Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.017%

Price spread now: Nado against SunX−0.053%7-day average −0.071% · 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−$63as in the Price arb table

costs, in and out, $10k−$650.652% of the position

Long on SunX Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.018%−$2 on $10k

Price spread, last 3 days (all we have)+0.045%+$4 · spread now −0.053%, 7d avg −0.071%

Together, before fees+0.027%+ Points / potential airdropNado: Active · farm board+$3 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX HYPE-USDT	93.991	0.0100	pay 0.0050% / 4h	55m 18s	$32K	$1.6M	20x
Short	Nado HYPE-PERP	93.941	0.0100	get 0.0012% / 1h	55m 18s	$5.9M	$44.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.053%Rate

Funding earned: $0
Price spread: −0.053% → −0.071%: $1.83
Slippage, 4 orders: −$50.21
Fee SunX: 4 bp × 2 orders: −$8
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$63.37
Costs to cover: 0.652%
Break-even: never at this rate

Slippage from SunX: live order book, 10 min ago; Nado: live order book, 4 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, 10 min ago	19.33 bp	24.1 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Nado live order book, 4 min ago	0.05 bp	3.6 bp −$4	5.3 bp −$53	26.9 bp −$2,685	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	−0.0520%	1h	93.829	−0.172%	$199K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0484%	1h	93.731	−0.276%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.866	−0.133%	$1.2M	$3.8M	10x	as long as short
ApeX Omni HYPEUSDT	−0.0160%	1h	93.896	−0.101%	$349K	$1.1M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.916	−0.080%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.912	−0.084%	$128K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.940	−0.054%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.963	−0.030%	$28K	—	150x	as long as short
Orderly PERP_HYPE_USDC	+0.0014%	4h	93.940	−0.054%	$176K	$526K	20x	as long as short
Bybit HYPEUSDT	+0.0020%	8h	93.924	−0.071%	$324.7M	$280.6M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0020%	1h	93.830	−0.171%	$703K	$903K	10x	as long as short
Aster HYPEUSDT	+0.0027%	4h	93.947	−0.047%	$8.9M	$35.8M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	93.805	−0.198%	$215K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0066%	4h	93.928	−0.067%	$44.5M	$57.9M	75x	as long as short
edgeX HYPEUSDC	+0.0067%	4h	93.855	−0.145%	$5.1M	$29.7M	30x	as long as short
Derive HYPE-PERP	+0.0069%	1h	93.885	−0.113%	$16.4M	$6.9M	10x	as long as short
Phemex HYPEUSDT	+0.0070%	8h	93.934	−0.061%	$12.8M	$2.6M	50x	as long as short
MEXC HYPE_USDT	+0.0070%	4h	93.940	−0.054%	$90.6M	$80.3M	100x	as long as short
Binance HYPEUSDT	+0.0070%	4h	93.938	−0.056%	$385.9M	$885.7M	75x	as long as short
Lighter HYPE	+0.0096%	1h	93.987	−0.004%	$19.0M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.958	−0.035%	$3.1M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.941	−0.053%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.941	−0.053%	$400K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.953	−0.040%	$341K	$169K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.940	−0.054%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERPshort	+0.0100%	1h	93.941	−0.053%	$5.9M	$44.1M	10x
Pacifica HYPE	+0.0100%	1h	93.961	−0.031%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.931	−0.064%	$115.3M	$314.8M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.951	−0.043%	$47.3M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.945	−0.049%	$227.7M	$102.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.932	−0.063%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.942	−0.052%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.882	−0.116%	$32.1M	$53.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.906	−0.090%	$7.6M	$45.5M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.925	−0.070%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.961	−0.032%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.962	−0.031%	$485K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.916	−0.080%	$113K	$577K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.946	−0.048%	$76K	$166K	20x	as long as short
SunX HYPE-USDTlong	+0.0100%	4h	93.991	long leg	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	93.938	−0.056%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.680	−0.331%	$205K	$7K	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	93.850	−0.150%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.920	−0.075%	$18.6M	$42.0M	50x	as long as short
01 Exchange HYPEUSD	+0.0104%	1h	93.968	−0.024%	$91K	$355K	20x	as long as short
Kalshi KXHYPEPERP	+0.0120%	8h	93.978	−0.014%	$1.9M	$5.1M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.870	−0.129%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0223%	4h	94.099	+0.115%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	93.933	−0.062%	$77K	$142K	15x	as long as short
BloFin HYPE-USDT	+0.0280%	4h	93.930	−0.065%	$17.0M	$12.3M	75x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.992	+0.001%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0325%	1h	94.035	+0.047%	$7.4M	$4.5M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	93.924	−0.071%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0577%	1h	94.042	+0.054%	$21.0M	$29.0M	50x	as long as short
Hyperliquid HYPE	+0.0649%	1h	93.997	+0.006%	$2.05B	$667.7M	10x	as long as short