Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.030%

Price spread now: Hyperliquid against SoDEX+0.165%7-day average +0.054% · 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−$13as in the Price arb table

costs, in and out, $10k−$240.244% of the position

Long on SoDEX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.054%+$5 on $10k

Price spread, last 4 days (all we have)−0.123%−$12 · spread now +0.165%, 7d avg +0.054%

Together, before fees−0.069%+ Points / potential airdropHyperliquid: Season 2 · farm board−$7 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: Hyperliquid is 0.111% dearer against SoDEX than usual: you sell high and buy low, +$11 on $10k if it goes back to its 7-day average of +0.054%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX HYPE-USD	94.214	0.0100	pay 0.0013% / 1h	53m 09s	$2.1M	$1.9M	10x
Short	Hyperliquid HYPE	94.369	0.0100	get 0.0013% / 1h	53m 09s	$2.07B	$688.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.165%Rate

Funding earned: $0
Price spread: +0.165% → +0.054%: $11.11
Slippage, 4 orders: −$7.36
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$13.25
Costs to cover: 0.244%
Break-even: never at this rate

Slippage from SoDEX: live order book, 1 min ago; Hyperliquid: live order book, 11 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, 1 min ago	0.05 bp	6.9 bp −$7	13.4 bp −$134	101.1 bp −$10.1K	doesn't fit
Sell Hyperliquid live order book, 11 min ago	0.05 bp	5.6 bp −$6	6.4 bp −$64	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	−0.1120%	1h	94.259	+0.048%	$201K	$234K	7x	as long as short
Bluefin HYPE-PERP	−0.0390%	1h	94.195	−0.020%	$80K	$155K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0220%	1h	94.240	+0.028%	$709K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0187%	1h	94.221	+0.007%	$112K	$575K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0132%	1h	94.294	+0.085%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.272	+0.062%	$87K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.250	+0.038%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.248	+0.036%	$1.0M	$3.6M	10x	as long as short
Derive HYPE-PERP	−0.0040%	1h	94.253	+0.042%	$16.4M	$7.5M	10x	as long as short
ApeX Omni HYPEUSDT	−0.0034%	1h	94.057	−0.167%	$362K	$1.0M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0013%	8h	94.252	+0.040%	$317.2M	$289.5M	75x	as long as short
BingX HYPE-USDT	−0.0012%	4h	94.221	+0.007%	—	$53.5M	—	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	94.190	−0.025%	$146K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.353	+0.147%	$129K	$60K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.322	+0.115%	$1.8M	$5.5M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.351	+0.145%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.230	+0.017%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.260	+0.049%	$117K	—	150x	as long as short
Bitget HYPEUSDT	+0.0038%	4h	94.193	−0.022%	$226.6M	$100.1M	75x	as long as short
Phemex HYPEUSDT	+0.0051%	8h	94.242	+0.030%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0060%	8h	94.303	+0.095%	$337K	$156K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.340	+0.134%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0088%	8h	94.268	+0.057%	$117.4M	$323.4M	50x	as long as short
edgeX HYPEUSDC	+0.0089%	4h	94.094	−0.127%	$5.0M	$30.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.279	+0.069%	$16.3M	$63.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.280	+0.070%	$3.2M	$10.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.255	+0.044%	$82K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.270	+0.059%	$17K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.266	+0.056%	$7.3M	$50.8M	10x	as long as short
Hyperliquid HYPEshort	+0.0100%	1h	94.369	+0.165%	$2.07B	$688.2M	10x
Aster HYPEUSDT	+0.0100%	4h	94.289	+0.080%	$8.8M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.300	+0.091%	$10.2M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.281	+0.071%	$377.4M	$932.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.065	−0.158%	$217K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.206	−0.008%	$49.3M	$56.2M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.264	+0.053%	$91.3M	$82.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.256	+0.045%	$46.9M	$18.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.293	+0.084%	$7.6M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.098	−0.124%	$29.2M	$55.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.258	+0.046%	$7.6M	$46.0M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.227	+0.014%	$681K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.272	+0.062%	$495K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.254	+0.042%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USDlong	+0.0100%	1h	94.214	long leg	$2.1M	$1.9M	10x
Deribit HYPE_USDC-PERPETUAL	+0.0100%	1h	94.295	+0.086%	$7.4M	$4.3M	50x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.350	+0.144%	$1.4M	$6.8M	75x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.337	+0.130%	—	$243K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.176	−0.041%	$18.3M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.215	+0.001%	$398K	$159K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0021%	1h	94.270	+0.060%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.240	+0.028%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.281	+0.071%	$20.2M	$30.3M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.292	+0.083%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.187	−0.029%	$82K	$123K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.219	+0.005%	$17.0M	$12.4M	75x	as long as short