Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0215%/8h= +23.5% APRpaid last 24h +0.052%

Price spread now: BloFin against Bluefin−0.072%54s7-day average +0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs+$19as 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−$380.384% of the position

Long on Bluefin Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.575%+$57 on $10k

Price spread, last 3 days (all we have)+0.063%+$6 · spread now −0.072%, 7d avg +0.010%

Together, before fees+0.638%+$64 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.082% cheaper against Bluefin than usual: you would sell low and buy high (spread −0.072% now, against its 7-day average of +0.010%). If the spread goes back, that is −$8 on $10k: about 31 hours of funding at the current rate (+$6 a day). The two prices were read 54 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	94.257	0.0100	pay 0.0013% / 1h	45m 27s	$76K	$167K	20x
Short	BloFin HYPE-USDT	94.189	0.0315	get 0.0157% / 4h	45m 27s	$17.0M	$12.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.072%Rate

Funding earned: $45.07
Price spread: −0.072% → +0.010%: −$8.24
Slippage, 4 orders: −$19.35
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$1.52
Costs to cover: 0.384%
Break-even: 7.2 days

Slippage from Bluefin: live order book, 34 min ago; BloFin: live order book, 3 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, 34 min ago	2.73 bp	13.2 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 3 min ago	0.43 bp	6.4 bp −$6	8.3 bp −$83	13.8 bp −$1,382	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	−0.0600%	1h	94.204	−0.057%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0448%	1h	94.078	−0.190%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	94.132	−0.133%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.203	−0.057%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.266	+0.010%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.205	−0.055%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.263	+0.006%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	94.301	+0.047%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0013%	4h	94.231	−0.028%	$165K	$552K	20x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	94.187	−0.074%	$324.8M	$281.5M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0035%	1h	94.150	−0.114%	$705K	$909K	10x	as long as short
Aster HYPEUSDT	+0.0043%	4h	94.214	−0.045%	$8.9M	$35.8M	300x	as long as short
Phemex HYPEUSDT	+0.0053%	8h	94.184	−0.077%	$12.8M	$2.6M	50x	as long as short
01 Exchange HYPEUSD	+0.0056%	1h	94.216	−0.043%	$87K	$364K	20x	as long as short
Gate HYPE_USDT	+0.0074%	4h	94.202	−0.058%	$44.3M	$58.4M	75x	as long as short
MEXC HYPE_USDT	+0.0078%	4h	94.205	−0.055%	$89.0M	$81.1M	100x	as long as short
Binance HYPEUSDT	+0.0079%	4h	94.198	−0.063%	$386.0M	$889.3M	75x	as long as short
edgeX HYPEUSDC	+0.0079%	4h	94.119	−0.146%	$5.1M	$29.8M	30x	as long as short
Derive HYPE-PERP	+0.0095%	1h	94.204	−0.056%	$16.5M	$6.9M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.260	+0.004%	$19.1M	$59.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.219	−0.040%	$3.1M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.205	−0.055%	$64K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.210	−0.050%	$342K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.240	−0.018%	$30K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.204	−0.056%	$5.8M	$44.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.235	−0.024%	$10.2M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.188	−0.073%	$116.1M	$319.5M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.095	−0.171%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.207	−0.053%	$47.3M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.193	−0.068%	$228.1M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.197	−0.064%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.255	−0.002%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.073	−0.195%	$32.2M	$53.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.151	−0.112%	$7.6M	$45.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.196	−0.065%	$336K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.199	−0.062%	$681K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.247	−0.011%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.236	−0.022%	$486K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	94.216	−0.044%	$113K	$577K	20x	as long as short
Bluefin HYPE-PERPlong	+0.0100%	1h	94.257	long leg	$76K	$167K	20x
SunX HYPE-USDT	+0.0100%	4h	94.242	−0.016%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.250	−0.007%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.140	−0.124%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.183	−0.079%	$18.7M	$42.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.261	+0.004%	$401K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0126%	8h	94.299	+0.045%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.210	−0.050%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0232%	4h	94.407	+0.159%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	94.202	−0.059%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.259	+0.002%	$2.8M	$6.9M	20x	as long as short
BloFin HYPE-USDTshort	+0.0315%	4h	94.189	−0.072%	$17.0M	$12.4M	75x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	94.260	+0.003%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0344%	1h	94.344	+0.092%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0575%	1h	94.345	+0.093%	$21.1M	$29.1M	50x	as long as short
Hyperliquid HYPE	+0.0619%	1h	94.284	+0.029%	$2.06B	$668.0M	10x	as long as short