Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.001%

Price spread now: Bulk against SoDEX−0.071%7-day average +0.046% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$230.232% of the position

Long on SoDEX Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.001%$0 on $10k

Price spread, last 4 days (all we have)+0.171%+$17 · spread now −0.071%, 7d avg +0.046%

Together, before fees+0.172%+$17 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: Bulk is 0.117% cheaper against SoDEX than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of +0.046%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX HYPE-USD	92.866	0.0100	pay 0.0013% / 1h	59m 01s	$2.0M	$2.0M	10x
Short	Bulk HYPE-USD	92.800	0.0100	get 0.0013% / 1h	59m 01s	$202K	$13K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against SoDEX. 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 SoDEXbpFee BulkbpOrdersPrice spread, now −0.071%Rate

Funding earned: $0
Price spread: −0.071% → +0.046%: −$11.73
Slippage, 4 orders: −$8.21
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$34.94
Costs to cover: 0.232%
Break-even: never at this rate

Slippage from SoDEX: live order book, 5 min ago; Bulk: live order book, 60 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 SoDEX live order book, 5 min ago	0.05 bp	7.2 bp −$7	12.7 bp −$127	104.0 bp −$10.4K	doesn't fit
Sell Bulk live order book, 60 min ago	1.08 bp	4.9 bp −$5	6.3 bp −$63	12.0 bp −$1,198	35.1 bp −$17.5K

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
Arcus HYPE-USD	−0.0948%	1h	92.862	−0.004%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0440%	1h	92.759	−0.116%	$193K	$227K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0286%	1h	92.840	−0.028%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.891	+0.027%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0063%	4h	92.856	−0.011%	$157K	$653K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.865	−0.001%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.889	+0.024%	$22K	$302K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.903	+0.040%	$62K	—	150x	as long as short
Bullet HYPE-USD	+0.0007%	1h	92.856	−0.010%	$111K	$579K	20x	as long as short
Phemex HYPEUSDT	+0.0029%	8h	92.858	−0.009%	$12.5M	$2.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	+0.0036%	4h	92.829	−0.040%	—	$53.6M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.952	+0.093%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0044%	8h	92.812	−0.058%	$316.4M	$281.2M	75x	as long as short
Aster HYPEUSDT	+0.0070%	4h	92.863	−0.003%	$8.7M	$36.2M	300x	as long as short
Bitget HYPEUSDT	+0.0086%	4h	92.818	−0.052%	$224.7M	$98.7M	75x	as long as short
edgeX HYPEUSDC	+0.0093%	4h	92.871	+0.006%	$4.9M	$29.6M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	92.896	+0.032%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.866	0.000%	$16.1M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.875	+0.010%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.882	+0.017%	$69K	$1.1M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0099%	8h	92.825	−0.044%	$113.9M	$303.6M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.880	+0.015%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.892	+0.029%	$7.5M	$45.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.883	+0.019%	$2.02B	$663.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.935	+0.074%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.832	−0.037%	$373.0M	$902.3M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0100%	1h	92.850	−0.017%	$698K	$1.1M	10x	as long as short
Bulk HYPE-USDshort	+0.0100%	1h	92.800	−0.071%	$202K	$13K	10x
Gate HYPE_USDT	+0.0100%	4h	92.828	−0.041%	$44.4M	$53.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.830	−0.039%	$88.1M	$79.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.856	−0.011%	$46.1M	$18.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.838	−0.030%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.859	−0.008%	$28.5M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.903	+0.040%	$7.5M	$46.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.856	−0.011%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.890	+0.026%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.941	+0.081%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.926	+0.065%	$469K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.877	+0.012%	$79K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.850	−0.017%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.857	−0.010%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USDlong	+0.0100%	1h	92.866	long leg	$2.0M	$2.0M	10x
HTX HYPE-USDT	+0.0100%	4h	93.034	+0.181%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.799	−0.072%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.885	+0.021%	$393K	$164K	20x	as long as short
01 Exchange HYPEUSD	+0.0136%	1h	92.909	+0.046%	$87K	$362K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.950	+0.090%	$4.7M	$5.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.919	+0.057%	$20.6M	$30.4M	50x	as long as short
Kalshi KXHYPEPERP	+0.0224%	8h	92.935	+0.074%	$1.8M	$5.4M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.870	+0.004%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0263%	1h	92.865	−0.001%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.881	+0.016%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.887	+0.023%	$16.8M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0396%	1h	92.952	+0.093%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.950	+0.090%	$3.2M	$6.4M	20x	as long as short