Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0003%/8h= +0.3% APRpaid last 24h +0.041%

Price spread now: Bluefin against Orderly0.000%7-day average +0.001% · you sell dearer than you buy

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

Long on Orderly Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.029%+$3 on $10k

Price spread, last 4 days (all we have)−0.052%−$5 · spread now 0.000%, 7d avg +0.001%

Together, before fees−0.023%−$2 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_HYPE_USDC	95.012	−0.0065	get 0.0033% / 4h	1h 06m	$148K	$642K	20x
Short	Bluefin HYPE-PERP	95.012	−0.0062	pay 0.0008% / 1h	6m 35s	$79K	$132K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against Orderly. 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 OrderlybpFee BluefinbpOrdersPrice spread, now 0.000%Rate

Funding earned: $0.64
Price spread: 0.000% → +0.001%: −$0.11
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$12.47
Costs to cover: 0.130%
Break-even: 143.4 days

Slippage unknown: Orderly: no order-book sample; Bluefin: live order book, 41 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 Orderly no order-book sample	—	—	—	—	—
Sell Bluefin live order book, 41 min ago	3.58 bp	17.9 bp −$18	doesn't fit	doesn't fit	doesn't fit

Orderly: 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 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
Phemex HYPEUSDT	−0.0265%	8h	95.060	+0.051%	$13.0M	$2.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0252%	1h	95.030	+0.019%	$18.4M	$34.6M	50x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.299	+0.302%	$1.1M	$2.7M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0126%	1h	95.156	+0.152%	$22K	$17K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0107%	1h	95.220	+0.219%	$678K	$1.3M	10x	as long as short
Aster HYPEUSDT	−0.0082%	4h	95.218	+0.216%	$9.1M	$34.3M	300x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	95.321	+0.325%	$101K	$349K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.055	+0.045%	$3K	$421	25x	as long as short
Orderly PERP_HYPE_USDClong	−0.0065%	4h	95.012	long leg	$148K	$642K	20x
Gate HYPE_USDT	−0.0064%	4h	95.279	+0.281%	$55.8M	$54.1M	75x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin HYPE-PERPshort	−0.0062%	1h	95.012	0.000%	$79K	$132K	20x
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.020	+0.008%	$4.7M	$5.5M	50x	as long as short
Bullet HYPE-USD	−0.0053%	1h	95.049	+0.038%	$113K	$583K	20x	as long as short
OKX HYPE-USDT-SWAP	−0.0032%	8h	95.251	+0.252%	$119.4M	$304.1M	50x	as long as short
Bitget HYPEUSDT	−0.0024%	4h	95.267	+0.268%	$230.7M	$86.3M	75x	as long as short
Phoenix HYPE	−0.0008%	1h	95.181	+0.178%	$198K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	95.077	+0.069%	$24K	$251K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.100	+0.093%	$99K	—	150x	as long as short
Derive HYPE-PERP	+0.0014%	1h	95.000	−0.013%	$16.4M	$7.0M	10x	as long as short
Lighter HYPE	+0.0016%	1h	95.257	+0.258%	$16.7M	$59.0M	20x	as long as short
Bybit HYPEUSDT	+0.0034%	8h	95.277	+0.279%	$321.6M	$263.2M	75x	as long as short
edgeX HYPEUSDC	+0.0035%	4h	94.993	−0.020%	$5.0M	$28.0M	30x	as long as short
MEXC HYPE_USDT	+0.0044%	4h	95.275	+0.277%	$90.6M	$84.9M	100x	as long as short
Binance HYPEUSDT	+0.0046%	4h	95.286	+0.288%	$383.5M	$850.6M	75x	as long as short
BingX HYPE-USDT	+0.0052%	4h	95.267	+0.268%	—	$49.1M	—	as long as short
Popdex HYPEUSDT	+0.0056%	1h	95.300	+0.303%	$275K	$999K	50x	as long as short
dYdX HYPE-USD	+0.0064%	1h	95.285	+0.288%	$128K	$96K	5x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0076%	1h	95.119	+0.113%	$7.5M	$4.2M	50x	as long as short
ApeX Omni HYPEUSDT	+0.0089%	1h	95.028	+0.017%	$323K	$926K	50x	as long as short
Paradex HYPE-USD-PERP	+0.0090%	8h	95.255	+0.256%	$340K	$30K	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.274	+0.276%	$3.2M	$10.4M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	95.016	+0.004%	$402K	$125K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.240	+0.240%	$40K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.283	+0.285%	$7.3M	$50.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.284	+0.286%	$10.3M	$13.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.233	+0.232%	$229K	$20K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.266	+0.267%	$47.7M	$17.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.011	−0.001%	$6.9M	$12.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.971	−0.043%	$29.7M	$52.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.044	+0.034%	$7.7M	$40.7M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.077	+0.068%	$691K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	95.108	+0.101%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.048	+0.038%	$504K	$2.4M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.136	+0.131%	$33K	$1.4M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	95.024	+0.013%	$2.1M	$335K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.167	+0.163%	$1.4M	$5.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.234	+0.233%	$18.3M	$38.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0121%	8h	95.084	+0.076%	$1.8M	$5.0M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.312	+0.316%	$3.1M	$5.2M	20x	as long as short
Hyperliquid HYPE	+0.0154%	1h	95.375	+0.382%	$2.11B	$643.8M	10x	as long as short
BloFin HYPE-USDT	+0.0181%	4h	95.018	+0.006%	$17.4M	$11.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0268%	1h	95.028	+0.017%	$85K	$90K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	95.048	+0.037%	$1.4M	—	100x	as long as short
Hibachi HYPE/USDT-P	+0.0704%	1h	95.101	+0.094%	$216K	$278K	7x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.600	+0.619%	$31K	$334K	12x	as long as short