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% APRpaid last 24h −0.013%

Price spread now: SunX against Bluefin−0.029%7-day average +0.066% · you buy dearer than you sell

Net, funding: paid 7d − costs−$78as in the Funding arb table

Net, price: spread back to 7d avg − costs−$99as in the Price arb table

costs, in and out, $10k−$900.898% of the position

Long on Bluefin Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.117%+$12 on $10k

Price spread, last 4 days (all we have)+0.111%+$11 · spread now −0.029%, 7d avg +0.066%

Together, before fees+0.228%+$23 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 0.095% cheaper against Bluefin than usual: you would sell low and buy high, −$10 on $10k if it goes back to its 7-day average of +0.066%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin HYPE-PERP	93.470	0.0100	pay 0.0013% / 1h	59m 36s	$79K	$167K	20x
Short	SunX HYPE-USDT	93.443	0.0100	get 0.0050% / 4h	2h 59m	$32K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Bluefin. 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 BluefinbpFee SunXbpOrdersPrice spread, now −0.029%Rate

Funding earned: $0
Price spread: −0.029% → +0.066%: −$9.52
Slippage, 4 orders: −$74.85
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$99.37
Costs to cover: 0.898%
Break-even: never at this rate

Slippage from Bluefin: live order book, 54 min ago; SunX: 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 Bluefin live order book, 54 min ago	5.54 bp	16.6 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 5 min ago	19.38 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
Hibachi HYPE/USDT-P	−0.1872%	1h	93.287	−0.196%	$196K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0343%	1h	93.316	−0.165%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	93.579	+0.117%	$1.0M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.568	+0.105%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0041%	4h	93.437	−0.035%	$146K	$663K	20x	as long as short
Bullet HYPE-USD	−0.0016%	1h	93.424	−0.049%	$112K	$578K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.489	+0.021%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.440	−0.032%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.480	+0.011%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0020%	8h	93.444	−0.028%	$12.6M	$2.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDT	+0.0024%	4h	93.595	+0.134%	$226.6M	$99.3M	75x	as long as short
Bybit HYPEUSDT	+0.0025%	8h	93.582	+0.120%	$318.5M	$284.0M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.446	−0.026%	$209K	$1.2M	10x	as long as short
01 Exchange HYPEUSD	+0.0056%	1h	93.619	+0.159%	$88K	$366K	20x	as long as short
Gate HYPE_USDT	+0.0072%	4h	93.599	+0.138%	$46.0M	$53.4M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.618	+0.158%	$341K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.550	+0.086%	$16.1M	$62.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.535	+0.070%	$3.1M	$11.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.601	+0.140%	$77K	$1.1M	50x	as long as short
edgeX HYPEUSDC	+0.0097%	4h	93.351	−0.127%	$5.0M	$29.9M	30x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.590	+0.128%	$28K	$1.8M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.447	−0.024%	$7.5M	$47.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.515	+0.048%	$2.04B	$666.1M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.582	+0.120%	$8.7M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.561	+0.097%	$10.1M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.595	+0.134%	$375.5M	$909.5M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.597	+0.136%	$115.1M	$307.4M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0100%	1h	93.490	+0.021%	$703K	$1.2M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.328	−0.152%	$203K	$3K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.528	+0.062%	$92.4M	$79.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.609	+0.149%	$46.2M	$18.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.608	+0.148%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.502	+0.034%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.379	−0.098%	$28.8M	$56.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.423	−0.051%	$7.5M	$47.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.406	−0.068%	$343K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.397	−0.078%	$667K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.480	+0.011%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.472	+0.002%	$490K	$2.7M	20x	as long as short
Bluefin HYPE-PERPlong	+0.0100%	1h	93.470	long leg	$79K	$167K	20x
Derive HYPE-PERP	+0.0100%	1h	93.440	−0.032%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDTshort	+0.0100%	4h	93.443	−0.029%	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	93.484	+0.015%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.600	+0.139%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.581	+0.118%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.478	+0.009%	$395K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.560	+0.096%	$4.8M	$5.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0145%	8h	93.554	+0.090%	$1.8M	$5.5M	2.3x	as long as short
Kraken Futures PF_HYPEUSD	+0.0196%	1h	93.533	+0.067%	$20.9M	$29.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.170	−0.321%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0267%	1h	93.450	−0.022%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.475	+0.005%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.430	−0.043%	$16.8M	$11.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0434%	1h	93.571	+0.108%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.670	+0.214%	$3.2M	$6.3M	20x	as long as short