Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0070%/8h= −7.7% APRpaid last 24h −0.006%

Price spread now: Bullet against SunX−0.030%7-day average −0.053% · 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−$138as in the Price arb table

costs, in and out, $10k−$1411.406% of the position

Long on SunX Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.012%−$1 on $10k

Price spread, last 3 days (all we have)+0.102%+$10 · spread now −0.030%, 7d avg −0.053%

Together, before fees+0.091%+$9 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bullet is 0.023% dearer against SunX than usual: you sell high and buy low (spread −0.030% now, against its 7-day average of −0.053%): +$2 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 26 hours. At the pace of the last 3 days (−0.012% in total) that is about 6.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX HYPE-USDT	93.439	0.0100	pay 0.0050% / 4h	2h 44m	$32K	$1.6M	20x
Short	Bullet HYPE-USD	93.411	0.0030	get 0.0004% / 1h	44m 19s	$112K	$583K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.030%Rate

Funding earned: −$14.71
Price spread: −0.030% → −0.053%: $2.28
Slippage, 4 orders: −$124.64
Fee SunX: 4 bp × 2 orders: −$8
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$153.07
Costs to cover: 1.406%
Break-even: never at this rate

Slippage from SunX: live order book, 11 min ago; Bullet: live order book, 44 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, 11 min ago	54.32 bp	59.0 bp −$59	doesn't fit	doesn't fit	doesn't fit
Sell Bullet live order book, 44 min ago	0.54 bp	6.3 bp −$6	11.0 bp −$110	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	−0.1240%	1h	93.370	−0.074%	$197K	$233K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0218%	1h	93.330	−0.117%	$701K	$943K	10x	as long as short
Aftermath Perps HYPEUSD	−0.0193%	1h	93.399	−0.043%	$22K	$22K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.415	−0.026%	$89K	$346K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.388	−0.055%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.427	−0.012%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.484	+0.048%	$1.9M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.394	−0.048%	$23K	$343K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.430	−0.010%	$19K	—	150x	as long as short
Aster HYPEUSDT	+0.0013%	4h	93.390	−0.053%	$8.9M	$36.0M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	+0.0016%	4h	93.389	−0.054%	$44.2M	$56.3M	75x	as long as short
Derive HYPE-PERP	+0.0017%	1h	93.355	−0.090%	$16.4M	$7.1M	10x	as long as short
Bullet HYPE-USDshort	+0.0030%	1h	93.411	−0.030%	$112K	$583K	20x
Bybit HYPEUSDT	+0.0039%	8h	93.390	−0.052%	$325.3M	$287.9M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.408	−0.033%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0074%	4h	93.412	−0.029%	$180K	$536K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.460	+0.023%	$18.5M	$59.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.430	−0.010%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.390	−0.052%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.520	+0.087%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.397	−0.044%	$6.0M	$44.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.469	+0.032%	$2.04B	$669.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.391	−0.051%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.395	−0.047%	$385.7M	$888.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.391	−0.051%	$114.8M	$315.5M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.374	−0.070%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	−0.111%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.397	−0.045%	$93.0M	$81.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.411	−0.030%	$46.3M	$19.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.413	−0.028%	$226.9M	$102.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.392	−0.050%	—	$54.3M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.415	−0.026%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.375	−0.068%	$28.8M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.445	+0.006%	$7.5M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.456	+0.018%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.481	+0.045%	$676K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.440	+0.001%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.423	−0.017%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.402	−0.040%	$76K	$169K	20x	as long as short
SunX HYPE-USDTlong	+0.0100%	4h	93.439	long leg	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	93.389	−0.054%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.407	−0.034%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.411	−0.030%	$339K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.378	−0.066%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.405	−0.036%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0107%	4h	93.435	−0.005%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.500	+0.065%	$4.9M	$5.7M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0232%	1h	93.499	+0.064%	$7.4M	$4.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.400	−0.042%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.330	−0.117%	$30K	$231K	12x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.443	+0.004%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.405	−0.036%	$17.1M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0373%	4h	93.536	+0.104%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.462	+0.025%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.491	+0.056%	$19.2M	$25.9M	50x	as long as short