Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.1048%/8h= −114.8% APRpaid last 24h −0.082%

Price spread now: Arcus against SunX−0.171%7-day average −0.101% · 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−$71as in the Price arb table

costs, in and out, $10k−$640.639% of the position

Long on SunX Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.100%−$10 on $10k

Price spread, last 4 days (all we have)+0.314%+$31 · spread now −0.171%, 7d avg −0.101%

Together, before fees+0.215%+$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$31 a day on $10k at the current rate, and Arcus is 0.070% cheaper against SunX than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.101%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.100% in total (about -10.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX HYPE-USDT	92.839	0.0100	pay 0.0050% / 4h	52m 56s	$32K	$1.6M	20x
Short	Arcus HYPE-USD	92.680	−0.0948	pay 0.0119% / 1h	52m 56s	$1.2M	$3.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus 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 ArcusbpOrdersPrice spread, now −0.171%Rate

Funding earned: −$220.09
Price spread: −0.171% → −0.101%: −$6.98
Slippage, 4 orders: −$51.43
Fee SunX: 4 bp × 2 orders: −$8
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$291
Costs to cover: 0.639%
Break-even: never at this rate

Slippage from SunX: live order book, 12 min ago; Arcus: 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	19.33 bp	24.1 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Arcus live order book, 1 min ago	0.59 bp	3.2 bp −$3	5.1 bp −$51	198.8 bp −$19.9K	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
Arcus HYPE-USDshort	−0.0948%	1h	92.680	−0.171%	$1.2M	$3.8M	10x
Hibachi HYPE/USDT-P	−0.0776%	1h	92.787	−0.056%	$195K	$227K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0109%	1h	92.767	−0.078%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	92.816	−0.025%	$86K	$351K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.803	−0.039%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0063%	4h	92.745	−0.101%	$158K	$663K	20x	as long as short
Bullet HYPE-USD	−0.0057%	1h	92.785	−0.058%	$111K	$579K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0054%	1h	92.720	−0.128%	$699K	$1.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.870	+0.033%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.840	+0.001%	$23K	$309K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.806	−0.036%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0006%	8h	92.719	−0.129%	$12.5M	$2.7M	50x	as long as short
Aster HYPEUSDT	+0.0007%	4h	92.743	−0.104%	$8.7M	$36.2M	300x	as long as short
Derive HYPE-PERP	+0.0010%	1h	92.729	−0.118%	$16.1M	$7.5M	10x	as long as short
BingX HYPE-USDT	+0.0031%	4h	92.601	−0.256%	—	$53.2M	—	as long as short
Bybit HYPEUSDT	+0.0038%	8h	92.583	−0.276%	$317.7M	$279.1M	75x	as long as short
Phoenix HYPE	+0.0043%	1h	92.855	+0.017%	$211K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0050%	4h	92.722	−0.126%	$44.5M	$54.4M	75x	as long as short
ApeX Omni HYPEUSDT	+0.0068%	1h	92.356	−0.520%	$337K	$1.0M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0073%	8h	92.590	−0.268%	$113.1M	$300.8M	50x	as long as short
Binance HYPEUSDT	+0.0085%	4h	92.596	−0.262%	$372.4M	$892.2M	75x	as long as short
MEXC HYPE_USDT	+0.0086%	4h	92.588	−0.270%	$87.8M	$80.1M	100x	as long as short
Popdex HYPEUSDT	+0.0088%	1h	92.802	−0.040%	$68K	$1.2M	50x	as long as short
edgeX HYPEUSDC	+0.0090%	4h	92.792	−0.051%	$5.1M	$29.2M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0093%	8h	92.817	−0.024%	$339K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.755	−0.091%	$16.0M	$61.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.758	−0.087%	$3.1M	$11.6M	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.810	−0.031%	$14K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.787	−0.055%	$5.8M	$43.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.768	−0.076%	$2.02B	$657.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.823	−0.017%	$10.0M	$14.9M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	−0.042%	$202K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.612	−0.245%	$45.9M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.592	−0.266%	$224.1M	$97.5M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.698	−0.152%	$7.4M	$10.0M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.820	−0.021%	$28.4M	$57.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.596	−0.262%	$7.5M	$45.7M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.854	+0.016%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.840	+0.002%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.832	−0.008%	$469K	$2.6M	20x	as long as short
SunX HYPE-USDTlong	+0.0100%	4h	92.839	long leg	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	92.757	−0.088%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.873	+0.037%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.571	−0.288%	$18.1M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.787	−0.056%	$392K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.173%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.840	+0.001%	$4.7M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0260%	1h	92.801	−0.041%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0263%	8h	92.857	+0.019%	$1.8M	$5.4M	2.3x	as long as short
BloFin HYPE-USDT	+0.0325%	4h	92.787	−0.056%	$16.8M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0153%	1h	92.813	−0.028%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0332%	1h	92.793	−0.050%	$20.7M	$30.3M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0450%	1h	92.865	+0.028%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.883	+0.047%	$3.2M	$6.4M	20x	as long as short
Bluefin HYPE-PERP	+0.2119%	1h	92.750	−0.096%	$79K	$169K	20x	as long as short