Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0104%/8h= +11.4% APRpaid last 24h +0.058%

Price spread now: BloFin against Bulk+0.135%7-day average −0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$7as in the Price arb table

costs, in and out, $10k−$230.229% of the position

Long on Bulk Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.240%+$24 on $10k

Price spread, last 3 days (all we have)−0.124%−$12 · spread now +0.135%, 7d avg −0.029%

Together, before fees+0.116%+$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and BloFin is 0.164% dearer against Bulk than usual: you sell high and buy low: +$16 more if the spread goes back to its 7-day average of −0.029%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk HYPE-USD	94.120	0.0100	pay 0.0013% / 1h	35m 06s	$205K	$4K	10x
Short	BloFin HYPE-USDT	94.247	0.0204	get 0.0102% / 4h	3h 35m	$17.0M	$12.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Bulk. 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 BulkbpFee BloFinbpOrdersPrice spread, now +0.135%Rate

Funding earned: $21.84
Price spread: +0.135% → −0.029%: $16.43
Slippage, 4 orders: −$3.95
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: $15.32
Costs to cover: 0.229%
Break-even: 2.1 days

Slippage from Bulk: live order book, 39 min ago; BloFin: 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 Bulk live order book, 39 min ago	0.53 bp	4.0 bp −$4	5.9 bp −$59	12.3 bp −$1,232	35.8 bp −$17.9K
Sell BloFin live order book, 4 min ago	0.27 bp	6.6 bp −$7	9.0 bp −$90	17.1 bp −$1,709	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	−0.1448%	1h	94.155	+0.037%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	94.174	+0.057%	$1.2M	$3.8M	10x	as long as short
Phemex HYPEUSDT	−0.0268%	8h	94.233	+0.120%	$12.8M	$2.6M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0263%	1h	94.150	+0.032%	$22K	$23K	10x	as long as short
dYdX HYPE-USD	−0.0185%	1h	94.245	+0.133%	$129K	$30K	5x	as long as short
Ondo Perps HYPE-USD.P	−0.0158%	1h	94.220	+0.106%	$710K	$947K	10x	as long as short
Bullet HYPE-USD	−0.0094%	1h	94.242	+0.130%	$112K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.258	+0.147%	$86K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.260	+0.149%	$3K	$331	25x	as long as short
Bybit HYPEUSDT	−0.0019%	8h	94.250	+0.138%	$323.8M	$280.8M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0012%	4h	94.258	+0.147%	$166K	$604K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.289	+0.179%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.279	+0.169%	$27K	—	150x	as long as short
Gate HYPE_USDT	+0.0016%	4h	94.258	+0.147%	$44.6M	$59.6M	75x	as long as short
Aster HYPEUSDT	+0.0024%	4h	94.272	+0.162%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	94.173	+0.056%	$219K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0048%	4h	94.249	+0.137%	$89.6M	$82.4M	100x	as long as short
Derive HYPE-PERP	+0.0048%	1h	94.208	+0.093%	$16.5M	$7.3M	10x	as long as short
Binance HYPEUSDT	+0.0051%	4h	94.253	+0.141%	$384.4M	$893.3M	75x	as long as short
edgeX HYPEUSDC	+0.0058%	4h	94.030	−0.095%	$5.1M	$29.8M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0081%	8h	94.265	+0.154%	$116.3M	$319.6M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.311	+0.203%	$19.1M	$58.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.276	+0.166%	$3.1M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.245	+0.133%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.254	+0.142%	$401K	$193K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.314	+0.206%	$343K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.250	+0.138%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.249	+0.138%	$6.7M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.367	+0.262%	$2.06B	$675.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.291	+0.182%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.264	+0.153%	$46.7M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.263	+0.152%	$228.6M	$100.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.248	+0.136%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.275	+0.165%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.220	+0.107%	$31.8M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.045	−0.080%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.252	+0.140%	$341K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.245	+0.133%	$682K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.281	+0.171%	—	$271K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.266	+0.155%	$481K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.232	+0.119%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.319	+0.211%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.243	+0.131%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USDlong	+0.0100%	1h	94.120	long leg	$205K	$4K	10x
Extended HYPE-USD	+0.0104%	1h	94.230	+0.117%	$19.1M	$44.2M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.280	+0.170%	$5.0M	$5.5M	50x	as long as short
BloFin HYPE-USDTshort	+0.0204%	4h	94.247	+0.135%	$17.0M	$12.3M	75x
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.393%	$31K	$338K	12x	as long as short
Kalshi KXHYPEPERP	+0.0209%	8h	94.307	+0.199%	$1.9M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.299	+0.190%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.242	+0.130%	$79K	$145K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0153%	1h	94.266	+0.155%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0355%	1h	94.337	+0.231%	$7.5M	$4.7M	50x	as long as short
HTX HYPE-USDT	+0.0449%	4h	94.428	+0.327%	$1.5M	$6.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0669%	1h	94.341	+0.235%	$21.1M	$29.7M	50x	as long as short