Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0978%/8h= +107.1% APRpaid last 24h +0.013%

Price spread now: Bluefin against SunX−0.083%7-day average −0.067% · you buy dearer than you sell

Net, funding: paid 7d − costs−$102as in the Funding arb table

Net, price: spread back to 7d avg − costs−$92as in the Price arb table

costs, in and out, $10k−$900.900% of the position

Long on SunX Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.117%−$12 on $10k

Price spread, last 4 days (all we have)+0.055%+$6 · spread now −0.083%, 7d avg −0.067%

Together, before fees−0.062%−$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.067%, so right now this pair is about funding alone: +$29 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.117%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.117% in total (about -6.1% 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	92.463	0.0100	pay 0.0050% / 4h	49m 30s	$32K	$1.6M	20x
Short	Bluefin HYPE-PERP	92.386	0.1078	get 0.0135% / 1h	49m 30s	$78K	$169K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin 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 BluefinbpOrdersPrice spread, now −0.083%Rate

Funding earned: $205.42
Price spread: −0.083% → −0.067%: −$1.59
Slippage, 4 orders: −$74.96
Fee SunX: 4 bp × 2 orders: −$8
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: $113.87
Costs to cover: 0.900%
Break-even: 3.1 days

Slippage from SunX: live order book, 6 min ago; Bluefin: live order book, 10 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, 6 min ago	19.34 bp	24.1 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Bluefin live order book, 10 min ago	4.21 bp	14.9 bp −$15	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
Arcus HYPE-USD	−0.0948%	1h	92.216	−0.267%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0728%	1h	92.519	+0.060%	$194K	$227K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0112%	1h	92.647	+0.199%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	92.316	−0.159%	$85K	$352K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.501	+0.041%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0067%	4h	92.385	−0.084%	$157K	$663K	20x	as long as short
Bullet HYPE-USD	−0.0053%	1h	92.394	−0.074%	$110K	$579K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0046%	1h	92.280	−0.198%	$699K	$1.1M	10x	as long as short
Aster HYPEUSDT	−0.0005%	4h	92.324	−0.150%	$8.7M	$36.2M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.417	−0.049%	$127K	$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	92.413	−0.054%	$23K	$309K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.436	−0.029%	$61K	—	150x	as long as short
Derive HYPE-PERP	+0.0020%	1h	92.367	−0.103%	$16.0M	$7.5M	10x	as long as short
BingX HYPE-USDT	+0.0032%	4h	92.335	−0.138%	—	$53.2M	—	as long as short
Bybit HYPEUSDT	+0.0037%	8h	92.310	−0.165%	$316.7M	$279.5M	75x	as long as short
Phemex HYPEUSDT	+0.0038%	8h	92.433	−0.032%	$12.5M	$2.7M	50x	as long as short
Phoenix HYPE	+0.0043%	1h	92.430	−0.036%	$210K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0048%	4h	92.330	−0.144%	$44.3M	$54.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0075%	8h	92.320	−0.155%	$112.8M	$300.2M	50x	as long as short
MEXC HYPE_USDT	+0.0078%	4h	92.334	−0.140%	$87.4M	$80.2M	100x	as long as short
Binance HYPEUSDT	+0.0079%	4h	92.328	−0.146%	$371.2M	$893.5M	75x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	92.347	−0.125%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0092%	8h	92.363	−0.108%	$337K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.355	−0.117%	$16.0M	$62.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.362	−0.109%	$3.1M	$11.6M	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.320	−0.155%	$13K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.302	−0.174%	$5.8M	$43.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.391	−0.078%	$2.01B	$660.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.375	−0.095%	$10.0M	$15.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	+0.364%	$202K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.332	−0.142%	$45.7M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.310	−0.165%	$223.4M	$97.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.370	−0.101%	$7.4M	$10.0M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.469	+0.006%	$28.5M	$57.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.799	+0.363%	$7.5M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.488	+0.027%	$338K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.443	−0.022%	$663K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.383	−0.087%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.356	−0.116%	$466K	$2.6M	20x	as long as short
SunX HYPE-USDTlong	+0.0100%	4h	92.463	long leg	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	92.406	−0.062%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.600	+0.148%	$1.4M	$6.2M	75x	as long as short
edgeX HYPEUSDC	+0.0103%	4h	92.776	+0.338%	$5.1M	$29.2M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.290	−0.187%	$18.1M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.434	−0.032%	$391K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.430	−0.036%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.480	+0.018%	$4.7M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0260%	1h	92.299	−0.178%	$78K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0262%	8h	92.513	+0.054%	$1.8M	$5.4M	2.3x	as long as short
BloFin HYPE-USDT	+0.0317%	4h	92.544	+0.088%	$16.8M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0329% / S −0.0153%	1h	92.424	−0.042%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0333%	1h	92.439	−0.026%	$20.5M	$30.4M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0464%	1h	92.500	+0.040%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.395	−0.074%	$3.1M	$6.4M	20x	as long as short
Bluefin HYPE-PERPshort	+0.1078%	1h	92.386	−0.083%	$78K	$169K	20x