Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.038%

Price spread now: Hyperliquid against Bulk−0.317%7-day average +0.008% · 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−$62as in the Price arb table

costs, in and out, $10k−$290.293% of the position

Long on Bulk Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.060%+$6 on $10k

Price spread, last 4 days (all we have)+0.465%+$46 · spread now −0.317%, 7d avg +0.008%

Together, before fees+0.524%+ Points / potential airdropHyperliquid: Season 2 · farm board+$52 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: Hyperliquid is 0.325% cheaper against Bulk than usual: you would sell low and buy high, −$32 on $10k if it goes back to its 7-day average of +0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk HYPE-USD	92.800	0.0100	pay 0.0013% / 1h	51m 11s	$202K	$13K	10x
Short	Hyperliquid HYPE	92.506	0.0100	get 0.0013% / 1h	51m 11s	$2.01B	$658.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −0.317%Rate

Funding earned: $0
Price spread: −0.317% → +0.008%: −$32.49
Slippage, 4 orders: −$13.34
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$61.82
Costs to cover: 0.293%
Break-even: never at this rate

Slippage from Bulk: live order book, 8 min ago; Hyperliquid: live order book, 13 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, 8 min ago	1.08 bp	4.6 bp −$5	6.5 bp −$65	15.2 bp −$1,521	44.9 bp −$22.4K
Sell Hyperliquid live order book, 13 min ago	2.64 bp	7.1 bp −$7	doesn't fit	doesn't fit	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
Arcus HYPE-USD	−0.0948%	1h	92.414	−0.416%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0760%	1h	92.788	−0.013%	$195K	$227K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0110%	1h	92.696	−0.112%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	92.530	−0.291%	$86K	$351K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.555	−0.264%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0066%	4h	92.470	−0.356%	$157K	$663K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0059%	1h	92.720	−0.086%	$699K	$1.1M	10x	as long as short
Bullet HYPE-USD	−0.0052%	1h	92.518	−0.304%	$110K	$579K	20x	as long as short
Aster HYPEUSDT	−0.0003%	4h	92.468	−0.358%	$8.7M	$36.2M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.516	−0.306%	$127K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	92.520	−0.302%	$23K	$309K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.520	−0.302%	$62K	—	150x	as long as short
Derive HYPE-PERP	+0.0020%	1h	92.434	−0.394%	$16.0M	$7.5M	10x	as long as short
BingX HYPE-USDT	+0.0032%	4h	92.438	−0.390%	—	$53.2M	—	as long as short
Phemex HYPEUSDT	+0.0033%	8h	92.492	−0.332%	$12.5M	$2.7M	50x	as long as short
Bybit HYPEUSDT	+0.0038%	8h	92.429	−0.400%	$317.3M	$279.2M	75x	as long as short
Phoenix HYPE	+0.0043%	1h	92.855	+0.059%	$211K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0048%	4h	92.436	−0.392%	$44.4M	$54.5M	75x	as long as short
Popdex HYPEUSDT	+0.0072%	1h	92.529	−0.292%	$67K	$1.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0074%	8h	92.434	−0.394%	$113.1M	$300.6M	50x	as long as short
Binance HYPEUSDT	+0.0079%	4h	92.501	−0.322%	$371.9M	$892.6M	75x	as long as short
MEXC HYPE_USDT	+0.0084%	4h	92.444	−0.384%	$87.6M	$80.2M	100x	as long as short
Paradex HYPE-USD-PERP	+0.0092%	8h	92.546	−0.274%	$338K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.484	−0.340%	$16.0M	$62.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.495	−0.329%	$3.1M	$11.6M	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.530	−0.291%	$14K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.525	−0.297%	$5.8M	$43.1M	10x	as long as short
Hyperliquid HYPEshort	+0.0100%	1h	92.506	−0.317%	$2.01B	$658.4M	10x
Pacifica HYPE	+0.0100%	1h	92.552	−0.267%	$10.0M	$14.9M	20x	as long as short
Bulk HYPE-USDlong	+0.0100%	1h	92.800	long leg	$202K	$13K	10x
KuCoin HYPEUSDTM	+0.0100%	4h	92.503	−0.320%	$45.8M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.449	−0.378%	$223.7M	$97.5M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.435	−0.393%	$7.4M	$10.0M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.469	−0.357%	$28.5M	$57.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.799	−0.001%	$7.5M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.847	+0.051%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.793	−0.008%	$665K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.585	−0.231%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.546	−0.274%	$467K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.586	−0.231%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.493	−0.331%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.650	−0.162%	$1.4M	$6.2M	75x	as long as short
edgeX HYPEUSDC	+0.0103%	4h	92.776	−0.026%	$5.1M	$29.2M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.463	−0.364%	$18.1M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.474	−0.351%	$391K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.430	−0.399%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.550	−0.269%	$4.7M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0260%	1h	92.515	−0.307%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0263%	8h	92.559	−0.260%	$1.8M	$5.4M	2.3x	as long as short
BloFin HYPE-USDT	+0.0317%	4h	92.544	−0.276%	$16.8M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0153%	1h	92.537	−0.283%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0332%	1h	92.558	−0.261%	$20.6M	$30.3M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0442%	1h	92.587	−0.230%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.603	−0.212%	$3.1M	$6.4M	20x	as long as short
Bluefin HYPE-PERP	+0.1344%	1h	92.483	−0.342%	$78K	$169K	20x	as long as short