Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0255%/8h= +27.9% APRpaid last 24h +0.017%

Price spread now: SunX against Bullet+0.040%7-day average +0.054% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$72as in the Price arb table

costs, in and out, $10k−$710.710% of the position

Long on Bullet Short on SunX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.021%+$2 on $10k

Price spread, last 4 days (all we have)+0.008%+$1 · spread now +0.040%, 7d avg +0.054%

Together, before fees+0.029%+$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.054%, so right now this pair is about funding alone: +$8 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.021% in total (about 2.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet HYPE-USD	94.458	−0.0155	get 0.0019% / 1h	41m 37s	$112K	$576K	20x
Short	SunX HYPE-USDT	94.496	0.0100	get 0.0050% / 4h	41m 37s	$32K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Bullet. 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 BulletbpFee SunXbpOrdersPrice spread, now +0.040%Rate

Funding earned: $53.49
Price spread: +0.040% → +0.054%: −$1.42
Slippage, 4 orders: −$55.01
Fee Bullet: 4 bp × 2 orders: −$8
Fee SunX: 4 bp × 2 orders: −$8
Net: −$18.94
Costs to cover: 0.710%
Break-even: 9.5 days

Slippage from Bullet: live order book, 62 min ago; SunX: live order book, 3 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 Bullet live order book, 62 min ago	0.43 bp	5.6 bp −$6	9.6 bp −$96	doesn't fit	doesn't fit
Sell SunX live order book, 3 min ago	19.36 bp	33.0 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	−0.1440%	1h	94.200	−0.274%	$201K	$250K	7x	as long as short
Bluefin HYPE-PERP	−0.0359%	1h	94.428	−0.032%	$80K	$154K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0172%	1h	94.390	−0.072%	$712K	$1.2M	10x	as long as short
Bullet HYPE-USDlong	−0.0155%	1h	94.458	long leg	$112K	$576K	20x
Aftermath Perps HYPEUSD	−0.0132%	1h	94.475	+0.018%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.410	−0.051%	$87K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.399	−0.063%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.375	−0.088%	$1.0M	$3.6M	10x	as long as short
Bybit HYPEUSDT	−0.0014%	8h	94.360	−0.104%	$317.4M	$289.4M	75x	as long as short
Derive HYPE-PERP	−0.0008%	1h	94.394	−0.068%	$16.5M	$7.5M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	94.413	−0.048%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.531	+0.077%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.489	+0.033%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.436	−0.024%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.466	+0.009%	$123K	—	150x	as long as short
Orderly PERP_HYPE_USDC	+0.0002%	4h	94.421	−0.039%	$146K	$685K	20x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	94.390	−0.072%	$226.9M	$99.7M	75x	as long as short
Phemex HYPEUSDT	+0.0042%	8h	94.418	−0.043%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0056%	8h	94.417	−0.044%	$337K	$156K	20x	as long as short
Lighter HYPE	+0.0064%	1h	94.402	−0.060%	$16.3M	$64.0M	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.460	+0.002%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0083%	8h	94.365	−0.099%	$117.7M	$324.7M	50x	as long as short
edgeX HYPEUSDC	+0.0084%	4h	94.428	−0.032%	$5.0M	$30.6M	30x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0089%	1h	94.521	+0.067%	$7.4M	$4.3M	50x	as long as short
Polymarket Perps HYPE-USD	+0.0093%	1h	94.486	+0.029%	$496K	$2.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.405	−0.056%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.379	−0.084%	$81K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.400	−0.062%	$31K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.370	−0.093%	$7.3M	$51.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.548	+0.095%	$2.08B	$690.5M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.393	−0.069%	$8.8M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.416	−0.044%	$10.2M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.378	−0.085%	$378.2M	$934.1M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.332	−0.134%	$218K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.371	−0.092%	$49.7M	$56.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.382	−0.081%	$90.5M	$82.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.436	−0.023%	$46.7M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.377	−0.086%	—	$53.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.428	−0.032%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.467	+0.009%	$29.4M	$54.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.461	+0.003%	$7.6M	$45.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.450	−0.009%	$369K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.471	+0.014%	$683K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.534	+0.080%	—	$243K	5x	as long as short
SunX HYPE-USDTshort	+0.0100%	4h	94.496	+0.040%	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	94.440	−0.019%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.597	+0.147%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.343	−0.121%	$18.3M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.457	−0.002%	$399K	$159K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0021%	1h	94.496	+0.040%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.298%	$31K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.504	+0.048%	$20.3M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.397	−0.065%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.447	−0.011%	$84K	$124K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.460	+0.002%	$17.1M	$12.4M	75x	as long as short