Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0109%/8h= −11.9% APRpaid last 24h −0.012%

Price spread now: OKX against SunX−0.124%7-day average −0.075% · you buy dearer than you sell

Net, funding: paid 7d − costs−$139as in the Funding arb table

Net, price: spread back to 7d avg − costs−$138as in the Price arb table

costs, in and out, $10k−$1341.335% of the position

Long on SunX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.056%−$6 on $10k

Price spread, last 4 days (all we have)+0.147%+$15 · spread now −0.124%, 7d avg −0.075%

Together, before fees+0.091%+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and OKX is 0.048% cheaper against SunX than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.075%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX HYPE-USDT	95.372	0.0100	pay 0.0050% / 4h	1h 58m	$33K	$1.4M	20x
Short	OKX HYPE-USDT-SWAP	95.254	−0.0009	pay 0.0009% / 8h	5h 58m	$119.3M	$304.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.124%Rate

Funding earned: −$22.87
Price spread: −0.124% → −0.075%: −$4.83
Slippage, 4 orders: −$115.54
Fee SunX: 4 bp × 2 orders: −$8
Fee OKX: 5 bp × 2 orders: −$10
Net: −$161.25
Costs to cover: 1.335%
Break-even: never at this rate

Slippage from SunX: live order book, 10 min ago; OKX: 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	21.75 bp	54.1 bp −$54	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	0.05 bp	5.2 bp −$5	8.6 bp −$86	17.7 bp −$1,769	doesn't fit

HYPE on 54 exchanges

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	−0.1320%	1h	95.200	−0.181%	$212K	$261K	7x	as long as short
Bullet HYPE-USD	−0.0400%	1h	95.257	−0.120%	$114K	$582K	20x	as long as short
Phemex HYPEUSDT	−0.0282%	8h	95.237	−0.142%	$13.0M	$2.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0251%	1h	95.280	−0.097%	$18.6M	$35.3M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0141%	1h	95.192	−0.189%	$22K	$17K	10x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.242	−0.136%	$1.1M	$2.4M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0125%	1h	95.140	−0.243%	$690K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	95.259	−0.118%	$92K	$346K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.191	−0.190%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0070%	4h	95.272	−0.105%	$54.6M	$53.0M	75x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.310	−0.065%	$4.7M	$5.6M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0039%	4h	95.248	−0.130%	$148K	$643K	20x	as long as short
Aster HYPEUSDT	−0.0025%	4h	95.272	−0.105%	$9.0M	$33.0M	300x	as long as short
Lighter HYPE	−0.0024%	1h	95.263	−0.115%	$16.3M	$57.4M	20x	as long as short
OKX HYPE-USDT-SWAPshort	−0.0009%	8h	95.254	−0.124%	$119.3M	$304.6M	50x
Popdex HYPEUSDT	−0.0008%	1h	95.251	−0.127%	$274K	$1.0M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	95.259	−0.118%	$129K	$94K	5x	as long as short
Perpl HYPE	0.0000%	43m	95.283	−0.094%	$24K	$254K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.303	−0.072%	$100K	—	150x	as long as short
Bulk HYPE-USD	+0.0016%	1h	95.192	−0.189%	$232K	$12K	10x	as long as short
Phoenix HYPE	+0.0017%	1h	95.204	−0.176%	$201K	$945K	10x	as long as short
Bitget HYPEUSDT	+0.0020%	4h	95.271	−0.106%	$229.0M	$87.2M	75x	as long as short
Bybit HYPEUSDT	+0.0033%	8h	95.280	−0.096%	$321.2M	$266.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0044%	1h	95.363	−0.009%	$7.5M	$4.3M	50x	as long as short
Vest HYPE-PERP	+0.0054%	1h	95.309	−0.066%	—	$80K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0073%	8h	95.262	−0.115%	$340K	$35K	20x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	95.110	−0.275%	$5.1M	$29.5M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.290	−0.086%	$3.3M	$9.9M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.180	−0.201%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.288	−0.088%	$7.3M	$52.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.365	−0.007%	$2.11B	$649.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.286	−0.090%	$10.3M	$13.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	95.283	−0.093%	$382.9M	$858.8M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.279	−0.098%	$90.8M	$83.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.271	−0.106%	$48.1M	$17.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	95.280	−0.096%	—	$48.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.326	−0.048%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.143	−0.240%	$30.0M	$53.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.108	−0.277%	$7.7M	$40.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.136	−0.247%	$347K	$883K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.226	−0.153%	$693K	$2.8M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.290	−0.086%	$504K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	95.278	−0.099%	$79K	$136K	20x	as long as short
SunX HYPE-USDTlong	+0.0100%	4h	95.372	long leg	$33K	$1.4M	20x
SoDEX HYPE-USD	+0.0100%	1h	95.281	−0.095%	$2.1M	$373K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.397	+0.026%	$1.4M	$5.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.249	−0.129%	$18.4M	$40.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.272	−0.104%	$403K	$130K	20x	as long as short
Kalshi KXHYPEPERP	+0.0122%	8h	95.349	−0.024%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.282	−0.095%	$3.2M	$5.5M	20x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	95.230	−0.149%	$85K	$100K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.246	−0.133%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	95.205	−0.175%	$17.3M	$11.6M	75x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.400	+0.029%	$31K	$334K	12x	as long as short