Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0341%/8h= +37.3% APRpaid last 24h +0.070%

Price spread now: BloFin against OKX+0.090%73s7-day average +0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs+$26as 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−$280.277% of the position

Long on OKX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.535%+$54 on $10k

Price spread, last 4 days (all we have)−0.153%−$15 · spread now +0.090%, 7d avg +0.022%

Together, before fees+0.383%+$38 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and BloFin is 0.069% dearer against OKX than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.022%. The two prices were read 73 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	OKX HYPE-USDT-SWAP	95.046	−0.0014	get 0.0014% / 8h	5h 50m	$119.1M	$302.4M	50x
Short	BloFin HYPE-USDT	95.132	0.0326	get 0.0163% / 4h	1h 50m	$17.3M	$11.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against OKX. 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 OKXbpFee BloFinbpOrdersPrice spread, now +0.090%Rate

Funding earned: $71.53
Price spread: +0.090% → +0.022%: $6.87
Slippage, 4 orders: −$5.69
Fee OKX: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: $50.7
Costs to cover: 0.277%
Break-even: 2.0 days

Slippage from OKX: 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 OKX live order book, 2 min ago	0.05 bp	5.2 bp −$5	7.8 bp −$78	19.5 bp −$1,953	doesn't fit
Sell BloFin live order book, 7 min ago	1.42 bp	7.4 bp −$7	9.8 bp −$98	16.1 bp −$1,613	doesn't fit

HYPE on 54 exchanges

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	−0.1088%	1h	95.235	+0.199%	$215K	$263K	7x	as long as short
Phemex HYPEUSDT	−0.0272%	8h	95.055	+0.009%	$13.0M	$2.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0252%	1h	95.073	+0.028%	$18.5M	$35.2M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0193%	1h	95.090	+0.046%	$689K	$1.3M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0131%	1h	95.215	+0.178%	$22K	$17K	10x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.093	+0.049%	$1.1M	$2.4M	10x	as long as short
Lighter HYPE	−0.0120%	1h	95.053	+0.007%	$16.3M	$57.5M	20x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	95.096	+0.053%	$95K	$339K	20x	as long as short
Gate HYPE_USDT	−0.0086%	4h	95.051	+0.005%	$54.8M	$53.2M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.191	+0.153%	$3K	$331	25x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.110	+0.067%	$4.7M	$5.5M	50x	as long as short
Bullet HYPE-USD	−0.0050%	1h	95.085	+0.041%	$113K	$581K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0044%	4h	95.037	−0.009%	$148K	$643K	20x	as long as short
Aster HYPEUSDT	−0.0043%	4h	95.058	+0.012%	$9.0M	$32.7M	300x	as long as short
Popdex HYPEUSDT	−0.0040%	1h	95.102	+0.059%	$274K	$1.0M	50x	as long as short
OKX HYPE-USDT-SWAPlong	−0.0014%	8h	95.046	long leg	$119.1M	$302.4M	50x
Phoenix HYPE	−0.0008%	1h	95.326	+0.295%	$199K	$1.1M	10x	as long as short
SoDEX HYPE-USD	−0.0002%	1h	95.055	+0.009%	$2.1M	$340K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	95.169	+0.129%	$129K	$94K	5x	as long as short
Perpl HYPE	0.0000%	43m	95.106	+0.063%	$24K	$251K	10x	as long as short
Deribit HYPE_USDC-PERPETUAL	0.0000%	1h	95.150	+0.109%	$7.5M	$4.3M	50x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.192	+0.153%	$100K	—	150x	as long as short
Bitget HYPEUSDT	+0.0016%	4h	95.059	+0.014%	$228.5M	$86.8M	75x	as long as short
Bybit HYPEUSDT	+0.0023%	8h	95.070	+0.025%	$320.2M	$265.5M	75x	as long as short
Bulk HYPE-USD	+0.0074%	1h	95.269	+0.234%	$232K	$12K	10x	as long as short
Paradex HYPE-USD-PERP	+0.0075%	8h	95.105	+0.062%	$339K	$34K	20x	as long as short
edgeX HYPEUSDC	+0.0078%	4h	95.131	+0.090%	$5.1M	$29.2M	30x	as long as short
Bluefin HYPE-PERP	+0.0079%	1h	95.064	+0.019%	$79K	$135K	20x	as long as short
Binance HYPEUSDT	+0.0082%	4h	95.052	+0.006%	$382.1M	$851.7M	75x	as long as short
MEXC HYPE_USDT	+0.0086%	4h	95.024	−0.023%	$90.0M	$83.1M	100x	as long as short
StandX HYPE-USD	+0.0086%	1h	95.142	+0.101%	$692K	$2.7M	20x	as long as short
BingX HYPE-USDT	+0.0092%	4h	95.064	+0.019%	—	$49.4M	—	as long as short
Lighter RH HYPE	+0.0096%	1h	95.078	+0.034%	$3.3M	$10.0M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.110	+0.067%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.091	+0.048%	$7.4M	$51.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.178	+0.139%	$2.11B	$645.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.129	+0.087%	$10.3M	$13.3M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.057	+0.012%	$47.3M	$17.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.098	+0.055%	$7.8M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.111	+0.068%	$30.0M	$53.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.192	+0.154%	$7.7M	$39.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.135	+0.094%	$347K	$882K	50x	as long as short
Vest HYPE-PERP	+0.0100%	1h	95.174	+0.135%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.135	+0.094%	$504K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.169	+0.129%	$33K	$1.4M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.252	+0.217%	$1.4M	$5.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.024	−0.024%	$18.4M	$39.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.038	−0.008%	$402K	$130K	20x	as long as short
Kalshi KXHYPEPERP	+0.0126%	8h	95.197	+0.159%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.199	+0.161%	$3.2M	$5.5M	20x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	95.108	+0.065%	$85K	$96K	15x	as long as short
BloFin HYPE-USDTshort	+0.0326%	4h	95.132	+0.090%	$17.3M	$11.4M	75x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.199	+0.161%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.500	+0.478%	$31K	$334K	12x	as long as short