17.2M	$12.8M	75x
Short	01 Exchange HYPEUSD	94.709	−0.0080	pay 0.0010% / 1h	42m 11s	$89K	$365K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now −0.021%Rate

Funding earned: −$88.2
Price spread: −0.021% → +0.021%: −$4.18
Slippage, 4 orders: −$13.45
Fee BloFin: 6 bp × 2 orders: −$12
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$124.82
Costs to cover: 0.324%
Break-even: never at this rate

Slippage from BloFin: live order book, 7 min ago; 01 Exchange: live order book, 57 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	1.43 bp	11.8 bp −$12	13.2 bp −$132	21.4 bp −$2,140	doesn't fit
Sell 01 Exchange live order book, 57 min ago	0.11 bp	5.6 bp −$6	9.9 bp −$99	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-P	−0.1160%	1h	94.863	+0.141%	$208K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0658%	1h	94.666	−0.067%	$80K	$149K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0309%	1h	94.814	+0.089%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0177%	1h	94.670	−0.062%	$112K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0116%	1h	94.790	+0.064%	$707K	$1.3M	10x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.679	−0.053%	$1.0M	$3.5M	10x	as long as short
01 Exchange HYPEUSDshort	−0.0080%	1h	94.709	−0.021%	$89K	$365K	20x
Hotstuff HYPE-PERP	−0.0080%	1h	94.906	+0.187%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0079%	8h	94.712	−0.018%	$12.9M	$2.9M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.635	−0.099%	$19.0M	$35.2M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0046%	4h	94.644	−0.090%	$51.0M	$54.4M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0007%	4h	94.640	−0.094%	$147K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.743	+0.015%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.750	+0.022%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.802	+0.077%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.698	−0.033%	$95K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.941	+0.224%	$211K	$1.2M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.650	−0.083%	$4.8M	$6.4M	50x	as long as short
Bitget HYPEUSDT	+0.0018%	4h	94.601	−0.135%	$227.2M	$99.8M	75x	as long as short
Vest HYPE-PERP	+0.0052%	1h	94.772	+0.045%	—	$190K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0053%	8h	94.725	−0.004%	$338K	$154K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0059%	8h	94.596	−0.140%	$118.2M	$329.0M	50x	as long as short
Derive HYPE-PERP	+0.0065%	1h	94.914	+0.195%	$16.4M	$7.4M	10x	as long as short
Bybit HYPEUSDT	+0.0068%	8h	94.612	−0.124%	$317.3M	$293.8M	75x	as long as short
SoDEX HYPE-USD	+0.0074%	1h	94.674	−0.058%	$2.1M	$2.0M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.650	−0.083%	$16.2M	$62.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.633	−0.101%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.677	−0.055%	$147K	$1.3M	50x	as long as short
edgeX HYPEUSDC	+0.0096%	4h	94.889	+0.169%	$5.0M	$30.9M	30x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.690	−0.041%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.704	−0.026%	$7.3M	$52.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.778	+0.052%	$2.08B	$693.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.642	−0.092%	$9.7M	$37.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.724	−0.005%	$10.2M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.639	−0.095%	$381.0M	$938.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.690	−0.041%	$221K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.614	−0.121%	$94.0M	$85.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.672	−0.060%	$47.2M	$19.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.606	−0.130%	—	$53.4M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.571	−0.167%	$7.5M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.929	+0.211%	$30.1M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.955	+0.238%	$7.7M	$44.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.884	+0.164%	$346K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.833	+0.110%	$695K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.746	+0.018%	$500K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.767	+0.040%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.854	+0.132%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.641	−0.093%	$18.5M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.644	−0.090%	$400K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.724	−0.005%	$3.1M	$6.4M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0141%	1h	94.755	+0.027%	$7.5M	$4.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.466%	$31K	$340K	12x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.644	−0.090%	$83K	$115K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0326% / S −0.0152%	1h	94.720	−0.010%	$1.4M	—	100x	as long as short
BloFin HYPE-USDTlong	+0.0340%	4h	94.729	long leg	$17.2M	$12.8M	75x