Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.015%

Price spread now: Bluefin against StandX−0.011%7-day average −0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$430.434% of the position

Long on StandX Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.116%−$12 on $10k

Price spread, last 4 days (all we have)−0.073%−$7 · spread now −0.011%, 7d avg −0.006%

Together, before fees−0.188%+ Points / potential airdropStandX: Active · farm board−$19 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	StandX HYPE-USD	92.859	0.0100	pay 0.0013% / 1h	44m 47s	$667K	$2.8M	20x
Short	Bluefin HYPE-PERP	92.849	0.0100	get 0.0013% / 1h	44m 47s	$79K	$167K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against StandX. 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 StandXbpFee BluefinbpOrdersPrice spread, now −0.011%Rate

Funding earned: $0
Price spread: −0.011% → −0.006%: −$0.44
Slippage, 4 orders: −$28.36
Fee StandX: 4 bp × 2 orders: −$8
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$43.8
Costs to cover: 0.434%
Break-even: never at this rate

Slippage from StandX: live order book, 4 min ago; Bluefin: live order book, 9 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 StandX live order book, 4 min ago	1.34 bp	5.3 bp −$5	5.4 bp −$54	11.4 bp −$1,142	doesn't fit
Sell Bluefin live order book, 9 min ago	5.54 bp	16.1 bp −$16	doesn't fit	doesn't fit	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	−0.0904%	1h	92.783	−0.082%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0262%	1h	92.888	+0.032%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.774	−0.092%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.917	+0.062%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0062%	4h	92.859	0.000%	$158K	$665K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.854	−0.005%	$127K	$29K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	92.906	+0.051%	$1.8M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	92.845	−0.016%	$22K	$301K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.856	−0.003%	$62K	—	150x	as long as short
Bullet HYPE-USD	+0.0006%	1h	92.778	−0.087%	$112K	$578K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	+0.0008%	4h	92.848	−0.012%	$44.7M	$53.8M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0019%	1h	92.820	−0.042%	$698K	$1.1M	10x	as long as short
Phoenix HYPE	+0.0026%	1h	92.899	+0.043%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.842	−0.018%	$316.0M	$282.7M	75x	as long as short
01 Exchange HYPEUSD	+0.0048%	1h	92.837	−0.024%	$87K	$362K	20x	as long as short
Phemex HYPEUSDT	+0.0051%	8h	92.884	+0.027%	$12.5M	$2.7M	50x	as long as short
Bitget HYPEUSDT	+0.0074%	4h	92.847	−0.013%	$224.9M	$99.1M	75x	as long as short
Popdex HYPEUSDT	+0.0088%	1h	92.804	−0.059%	$70K	$1.1M	50x	as long as short
Aster HYPEUSDT	+0.0090%	4h	92.859	0.000%	$8.7M	$36.1M	300x	as long as short
Lighter HYPE	+0.0096%	1h	92.876	+0.018%	$16.1M	$62.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.877	+0.019%	$3.1M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	92.824	−0.038%	$339K	$163K	20x	as long as short
edgeX HYPEUSDC	+0.0099%	4h	92.872	+0.014%	$4.9M	$29.6M	30x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.800	−0.064%	$39K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.805	−0.058%	$7.4M	$45.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.898	+0.042%	$2.02B	$665.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.822	−0.040%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.858	−0.001%	$373.4M	$904.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.856	−0.003%	$113.9M	$304.4M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.942	+0.089%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.858	−0.001%	$87.3M	$80.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.867	+0.009%	$46.0M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.860	+0.001%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.880	+0.023%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.879	+0.021%	$28.6M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.944	+0.091%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.852	−0.008%	$350K	$1.0M	50x	as long as short
StandX HYPE-USDlong	+0.0100%	1h	92.859	long leg	$667K	$2.8M	20x
Vest HYPE-PERP	+0.0100%	1h	92.866	+0.008%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.839	−0.022%	$468K	$2.6M	20x	as long as short
Bluefin HYPE-PERPshort	+0.0100%	1h	92.849	−0.011%	$79K	$167K	20x
Derive HYPE-PERP	+0.0100%	1h	92.829	−0.032%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.805	−0.058%	$31K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.868	+0.010%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.832	−0.029%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.870	+0.012%	$393K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.880	+0.023%	$4.7M	$5.6M	50x	as long as short
HTX HYPE-USDT	+0.0164%	4h	93.064	+0.221%	$1.4M	$6.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.930	+0.077%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.740	−0.128%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0264%	1h	92.794	−0.070%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.820	−0.042%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.796	−0.068%	$16.7M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0407%	1h	92.954	+0.102%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.871	+0.012%	$3.1M	$6.4M	20x	as long as short