Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0236%/8h= +25.8% APRpaid last 24h +0.057%

Price spread now: BloFin against Extended+0.130%54s7-day average +0.045% · you sell dearer than you buy

Net, funding: paid 7d − costs+$27as 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−$200.196% of the position

Long on Extended Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.464%+$46 on $10k

Price spread, last 4 days (all we have)−0.462%−$46 · spread now +0.130%, 7d avg +0.045%

Together, before fees+0.003%+ Points / potential airdropExtended: Active · farm board$0 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and BloFin is 0.085% dearer against Extended than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.045%. The two prices were read 54 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	Extended HYPE-USD	94.181	0.0104	pay 0.0013% / 1h	32m 07s	$18.4M	$43.4M	50x
Short	BloFin HYPE-USDT	94.303	0.0340	get 0.0170% / 4h	3h 32m	$17.2M	$12.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Extended. 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 ExtendedbpFee BloFinbpOrdersPrice spread, now +0.130%Rate

Funding earned: $49.56
Price spread: +0.130% → +0.045%: $8.54
Slippage, 4 orders: −$2.6
Fee Extended: 2.5 bp × 2 orders: −$5
Fee BloFin: 6 bp × 2 orders: −$12
Net: $38.49
Costs to cover: 0.196%
Break-even: 1.6 days

Slippage from Extended: live order book, 2 min ago; BloFin: live order book, 7 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 Extended live order book, 2 min ago	0.05 bp	2.9 bp −$3	6.4 bp −$64	26.4 bp −$2,643	doesn't fit
Sell BloFin live order book, 7 min ago	0.53 bp	6.7 bp −$7	9.4 bp −$94	15.2 bp −$1,517	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	−0.0880%	1h	94.602	+0.447%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0624%	1h	94.167	−0.014%	$80K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0295%	1h	94.605	+0.451%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0252%	1h	94.186	+0.006%	$112K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0184%	1h	94.280	+0.106%	$704K	$1.3M	10x	as long as short
Gate HYPE_USDT	−0.0124%	4h	94.175	−0.006%	$51.3M	$55.1M	75x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.216	+0.038%	$1.0M	$3.5M	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	94.252	+0.076%	$89K	$365K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.241	+0.064%	$3K	$331	25x	as long as short
Kraken Futures PF_HYPEUSD	−0.0048%	1h	94.187	+0.007%	$18.8M	$35.5M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0036%	8h	94.172	−0.009%	$317.2M	$296.4M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0010%	4h	94.174	−0.007%	$146K	$681K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.317	+0.145%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.337	+0.166%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.287	+0.113%	$19K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.228	+0.051%	$123K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.654	+0.503%	$210K	$1.2M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.240	+0.063%	$4.7M	$6.3M	50x	as long as short
Bitget HYPEUSDT	+0.0028%	4h	94.209	+0.030%	$226.4M	$99.0M	75x	as long as short
Derive HYPE-PERP	+0.0034%	1h	94.592	+0.437%	$16.3M	$7.5M	10x	as long as short
Vest HYPE-PERP	+0.0038%	1h	94.333	+0.162%	—	$190K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0045%	8h	94.262	+0.086%	$337K	$154K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0048%	8h	94.203	+0.024%	$117.4M	$328.2M	50x	as long as short
SoDEX HYPE-USD	+0.0060%	1h	94.205	+0.026%	$2.1M	$2.0M	10x	as long as short
Backpack HYPE_USDC_PERP	+0.0062%	1h	94.145	−0.038%	$7.5M	$10.4M	20x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	94.626	+0.473%	$5.0M	$30.9M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.196	+0.016%	$16.2M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.201	+0.022%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.243	+0.066%	$148K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.250	+0.074%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.260	+0.084%	$7.2M	$51.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.273	+0.098%	$2.07B	$688.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.183	+0.003%	$9.5M	$37.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.258	+0.082%	$10.1M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.199	+0.020%	$379.3M	$937.9M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.564	+0.407%	$220K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.178	−0.003%	$93.0M	$86.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.193	+0.013%	$47.0M	$19.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.177	−0.004%	—	$53.6M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	94.619	+0.466%	$30.0M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.643	+0.491%	$7.6M	$44.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.587	+0.432%	$345K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.446	+0.282%	$694K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.333	+0.162%	$498K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.285	+0.111%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.350	+0.180%	$1.4M	$6.9M	75x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	94.236	+0.059%	$12.9M	$2.9M	50x	as long as short
Extended HYPE-USDlong	+0.0104%	1h	94.181	long leg	$18.4M	$43.4M	50x
Aevo HYPE-PERP	+0.0104%	1h	94.331	+0.159%	$399K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.284	+0.110%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+1.051%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0238%	1h	94.299	+0.126%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.184	+0.004%	$85K	$104K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	94.267	+0.092%	$1.4M	—	100x	as long as short
BloFin HYPE-USDTshort	+0.0340%	4h	94.303	+0.130%	$17.2M	$12.6M	75x