Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0328%/8h= +35.9% APRpaid last 24h +0.033%

Price spread now: Deribit against SunX+0.031%7-day average −0.015% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on SunX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.030%−$3 on $10k

Price spread, last 4 days (all we have)−0.062%−$6 · spread now +0.031%, 7d avg −0.015%

Together, before fees−0.092%−$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Deribit is 0.046% dearer against SunX than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.015%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.030% in total (about -1.5% 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	92.954	0.0100	pay 0.0050% / 4h	3h 31m	$32K	$1.6M	20x
Short	Deribit HYPE_USDC-PERPETUAL	92.983	0.0428	get 0.0053% / 1h	31m 52s	$7.5M	$4.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.031%Rate

Funding earned: $68.88
Price spread: +0.031% → −0.015%: $4.62
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $58.5
Costs to cover: 0.150%
Break-even: 1.1 days

Slippage unknown: SunX: live order book, 3 min ago; Deribit: live order book, 2 min ago. Net counts fees only.

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, 3 min ago	29.33 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 2 min ago	1.35 bp	7.3 bp −$7	13.8 bp −$138	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	−0.1440%	1h	92.676	−0.299%	$193K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0286%	1h	92.859	−0.102%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.853	−0.109%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.875	−0.085%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0063%	4h	92.878	−0.082%	$147K	$679K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.901	−0.057%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.886	−0.073%	$22K	$298K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.910	−0.047%	$62K	—	150x	as long as short
Phoenix HYPE	+0.0026%	1h	92.857	−0.104%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0033%	8h	92.920	−0.037%	$316.2M	$282.1M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet HYPE-USD	+0.0041%	1h	92.885	−0.074%	$111K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	+0.0046%	1h	92.860	−0.101%	$699K	$1.1M	10x	as long as short
Phemex HYPEUSDT	+0.0047%	8h	92.908	−0.049%	$12.5M	$2.7M	50x	as long as short
01 Exchange HYPEUSD	+0.0048%	1h	92.918	−0.039%	$87K	$361K	20x	as long as short
Bitget HYPEUSDT	+0.0058%	4h	92.917	−0.040%	$225.1M	$99.2M	75x	as long as short
Popdex HYPEUSDT	+0.0072%	1h	92.886	−0.073%	$70K	$1.1M	50x	as long as short
Lighter HYPE	+0.0096%	1h	92.920	−0.037%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.918	−0.039%	$3.1M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	92.908	−0.050%	$339K	$163K	20x	as long as short
edgeX HYPEUSDC	+0.0099%	4h	92.802	−0.164%	$4.9M	$29.6M	30x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.880	−0.080%	$37K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.879	−0.081%	$7.6M	$45.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.939	−0.016%	$2.02B	$666.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	92.920	−0.037%	$8.7M	$36.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	92.911	−0.046%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.919	−0.038%	$373.6M	$905.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.914	−0.043%	$113.8M	$304.6M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	92.903	−0.055%	$45.0M	$54.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.886	−0.073%	$87.1M	$80.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.884	−0.075%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.911	−0.046%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.899	−0.059%	$7.2M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.829	−0.135%	$28.5M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.842	−0.120%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.921	−0.036%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.833	−0.130%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.928	−0.028%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.928	−0.028%	$468K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.880	−0.080%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.878	−0.082%	$16.0M	$7.5M	10x	as long as short
SunX HYPE-USDTlong	+0.0100%	4h	92.954	long leg	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	92.895	−0.063%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.770	−0.198%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.843	−0.120%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.886	−0.073%	$393K	$164K	20x	as long as short
HTX HYPE-USDT	+0.0113%	4h	93.051	+0.104%	$1.4M	$6.3M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.970	+0.017%	$4.7M	$5.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0150%	8h	92.971	+0.018%	$1.8M	$5.4M	2.3x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.957	+0.003%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.150	+0.211%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0265%	1h	92.883	−0.077%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.909	−0.049%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.864	−0.097%	$16.8M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUALshort	+0.0428%	1h	92.983	+0.031%	$7.5M	$4.5M	50x
RISEx HYPE/USDC	+0.0598%	1h	92.954	0.000%	$3.2M	$6.4M	20x	as long as short