Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.023%

Price spread now: Binance against Bluefin+0.055%48s7-day average +0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$34as 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−$440.436% of the position

Long on Bluefin Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.099%+$10 on $10k

Price spread, last 4 days (all we have)+0.022%+$2 · spread now +0.055%, 7d avg +0.015%

Together, before fees+0.121%+$12 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Binance is 0.040% dearer against Bluefin than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.015%. The two prices were read 48 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	Bluefin HYPE-PERP	93.240	0.0100	pay 0.0013% / 1h	29m 37s	$79K	$166K	20x
Short	Binance HYPEUSDT	93.292	0.0100	get 0.0050% / 4h	2h 29m	$373.8M	$912.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Bluefin. 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 BluefinbpFee BinancebpOrdersPrice spread, now +0.055%Rate

Funding earned: $0
Price spread: +0.055% → +0.015%: $4.01
Slippage, 4 orders: −$26.63
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: −$39.62
Costs to cover: 0.436%
Break-even: never at this rate

Slippage from Bluefin: live order book, 19 min ago; Binance: live order book, 14 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 Bluefin live order book, 19 min ago	3.36 bp	16.3 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 14 min ago	0.05 bp	6.2 bp −$6	8.1 bp −$81	14.8 bp −$1,479	35.3 bp −$17.7K

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	−0.1568%	1h	93.135	−0.113%	$196K	$234K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0361%	1h	93.251	+0.012%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.236	−0.004%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0059%	1h	93.242	+0.002%	$110K	$578K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0022%	4h	93.227	−0.014%	$146K	$662K	20x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	93.311	+0.076%	$87K	$365K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.295	+0.059%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.204	−0.039%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.258	+0.019%	$62K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	93.254	+0.015%	$1.0M	$3.9M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDT	+0.0014%	4h	93.279	+0.042%	$225.4M	$98.9M	75x	as long as short
Bybit HYPEUSDT	+0.0017%	8h	93.242	+0.002%	$316.7M	$282.9M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0021%	1h	93.250	+0.011%	$702K	$1.2M	10x	as long as short
Phoenix HYPE	+0.0026%	1h	93.263	+0.025%	$207K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0054%	8h	93.297	+0.061%	$12.6M	$2.7M	50x	as long as short
edgeX HYPEUSDC	+0.0088%	4h	93.175	−0.069%	$5.0M	$30.0M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	93.281	+0.044%	$339K	$160K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.248	+0.008%	$16.1M	$63.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.242	+0.002%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.294	+0.058%	$75K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.260	+0.021%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.279	+0.042%	$8.0M	$48.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.311	+0.076%	$2.03B	$669.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.262	+0.024%	$8.7M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.269	+0.031%	$10.0M	$15.3M	20x	as long as short
Binance HYPEUSDTshort	+0.0100%	4h	93.292	+0.055%	$373.8M	$912.8M	75x
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.243	+0.003%	$114.4M	$309.2M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.230	−0.011%	$215K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.278	+0.041%	$46.7M	$54.3M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.239	−0.001%	$91.0M	$81.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.240	0.000%	$46.1M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.286	+0.049%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.324	+0.090%	$7.3M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.131	−0.117%	$28.5M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.193	−0.050%	$7.5M	$47.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.165	−0.080%	$342K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.238	−0.002%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.325	+0.091%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.252	+0.013%	$483K	$2.7M	20x	as long as short
Bluefin HYPE-PERPlong	+0.0100%	1h	93.240	long leg	$79K	$166K	20x
Derive HYPE-PERP	+0.0100%	1h	93.233	−0.007%	$16.1M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.204	−0.039%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.275	+0.038%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.341	+0.108%	$1.4M	$6.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.234	−0.007%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.278	+0.041%	$394K	$158K	20x	as long as short
Kalshi KXHYPEPERP	+0.0106%	8h	93.313	+0.078%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.120	−0.129%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.210	−0.032%	$4.6M	$5.8M	50x	as long as short
Reya HYPERUSDPERP	+0.0269%	1h	93.231	−0.010%	$80K	$127K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.258	+0.020%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.160	−0.086%	$16.9M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0341%	1h	93.323	+0.089%	$20.8M	$29.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0511%	1h	93.361	+0.130%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.348	+0.116%	$3.2M	$6.2M	20x	as long as short