Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0075%/8h= −8.2% APRpaid last 24h −0.008%

Price spread now: Phemex against SunX+0.028%7-day average −0.052% · you sell dearer than you buy

Net, funding: paid 7d − costs−$99as in the Funding arb table

Net, price: spread back to 7d avg − costs−$90as in the Price arb table

costs, in and out, $10k−$980.976% of the position

Long on SunX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.010%−$1 on $10k

Price spread, last 4 days (all we have)−0.046%−$5 · spread now +0.028%, 7d avg −0.052%

Together, before fees−0.056%−$6 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.080% dearer against SunX than usual: you sell high and buy low (spread +0.028% now, against its 7-day average of −0.052%): +$8 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.5 days. At the pace of the last 7 days (−0.010% in total) that is about 57 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX HYPE-USDT	92.839	0.0100	pay 0.0050% / 4h	1m 42s	$32K	$1.6M	20x
Short	Phemex HYPEUSDT	92.865	0.0025	get 0.0025% / 8h	4h 01m	$12.5M	$2.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.028%Rate

Funding earned: −$15.78
Price spread: +0.028% → −0.052%: $7.98
Slippage, 4 orders: −$77.6
Fee SunX: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$105.39
Costs to cover: 0.976%
Break-even: never at this rate

Slippage from SunX: live order book, 3 min ago; Phemex: live order book, 2 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, 3 min ago	18.91 bp	23.6 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	3.23 bp	21.9 bp −$22	39.3 bp −$393	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	92.859	+0.022%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0408%	1h	92.738	−0.109%	$194K	$225K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0271%	1h	92.811	−0.030%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.875	+0.039%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0064%	4h	92.852	+0.014%	$157K	$653K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.865	+0.028%	$127K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	92.919	+0.086%	$86K	$361K	20x	as long as short
Perpl HYPE	0.0000%	43m	92.859	+0.022%	$22K	$302K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.880	+0.044%	$62K	—	150x	as long as short
Phemex HYPEUSDTshort	+0.0025%	8h	92.865	+0.028%	$12.5M	$2.7M	50x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet HYPE-USD	+0.0029%	1h	92.837	−0.002%	$111K	$579K	20x	as long as short
BingX HYPE-USDT	+0.0036%	4h	92.895	+0.060%	—	$53.5M	—	as long as short
Ondo Perps HYPE-USD.P	+0.0042%	1h	92.810	−0.031%	$698K	$1.1M	10x	as long as short
Phoenix HYPE	+0.0043%	1h	92.755	−0.090%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0045%	8h	92.880	+0.044%	$316.8M	$281.2M	75x	as long as short
Aster HYPEUSDT	+0.0068%	4h	92.875	+0.039%	$8.7M	$36.1M	300x	as long as short
Bitget HYPEUSDT	+0.0088%	4h	92.889	+0.054%	$224.8M	$98.7M	75x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	92.749	−0.097%	$4.9M	$29.6M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	92.901	+0.067%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.887	+0.052%	$16.1M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.896	+0.061%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.903	+0.069%	$69K	$1.1M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0097%	8h	92.904	+0.070%	$113.9M	$303.7M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.880	+0.044%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.856	+0.018%	$7.5M	$45.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.907	+0.073%	$2.02B	$663.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.910	+0.077%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.897	+0.062%	$373.2M	$901.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	−0.042%	$202K	$13K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	92.904	+0.070%	$44.5M	$55.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.900	+0.066%	$88.2M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.885	+0.050%	$46.1M	$18.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.877	+0.041%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.689	−0.162%	$28.5M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.776	−0.068%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.773	−0.071%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.867	+0.030%	$667K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.900	+0.066%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.902	+0.068%	$468K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.867	+0.030%	$79K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.838	−0.001%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDTlong	+0.0100%	4h	92.839	long leg	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	92.882	+0.046%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.000	+0.173%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.877	+0.041%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.850	+0.012%	$393K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.960	+0.130%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.920	+0.087%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0226%	8h	92.925	+0.093%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0263%	1h	92.875	+0.038%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.857	+0.019%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0331%	1h	92.962	+0.132%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0331%	1h	92.933	+0.102%	$20.6M	$30.4M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.869	+0.032%	$16.8M	$11.6M	75x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.962	+0.133%	$3.2M	$6.4M	20x	as long as short