Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.014%

Price spread now: Bulk against Bluefin−0.079%7-day average +0.041% · 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−$46as in the Price arb table

costs, in and out, $10k−$340.340% of the position

Long on Bluefin Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.052%+$5 on $10k

Price spread, last 3 days (all we have)+0.086%+$9 · spread now −0.079%, 7d avg +0.041%

Together, before fees+0.138%+$14 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: Bulk is 0.120% cheaper against Bluefin than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of +0.041%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin HYPE-PERP	93.699	0.0100	pay 0.0013% / 1h	22m 11s	$76K	$171K	20x
Short	Bulk HYPE-USD	93.625	0.0100	get 0.0013% / 1h	22m 11s	$204K	$7K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now −0.079%Rate

Funding earned: $0
Price spread: −0.079% → +0.041%: −$12.01
Slippage, 4 orders: −$20.04
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$46.05
Costs to cover: 0.340%
Break-even: never at this rate

Slippage from Bluefin: live order book, 57 min ago; Bulk: 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 Bluefin live order book, 57 min ago	2.73 bp	13.2 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell Bulk live order book, 57 min ago	0.54 bp	4.0 bp −$4	6.5 bp −$65	14.7 bp −$1,471	41.1 bp −$20.6K

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	−0.0960%	1h	93.526	−0.184%	$198K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0387%	1h	93.637	−0.066%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.581	−0.126%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0082%	1h	93.450	−0.266%	$703K	$910K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.557	−0.152%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.708	+0.010%	$86K	$366K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0001%	4h	93.709	+0.011%	$168K	$586K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.662	−0.040%	$127K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.712	+0.014%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.737	+0.040%	$26K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0006%	4h	93.696	−0.003%	$8.9M	$36.0M	300x	as long as short
Phoenix HYPE	+0.0009%	1h	93.618	−0.086%	$214K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0017%	8h	93.700	+0.001%	$322.1M	$283.7M	75x	as long as short
Derive HYPE-PERP	+0.0020%	1h	93.662	−0.039%	$16.4M	$7.1M	10x	as long as short
Binance HYPEUSDT	+0.0049%	4h	93.716	+0.018%	$383.0M	$896.4M	75x	as long as short
MEXC HYPE_USDT	+0.0050%	4h	93.717	+0.019%	$87.8M	$81.9M	100x	as long as short
edgeX HYPEUSDC	+0.0062%	4h	93.464	−0.251%	$5.1M	$29.7M	30x	as long as short
Phemex HYPEUSDT	+0.0068%	8h	93.724	+0.027%	$12.8M	$2.6M	50x	as long as short
Gate HYPE_USDT	+0.0076%	4h	93.698	−0.001%	$44.0M	$59.7M	75x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	93.735	+0.038%	$59K	$1.2M	50x	as long as short
Bullet HYPE-USD	+0.0093%	1h	93.707	+0.008%	$113K	$576K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.759	+0.064%	$18.9M	$60.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.730	+0.033%	$3.0M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.730	+0.033%	$399K	$318K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0099%	8h	93.713	+0.015%	$115.5M	$321.3M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.674	−0.027%	$340K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.650	−0.052%	$16K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.665	−0.037%	$5.7M	$44.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.657	−0.045%	$10.1M	$14.5M	20x	as long as short
Bulk HYPE-USDshort	+0.0100%	1h	93.625	−0.079%	$204K	$7K	10x
KuCoin HYPEUSDTM	+0.0100%	4h	93.711	+0.013%	$46.4M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.729	+0.032%	$227.0M	$102.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.703	+0.004%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.753	+0.058%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.574	−0.133%	$31.2M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.619	−0.085%	$7.6M	$45.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.485	−0.228%	$358K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.514	−0.197%	$676K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.699	0.000%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.732	+0.035%	$491K	$2.4M	20x	as long as short
Bluefin HYPE-PERPlong	+0.0100%	1h	93.699	long leg	$76K	$171K	20x
SunX HYPE-USDT	+0.0100%	4h	93.690	−0.010%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.700	+0.001%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.759%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.691	−0.008%	$18.4M	$42.8M	50x	as long as short
Kalshi KXHYPEPERP	+0.0134%	8h	93.672	−0.029%	$1.9M	$5.0M	2.3x	as long as short
Hyperliquid HYPE	+0.0150%	1h	93.759	+0.064%	$2.04B	$677.3M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.740	+0.044%	$4.9M	$5.7M	50x	as long as short
BloFin HYPE-USDT	+0.0203%	4h	93.528	−0.182%	$17.1M	$12.6M	75x	as long as short
HTX HYPE-USDT	+0.0206%	4h	93.868	+0.180%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.690	−0.009%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.741	+0.045%	$2.8M	$6.9M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0337% / S −0.0163%	1h	93.733	+0.037%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0550%	1h	93.822	+0.131%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0578%	1h	93.813	+0.121%	$20.9M	$29.5M	50x	as long as short