Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.027%

Price spread now: dYdX against SunX+0.012%7-day average −0.060% · you sell dearer than you buy

Net, funding: paid 7d − costs−$137as in the Funding arb table

Net, price: spread back to 7d avg − costs−$115as in the Price arb table

costs, in and out, $10k−$1221.222% of the position

Long on SunX Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.144%−$14 on $10k

Price spread, last 3 days (all we have)+0.132%+$13 · spread now +0.012%, 7d avg −0.060%

Together, before fees−0.012%−$1 on $10k · with fees, hour by hour

The price spread pays, funding is against you. dYdX is 0.072% dearer against SunX than usual: you sell high and buy low (spread +0.012% now, against its 7-day average of −0.060%): +$7 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX HYPE-USDT	93.552	0.0100	pay 0.0050% / 4h	2h 34m	$32K	$1.6M	20x
Short	dYdX HYPE-USD	93.563	0	get 0.0000% / 1h	34m 03s	$127K	$32K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.012%Rate

Funding earned: −$21
Price spread: +0.012% → −0.060%: $7.2
Slippage, 4 orders: −$104.22
Fee SunX: 4 bp × 2 orders: −$8
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$136.02
Costs to cover: 1.222%
Break-even: never at this rate

Slippage from SunX: live order book, 11 min ago; dYdX: live order book, 54 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	20.88 bp	25.9 bp −$26	doesn't fit	doesn't fit	doesn't fit
Sell dYdX live order book, 54 min ago	26.01 bp	31.0 bp −$31	72.5 bp −$725	178.3 bp −$17.8K	1004.8 bp −$502.4K

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	−0.1104%	1h	93.433	−0.127%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0265%	1h	93.465	−0.093%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0244%	1h	93.370	−0.195%	$701K	$940K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.536	−0.017%	$89K	$348K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.510	−0.045%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0028%	1h	93.471	−0.087%	$112K	$583K	20x	as long as short
Derive HYPE-PERP	−0.0003%	1h	93.441	−0.119%	$16.4M	$7.1M	10x	as long as short
dYdX HYPE-USDshort	0.0000%	1h	93.563	+0.012%	$127K	$32K	5x
Perpl HYPE	0.0000%	43m	93.565	+0.014%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.528	−0.026%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0012%	4h	93.507	−0.048%	$8.9M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0028%	4h	93.480	−0.077%	$44.1M	$56.5M	75x	as long as short
Bybit HYPEUSDT	+0.0037%	8h	93.470	−0.088%	$325.7M	$287.3M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.464	−0.094%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0070%	4h	93.501	−0.055%	$180K	$529K	20x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	93.505	−0.050%	$57K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.539	−0.014%	$18.5M	$59.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.515	−0.040%	$3.1M	$12.3M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.540	−0.012%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.470	−0.088%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.503	−0.052%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.565	+0.014%	$2.04B	$668.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.540	−0.013%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.483	−0.074%	$385.5M	$888.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.474	−0.083%	$114.8M	$315.4M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.488	−0.068%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.403	−0.160%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.486	−0.071%	$92.8M	$82.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.503	−0.052%	$46.4M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.502	−0.053%	$227.1M	$102.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.475	−0.082%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.515	−0.040%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.402	−0.161%	$28.9M	$49.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.494	−0.061%	$7.5M	$45.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.482	−0.075%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.503	−0.052%	$676K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.530	−0.024%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.526	−0.028%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.495	−0.061%	$76K	$168K	20x	as long as short
SunX HYPE-USDTlong	+0.0100%	4h	93.552	long leg	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	93.487	−0.069%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.474	−0.083%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.476	−0.081%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.517	−0.037%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0113%	4h	93.336	−0.230%	$5.1M	$29.5M	30x	as long as short
Kalshi KXHYPEPERP	+0.0119%	8h	93.583	+0.033%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.400	−0.162%	$4.9M	$5.7M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0242%	1h	93.592	+0.043%	$7.4M	$4.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.494	−0.062%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.350	−0.216%	$30K	$231K	12x	as long as short
HTX HYPE-USDT	+0.0335%	4h	93.662	+0.118%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0164%	1h	93.526	−0.027%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.449	−0.110%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.576	+0.025%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.581	+0.031%	$19.2M	$25.9M	50x	as long as short