Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0077%/8h= −8.5% APRpaid last 24h −0.021%

Price spread now: Bybit against Bluefin+0.082%7-day average −0.021% · 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−$28as in the Price arb table

costs, in and out, $10k−$390.387% of the position

Long on Bluefin Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.046%+$5 on $10k

Price spread, last 3 days (all we have)−0.045%−$4 · spread now +0.082%, 7d avg −0.021%

Together, before fees+0.002%$0 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.102% dearer against Bluefin than usual: you sell high and buy low (spread +0.082% now, against its 7-day average of −0.021%): +$10 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 4.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin HYPE-PERP	93.204	0.0100	pay 0.0013% / 1h	14m 52s	$76K	$168K	20x
Short	Bybit HYPEUSDT	93.280	0.0023	get 0.0023% / 8h	1h 14m	$323.2M	$286.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.082%Rate

Funding earned: −$16.26
Price spread: +0.082% → −0.021%: $10.21
Slippage, 4 orders: −$20.67
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$44.72
Costs to cover: 0.387%
Break-even: never at this rate

Slippage from Bluefin: live order book, 4 min ago; Bybit: live order book, 4 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, 4 min ago	2.73 bp	13.2 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.54 bp	7.4 bp −$7	9.3 bp −$93	19.4 bp −$1,941	43.3 bp −$21.6K

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
Aftermath Perps HYPEUSD	−0.0438%	1h	93.188	−0.017%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0344%	1h	93.258	+0.058%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.148	−0.060%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0126%	1h	93.170	−0.036%	$699K	$931K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.195	−0.010%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	93.247	+0.046%	$90K	$361K	20x	as long as short
Aster HYPEUSDT	0.0000%	4h	93.272	+0.073%	$8.9M	$35.9M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.278	+0.079%	$127K	$32K	5x	as long as short
Popdex HYPEUSDT	0.0000%	1h	93.212	+0.009%	$58K	$1.2M	50x	as long as short
Perpl HYPE	0.0000%	43m	93.201	−0.004%	$23K	$331K	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 −0.0002%	1h	93.242	+0.041%	$27K	—	150x	as long as short
Orderly PERP_HYPE_USDC	+0.0020%	4h	93.218	+0.015%	$172K	$517K	20x	as long as short
Bybit HYPEUSDTshort	+0.0023%	8h	93.280	+0.082%	$323.2M	$286.2M	75x
Bullet HYPE-USD	+0.0033%	1h	93.210	+0.006%	$112K	$579K	20x	as long as short
Phoenix HYPE	+0.0034%	1h	93.249	+0.048%	$214K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0047%	1h	93.170	−0.037%	$16.3M	$7.0M	10x	as long as short
Gate HYPE_USDT	+0.0064%	4h	93.265	+0.065%	$44.0M	$58.6M	75x	as long as short
MEXC HYPE_USDT	+0.0064%	4h	93.274	+0.075%	$90.2M	$82.3M	100x	as long as short
Binance HYPEUSDT	+0.0065%	4h	93.269	+0.070%	$381.8M	$894.1M	75x	as long as short
edgeX HYPEUSDC	+0.0085%	4h	93.171	−0.035%	$5.1M	$29.7M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.299	+0.102%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.282	+0.084%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.217	+0.014%	$397K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.209	+0.006%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.210	+0.006%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.209	+0.006%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.295	+0.098%	$2.03B	$669.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.233	+0.031%	$10.0M	$14.4M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.277	+0.078%	$114.2M	$314.0M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.232	+0.030%	$204K	$8K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.269	+0.070%	$47.0M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.263	+0.063%	$226.2M	$103.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.271	+0.072%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.265	+0.065%	$7.8M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.203	−0.001%	$29.0M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.199	−0.005%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.153	−0.055%	$414K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.239	+0.038%	$674K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.247	+0.046%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.238	+0.036%	$493K	$2.5M	20x	as long as short
Bluefin HYPE-PERPlong	+0.0100%	1h	93.204	long leg	$76K	$168K	20x
SunX HYPE-USDT	+0.0100%	4h	93.249	+0.048%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.243	+0.042%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.215	+0.012%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.232	+0.030%	$18.2M	$41.8M	50x	as long as short
Kalshi KXHYPEPERP	+0.0117%	8h	93.294	+0.097%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.310	+0.114%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0232%	4h	93.405	+0.216%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.140	−0.069%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.204	0.000%	$77K	$159K	15x	as long as short
BloFin HYPE-USDT	+0.0260%	4h	93.211	+0.008%	$16.8M	$12.4M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.271	+0.072%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.237	+0.035%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0340%	1h	93.326	+0.131%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.364	+0.172%	$20.9M	$29.0M	50x	as long as short