Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0187%/8h= +20.5% APRpaid last 24h −0.007%

Price spread now: BloFin against Injective−0.579%7-day average −0.150% · you buy dearer than you sell

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

Long on Injective Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−1.654%−$165 on $10k

Price spread, last 4 days (all we have)+0.298%+$30 · spread now −0.579%, 7d avg −0.150%

Together, before fees−1.356%−$136 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.428% cheaper against Injective than usual: you would sell low and buy high (spread −0.579% now, against its 7-day average of −0.150%). If the spread goes back, that is −$43 on $10k: about 7.6 days of funding at the current rate (+$6 a day). Mind the row above: over the last 7 days funding on this pair cost −1.654%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective HYPE/USDC PERP	95.170	0.0153	pay 0.0019% / 1h	33m 26s	$31K	$340K	12x
Short	BloFin HYPE-USDT	94.619	0.0340	get 0.0170% / 4h	3h 33m	$17.3M	$12.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Injective. 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 InjectivebpFee BloFinbpOrdersPrice spread, now −0.579%Rate

Funding earned: $39.31
Price spread: −0.579% → −0.150%: −$42.85
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$15.56
Costs to cover: 0.120%
Break-even: 9.8 days

Slippage unknown: Injective: live order book, 66 min ago; BloFin: live order book, 5 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 Injective live order book, 66 min ago	24.33 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 5 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	−0.597%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0608%	1h	94.604	−0.595%	$80K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0308%	1h	94.670	−0.526%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0236%	1h	94.320	−0.893%	$112K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0170%	1h	94.300	−0.914%	$704K	$1.3M	10x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.345	−0.867%	$1.0M	$3.5M	10x	as long as short
Gate HYPE_USDT	−0.0100%	4h	94.362	−0.849%	$51.4M	$55.1M	75x	as long as short
01 Exchange HYPEUSD	−0.0096%	1h	94.376	−0.834%	$89K	$365K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.377	−0.833%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0067%	8h	94.575	−0.625%	$12.9M	$2.9M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.569	−0.631%	$18.9M	$35.4M	50x	as long as short
Bybit HYPEUSDT	−0.0024%	8h	94.323	−0.890%	$317.3M	$296.4M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0007%	4h	94.616	−0.582%	$147K	$681K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.395	−0.814%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.684	−0.511%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.608	−0.591%	$19K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.652	−0.544%	$123K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.654	−0.542%	$210K	$1.2M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.660	−0.536%	$4.7M	$6.3M	50x	as long as short
Bitget HYPEUSDT	+0.0028%	4h	94.336	−0.876%	$226.7M	$99.3M	75x	as long as short
Derive HYPE-PERP	+0.0034%	1h	94.592	−0.607%	$16.3M	$7.5M	10x	as long as short
Vest HYPE-PERP	+0.0041%	1h	94.467	−0.738%	—	$190K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0047%	8h	94.368	−0.843%	$337K	$154K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0049%	8h	94.325	−0.888%	$117.8M	$328.4M	50x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	94.626	−0.572%	$5.0M	$30.9M	30x	as long as short
SoDEX HYPE-USD	+0.0086%	1h	94.596	−0.603%	$2.1M	$2.0M	10x	as long as short
Backpack HYPE_USDC_PERP	+0.0088%	1h	94.499	−0.705%	$7.6M	$10.4M	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.383	−0.827%	$16.2M	$62.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.375	−0.835%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.356	−0.855%	$148K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.380	−0.830%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.391	−0.818%	$7.2M	$51.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.464	−0.742%	$2.08B	$686.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.404	−0.805%	$9.6M	$37.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.387	−0.823%	$10.2M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.354	−0.857%	$380.0M	$937.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.564	−0.637%	$220K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.324	−0.889%	$93.8M	$86.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.367	−0.844%	$47.1M	$19.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.375	−0.835%	—	$53.5M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	94.619	−0.579%	$30.0M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.643	−0.554%	$7.6M	$44.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.587	−0.613%	$345K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.634	−0.563%	$696K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.460	−0.746%	$498K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.627	−0.571%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.781	−0.409%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.337	−0.875%	$18.4M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.648	−0.549%	$400K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.412	−0.797%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERPlong	+0.0153%	1h	95.170	long leg	$31K	$340K	12x
Deribit HYPE_USDC-PERPETUAL	+0.0204%	1h	94.722	−0.471%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.540	−0.662%	$85K	$104K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	94.641	−0.556%	$1.4M	—	100x	as long as short
BloFin HYPE-USDTshort	+0.0340%	4h	94.619	−0.579%	$17.3M	$12.6M	75x