Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: SunX against SoDEX+0.029%7-day average +0.064% · 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−$145as in the Price arb table

costs, in and out, $10k−$1421.418% of the position

Long on SoDEX Short on SunX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.002%$0 on $10k

Price spread, last 4 days (all we have)+0.069%+$7 · spread now +0.029%, 7d avg +0.064%

Together, before fees+0.067%+$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: SunX is 0.035% cheaper against SoDEX than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.064%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX HYPE-USD	93.385	0.0100	pay 0.0013% / 1h	33m 27s	$2.0M	$1.9M	10x
Short	SunX HYPE-USDT	93.412	0.0100	get 0.0050% / 4h	1h 33m	$32K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.029%Rate

Funding earned: $0
Price spread: +0.029% → +0.064%: −$3.48
Slippage, 4 orders: −$125.79
Fee SoDEX: 4 bp × 2 orders: −$8
Fee SunX: 4 bp × 2 orders: −$8
Net: −$145.27
Costs to cover: 1.418%
Break-even: never at this rate

Slippage from SoDEX: live order book, just now; 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 SoDEX live order book, just now	0.21 bp	7.0 bp −$7	13.0 bp −$130	103.7 bp −$10.4K	doesn't fit
Sell SunX live order book, 12 min ago	54.37 bp	68.6 bp −$69	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	−0.1288%	1h	93.317	−0.072%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.375	−0.011%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0106%	1h	93.320	−0.070%	$699K	$996K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.477	+0.099%	$3K	$331	25x	as long as short
Aftermath Perps HYPEUSD	−0.0058%	1h	93.411	+0.028%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.511	+0.135%	$85K	$344K	20x	as long as short
Phemex HYPEUSDT	−0.0052%	8h	93.379	−0.006%	$12.6M	$2.7M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0043%	4h	93.498	+0.121%	$154K	$647K	20x	as long as short
Bullet HYPE-USD	−0.0005%	1h	93.477	+0.099%	$111K	$578K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.478	+0.099%	$128K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.470	+0.091%	$23K	$322K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.505	+0.128%	$62K	—	150x	as long as short
Aster HYPEUSDT	+0.0025%	4h	93.488	+0.110%	$8.8M	$35.5M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.393	+0.009%	$213K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0026%	4h	93.487	+0.109%	—	$53.0M	—	as long as short
Bybit HYPEUSDT	+0.0032%	8h	93.490	+0.112%	$321.7M	$277.3M	75x	as long as short
Gate HYPE_USDT	+0.0048%	4h	93.494	+0.117%	$44.6M	$54.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0077%	8h	93.469	+0.090%	$114.3M	$302.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.513	+0.137%	$16.3M	$61.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.501	+0.124%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.493	+0.116%	$69K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.537	+0.163%	$340K	$162K	20x	as long as short
MEXC HYPE_USDT	+0.0098%	4h	93.492	+0.115%	$89.9M	$80.8M	100x	as long as short
edgeX HYPEUSDC	+0.0100%	4h	93.360	−0.026%	$5.1M	$29.7M	30x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.490	+0.112%	$17K	$1.6M	10x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.518	+0.143%	$379.2M	$876.0M	75x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.485	+0.107%	$5.8M	$43.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.574	+0.202%	$2.04B	$653.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.524	+0.148%	$10.1M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.364	−0.022%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.503	+0.126%	$46.0M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.491	+0.114%	$226.1M	$96.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.380	−0.005%	$7.4M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.367	−0.019%	$31.1M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.422	+0.040%	$7.5M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.349	−0.039%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.403	+0.019%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.521	+0.146%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.525	+0.150%	$472K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.467	+0.088%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.466	+0.087%	$16.2M	$7.5M	10x	as long as short
SunX HYPE-USDTshort	+0.0100%	4h	93.412	+0.029%	$32K	$1.6M	20x
SoDEX HYPE-USDlong	+0.0100%	1h	93.385	long leg	$2.0M	$1.9M	10x
Extended HYPE-USD	+0.0104%	1h	93.459	+0.079%	$18.4M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.486	+0.108%	$398K	$162K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.420	+0.037%	$4.8M	$5.6M	50x	as long as short
HTX HYPE-USDT	+0.0190%	4h	93.501	+0.124%	$1.4M	$6.0M	75x	as long as short
Reya HYPERUSDPERP	+0.0258%	1h	93.484	+0.106%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0278%	8h	93.420	+0.037%	$1.9M	$5.0M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.508	+0.131%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0338%	4h	93.380	−0.005%	$17.0M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0339%	1h	93.464	+0.085%	$7.4M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.578	+0.207%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.220	−0.177%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0685%	1h	93.458	+0.078%	$20.8M	$29.8M	50x	as long as short