Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.013%

Price spread now: Variational Omni against Bluefin−0.025%47s7-day average −0.021% · you buy dearer than you sell

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

Long on Bluefin Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.046%+$5 on $10k

Price spread, last 4 days (all we have)+0.002%$0 · spread now −0.025%, 7d avg −0.021%

Together, before fees+0.048%+ Points / potential airdropVariational Omni: Active · farm board+$5 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin HYPE-PERP	92.791	0.0100	pay 0.0013% / 1h	25m 40s	$79K	$166K	20x
Short	Variational Omni HYPE	92.768	0.0100	get 0.0100% / 8h	3h 25m	$28.5M	$57.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.025%Rate

Funding earned: $0
Price spread: −0.025% → −0.021%: −$0.41
Slippage, 4 orders: no order book: not counted
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$7.41
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Bluefin: live order book, 28 min ago; Variational Omni: RFQ quote, 4 min ago. 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, 28 min ago	5.54 bp	16.6 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	0.42 bp	doesn't fit	5.7 bp −$57	21.3 bp −$2,131	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	−0.1632%	1h	92.727	−0.070%	$194K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0308%	1h	92.852	+0.066%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.765	−0.028%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.807	+0.017%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0061%	4h	92.790	−0.001%	$145K	$681K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.827	+0.039%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.837	+0.049%	$22K	$295K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.820	+0.031%	$62K	—	150x	as long as short
Bullet HYPE-USD	+0.0003%	1h	92.781	−0.011%	$112K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	+0.0016%	1h	92.730	−0.066%	$698K	$1.1M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	+0.0026%	1h	92.917	+0.136%	$210K	$1.2M	10x	as long as short
01 Exchange HYPEUSD	+0.0032%	1h	92.791	0.000%	$87K	$364K	20x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.796	+0.005%	$315.5M	$282.6M	75x	as long as short
Phemex HYPEUSDT	+0.0049%	8h	92.841	+0.054%	$12.5M	$2.7M	50x	as long as short
Bitget HYPEUSDT	+0.0050%	4h	92.792	+0.001%	$224.7M	$99.1M	75x	as long as short
Popdex HYPEUSDT	+0.0056%	1h	92.785	−0.006%	$70K	$1.1M	50x	as long as short
Gate HYPE_USDT	+0.0074%	4h	92.790	−0.001%	$45.1M	$54.3M	75x	as long as short
edgeX HYPEUSDC	+0.0089%	4h	92.855	+0.069%	$4.9M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.822	+0.033%	$16.0M	$62.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.821	+0.032%	$3.1M	$11.6M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.790	−0.001%	$34K	$1.7M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	92.829	+0.041%	$339K	$163K	20x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.832	+0.045%	$7.4M	$46.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.849	+0.063%	$2.02B	$666.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	92.805	+0.015%	$8.7M	$36.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	92.818	+0.029%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.796	+0.005%	$373.2M	$906.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.804	+0.014%	$113.8M	$303.5M	50x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.796	+0.005%	$91.3M	$81.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.803	+0.013%	$46.2M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.789	−0.002%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.841	+0.054%	$7.2M	$11.3M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	92.768	−0.025%	$28.5M	$57.3M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.886	+0.102%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.975	+0.198%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.843	+0.056%	$668K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.872	+0.087%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.847	+0.060%	$471K	$2.6M	20x	as long as short
Bluefin HYPE-PERPlong	+0.0100%	1h	92.791	long leg	$79K	$166K	20x
Derive HYPE-PERP	+0.0100%	1h	92.784	−0.008%	$16.0M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.872	+0.087%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.799	+0.009%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.950	+0.171%	$1.4M	$6.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.770	−0.023%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.769	−0.024%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.783	−0.008%	$392K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.910	+0.128%	$4.7M	$5.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0154%	8h	92.890	+0.107%	$1.8M	$5.4M	2.3x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.858	+0.072%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.790	−0.001%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0265%	1h	92.797	+0.007%	$79K	$131K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0278%	1h	92.881	+0.097%	$7.5M	$4.5M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.823	+0.035%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.846	+0.059%	$16.8M	$11.6M	75x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.846	+0.059%	$3.1M	$6.4M	20x	as long as short