Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.003%

Price spread now: SunX against Paradex+0.009%7-day average +0.044% · 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−$98as in the Price arb table

costs, in and out, $10k−$940.944% of the position

Long on Paradex Short on SunX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.004%$0 on $10k

Price spread, last 3 days (all we have)−0.106%−$11 · spread now +0.009%, 7d avg +0.044%

Together, before fees−0.101%+ Points / potential airdropParadex: Active · farm board−$10 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: SunX is 0.035% cheaper against Paradex than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.044%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex HYPE-USD-PERP	93.690	0.0100	pay 0.0100% / 8h	2h 23m	$340K	$170K	20x
Short	SunX HYPE-USDT	93.698	0.0100	get 0.0050% / 4h	2h 23m	$32K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Paradex. 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 ParadexbpFee SunXbpOrdersPrice spread, now +0.009%Rate

Funding earned: $0.08
Price spread: +0.009% → +0.044%: −$3.54
Slippage, 4 orders: −$82.4
Fee Paradex: 2 bp × 2 orders: −$4
Fee SunX: 4 bp × 2 orders: −$8
Net: −$97.86
Costs to cover: 0.944%
Break-even: 8313.3 days

Slippage from Paradex: live order book, 1 min ago; SunX: live order book, 12 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 Paradex live order book, 1 min ago	16.62 bp	18.6 bp −$19	145.8 bp −$1,458	doesn't fit	doesn't fit
Sell SunX live order book, 12 min ago	19.35 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	−0.1008%	1h	93.638	−0.055%	$198K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0296%	1h	93.649	−0.043%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0237%	1h	93.630	−0.064%	$702K	$934K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.716	+0.028%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.683	−0.007%	$90K	$348K	20x	as long as short
Bullet HYPE-USD	−0.0016%	1h	93.717	+0.030%	$111K	$583K	20x	as long as short
Derive HYPE-PERP	−0.0009%	1h	93.675	−0.016%	$16.5M	$7.0M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.721	+0.033%	$128K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.703	+0.015%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.746	+0.060%	$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	+0.0029%	4h	93.716	+0.028%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0034%	4h	93.727	+0.040%	$44.1M	$57.1M	75x	as long as short
Bybit HYPEUSDT	+0.0037%	8h	93.710	+0.022%	$326.4M	$287.1M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0064%	4h	93.700	+0.011%	$175K	$536K	20x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.649	−0.043%	$57K	$1.2M	50x	as long as short
Phoenix HYPE	+0.0068%	1h	93.742	+0.056%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.741	+0.055%	$18.6M	$59.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.751	+0.066%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERPlong	+0.0100%	8h	93.690	long leg	$340K	$170K	20x
Katana Perps HYPE-USD	+0.0100%	8h	93.710	+0.022%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.674	−0.016%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.789	+0.106%	$2.04B	$669.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.707	+0.019%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.688	−0.001%	$386.5M	$888.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.716	+0.028%	$115.1M	$316.1M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.642	−0.051%	$1.2M	$4.0M	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.687	−0.003%	$93.7M	$82.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.672	−0.019%	$46.5M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.732	+0.045%	$227.6M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.712	+0.024%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.747	+0.061%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.652	−0.040%	$29.0M	$50.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.613	−0.082%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.545	−0.154%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.752	+0.067%	$678K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.732	+0.045%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.718	+0.030%	$495K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.733	+0.046%	$76K	$168K	20x	as long as short
SunX HYPE-USDTshort	+0.0100%	4h	93.698	+0.009%	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	93.724	+0.037%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.676	−0.014%	$12.8M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.556	−0.142%	$204K	$12K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.718	+0.030%	$18.3M	$41.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.744	+0.058%	$399K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0105%	4h	93.554	−0.144%	$5.1M	$29.5M	30x	as long as short
Kalshi KXHYPEPERP	+0.0132%	8h	93.775	+0.091%	$1.9M	$5.3M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0145%	1h	93.826	+0.146%	$7.4M	$4.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.760	+0.075%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.678	−0.012%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.610	−0.085%	$30K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0310%	4h	93.864	+0.186%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0164%	1h	93.747	+0.062%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.715	+0.027%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.719	+0.031%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0571%	1h	93.849	+0.170%	$19.2M	$26.0M	50x	as long as short