Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0107%/8h= −11.7% APRpaid last 24h +0.019%

Price spread now: BloFin against Deribit+0.003%7-day average −0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs+$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$320.315% of the position

Long on Deribit Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.493%+$49 on $10k

Price spread, last 4 days (all we have)−0.067%−$7 · spread now +0.003%, 7d avg −0.040%

Together, before fees+0.426%+$43 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.043% dearer against Deribit than usual: you sell high and buy low (spread +0.003% now, against its 7-day average of −0.040%): +$4 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 32 hours. Mind the row above: over the last 7 days funding on this pair paid +0.493%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit HYPE_USDC-PERPETUAL	93.306	0.0447	pay 0.0056% / 1h	29m 10s	$7.5M	$4.0M	50x
Short	BloFin HYPE-USDT	93.309	0.0340	get 0.0170% / 4h	2h 29m	$16.8M	$11.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Deribit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 DeribitbpFee BloFinbpOrdersPrice spread, now +0.003%Rate

Funding earned: −$22.47
Price spread: +0.003% → −0.040%: $4.33
Slippage, 4 orders: −$12.52
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$49.66
Costs to cover: 0.315%
Break-even: never at this rate

Slippage from Deribit: live order book, 5 min ago; BloFin: live order book, 5 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 Deribit live order book, 5 min ago	1.50 bp	6.1 bp −$6	11.3 bp −$113	doesn't fit	doesn't fit
Sell BloFin live order book, 5 min ago	1.77 bp	7.8 bp −$8	9.0 bp −$90	11.1 bp −$1,113	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	−0.1528%	1h	93.137	−0.181%	$196K	$234K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0370%	1h	93.259	−0.051%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.236	−0.075%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0058%	1h	93.249	−0.061%	$111K	$578K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0023%	4h	93.211	−0.102%	$146K	$662K	20x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	93.311	+0.005%	$87K	$365K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.295	−0.012%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.255	−0.055%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.280	−0.028%	$62K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	93.254	−0.056%	$1.0M	$3.9M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDT	+0.0014%	4h	93.173	−0.143%	$225.1M	$98.9M	75x	as long as short
Bybit HYPEUSDT	+0.0017%	8h	93.166	−0.150%	$316.4M	$282.7M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0021%	1h	93.250	−0.060%	$702K	$1.2M	10x	as long as short
Phoenix HYPE	+0.0026%	1h	93.282	−0.026%	$207K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0049%	8h	93.222	−0.090%	$12.7M	$2.8M	50x	as long as short
edgeX HYPEUSDC	+0.0088%	4h	93.175	−0.140%	$5.0M	$30.0M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	93.281	−0.027%	$339K	$160K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.214	−0.098%	$16.1M	$63.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.211	−0.102%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.294	−0.013%	$75K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.260	−0.049%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.279	−0.028%	$8.0M	$48.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.305	−0.001%	$2.03B	$669.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.209	−0.104%	$8.7M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.269	−0.040%	$10.0M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.215	−0.097%	$373.5M	$912.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.180	−0.135%	$114.3M	$309.0M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.230	−0.082%	$215K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.241	−0.070%	$46.7M	$54.3M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.211	−0.102%	$91.0M	$81.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.192	−0.122%	$46.1M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.187	−0.128%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.221	−0.091%	$7.3M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.131	−0.188%	$28.5M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.193	−0.121%	$7.5M	$47.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.165	−0.151%	$342K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.238	−0.073%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.325	+0.020%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.279	−0.029%	$483K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.232	−0.079%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.211	−0.101%	$16.1M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.260	−0.049%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.191	−0.123%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.425	+0.128%	$1.4M	$6.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.183	−0.131%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.223	−0.089%	$394K	$158K	20x	as long as short
Kalshi KXHYPEPERP	+0.0106%	8h	93.272	−0.036%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.190	−0.124%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.310	+0.004%	$4.6M	$5.8M	50x	as long as short
Reya HYPERUSDPERP	+0.0269%	1h	93.257	−0.053%	$80K	$127K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.274	−0.034%	$1.4M	—	100x	as long as short
BloFin HYPE-USDTshort	+0.0340%	4h	93.309	+0.003%	$16.8M	$11.9M	75x
Kraken Futures PF_HYPEUSD	+0.0342%	1h	93.251	−0.059%	$20.8M	$29.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0447%	1h	93.306	long leg	$7.5M	$4.0M	50x
RISEx HYPE/USDC	+0.0527%	1h	93.348	+0.046%	$3.2M	$6.2M	20x	as long as short