Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0748%/8h= −81.9% APRpaid last 24h −0.240%

Price spread now: Hibachi against SunX−0.010%7-day average −0.139% · you buy dearer than you sell

Net, funding: paid 7d − costs−$283as in the Funding arb table

Net, price: spread back to 7d avg − costs−$103as in the Price arb table

costs, in and out, $10k−$1161.157% of the position

Long on SunX Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days−1.677%−$168 on $10k

Price spread, last 4 days (all we have)+0.028%+$3 · spread now −0.010%, 7d avg −0.139%

Together, before fees−1.649%+ Points / potential airdropHibachi: Active · farm board−$165 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hibachi is 0.129% dearer against SunX than usual: you sell high and buy low (spread −0.010% now, against its 7-day average of −0.139%): +$13 on $10k if it goes back. Holding the pair costs −$22 a day in funding at the current rate, which eats that in about 14 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX HYPE-USDT	92.240	0.0100	pay 0.0050% / 4h	46m 42s	$32K	$1.6M	20x
Short	Hibachi HYPE/USDT-P	92.231	−0.0648	pay 0.0081% / 1h	46m 42s	$193K	$228K	7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi 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 HibachibpOrdersPrice spread, now −0.010%Rate

Funding earned: −$157.08
Price spread: −0.010% → −0.139%: $12.9
Slippage, 4 orders: −$98.67
Fee SunX: 4 bp × 2 orders: −$8
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$259.85
Costs to cover: 1.157%
Break-even: never at this rate

Slippage from SunX: live order book, 8 min ago; Hibachi: live order book, 12 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, 8 min ago	19.34 bp	24.1 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Hibachi live order book, 12 min ago	14.58 bp	32.1 bp −$32	52.0 bp −$520	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	92.180	−0.065%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-Pshort	−0.0648%	1h	92.231	−0.010%	$193K	$228K	7x
Aftermath Perps HYPEUSD	−0.0124%	1h	92.461	+0.240%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	92.209	−0.034%	$86K	$352K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.187	−0.057%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0070%	4h	92.190	−0.054%	$157K	$663K	20x	as long as short
Bullet HYPE-USD	−0.0064%	1h	92.248	+0.009%	$110K	$580K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0026%	1h	92.180	−0.065%	$696K	$1.1M	10x	as long as short
Aster HYPEUSDT	−0.0012%	4h	92.209	−0.034%	$8.6M	$36.4M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.238	−0.002%	$126K	$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	92.283	+0.047%	$22K	$310K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.260	+0.022%	$61K	—	150x	as long as short
BingX HYPE-USDT	+0.0030%	4h	92.200	−0.043%	—	$53.2M	—	as long as short
Bybit HYPEUSDT	+0.0037%	8h	92.210	−0.033%	$315.5M	$280.8M	75x	as long as short
Derive HYPE-PERP	+0.0041%	1h	92.169	−0.077%	$16.0M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0043%	1h	92.430	+0.206%	$209K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0048%	4h	92.186	−0.059%	$44.3M	$54.7M	75x	as long as short
Phemex HYPEUSDT	+0.0056%	8h	92.244	+0.004%	$12.5M	$2.7M	50x	as long as short
Binance HYPEUSDT	+0.0076%	4h	92.218	−0.024%	$370.7M	$897.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	92.211	−0.031%	$112.5M	$300.7M	50x	as long as short
MEXC HYPE_USDT	+0.0076%	4h	92.216	−0.026%	$87.0M	$80.4M	100x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	92.257	+0.018%	$67K	$1.2M	50x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	92.311	+0.077%	$4.9M	$29.4M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0091%	8h	92.238	−0.003%	$338K	$163K	20x	as long as short
ApeX Omni HYPEUSDT	+0.0093%	1h	92.333	+0.101%	$337K	$1.0M	50x	as long as short
Lighter HYPE	+0.0096%	1h	92.182	−0.063%	$16.0M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.219	−0.023%	$3.1M	$11.6M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.160	−0.087%	$13K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.287	+0.050%	$5.8M	$43.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.202	−0.041%	$2.01B	$663.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.235	−0.005%	$10.0M	$15.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	+0.607%	$202K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.189	−0.055%	$45.7M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.197	−0.047%	$223.2M	$97.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.181	−0.064%	$7.2M	$10.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.469	+0.248%	$28.5M	$57.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.327	+0.094%	$7.5M	$45.9M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.258	+0.020%	$663K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.271	+0.034%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.267	+0.029%	$474K	$2.6M	20x	as long as short
SunX HYPE-USDTlong	+0.0100%	4h	92.240	long leg	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	92.191	−0.053%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.370	+0.141%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.169	−0.077%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.215	−0.027%	$390K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.824%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.260	+0.022%	$4.7M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0260%	1h	92.223	−0.018%	$78K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0261%	8h	92.317	+0.083%	$1.8M	$5.4M	2.3x	as long as short
BloFin HYPE-USDT	+0.0311%	4h	92.180	−0.065%	$16.7M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0329% / S −0.0153%	1h	92.254	+0.015%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0334%	1h	92.237	−0.003%	$20.5M	$30.4M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0433%	1h	92.286	+0.050%	$7.5M	$4.4M	50x	as long as short
Bluefin HYPE-PERP	+0.0527%	1h	92.201	−0.042%	$78K	$169K	20x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.275	+0.037%	$3.1M	$6.4M	20x	as long as short