Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.030%

Price spread now: SunX against dYdX+0.033%7-day average +0.056% · you sell dearer than you buy

Net, funding: paid 7d − costs−$105as in the Funding arb table

Net, price: spread back to 7d avg − costs−$122as in the Price arb table

costs, in and out, $10k−$1191.194% of the position

Long on dYdX Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.145%+$15 on $10k

Price spread, last 4 days (all we have)−0.177%−$18 · spread now +0.033%, 7d avg +0.056%

Together, before fees−0.032%−$3 on $10k · with fees, hour by hour

Funding pays, the price is against you. SunX is 0.023% cheaper against dYdX than usual: you would sell low and buy high (spread +0.033% now, against its 7-day average of +0.056%). If the spread goes back, that is −$2 on $10k: about 18 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX HYPE-USD	92.772	0	get 0.0000% / 1h	57m 29s	$127K	$29K	5x
Short	SunX HYPE-USDT	92.803	0.0100	get 0.0050% / 4h	3h 57m	$32K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against dYdX. 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 dYdXbpFee SunXbpOrdersPrice spread, now +0.033%Rate

Funding earned: $21
Price spread: +0.033% → +0.056%: −$2.26
Slippage, 4 orders: −$101.43
Fee dYdX: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$100.69
Costs to cover: 1.194%
Break-even: 40.6 days

Slippage from dYdX: live order book, 61 min ago; SunX: live order book, 8 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 dYdX live order book, 61 min ago	26.34 bp	31.3 bp −$31	43.7 bp −$437	139.8 bp −$14.0K	1018.5 bp −$509.3K
Sell SunX live order book, 8 min ago	18.91 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	−0.0472%	1h	92.744	−0.030%	$193K	$228K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0288%	1h	92.824	+0.056%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.736	−0.039%	$1.1M	$3.9M	10x	as long as short
Gate HYPE_USDT	−0.0148%	4h	92.752	−0.022%	$44.4M	$53.4M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.807	+0.037%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0077%	1h	92.815	+0.046%	$111K	$579K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0063%	4h	92.801	+0.031%	$157K	$653K	20x	as long as short
dYdX HYPE-USDlong	0.0000%	1h	92.772	long leg	$127K	$29K	5x
Perpl HYPE	0.0000%	43m	92.769	−0.004%	$22K	$302K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.837	+0.069%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HYPEUSDT	+0.0036%	8h	92.839	+0.072%	$12.5M	$2.7M	50x	as long as short
Bybit HYPEUSDT	+0.0041%	8h	92.735	−0.040%	$315.9M	$281.7M	75x	as long as short
Phoenix HYPE	+0.0043%	1h	92.888	+0.125%	$210K	$1.2M	10x	as long as short
01 Exchange HYPEUSD	+0.0048%	1h	92.792	+0.021%	$87K	$362K	20x	as long as short
Popdex HYPEUSDT	+0.0048%	1h	92.761	−0.012%	$69K	$1.1M	50x	as long as short
Aster HYPEUSDT	+0.0070%	4h	92.765	−0.008%	$8.7M	$36.2M	300x	as long as short
BingX HYPE-USDT	+0.0074%	4h	92.753	−0.021%	—	$53.8M	—	as long as short
Bitget HYPEUSDT	+0.0084%	4h	92.745	−0.029%	$224.5M	$98.7M	75x	as long as short
edgeX HYPEUSDC	+0.0093%	4h	92.869	+0.104%	$4.9M	$29.5M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	92.790	+0.019%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.777	+0.005%	$16.0M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.772	0.000%	$3.1M	$11.6M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0099%	8h	92.758	−0.015%	$113.8M	$303.3M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.760	−0.013%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.755	−0.018%	$7.4M	$45.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.815	+0.046%	$2.02B	$664.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.798	+0.028%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.766	−0.007%	$372.7M	$902.2M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0100%	1h	92.720	−0.056%	$698K	$1.1M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	+0.030%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.767	−0.006%	$88.0M	$79.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.792	+0.021%	$46.1M	$18.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.827	+0.059%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.859	+0.093%	$28.5M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.886	+0.123%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.892	+0.129%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.845	+0.078%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.833	+0.065%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.791	+0.020%	$468K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.806	+0.036%	$79K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.799	+0.028%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDTshort	+0.0100%	4h	92.803	+0.033%	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	92.819	+0.050%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.956	+0.198%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.726	−0.050%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.829	+0.061%	$392K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.950	+0.192%	$4.7M	$5.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.892	+0.129%	$20.6M	$30.4M	50x	as long as short
Kalshi KXHYPEPERP	+0.0224%	8h	92.878	+0.114%	$1.8M	$5.4M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.870	+0.105%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0263%	1h	92.746	−0.029%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.826	+0.058%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.887	+0.124%	$16.8M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0385%	1h	92.909	+0.147%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.826	+0.058%	$3.2M	$6.4M	20x	as long as short