Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0108%/8h= +11.8% APRpaid last 24h +0.006%

Price spread now: BloFin against Hyperliquid−0.146%47s7-day average −0.046% · you buy dearer than you sell

Net, funding: paid 7d − costs+$17as 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−$220.217% of the position

Long on Hyperliquid Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.389%+$39 on $10k

Price spread, last 3 days (all we have)+0.069%+$7 · spread now −0.146%, 7d avg −0.046%

Together, before fees+0.458%+ Points / potential airdropHyperliquid: Season 2 · farm board+$46 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.100% cheaper against Hyperliquid than usual: you would sell low and buy high (spread −0.146% now, against its 7-day average of −0.046%). If the spread goes back, that is −$10 on $10k: about 3.1 days of funding at the current rate (+$3 a day). The two prices were read 47 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	Hyperliquid HYPE	94.096	0.0100	pay 0.0013% / 1h	10m 31s	$2.05B	$676.7M	10x
Short	BloFin HYPE-USDT	93.959	0.0208	get 0.0104% / 4h	3h 10m	$17.0M	$12.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Hyperliquid. 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 HyperliquidbpFee BloFinbpOrdersPrice spread, now −0.146%Rate

Funding earned: $22.61
Price spread: −0.146% → −0.046%: −$10
Slippage, 4 orders: −$0.7
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$9.09
Costs to cover: 0.217%
Break-even: 9.8 days

Slippage from Hyperliquid: live order book, 4 min ago; BloFin: live order book, 3 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 Hyperliquid live order book, 4 min ago	0.05 bp	4.8 bp −$5	6.8 bp −$68	doesn't fit	doesn't fit
Sell BloFin live order book, 3 min ago	0.05 bp	6.3 bp −$6	8.2 bp −$82	13.1 bp −$1,311	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	−0.1184%	1h	93.935	−0.171%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.925	−0.182%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0204%	1h	93.946	−0.159%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0102%	1h	93.870	−0.240%	$710K	$959K	10x	as long as short
dYdX HYPE-USD	−0.0091%	1h	94.078	−0.019%	$129K	$31K	5x	as long as short
Phemex HYPEUSDT	−0.0089%	8h	93.940	−0.166%	$12.8M	$2.6M	50x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.058	−0.040%	$86K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.046	−0.053%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0049%	1h	94.042	−0.058%	$113K	$581K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0028%	4h	93.908	−0.200%	$159K	$643K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0016%	4h	94.023	−0.078%	$44.5M	$60.3M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.054	−0.045%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.980	−0.123%	$26K	—	150x	as long as short
Aster HYPEUSDT	+0.0008%	4h	94.035	−0.065%	$8.9M	$36.1M	300x	as long as short
Bybit HYPEUSDT	+0.0010%	8h	94.031	−0.069%	$323.6M	$279.7M	75x	as long as short
Derive HYPE-PERP	+0.0017%	1h	93.891	−0.217%	$16.4M	$7.3M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	94.071	−0.027%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0050%	4h	94.049	−0.050%	$88.6M	$83.3M	100x	as long as short
Binance HYPEUSDT	+0.0053%	4h	94.043	−0.056%	$383.9M	$894.0M	75x	as long as short
edgeX HYPEUSDC	+0.0058%	4h	93.999	−0.103%	$5.1M	$30.1M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0074%	8h	94.031	−0.069%	$116.3M	$315.5M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.095	−0.001%	$19.1M	$60.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.054	−0.045%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.054	−0.045%	$65K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.977	−0.126%	$400K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.073	−0.025%	$342K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.050	−0.049%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.013	−0.088%	$6.6M	$44.6M	10x	as long as short
Hyperliquid HYPElong	+0.0100%	1h	94.096	long leg	$2.05B	$676.7M	10x
Pacifica HYPE	+0.0100%	1h	94.080	−0.017%	$10.2M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.528	−0.603%	$204K	$12K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.060	−0.038%	$46.7M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.057	−0.041%	$227.8M	$100.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.039	−0.061%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.947	−0.158%	$7.8M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.920	−0.188%	$31.4M	$53.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.053	−0.046%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.061	−0.037%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.959	−0.146%	$671K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.062	−0.036%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.073	−0.024%	$475K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.933	−0.173%	$76K	$170K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.048	−0.051%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.934	−0.172%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.004	−0.097%	$18.4M	$45.2M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.000	−0.102%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.419%	$31K	$338K	12x	as long as short
BloFin HYPE-USDTshort	+0.0208%	4h	93.959	−0.146%	$17.0M	$12.1M	75x
RISEx HYPE/USDC	+0.0222%	1h	94.085	−0.012%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0238%	8h	94.035	−0.065%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	94.043	−0.056%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0158%	1h	93.975	−0.129%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0373%	4h	94.120	+0.026%	$1.5M	$5.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0484%	1h	94.031	−0.069%	$7.5M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0672%	1h	94.010	−0.092%	$21.0M	$29.8M	50x	as long as short