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% APRnext payment +$0.00 per $10,000 · paid last 24h +0.029%

Price spread now: Bluefin against Derive+0.004%7-day average +0.026% · you sell dearer than you buy

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

Long on Derive Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.087%−$9 on $10k

Price spread, last 4 days (all we have)−0.005%$0 · spread now +0.004%, 7d avg +0.026%

Together, before fees−0.092%−$9 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: Bluefin is 0.022% cheaper against Derive than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.026%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive HYPE-PERP	92.734	0.0100	pay 0.0013% / 1h	23m 39s	$16.0M	$7.6M	10x
Short	Bluefin HYPE-PERP	92.737	0.0100	get 0.0013% / 1h	23m 39s	$79K	$166K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against Derive. 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 DerivebpFee BluefinbpOrdersPrice spread, now +0.004%Rate

Funding earned: $0
Price spread: +0.004% → +0.026%: −$2.23
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$15.23
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; Bluefin: live order book, 30 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 Derive no order-book sample	—	—	—	—	—
Sell Bluefin live order book, 30 min ago	5.54 bp	16.1 bp −$16	doesn't fit	doesn't fit	doesn't fit

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1656%	1h	92.636	−0.105%	$193K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0313%	1h	92.829	+0.103%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.682	−0.056%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.789	+0.060%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0061%	4h	92.729	−0.005%	$145K	$681K	20x	as long as short
Bullet HYPE-USD	−0.0001%	1h	92.745	+0.012%	$112K	$577K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.736	+0.003%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.772	+0.041%	$22K	$293K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.770	+0.039%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0009%	1h	92.670	−0.069%	$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
01 Exchange HYPEUSD	+0.0024%	1h	92.721	−0.014%	$87K	$364K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	92.921	+0.202%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.715	−0.020%	$315.2M	$282.8M	75x	as long as short
Popdex HYPEUSDT	+0.0048%	1h	92.711	−0.025%	$70K	$1.1M	50x	as long as short
Bitget HYPEUSDT	+0.0048%	4h	92.718	−0.017%	$224.5M	$98.8M	75x	as long as short
Phemex HYPEUSDT	+0.0053%	8h	92.740	+0.007%	$12.5M	$2.7M	50x	as long as short
Gate HYPE_USDT	+0.0078%	4h	92.700	−0.036%	$45.1M	$54.3M	75x	as long as short
edgeX HYPEUSDC	+0.0092%	4h	92.837	+0.111%	$4.9M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.739	+0.006%	$16.0M	$62.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.740	+0.007%	$3.1M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	92.752	+0.020%	$338K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.690	−0.047%	$34K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.735	+0.001%	$7.4M	$46.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.766	+0.035%	$2.02B	$665.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	92.720	−0.015%	$8.7M	$36.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	92.740	+0.007%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.711	−0.025%	$372.8M	$905.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.710	−0.026%	$113.8M	$303.1M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.709	−0.027%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.720	−0.015%	$91.3M	$81.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.719	−0.016%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.716	−0.019%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.754	+0.022%	$7.2M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.768	+0.037%	$28.5M	$57.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.886	+0.164%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.846	+0.121%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.813	+0.085%	$667K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.801	+0.073%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.780	+0.050%	$482K	$2.7M	20x	as long as short
Bluefin HYPE-PERPshort	+0.0100%	1h	92.737	+0.004%	$79K	$166K	20x
Derive HYPE-PERPlong	+0.0100%	1h	92.734	long leg	$16.0M	$7.6M	10x
SunX HYPE-USDT	+0.0100%	4h	92.786	+0.056%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.728	−0.006%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.900	+0.179%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.686	−0.051%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.724	−0.011%	$392K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.780	+0.050%	$4.7M	$5.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0145%	8h	92.798	+0.069%	$1.8M	$5.4M	2.3x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.802	+0.074%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.750	+0.018%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0266%	1h	92.737	+0.003%	$79K	$131K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0310%	1h	92.829	+0.103%	$7.5M	$4.5M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.770	+0.040%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.759	+0.027%	$16.7M	$11.6M	75x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.790	+0.060%	$3.1M	$6.4M	20x	as long as short