Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bulk against Pacifica−0.021%7-day average +0.017% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$170.173% of the position

Long on Pacifica Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)0.000%$0 on $10k

Price spread, last 4 days (all we have)−0.062%−$6 · spread now −0.021%, 7d avg +0.017%

Together, before fees−0.062%+ Points / potential airdropPacifica: Active · farm board−$6 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bulk is 0.038% cheaper against Pacifica than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.017%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica HYPE	93.576	0.0100	pay 0.0013% / 1h	27m 32s	$10.0M	$14.4M	20x
Short	Bulk HYPE-USD	93.556	0.0100	get 0.0013% / 1h	27m 32s	$204K	$12K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Pacifica. 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 PacificabpFee BulkbpOrdersPrice spread, now −0.021%Rate

Funding earned: $0
Price spread: −0.021% → +0.017%: −$3.77
Slippage, 4 orders: −$2.26
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$21.03
Costs to cover: 0.173%
Break-even: 43215880270746672.0 days

Slippage from Pacifica: live order book, 2 min ago; Bulk: live order book, 61 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 Pacifica live order book, 2 min ago	0.16 bp	4.5 bp −$5	doesn't fit	doesn't fit	doesn't fit
Sell Bulk live order book, 61 min ago	0.53 bp	4.4 bp −$4	6.4 bp −$64	14.7 bp −$1,471	43.8 bp −$21.9K

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	−0.1024%	1h	93.496	−0.086%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0276%	1h	93.540	−0.039%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0252%	1h	93.510	−0.071%	$701K	$940K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.557	−0.020%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.582	+0.006%	$90K	$349K	20x	as long as short
Bullet HYPE-USD	−0.0038%	1h	93.523	−0.057%	$112K	$583K	20x	as long as short
Derive HYPE-PERP	−0.0007%	1h	93.491	−0.091%	$16.4M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.563	−0.014%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.578	+0.002%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.571	−0.006%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0019%	4h	93.548	−0.030%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0024%	4h	93.542	−0.036%	$44.2M	$56.7M	75x	as long as short
Bybit HYPEUSDT	+0.0036%	8h	93.550	−0.028%	$325.9M	$287.1M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0067%	4h	93.539	−0.040%	$175K	$535K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.549	−0.029%	$216K	$1.2M	10x	as long as short
Popdex HYPEUSDT	+0.0072%	1h	93.561	−0.016%	$57K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.596	+0.022%	$18.5M	$59.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.584	+0.009%	$3.1M	$12.3M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.568	−0.009%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.580	+0.004%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.559	−0.018%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.634	+0.062%	$2.04B	$669.5M	10x	as long as short
Pacifica HYPElong	+0.0100%	1h	93.576	long leg	$10.0M	$14.4M	20x
Binance HYPEUSDT	+0.0100%	4h	93.559	−0.018%	$386.0M	$887.5M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.549	−0.029%	$114.9M	$315.3M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.536	−0.043%	$1.2M	$4.0M	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.555	−0.022%	$93.6M	$82.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.580	+0.004%	$46.4M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.569	−0.007%	$227.3M	$102.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.540	−0.038%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.572	−0.004%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.541	−0.038%	$28.9M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.580	+0.005%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.558	−0.019%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.586	+0.011%	$677K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.595	+0.020%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.614	+0.041%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.536	−0.043%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.577	+0.001%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.526	−0.053%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.546	−0.032%	$12.7M	$2.6M	50x	as long as short
Bulk HYPE-USDshort	+0.0100%	1h	93.556	−0.021%	$204K	$12K	10x
Extended HYPE-USD	+0.0104%	1h	93.549	−0.029%	$18.3M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.534	−0.044%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0116%	4h	93.544	−0.035%	$5.1M	$29.6M	30x	as long as short
Kalshi KXHYPEPERP	+0.0127%	8h	93.629	+0.057%	$1.9M	$5.3M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0177%	1h	93.627	+0.055%	$7.4M	$4.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.600	+0.026%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.563	−0.014%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.510	−0.071%	$30K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0323%	4h	93.707	+0.140%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0164%	1h	93.576	0.000%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.513	−0.067%	$17.0M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.629	+0.056%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.632	+0.060%	$19.2M	$26.0M	50x	as long as short