Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.001%

Price spread now: Aevo against SunX−0.094%7-day average −0.059% · you buy dearer than you sell

Net, funding: paid 7d − costs−$89as in the Funding arb table

Net, price: spread back to 7d avg − costs−$93as in the Price arb table

costs, in and out, $10k−$890.891% of the position

Long on SunX Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days+0.006%+$1 on $10k

Price spread, last 4 days (all we have)+0.020%+$2 · spread now −0.094%, 7d avg −0.059%

Together, before fees+0.025%+$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: Aevo is 0.035% cheaper against SunX than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.059%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX HYPE-USDT	93.612	0.0100	pay 0.0050% / 4h	1h 43m	$32K	$1.6M	20x
Short	Aevo HYPE-PERP	93.524	0.0104	get 0.0013% / 1h	43m 00s	$395K	$159K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against SunX. 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 SunXbpFee AevobpOrdersPrice spread, now −0.094%Rate

Funding earned: $0.84
Price spread: −0.094% → −0.059%: −$3.53
Slippage, 4 orders: −$65.12
Fee SunX: 4 bp × 2 orders: −$8
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$91.81
Costs to cover: 0.891%
Break-even: 772.1 days

Slippage from SunX: live order book, 12 min ago; Aevo: live order book, 1 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 SunX live order book, 12 min ago	19.32 bp	24.1 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Aevo live order book, 1 min ago	5.59 bp	14.3 bp −$14	17.1 bp −$171	21.1 bp −$2,111	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	−0.1080%	1h	93.575	−0.040%	$198K	$241K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0222%	1h	93.705	+0.100%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0138%	1h	93.500	−0.120%	$705K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.561	−0.054%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.599	−0.014%	$87K	$369K	20x	as long as short
Bullet HYPE-USD	−0.0064%	1h	93.577	−0.037%	$111K	$580K	20x	as long as short
Bluefin HYPE-PERP	−0.0030%	1h	93.542	−0.075%	$79K	$155K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0022%	4h	93.534	−0.083%	$145K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.515	−0.104%	$128K	$28K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.632	+0.021%	$1.8M	$5.6M	2.3x	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	93.612	+0.001%	$20K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.610	−0.002%	$83K	—	150x	as long as short
Bybit HYPEUSDT	+0.0005%	8h	93.470	−0.152%	$315.6M	$288.6M	75x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.500	−0.120%	—	$53.7M	—	as long as short
Phoenix HYPE	+0.0017%	1h	93.654	+0.045%	$209K	$1.1M	10x	as long as short
Derive HYPE-PERP	+0.0023%	1h	93.501	−0.118%	$16.3M	$7.4M	10x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	93.496	−0.124%	$225.3M	$99.7M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0077%	8h	93.545	−0.072%	$334K	$161K	20x	as long as short
Phemex HYPEUSDT	+0.0082%	8h	93.540	−0.077%	$12.8M	$2.8M	50x	as long as short
edgeX HYPEUSDC	+0.0082%	4h	93.576	−0.038%	$5.0M	$30.6M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.560	−0.056%	$1.0M	$4.0M	10x	as long as short
Popdex HYPEUSDT	+0.0088%	1h	93.574	−0.041%	$78K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.532	−0.085%	$16.2M	$63.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.524	−0.094%	$3.1M	$11.1M	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.570	−0.045%	$22K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.513	−0.106%	$7.4M	$51.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.601	−0.012%	$2.05B	$683.1M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.508	−0.111%	$8.8M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.583	−0.031%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.507	−0.113%	$374.8M	$931.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.495	−0.125%	$115.5M	$315.8M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.495	−0.125%	$48.3M	$55.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.515	−0.104%	$89.8M	$83.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.557	−0.059%	$46.2M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.520	−0.098%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.579	−0.036%	$28.6M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.664	+0.056%	$7.5M	$48.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.589	−0.025%	$347K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.638	+0.028%	$678K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.633	+0.022%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.590	−0.024%	$470K	$2.8M	20x	as long as short
SunX HYPE-USDTlong	+0.0100%	4h	93.612	long leg	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	93.517	−0.101%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.650	+0.041%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.731	+0.127%	$216K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.524	−0.094%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERPshort	+0.0104%	1h	93.524	−0.094%	$395K	$159K	20x
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.600	−0.013%	$4.7M	$6.1M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.450	−0.173%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.557	−0.059%	$77K	$130K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0284%	1h	93.619	+0.007%	$7.4M	$4.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.612	0.000%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.516	−0.103%	$16.9M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0415%	1h	93.603	−0.010%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.623	+0.012%	$3.2M	$6.4M	20x	as long as short