Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0323%/8h= +35.4% APRpaid last 24h +0.079%

Price spread now: BloFin against Bybit−0.093%92s7-day average +0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs+$28as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$260.255% of the position

Long on Bybit Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.539%+$54 on $10k

Price spread, last 4 days (all we have)+0.068%+$7 · spread now −0.093%, 7d avg +0.029%

Together, before fees+0.606%+$61 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.122% cheaper against Bybit than usual: you would sell low and buy high (spread −0.093% now, against its 7-day average of +0.029%). If the spread goes back, that is −$12 on $10k: about 30 hours of funding at the current rate (+$10 a day). The two prices were read 92 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HYPEUSDT	94.450	0.0017	pay 0.0017% / 8h	17m 43s	$317.5M	$289.3M	75x
Short	BloFin HYPE-USDT	94.362	0.0340	get 0.0170% / 4h	17m 43s	$17.2M	$12.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Bybit. 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 BybitbpFee BloFinbpOrdersPrice spread, now −0.093%Rate

Funding earned: $67.93
Price spread: −0.093% → +0.029%: −$12.23
Slippage, 4 orders: −$2.52
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee BloFin: 6 bp × 2 orders: −$12
Net: $30.19
Costs to cover: 0.255%
Break-even: 3.9 days

Slippage from Bybit: live order book, 1 min ago; BloFin: live order book, 6 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 Bybit live order book, 1 min ago	0.53 bp	6.0 bp −$6	8.3 bp −$83	15.5 bp −$1,552	47.2 bp −$23.6K
Sell BloFin live order book, 6 min ago	0.11 bp	7.1 bp −$7	7.1 bp −$71	10.1 bp −$1,012	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	−0.1712%	1h	94.261	−0.200%	$202K	$255K	7x	as long as short
Bluefin HYPE-PERP	−0.0396%	1h	94.453	+0.003%	$80K	$152K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0215%	1h	94.390	−0.064%	$710K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0208%	1h	94.443	−0.007%	$111K	$576K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0148%	1h	94.242	−0.220%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.489	+0.041%	$88K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.433	−0.018%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0061%	1h	94.393	−0.061%	$16.4M	$7.5M	10x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.450	0.000%	$1.0M	$3.6M	10x	as long as short
Lighter HYPE	−0.0032%	1h	94.446	−0.005%	$16.4M	$64.5M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	−0.0018%	4h	94.456	+0.006%	—	$52.8M	—	as long as short
Orderly PERP_HYPE_USDC	−0.0009%	4h	94.440	−0.011%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.464	+0.015%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.516	+0.070%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.117	−0.353%	$208K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.468	+0.019%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.489	+0.042%	$124K	—	150x	as long as short
Polymarket Perps HYPE-USD	+0.0008%	1h	94.490	+0.042%	$498K	$2.8M	20x	as long as short
Bybit HYPEUSDTlong	+0.0017%	8h	94.450	long leg	$317.5M	$289.3M	75x
Bitget HYPEUSDT	+0.0028%	4h	94.456	+0.006%	$226.9M	$100.1M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0034%	8h	94.488	+0.040%	$338K	$154K	20x	as long as short
Phemex HYPEUSDT	+0.0036%	8h	94.399	−0.054%	$12.9M	$2.9M	50x	as long as short
Vest HYPE-PERP	+0.0040%	1h	94.489	+0.041%	—	$190K	5x	as long as short
SoDEX HYPE-USD	+0.0051%	1h	94.459	+0.010%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.440	−0.011%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	94.468	+0.019%	$117.9M	$325.4M	50x	as long as short
Gate HYPE_USDT	+0.0094%	4h	94.456	+0.006%	$50.2M	$56.8M	75x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	93.993	−0.484%	$5.0M	$30.7M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.453	+0.003%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.448	−0.002%	$81K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.440	−0.011%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.443	−0.007%	$7.2M	$53.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.550	+0.106%	$2.08B	$687.9M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.462	+0.013%	$8.9M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.488	+0.040%	$10.2M	$15.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.456	+0.006%	$378.7M	$934.0M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.307	−0.152%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.462	+0.013%	$89.0M	$84.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.456	+0.006%	$46.9M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.400	−0.053%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.079	−0.393%	$29.4M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.093	−0.378%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.028	−0.447%	$369K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.315	−0.143%	$682K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.526	+0.080%	$33K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.550	+0.106%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.439	−0.012%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.468	+0.019%	$399K	$154K	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0110%	1h	94.540	+0.095%	$7.5M	$4.3M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.497	+0.050%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.307%	$31K	$340K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.476	+0.028%	$20.2M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.490	+0.042%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.451	+0.001%	$85K	$120K	15x	as long as short
BloFin HYPE-USDTshort	+0.0340%	4h	94.362	−0.093%	$17.2M	$12.4M	75x