Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.1028%/8h= +112.6% APRpaid last 24h +0.224%

Price spread now: SunX against Hibachi−0.046%7-day average +0.145% · you buy dearer than you sell

Net, funding: paid 7d − costs+$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$132as in the Price arb table

costs, in and out, $10k−$1131.132% of the position

Long on Hibachi Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+1.617%+$162 on $10k

Price spread, last 3 days (all we have)+0.029%+$3 · spread now −0.046%, 7d avg +0.145%

Together, before fees+1.646%+ Points / potential airdropHibachi: Active · farm board+$165 on $10k · with fees, hour by hour

Funding pays, the price is against you. SunX is 0.191% cheaper against Hibachi than usual: you would sell low and buy high (spread −0.046% now, against its 7-day average of +0.145%). If the spread goes back, that is −$19 on $10k: about 15 hours of funding at the current rate (+$31 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi HYPE/USDT-P	93.452	−0.0928	get 0.0116% / 1h	12m 16s	$197K	$233K	7x
Short	SunX HYPE-USDT	93.409	0.0100	get 0.0050% / 4h	2h 12m	$32K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Hibachi. 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 HibachibpFee SunXbpOrdersPrice spread, now −0.046%Rate

Funding earned: $215.88
Price spread: −0.046% → +0.145%: −$19.15
Slippage, 4 orders: −$96.2
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee SunX: 4 bp × 2 orders: −$8
Net: $83.54
Costs to cover: 1.132%
Break-even: 4.3 days

Slippage from Hibachi: live order book, 12 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 Hibachi live order book, 12 min ago	15.97 bp	27.7 bp −$28	48.1 bp −$481	doesn't fit	doesn't fit
Sell SunX live order book, 3 min ago	19.35 bp	32.4 bp −$32	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-Plong	−0.0928%	1h	93.452	long leg	$197K	$233K	7x
Aftermath Perps HYPEUSD	−0.0263%	1h	93.583	+0.140%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0234%	1h	93.410	−0.045%	$702K	$932K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.359	−0.100%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.364	−0.094%	$90K	$348K	20x	as long as short
Derive HYPE-PERP	−0.0025%	1h	93.309	−0.153%	$16.4M	$7.1M	10x	as long as short
Bullet HYPE-USD	−0.0019%	1h	93.364	−0.094%	$111K	$581K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.459	+0.007%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.395	−0.061%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.391	−0.065%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0015%	4h	93.333	−0.127%	$8.9M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0024%	4h	93.327	−0.134%	$43.9M	$57.6M	75x	as long as short
Bybit HYPEUSDT	+0.0033%	8h	93.330	−0.131%	$325.1M	$287.0M	75x	as long as short
Popdex HYPEUSDT	+0.0040%	1h	93.347	−0.112%	$58K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0057%	4h	93.357	−0.102%	$162K	$541K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.605	+0.164%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.376	−0.081%	$18.6M	$59.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.367	−0.091%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.377	−0.080%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.380	−0.077%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.345	−0.115%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.459	+0.007%	$2.04B	$670.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.376	−0.081%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.322	−0.139%	$385.3M	$889.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.327	−0.134%	$114.6M	$315.1M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.337	−0.123%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.690	+0.254%	$205K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.333	−0.127%	$93.4M	$82.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.334	−0.126%	$46.3M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.346	−0.113%	$226.8M	$102.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.334	−0.126%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.378	−0.079%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.561	+0.116%	$29.2M	$50.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.632	+0.193%	$7.5M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.558	+0.113%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.510	+0.062%	$676K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.415	−0.040%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.406	−0.049%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.346	−0.113%	$76K	$168K	20x	as long as short
SunX HYPE-USDTshort	+0.0100%	4h	93.409	−0.046%	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	93.328	−0.133%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.380	−0.077%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.319	−0.142%	$18.3M	$41.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.402	−0.053%	$397K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0112%	8h	93.442	−0.011%	$1.9M	$5.3M	2.3x	as long as short
edgeX HYPEUSDC	+0.0118%	4h	93.534	+0.088%	$5.1M	$29.7M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.430	−0.024%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.348	−0.111%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.400	−0.056%	$30K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0296%	4h	93.550	+0.105%	$1.5M	$7.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0328%	1h	93.457	+0.005%	$7.4M	$4.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.405	−0.050%	$17.1M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0346% / S −0.0171%	1h	93.401	−0.055%	$1.5M	—	100x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.422	−0.032%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.449	−0.003%	$19.1M	$26.1M	50x	as long as short