Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.005%

Price spread now: SunX against Backpack−0.017%7-day average +0.046% · you buy dearer than you sell

Net, funding: paid 7d − costs−$72as in the Funding arb table

Net, price: spread back to 7d avg − costs−$74as in the Price arb table

costs, in and out, $10k−$670.673% of the position

Long on Backpack Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.045%−$4 on $10k

Price spread, last 3 days (all we have)+0.052%+$5 · spread now −0.017%, 7d avg +0.046%

Together, before fees+0.008%+$1 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: SunX is 0.063% cheaper against Backpack than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.046%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack HYPE_USDC_PERP	93.017	0.0100	pay 0.0013% / 1h	51m 32s	$7.8M	$11.7M	20x
Short	SunX HYPE-USDT	93.001	0.0100	get 0.0050% / 4h	1h 51m	$32K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.017%Rate

Funding earned: $0
Price spread: −0.017% → +0.046%: −$6.28
Slippage, 4 orders: −$49.33
Fee Backpack: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$73.61
Costs to cover: 0.673%
Break-even: never at this rate

Slippage from Backpack: live order book, 3 min ago; SunX: live order book, 4 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, 3 min ago	0.05 bp	5.1 bp −$5	7.0 bp −$70	93.4 bp −$9,339	doesn't fit
Sell SunX live order book, 4 min ago	19.35 bp	33.1 bp −$33	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
Aftermath Perps HYPEUSD	−0.0295%	1h	93.123	+0.114%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	92.865	−0.163%	$1.2M	$4.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.931	−0.092%	$3K	$331	25x	as long as short
Hibachi HYPE/USDT-P	−0.0048%	1h	93.010	−0.008%	$196K	$231K	7x	as long as short
Derive HYPE-PERP	−0.0012%	1h	92.913	−0.111%	$16.3M	$7.1M	10x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	92.910	−0.115%	$90K	$365K	20x	as long as short
Aster HYPEUSDT	0.0000%	4h	92.915	−0.110%	$8.9M	$35.9M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.009	−0.009%	$127K	$32K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	92.970	−0.051%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	92.995	−0.024%	$23K	$331K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.009	−0.009%	$20K	—	150x	as long as short
Popdex HYPEUSDT	+0.0008%	1h	92.894	−0.132%	$56K	$1.2M	50x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.900	−0.126%	$323.1M	$286.6M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.222	+0.220%	$216K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0038%	1h	92.840	−0.190%	$697K	$921K	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0042%	4h	92.992	−0.027%	$165K	$515K	20x	as long as short
Gate HYPE_USDT	+0.0052%	4h	92.913	−0.112%	$43.9M	$56.8M	75x	as long as short
Bullet HYPE-USD	+0.0081%	1h	92.973	−0.048%	$112K	$579K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.954	−0.067%	$18.4M	$58.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.937	−0.086%	$3.0M	$12.0M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	92.911	−0.114%	$337K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.880	−0.147%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.943	−0.079%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.960	−0.061%	$2.02B	$669.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.916	−0.109%	$9.9M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.925	−0.099%	$382.4M	$891.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.876	−0.152%	$114.0M	$313.5M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.884	−0.143%	$203K	$10K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.900	−0.126%	$90.6M	$81.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.923	−0.101%	$47.0M	$19.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.902	−0.124%	$225.2M	$102.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.891	−0.135%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERPlong	+0.0100%	1h	93.017	long leg	$7.8M	$11.7M	20x
Variational Omni HYPE	+0.0100%	8h	93.107	+0.097%	$29.0M	$50.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.245	+0.245%	$7.5M	$44.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.221	+0.219%	$412K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.100	+0.089%	$673K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.018	+0.001%	$492K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.991	−0.028%	$75K	$167K	20x	as long as short
SunX HYPE-USDTshort	+0.0100%	4h	93.001	−0.017%	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	92.986	−0.033%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	92.991	−0.028%	$12.7M	$2.6M	50x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.029	+0.013%	—	$454K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.895	−0.131%	$18.3M	$42.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.990	−0.029%	$396K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0119%	4h	93.037	+0.021%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.050	+0.035%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	92.990	−0.029%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	92.973	−0.048%	$77K	$158K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	92.959	−0.063%	$2.7M	$6.8M	20x	as long as short
HTX HYPE-USDT	+0.0295%	4h	93.172	+0.167%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0158%	1h	93.003	−0.015%	$1.5M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.007	−0.011%	$17.0M	$12.4M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0406%	1h	93.097	+0.086%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0467%	1h	93.104	+0.094%	$20.8M	$28.4M	50x	as long as short