Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0044%/8h= +4.8% APRpaid last 24h −0.017%

Price spread now: Coinbase International against SunX−0.089%7-day average −0.090% · you buy dearer than you sell

Net, funding: paid 7d − costs−$84as in the Funding arb table

Net, price: spread back to 7d avg − costs−$73as in the Price arb table

costs, in and out, $10k−$730.734% of the position

Long on SunX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.105%−$11 on $10k

Price spread, last 3 days (all we have)−0.010%−$1 · spread now −0.089%, 7d avg −0.090%

Together, before fees−0.116%−$12 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.090%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.105%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX HYPE-USDT	93.673	0.0100	pay 0.0050% / 4h	3h 18m	$32K	$1.6M	20x
Short	Coinbase International HYPE-PERP-INTX	93.590	0.0144	get 0.0018% / 1h	18m 01s	$4.9M	$5.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.089%Rate

Funding earned: $9.24
Price spread: −0.089% → −0.090%: $0.17
Slippage, 4 orders: −$55.45
Fee SunX: 4 bp × 2 orders: −$8
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$64.04
Costs to cover: 0.734%
Break-even: 55.5 days

Slippage from SunX: live order book, 7 min ago; Coinbase International: 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, 7 min ago	19.32 bp	24.1 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 1 min ago	0.53 bp	8.2 bp −$8	12.4 bp −$124	34.2 bp −$3,418	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	−0.1312%	1h	93.756	+0.089%	$198K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.417	−0.273%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0185%	1h	93.952	+0.298%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0151%	1h	93.510	−0.174%	$710K	$955K	10x	as long as short
dYdX HYPE-USD	−0.0108%	1h	93.519	−0.164%	$128K	$31K	5x	as long as short
Bullet HYPE-USD	−0.0097%	1h	93.605	−0.073%	$113K	$581K	20x	as long as short
01 Exchange HYPEUSD	−0.0096%	1h	93.536	−0.146%	$85K	$360K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.531	−0.152%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0080%	4h	93.642	−0.033%	$44.4M	$60.1M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0027%	4h	93.603	−0.075%	$159K	$645K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0021%	8h	93.650	−0.025%	$321.6M	$280.3M	75x	as long as short
Perpl HYPE	0.0000%	43m	93.591	−0.087%	$23K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.626	−0.050%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0003%	4h	93.642	−0.034%	$8.9M	$36.1M	300x	as long as short
Derive HYPE-PERP	+0.0003%	1h	93.596	−0.082%	$16.4M	$7.3M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	94.149	+0.508%	$219K	$1.2M	10x	as long as short
Binance HYPEUSDT	+0.0042%	4h	93.643	−0.032%	$382.0M	$894.3M	75x	as long as short
MEXC HYPE_USDT	+0.0044%	4h	93.650	−0.025%	$88.1M	$83.2M	100x	as long as short
edgeX HYPEUSDC	+0.0057%	4h	93.961	+0.308%	$5.1M	$30.0M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0074%	8h	93.649	−0.026%	$115.7M	$316.7M	50x	as long as short
Bluefin HYPE-PERP	+0.0083%	1h	93.651	−0.023%	$76K	$170K	20x	as long as short
Phemex HYPEUSDT	+0.0094%	8h	93.679	+0.006%	$12.8M	$2.6M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.674	+0.001%	$19.1M	$60.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.657	−0.017%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.540	−0.142%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.596	−0.082%	$398K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.554	−0.127%	$340K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.550	−0.131%	$17K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.515	−0.169%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.714	+0.044%	$2.04B	$675.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.571	−0.109%	$10.1M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.528	−0.154%	$204K	$12K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.670	−0.003%	$46.6M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.665	−0.009%	$227.1M	$101.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.670	−0.003%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.688	+0.016%	$7.7M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.939	+0.285%	$31.4M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.991	+0.340%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.940	+0.285%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.838	+0.176%	$679K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.603	−0.075%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.596	−0.082%	$473K	$2.5M	20x	as long as short
SunX HYPE-USDTlong	+0.0100%	4h	93.673	long leg	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	93.653	−0.021%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.620	−0.057%	$18.7M	$44.5M	50x	as long as short
Coinbase International HYPE-PERP-INTXshort	+0.0144%	1h	93.590	−0.089%	$4.9M	$5.5M	50x
BloFin HYPE-USDT	+0.0179%	4h	93.552	−0.129%	$17.0M	$12.1M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.872%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.571	−0.109%	$2.7M	$6.8M	20x	as long as short
Kalshi KXHYPEPERP	+0.0227%	8h	93.642	−0.033%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	93.568	−0.112%	$79K	$142K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0156%	1h	93.615	−0.062%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0373%	4h	93.850	+0.189%	$1.5M	$6.1M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0615%	1h	93.757	+0.090%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0673%	1h	93.761	+0.094%	$20.9M	$29.8M	50x	as long as short