Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.001%

Price spread now: SoDEX against Bulk−0.675%7-day average −0.046% · 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−$87as in the Price arb table

costs, in and out, $10k−$240.237% of the position

Long on Bulk Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.001%$0 on $10k

Price spread, last 4 days (all we have)+0.574%+$57 · spread now −0.675%, 7d avg −0.046%

Together, before fees+0.574%+$57 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: SoDEX is 0.628% cheaper against Bulk than usual: you would sell low and buy high, −$63 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	Bulk HYPE-USD	92.800	0.0100	pay 0.0013% / 1h	48m 12s	$202K	$13K	10x
Short	SoDEX HYPE-USD	92.174	0.0100	get 0.0013% / 1h	48m 12s	$2.0M	$2.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX against Bulk. 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 BulkbpFee SoDEXbpOrdersPrice spread, now −0.675%Rate

Funding earned: $0
Price spread: −0.675% → −0.046%: −$62.84
Slippage, 4 orders: −$8.66
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$86.5
Costs to cover: 0.237%
Break-even: never at this rate

Slippage from Bulk: live order book, 11 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 Bulk live order book, 11 min ago	1.08 bp	4.6 bp −$5	6.5 bp −$65	15.2 bp −$1,521	44.9 bp −$22.4K
Sell SoDEX live order book, 1 min ago	0.05 bp	7.1 bp −$7	12.6 bp −$126	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
Arcus HYPE-USD	−0.0948%	1h	92.181	−0.667%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0680%	1h	92.323	−0.514%	$194K	$227K	7x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	92.171	−0.678%	$86K	$352K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0116%	1h	92.540	−0.281%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.337	−0.499%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0074%	1h	92.177	−0.671%	$110K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0068%	4h	92.179	−0.669%	$157K	$663K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0051%	1h	92.230	−0.614%	$699K	$1.1M	10x	as long as short
Aster HYPEUSDT	−0.0009%	4h	92.182	−0.666%	$8.7M	$36.4M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.322	−0.515%	$127K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	92.216	−0.630%	$22K	$310K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.214	−0.632%	$61K	—	150x	as long as short
BingX HYPE-USDT	+0.0032%	4h	92.188	−0.659%	—	$53.2M	—	as long as short
Bybit HYPEUSDT	+0.0037%	8h	92.181	−0.667%	$315.5M	$280.7M	75x	as long as short
Derive HYPE-PERP	+0.0041%	1h	92.155	−0.695%	$16.0M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0043%	1h	92.430	−0.399%	$210K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0046%	4h	92.193	−0.654%	$44.3M	$54.6M	75x	as long as short
Phemex HYPEUSDT	+0.0052%	8h	92.223	−0.622%	$12.4M	$2.7M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0075%	8h	92.186	−0.662%	$112.6M	$300.4M	50x	as long as short
Binance HYPEUSDT	+0.0078%	4h	92.177	−0.671%	$370.6M	$896.0M	75x	as long as short
MEXC HYPE_USDT	+0.0078%	4h	92.181	−0.667%	$87.1M	$80.3M	100x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	92.198	−0.649%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0091%	8h	92.288	−0.552%	$337K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.185	−0.663%	$16.0M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.196	−0.651%	$3.1M	$11.6M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.200	−0.647%	$13K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.266	−0.576%	$5.8M	$43.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.236	−0.608%	$2.01B	$662.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.287	−0.553%	$10.0M	$15.0M	20x	as long as short
Bulk HYPE-USDlong	+0.0100%	1h	92.800	long leg	$202K	$13K	10x
KuCoin HYPEUSDTM	+0.0100%	4h	92.186	−0.662%	$45.7M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.186	−0.662%	$223.0M	$97.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.153	−0.697%	$7.2M	$10.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.469	−0.357%	$28.5M	$57.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.799	−0.001%	$7.5M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.488	−0.336%	$338K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.373	−0.460%	$662K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.276	−0.564%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.241	−0.602%	$474K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.222	−0.623%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USDshort	+0.0100%	1h	92.174	−0.675%	$2.0M	$2.0M	10x
HTX HYPE-USDT	+0.0100%	4h	92.350	−0.485%	$1.4M	$6.2M	75x	as long as short
edgeX HYPEUSDC	+0.0103%	4h	92.776	−0.026%	$5.1M	$29.2M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.150	−0.700%	$18.1M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.166	−0.683%	$390K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.250	−0.593%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.240	−0.603%	$4.7M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0260%	1h	92.186	−0.662%	$78K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0261%	8h	92.370	−0.463%	$1.8M	$5.4M	2.3x	as long as short
BloFin HYPE-USDT	+0.0316%	4h	92.252	−0.591%	$16.7M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0329% / S −0.0153%	1h	92.205	−0.641%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0334%	1h	92.212	−0.634%	$20.5M	$30.4M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0401%	1h	92.269	−0.572%	$7.5M	$4.4M	50x	as long as short
Bluefin HYPE-PERP	+0.0666%	1h	92.173	−0.676%	$78K	$168K	20x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.338	−0.498%	$3.1M	$6.4M	20x	as long as short