Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0033%/8h= +3.6% APRpaid last 24h +0.070%

Price spread now: RISEx against SunX+0.094%7-day average −0.040% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$660.656% of the position

Long on SunX Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.144%+$14 on $10k

Price spread, last 4 days (all we have)+0.081%+$8 · spread now +0.094%, 7d avg −0.040%

Together, before fees+0.226%+$23 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and RISEx is 0.134% dearer against SunX than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of −0.040%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX HYPE-USDT	94.990	0.0100	pay 0.0050% / 4h	3h 12m	$33K	$1.5M	20x
Short	RISEx HYPE/USDC	95.079	0.0133	get 0.0017% / 1h	12m 48s	$3.1M	$6.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now +0.094%Rate

Funding earned: $6.96
Price spread: +0.094% → −0.040%: $13.36
Slippage, 4 orders: −$51.64
Fee SunX: 4 bp × 2 orders: −$8
Fee RISEx: 3 bp × 2 orders: −$6
Net: −$45.32
Costs to cover: 0.656%
Break-even: 52.6 days

Slippage from SunX: live order book, 12 min ago; RISEx: live order book, 1 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, 12 min ago	19.36 bp	24.1 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell RISEx live order book, 1 min ago	1.42 bp	4.4 bp −$4	6.0 bp −$60	doesn't fit	doesn't fit

HYPE on 54 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	−0.0832%	1h	95.006	+0.017%	$211K	$265K	7x	as long as short
Bluefin HYPE-PERP	−0.0543%	1h	94.976	−0.015%	$79K	$149K	20x	as long as short
Phemex HYPEUSDT	−0.0240%	8h	95.055	+0.068%	$13.0M	$2.8M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0239%	1h	95.082	+0.097%	$22K	$19K	10x	as long as short
Bullet HYPE-USD	−0.0207%	1h	95.037	+0.049%	$113K	$576K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0138%	1h	95.000	+0.011%	$705K	$1.3M	10x	as long as short
dYdX HYPE-USD	−0.0125%	1h	95.078	+0.093%	$130K	$93K	5x	as long as short
Arcus HYPE-USD	−0.0112%	1h	95.030	+0.042%	$1.0M	$3.2M	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	95.064	+0.078%	$90K	$352K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.069	+0.083%	$3K	$331	25x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_HYPEUSD	−0.0047%	1h	95.013	+0.024%	$18.9M	$35.7M	50x	as long as short
Bybit HYPEUSDT	−0.0014%	8h	95.009	+0.020%	$319.2M	$287.2M	75x	as long as short
Gate HYPE_USDT	−0.0008%	4h	94.999	+0.009%	$52.7M	$56.7M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0005%	4h	95.001	+0.012%	$147K	$670K	20x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	95.123	+0.140%	$1.9M	$5.5M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	95.045	+0.058%	$19K	$273K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.045	+0.058%	$85K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	95.142	+0.160%	$212K	$1.2M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	95.060	+0.074%	$4.7M	$5.8M	50x	as long as short
Vest HYPE-PERP	+0.0019%	1h	95.131	+0.149%	—	$126K	5x	as long as short
OKX HYPE-USDT-SWAP	+0.0035%	8h	94.994	+0.004%	$118.4M	$323.0M	50x	as long as short
Bitget HYPEUSDT	+0.0042%	4h	94.990	0.000%	$228.2M	$94.5M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0048%	8h	95.070	+0.084%	$340K	$38K	20x	as long as short
Backpack HYPE_USDC_PERP	+0.0057%	1h	94.988	−0.002%	$7.6M	$10.1M	20x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	95.053	+0.066%	$5.1M	$31.1M	30x	as long as short
Aster HYPEUSDT	+0.0095%	4h	95.007	+0.018%	$9.0M	$36.6M	300x	as long as short
SoDEX HYPE-USD	+0.0095%	1h	95.018	+0.029%	$2.1M	$1.9M	10x	as long as short
Lighter HYPE	+0.0096%	1h	95.019	+0.030%	$16.3M	$63.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.030	+0.042%	$3.2M	$10.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	95.044	+0.057%	$150K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	95.040	+0.053%	$40K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.035	+0.047%	$5.6M	$52.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.162	+0.181%	$2.10B	$679.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.099	+0.115%	$10.3M	$14.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	95.023	+0.035%	$382.5M	$914.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.126	+0.144%	$222K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.012	+0.023%	$98.1M	$89.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.013	+0.024%	$47.4M	$18.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	95.002	+0.013%	—	$52.4M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	95.091	+0.107%	$29.9M	$56.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.088	+0.103%	$7.7M	$44.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.029	+0.041%	$348K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.098	+0.114%	$692K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.041	+0.054%	$500K	$2.6M	20x	as long as short
SunX HYPE-USDTlong	+0.0100%	4h	94.990	long leg	$33K	$1.5M	20x
HTX HYPE-USDT	+0.0100%	4h	95.176	+0.196%	$1.4M	$6.7M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.971	−0.020%	$18.3M	$42.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.039	+0.052%	$402K	$136K	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0108%	1h	95.097	+0.113%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDCshort	+0.0133%	1h	95.079	+0.094%	$3.1M	$6.3M	20x
Injective HYPE/USDC PERP	+0.0153%	1h	95.380	+0.411%	$31K	$340K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	95.013	+0.024%	$85K	$93K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.092	+0.108%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	95.015	+0.026%	$17.2M	$12.3M	75x	as long as short