Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0161%/8h= −17.6% APRpaid last 24h −0.009%

Price spread now: Bluefin against Variational Omni+0.028%47s7-day average +0.021% · you sell dearer than you buy

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

Long on Variational Omni Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.071%−$7 on $10k

Price spread, last 4 days (all we have)−0.005%$0 · spread now +0.028%, 7d avg +0.021%

Together, before fees−0.076%+ Points / potential airdropVariational Omni: Active · farm board−$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.021%, so right now this pair is about funding alone: −$5 a day on $10k at the current rate. The two prices were read 47 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	Variational Omni HYPE	94.971	0.0100	pay 0.0100% / 8h	5h 08m	$29.7M	$52.8M	—
Short	Bluefin HYPE-PERP	94.997	−0.0061	pay 0.0008% / 1h	8m 34s	$79K	$132K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpFee BluefinbpOrdersPrice spread, now +0.028%Rate

Funding earned: −$33.78
Price spread: +0.028% → +0.021%: $0.63
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$40.15
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Bluefin: live order book, 39 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 Variational Omni RFQ quote, 4 min ago	0.43 bp	doesn't fit	4.1 bp −$41	14.3 bp −$1,435	doesn't fit
Sell Bluefin live order book, 39 min ago	3.58 bp	17.9 bp −$18	doesn't fit	doesn't fit	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
Phemex HYPEUSDT	−0.0257%	8h	95.108	+0.144%	$13.0M	$2.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0252%	1h	95.058	+0.092%	$18.4M	$34.9M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0132%	1h	95.183	+0.223%	$22K	$17K	10x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.142	+0.180%	$1.1M	$2.7M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0106%	1h	94.950	−0.022%	$680K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	95.104	+0.140%	$100K	$349K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.054	+0.088%	$3K	$421	25x	as long as short
Aster HYPEUSDT	−0.0079%	4h	95.067	+0.101%	$9.7M	$34.3M	300x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	94.998	+0.029%	$148K	$642K	20x	as long as short
Gate HYPE_USDT	−0.0062%	4h	95.112	+0.149%	$55.6M	$54.0M	75x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin HYPE-PERPshort	−0.0061%	1h	94.997	+0.028%	$79K	$132K	20x
Bullet HYPE-USD	−0.0060%	1h	95.022	+0.054%	$113K	$582K	20x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	94.990	+0.020%	$4.7M	$5.5M	50x	as long as short
OKX HYPE-USDT-SWAP	−0.0031%	8h	95.051	+0.084%	$119.2M	$303.2M	50x	as long as short
Bitget HYPEUSDT	−0.0024%	4h	95.122	+0.159%	$230.4M	$86.2M	75x	as long as short
Phoenix HYPE	−0.0008%	1h	95.181	+0.221%	$198K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	95.022	+0.054%	$24K	$251K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.051	+0.085%	$99K	—	150x	as long as short
Lighter HYPE	+0.0016%	1h	95.118	+0.155%	$16.6M	$58.9M	20x	as long as short
Bybit HYPEUSDT	+0.0033%	8h	95.080	+0.115%	$320.9M	$263.3M	75x	as long as short
Binance HYPEUSDT	+0.0045%	4h	95.107	+0.143%	$382.8M	$848.6M	75x	as long as short
MEXC HYPE_USDT	+0.0046%	4h	95.157	+0.196%	$90.5M	$84.8M	100x	as long as short
edgeX HYPEUSDC	+0.0046%	4h	95.146	+0.184%	$5.1M	$27.9M	30x	as long as short
BingX HYPE-USDT	+0.0052%	4h	95.110	+0.147%	—	$49.1M	—	as long as short
Popdex HYPEUSDT	+0.0056%	1h	95.081	+0.116%	$274K	$999K	50x	as long as short
dYdX HYPE-USD	+0.0066%	1h	95.118	+0.155%	$128K	$96K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0089%	8h	95.129	+0.167%	$339K	$30K	20x	as long as short
ApeX Omni HYPEUSDT	+0.0092%	1h	95.188	+0.229%	$324K	$926K	50x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.139	+0.177%	$3.2M	$10.4M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	95.006	+0.038%	$402K	$125K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.100	+0.136%	$40K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.005	+0.036%	$7.3M	$50.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.142	+0.180%	$10.3M	$13.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.233	+0.276%	$229K	$20K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.112	+0.149%	$47.6M	$17.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.043	+0.076%	$6.9M	$12.3M	20x	as long as short
Variational Omni HYPElong	+0.0100%	8h	94.971	long leg	$29.7M	$52.8M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.037	+0.070%	$7.7M	$40.4M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.079	+0.114%	$692K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	95.075	+0.109%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.010	+0.041%	$504K	$2.4M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.072	+0.107%	$32K	$1.4M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	95.065	+0.099%	$2.1M	$335K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.107	+0.143%	$1.4M	$5.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.084	+0.119%	$18.3M	$38.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0118%	1h	95.115	+0.152%	$7.5M	$4.2M	50x	as long as short
Kalshi KXHYPEPERP	+0.0121%	8h	95.145	+0.183%	$1.8M	$5.0M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.038	+0.071%	$3.1M	$5.2M	20x	as long as short
Hyperliquid HYPE	+0.0152%	1h	95.224	+0.267%	$2.11B	$643.7M	10x	as long as short
BloFin HYPE-USDT	+0.0194%	4h	95.035	+0.068%	$17.5M	$11.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0269%	1h	95.038	+0.071%	$85K	$90K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	95.052	+0.086%	$1.4M	—	100x	as long as short
Hibachi HYPE/USDT-P	+0.0680%	1h	95.155	+0.194%	$216K	$278K	7x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.600	+0.663%	$31K	$334K	12x	as long as short