Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.005%

Price spread now: SunX against Popdex+0.002%7-day average +0.058% · 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−$70as in the Price arb table

costs, in and out, $10k−$650.646% of the position

Long on Popdex Short on SunX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.007%+$1 on $10k

Price spread, last 3 days (all we have)−0.036%−$4 · spread now +0.002%, 7d avg +0.058%

Together, before fees−0.029%−$3 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 0.056% cheaper against Popdex than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.058%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex HYPEUSDT	94.054	0.0096	pay 0.0012% / 1h	52m 21s	$63K	$1.2M	50x
Short	SunX HYPE-USDT	94.056	0.0100	get 0.0050% / 4h	52m 21s	$32K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Popdex. 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 PopdexbpFee SunXbpOrdersPrice spread, now +0.002%Rate

Funding earned: $0.84
Price spread: +0.002% → +0.058%: −$5.59
Slippage, 4 orders: −$50.21
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee SunX: 4 bp × 2 orders: −$8
Net: −$69.36
Costs to cover: 0.646%
Break-even: 585.0 days

Slippage from Popdex: live order book, 2 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 Popdex live order book, 2 min ago	0.16 bp	3.4 bp −$3	4.0 bp −$40	27.9 bp −$2,787	doesn't fit
Sell SunX live order book, 3 min ago	19.37 bp	33.7 bp −$34	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	−0.0552%	1h	93.903	−0.161%	$199K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0474%	1h	93.863	−0.203%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.972	−0.087%	$1.2M	$3.8M	10x	as long as short
ApeX Omni HYPEUSDT	−0.0160%	1h	93.896	−0.168%	$349K	$1.1M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.006	−0.051%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.092	+0.041%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.058	+0.004%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.048	−0.006%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	94.035	−0.020%	$215K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0014%	4h	94.059	+0.005%	$176K	$526K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0021%	8h	94.020	−0.036%	$324.5M	$280.9M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0022%	1h	93.990	−0.068%	$703K	$907K	10x	as long as short
Aster HYPEUSDT	+0.0031%	4h	94.078	+0.026%	$9.0M	$35.8M	300x	as long as short
Phemex HYPEUSDT	+0.0068%	8h	94.010	−0.047%	$12.8M	$2.6M	50x	as long as short
Gate HYPE_USDT	+0.0070%	4h	94.052	−0.002%	$44.5M	$57.9M	75x	as long as short
MEXC HYPE_USDT	+0.0072%	4h	94.052	−0.002%	$90.7M	$80.4M	100x	as long as short
edgeX HYPEUSDC	+0.0073%	4h	93.924	−0.138%	$5.1M	$29.7M	30x	as long as short
Binance HYPEUSDT	+0.0076%	4h	94.052	−0.002%	$386.4M	$888.1M	75x	as long as short
Derive HYPE-PERP	+0.0082%	1h	93.978	−0.081%	$16.5M	$6.9M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.095	+0.043%	$19.1M	$59.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.072	+0.019%	$3.1M	$12.2M	20x	as long as short
01 Exchange HYPEUSD	+0.0096%	1h	94.080	+0.028%	$87K	$363K	20x	as long as short
Popdex HYPEUSDTlong	+0.0096%	1h	94.054	long leg	$63K	$1.2M	50x
Aevo HYPE-PERP	+0.0096%	1h	94.063	+0.010%	$400K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.089	+0.037%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.100	+0.049%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.050	−0.004%	$5.9M	$44.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.084	+0.032%	$10.2M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.034	−0.021%	$115.9M	$317.3M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.069	+0.016%	$47.2M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.055	+0.001%	$227.9M	$102.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.043	−0.012%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.113	+0.063%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.882	−0.183%	$32.1M	$53.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.938	−0.123%	$7.6M	$45.5M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.059	+0.005%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.082	+0.030%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.072	+0.019%	$485K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	94.021	−0.035%	$113K	$578K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.031	−0.024%	$76K	$166K	20x	as long as short
SunX HYPE-USDTshort	+0.0100%	4h	94.056	+0.002%	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	94.052	−0.002%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.680	−0.398%	$205K	$7K	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.170	+0.123%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.034	−0.021%	$18.7M	$42.1M	50x	as long as short
Kalshi KXHYPEPERP	+0.0124%	8h	94.141	+0.093%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.140	+0.091%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0225%	4h	94.200	+0.155%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	94.033	−0.023%	$77K	$142K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0281%	1h	94.144	+0.096%	$7.4M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.099	+0.047%	$2.8M	$6.8M	20x	as long as short
BloFin HYPE-USDT	+0.0293%	4h	94.084	+0.032%	$17.0M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	94.031	−0.025%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0576%	1h	94.165	+0.118%	$21.1M	$29.0M	50x	as long as short
Hyperliquid HYPE	+0.0733%	1h	94.131	+0.082%	$2.05B	$666.1M	10x	as long as short