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 −0.004%

Price spread now: SoDEX against Backpack−0.030%7-day average −0.018% · 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−$25as in the Price arb table

costs, in and out, $10k−$240.239% of the position

Long on Backpack Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.023%−$2 on $10k

Price spread, last 3 days (all we have)−0.013%−$1 · spread now −0.030%, 7d avg −0.018%

Together, before fees−0.036%−$4 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack HYPE_USDC_PERP	93.523	0.0100	pay 0.0013% / 1h	47m 29s	$7.9M	$11.7M	20x
Short	SoDEX HYPE-USD	93.495	0.0100	get 0.0013% / 1h	47m 29s	$2.0M	$2.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX against Backpack. 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 BackpackbpFee SoDEXbpOrdersPrice spread, now −0.030%Rate

Funding earned: $0
Price spread: −0.030% → −0.018%: −$1.19
Slippage, 4 orders: −$5.88
Fee Backpack: 5 bp × 2 orders: −$10
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$25.07
Costs to cover: 0.239%
Break-even: never at this rate

Slippage from Backpack: live order book, 2 min ago; SoDEX: live order book, 1 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 Backpack live order book, 2 min ago	0.05 bp	5.8 bp −$6	7.6 bp −$76	129.8 bp −$13.0K	doesn't fit
Sell SoDEX live order book, 1 min ago	0.16 bp	6.5 bp −$6	12.1 bp −$121	100.7 bp −$10.1K	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	−0.1256%	1h	93.344	−0.191%	$197K	$233K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0168%	1h	93.330	−0.206%	$700K	$944K	10x	as long as short
Aftermath Perps HYPEUSD	−0.0165%	1h	93.409	−0.122%	$22K	$22K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.449	−0.079%	$89K	$344K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.472	−0.055%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0001%	1h	93.419	−0.112%	$112K	$583K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.504	−0.021%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.559	+0.038%	$1.9M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.443	−0.085%	$23K	$343K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.513	−0.011%	$19K	—	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	+0.0014%	4h	93.487	−0.038%	$8.9M	$36.2M	300x	as long as short
Derive HYPE-PERP	+0.0017%	1h	93.431	−0.098%	$16.4M	$7.1M	10x	as long as short
Gate HYPE_USDT	+0.0028%	4h	93.445	−0.083%	$44.2M	$56.3M	75x	as long as short
Bybit HYPEUSDT	+0.0041%	8h	93.420	−0.110%	$325.7M	$287.9M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.408	−0.123%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0076%	4h	93.500	−0.025%	$180K	$536K	20x	as long as short
ApeX Omni HYPEUSDT	+0.0092%	1h	93.318	−0.219%	$405K	$1.1M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.492	−0.033%	$18.5M	$59.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.464	−0.063%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.430	−0.099%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.480	−0.046%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.418	−0.112%	$6.0M	$44.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.491	−0.034%	$2.04B	$669.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.462	−0.065%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.433	−0.097%	$385.9M	$889.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.416	−0.114%	$114.8M	$315.5M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.421	−0.109%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	−0.201%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.422	−0.108%	$93.1M	$81.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.433	−0.096%	$46.3M	$19.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.433	−0.096%	$226.9M	$102.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.430	−0.099%	—	$54.3M	—	as long as short
Backpack HYPE_USDC_PERPlong	+0.0100%	1h	93.523	long leg	$7.9M	$11.7M	20x
Variational Omni HYPE	+0.0100%	8h	93.295	−0.243%	$28.8M	$49.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.407	−0.124%	$7.5M	$46.2M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.504	−0.020%	$676K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.486	−0.040%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.471	−0.056%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.493	−0.032%	$76K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.529	+0.006%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USDshort	+0.0100%	1h	93.495	−0.030%	$2.0M	$2.0M	10x
Phemex HYPEUSDT	+0.0100%	8h	93.488	−0.037%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.473	−0.053%	$339K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.427	−0.103%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.515	−0.008%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0108%	4h	93.395	−0.137%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.550	+0.029%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.426	−0.103%	$77K	$157K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0252%	1h	93.599	+0.081%	$7.4M	$4.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.290	−0.249%	$30K	$231K	12x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.512	−0.012%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.376	−0.157%	$17.1M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0398%	4h	93.650	+0.136%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.512	−0.012%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.603	+0.086%	$19.2M	$25.9M	50x	as long as short