Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0289%/8h= +31.7% APRpaid last 24h +0.065%

Price spread now: BloFin against Phemex+0.018%59s7-day average −0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$6as 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−$520.520% of the position

Long on Phemex Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.462%+$46 on $10k

Price spread, last 3 days (all we have)−0.047%−$5 · spread now +0.018%, 7d avg −0.005%

Together, before fees+0.414%+$41 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and BloFin is 0.023% dearer against Phemex than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.005%. The two prices were read 59 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	Phemex HYPEUSDT	93.801	−0.0073	get 0.0073% / 8h	7h 03m	$12.8M	$2.6M	50x
Short	BloFin HYPE-USDT	93.818	0.0216	get 0.0108% / 4h	3h 03m	$17.1M	$12.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Phemex. 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 PhemexbpFee BloFinbpOrdersPrice spread, now +0.018%Rate

Funding earned: $60.74
Price spread: +0.018% → −0.005%: $2.31
Slippage, 4 orders: −$27.98
Fee Phemex: 6 bp × 2 orders: −$12
Fee BloFin: 6 bp × 2 orders: −$12
Net: $11.08
Costs to cover: 0.520%
Break-even: 5.7 days

Slippage from Phemex: live order book, 5 min ago; BloFin: live order book, 5 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 Phemex live order book, 5 min ago	3.89 bp	21.9 bp −$22	41.7 bp −$417	doesn't fit	doesn't fit
Sell BloFin live order book, 5 min ago	0.11 bp	6.9 bp −$7	8.7 bp −$87	12.8 bp −$1,284	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	−0.1120%	1h	93.756	−0.048%	$198K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.536	−0.283%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0194%	1h	93.910	+0.116%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0097%	1h	93.680	−0.129%	$710K	$957K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.646	−0.165%	$85K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.669	−0.141%	$3K	$331	25x	as long as short
dYdX HYPE-USD	−0.0079%	1h	93.695	−0.113%	$128K	$31K	5x	as long as short
Phemex HYPEUSDTlong	−0.0073%	8h	93.801	long leg	$12.8M	$2.6M	50x
Bullet HYPE-USD	−0.0046%	1h	93.872	+0.076%	$113K	$580K	20x	as long as short
Gate HYPE_USDT	−0.0036%	4h	93.661	−0.149%	$44.4M	$60.4M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0035%	4h	93.840	+0.042%	$159K	$643K	20x	as long as short
Perpl HYPE	0.0000%	43m	93.919	+0.125%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.898	+0.104%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0004%	4h	93.708	−0.099%	$8.9M	$36.0M	300x	as long as short
Derive HYPE-PERP	+0.0016%	1h	93.810	+0.009%	$16.4M	$7.6M	10x	as long as short
Bybit HYPEUSDT	+0.0019%	8h	93.632	−0.180%	$322.0M	$278.7M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	94.045	+0.260%	$214K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0054%	4h	93.660	−0.150%	$87.9M	$83.4M	100x	as long as short
Binance HYPEUSDT	+0.0054%	4h	93.644	−0.167%	$382.4M	$893.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0072%	8h	93.639	−0.173%	$115.7M	$313.9M	50x	as long as short
edgeX HYPEUSDC	+0.0074%	4h	93.859	+0.062%	$5.1M	$29.7M	30x	as long as short
Bluefin HYPE-PERP	+0.0076%	1h	93.841	+0.043%	$76K	$170K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.697	−0.111%	$18.9M	$60.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.678	−0.131%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.643	−0.168%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.851	+0.053%	$399K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.681	−0.128%	$340K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.670	−0.140%	$31K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.675	−0.134%	$6.6M	$44.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.750	−0.054%	$2.04B	$669.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.686	−0.123%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.672	−0.138%	$46.5M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.657	−0.154%	$226.7M	$100.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.647	−0.164%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.736	−0.069%	$7.9M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.768	−0.036%	$31.3M	$53.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.861	+0.064%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.820	+0.020%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.880	+0.084%	$670K	$2.6M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.906	+0.112%	$474K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.940	+0.148%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.824	+0.025%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.894	+0.099%	$204K	$10K	10x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.723	−0.083%	—	$243K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.605	−0.208%	$18.4M	$44.9M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.900	+0.106%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.760	−0.044%	$30K	$338K	12x	as long as short
BloFin HYPE-USDTshort	+0.0216%	4h	93.818	+0.018%	$17.1M	$12.1M	75x
RISEx HYPE/USDC	+0.0222%	1h	93.706	−0.102%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0246%	8h	93.912	+0.118%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	93.873	+0.077%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0157%	1h	93.895	+0.101%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0366%	4h	94.112	+0.332%	$1.5M	$6.0M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0421%	1h	93.922	+0.129%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0672%	1h	93.906	+0.112%	$20.9M	$29.7M	50x	as long as short