Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:05 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.034%

Price spread now: Perpl against Bluefin+0.017%7-day average +0.006% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Bluefin Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days−0.038%−$4 on $10k

Price spread, last 4 days (all we have)+0.077%+$8 · spread now +0.017%, 7d avg +0.006%

Together, before fees+0.040%+ Points / potential airdropPerpl: Active · farm board+$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.006%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin HYPE-PERP	92.717	0.0100	pay 0.0013% / 1h	17m 01s	$78K	$170K	20x
Short	Perpl HYPE	92.733	0	get 0.0000% / 43m	31m 01s	$22K	$304K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now +0.017%Rate

Funding earned: −$21
Price spread: +0.017% → +0.006%: $1.06
Slippage, 4 orders: no order book: not counted
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$40.74
Costs to cover: 0.208%
Break-even: never at this rate

Slippage unknown: Bluefin: live order book, 42 min ago; Perpl: no order-book sample. Net counts fees only.

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, 42 min ago	4.21 bp	17.4 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Arcus HYPE-USD	−0.0948%	1h	92.676	−0.044%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0264%	1h	92.678	−0.042%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0241%	1h	92.707	−0.011%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.687	−0.032%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	92.703	−0.015%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	92.757	+0.043%	$86K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.770	+0.058%	$127K	$31K	5x	as long as short
Perpl HYPEshort	0.0000%	43m	92.733	+0.017%	$22K	$304K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.751	+0.036%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0025%	8h	92.731	+0.015%	$12.5M	$2.7M	50x	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	92.660	−0.061%	$697K	$1.1M	10x	as long as short
BingX HYPE-USDT	+0.0038%	4h	92.731	+0.015%	—	$53.4M	—	as long as short
Aster HYPEUSDT	+0.0042%	4h	92.728	+0.012%	$8.7M	$36.2M	300x	as long as short
Phoenix HYPE	+0.0043%	1h	92.817	+0.108%	$210K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0045%	1h	92.730	+0.014%	$110K	$578K	20x	as long as short
Bybit HYPEUSDT	+0.0046%	8h	92.730	+0.014%	$316.7M	$281.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0089%	8h	92.750	+0.036%	$113.7M	$304.0M	50x	as long as short
Gate HYPE_USDT	+0.0090%	4h	92.721	+0.004%	$44.5M	$55.3M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	92.757	+0.043%	$338K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.746	+0.031%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.755	+0.041%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.741	+0.026%	$69K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.730	+0.014%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.723	+0.007%	$7.1M	$45.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.776	+0.064%	$2.02B	$663.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.769	+0.056%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.745	+0.030%	$372.6M	$902.7M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.742	+0.027%	$87.4M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.738	+0.023%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.744	+0.029%	$224.5M	$98.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.728	+0.012%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.688	−0.031%	$28.6M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.808	+0.098%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.760	+0.046%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.701	−0.017%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.781	+0.068%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.747	+0.032%	$465K	$2.6M	20x	as long as short
Bluefin HYPE-PERPlong	+0.0100%	1h	92.717	long leg	$78K	$170K	20x
Derive HYPE-PERP	+0.0100%	1h	92.718	+0.001%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.733	+0.017%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.733	+0.017%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.896	+0.193%	$1.4M	$6.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.701	−0.017%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.717	0.000%	$18.1M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.733	+0.017%	$392K	$164K	20x	as long as short
edgeX HYPEUSDC	+0.0110%	4h	92.754	+0.040%	$5.0M	$29.6M	30x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.305%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.750	+0.036%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0237%	8h	92.792	+0.081%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.718	+0.001%	$79K	$132K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.744	+0.030%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0332%	1h	92.797	+0.086%	$20.6M	$30.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.733	+0.017%	$16.7M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0375%	1h	92.824	+0.115%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.806	+0.097%	$3.2M	$6.4M	20x	as long as short