Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0338%/8h= −37.0% APRpaid last 24h −0.033%

Price spread now: SunX against Deribit−0.039%7-day average +0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$66as in the Funding arb table

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

costs, in and out, $10k−$690.687% of the position

Long on Deribit Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.030%+$3 on $10k

Price spread, last 4 days (all we have)+0.070%+$7 · spread now −0.039%, 7d avg +0.015%

Together, before fees+0.099%+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and SunX is 0.054% cheaper against Deribit than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.015%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.030% in total (about 1.5% 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	Deribit HYPE_USDC-PERPETUAL	93.109	0.0438	pay 0.0055% / 1h	8m 25s	$7.5M	$4.5M	50x
Short	SunX HYPE-USDT	93.073	0.0100	get 0.0050% / 4h	3h 08m	$32K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Deribit. 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 DeribitbpFee SunXbpOrdersPrice spread, now −0.039%Rate

Funding earned: −$70.98
Price spread: −0.039% → +0.015%: −$5.36
Slippage, 4 orders: −$53.72
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$145.06
Costs to cover: 0.687%
Break-even: never at this rate

Slippage from Deribit: live order book, 1 min ago; SunX: live order book, 7 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 Deribit live order book, 1 min ago	0.05 bp	5.7 bp −$6	8.6 bp −$86	doesn't fit	doesn't fit
Sell SunX live order book, 7 min ago	19.35 bp	32.5 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	−0.1824%	1h	92.940	−0.181%	$194K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0320%	1h	93.069	−0.043%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	93.086	−0.025%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.022	−0.093%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0051%	4h	93.028	−0.087%	$146K	$670K	20x	as long as short
Bullet HYPE-USD	−0.0003%	1h	93.031	−0.084%	$111K	$578K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.076	−0.036%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.202	+0.100%	$22K	$293K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.066	−0.046%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0002%	1h	93.050	−0.063%	$700K	$1.1M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange HYPEUSD	+0.0016%	1h	93.155	+0.049%	$87K	$365K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	93.132	+0.025%	$209K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0027%	8h	93.034	−0.081%	$12.6M	$2.7M	50x	as long as short
Bybit HYPEUSDT	+0.0030%	8h	93.140	+0.033%	$317.4M	$284.6M	75x	as long as short
Bitget HYPEUSDT	+0.0032%	4h	93.170	+0.066%	$225.4M	$98.8M	75x	as long as short
Popdex HYPEUSDT	+0.0056%	1h	93.129	+0.021%	$76K	$1.1M	50x	as long as short
Gate HYPE_USDT	+0.0080%	4h	93.088	−0.023%	$45.5M	$54.9M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.139	+0.032%	$339K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.080	−0.031%	$16.0M	$62.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.064	−0.048%	$3.1M	$11.7M	20x	as long as short
edgeX HYPEUSDC	+0.0099%	4h	93.100	−0.010%	$4.9M	$29.7M	30x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.090	−0.020%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.138	+0.032%	$6.8M	$46.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.179	+0.075%	$2.03B	$664.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.115	+0.007%	$8.7M	$36.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.127	+0.019%	$10.0M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.116	+0.008%	$373.7M	$909.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.166	+0.061%	$114.2M	$305.5M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.125	+0.017%	$203K	$3K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.100	−0.010%	$91.5M	$81.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.086	−0.025%	$46.1M	$18.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.096	−0.014%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.054	−0.059%	$7.3M	$11.0M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.028	−0.087%	$28.6M	$56.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.156	+0.051%	$7.5M	$46.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.126	+0.018%	$342K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.110	+0.001%	$665K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.179	+0.076%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.168	+0.063%	$488K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.028	−0.087%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.020	−0.096%	$16.0M	$7.5M	10x	as long as short
SunX HYPE-USDTshort	+0.0100%	4h	93.073	−0.039%	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	93.025	−0.090%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.217	+0.116%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.083	−0.028%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.058	−0.055%	$393K	$164K	20x	as long as short
Kalshi KXHYPEPERP	+0.0121%	8h	93.197	+0.095%	$1.8M	$5.5M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.170	+0.066%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	93.078	−0.034%	$20.7M	$29.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.020	−0.096%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0266%	1h	93.184	+0.081%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	93.065	−0.047%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.029	−0.086%	$16.8M	$11.8M	75x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0438%	1h	93.109	long leg	$7.5M	$4.5M	50x
RISEx HYPE/USDC	+0.0598%	1h	93.183	+0.079%	$3.2M	$6.2M	20x	as long as short