Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: SunX against Variational Omni+0.036%7-day average +0.088% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Variational Omni Short on SunX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.005%+$1 on $10k

Price spread, last 4 days (all we have)+0.138%+$14 · spread now +0.036%, 7d avg +0.088%

Together, before fees+0.143%+ Points / potential airdropVariational Omni: Active · farm board+$14 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: SunX is 0.052% cheaper against Variational Omni than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of +0.088%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni HYPE	93.579	0.0100	pay 0.0100% / 8h	1h 42m	$28.6M	$56.1M	—
Short	SunX HYPE-USDT	93.612	0.0100	get 0.0050% / 4h	1h 42m	$32K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpFee SunXbpOrdersPrice spread, now +0.036%Rate

Funding earned: $0
Price spread: +0.036% → +0.088%: −$5.2
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee SunX: 4 bp × 2 orders: −$8
Net: −$13.2
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; SunX: live order book, 12 min ago. Net counts fees only.

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 Variational Omni RFQ quote, 2 min ago	0.45 bp	doesn't fit	5.4 bp −$54	21.4 bp −$2,145	doesn't fit
Sell SunX live order book, 12 min ago	19.32 bp	34.1 bp −$34	doesn't fit	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
Hibachi HYPE/USDT-P	−0.1080%	1h	93.575	−0.004%	$198K	$241K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0222%	1h	93.705	+0.135%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0130%	1h	93.470	−0.116%	$705K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.561	−0.019%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.599	+0.022%	$87K	$369K	20x	as long as short
Bullet HYPE-USD	−0.0064%	1h	93.577	−0.002%	$111K	$580K	20x	as long as short
Bluefin HYPE-PERP	−0.0030%	1h	93.542	−0.039%	$79K	$155K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0022%	4h	93.534	−0.048%	$145K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.525	−0.057%	$128K	$28K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.632	+0.057%	$1.8M	$5.6M	2.3x	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	93.612	+0.036%	$20K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.610	+0.034%	$83K	—	150x	as long as short
BingX HYPE-USDT	+0.0004%	4h	93.500	−0.084%	—	$53.7M	—	as long as short
Bybit HYPEUSDT	+0.0005%	8h	93.466	−0.120%	$315.6M	$288.7M	75x	as long as short
Phoenix HYPE	+0.0017%	1h	93.654	+0.081%	$209K	$1.1M	10x	as long as short
Derive HYPE-PERP	+0.0023%	1h	93.501	−0.083%	$16.3M	$7.4M	10x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	93.500	−0.084%	$225.3M	$99.7M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0077%	8h	93.536	−0.046%	$334K	$161K	20x	as long as short
Phemex HYPEUSDT	+0.0082%	8h	93.540	−0.041%	$12.8M	$2.8M	50x	as long as short
edgeX HYPEUSDC	+0.0082%	4h	93.576	−0.003%	$5.0M	$30.6M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.560	−0.020%	$1.0M	$4.0M	10x	as long as short
Popdex HYPEUSDT	+0.0088%	1h	93.574	−0.005%	$78K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.509	−0.075%	$16.1M	$63.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.508	−0.075%	$3.1M	$11.1M	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.570	−0.009%	$22K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.513	−0.071%	$7.4M	$51.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.600	+0.023%	$2.05B	$683.1M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.512	−0.071%	$8.8M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.537	−0.044%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.509	−0.075%	$374.8M	$931.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.485	−0.100%	$115.4M	$315.7M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.499	−0.085%	$48.3M	$55.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.501	−0.083%	$89.8M	$83.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.495	−0.089%	$46.2M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.520	−0.063%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPElong	+0.0100%	8h	93.579	long leg	$28.6M	$56.1M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.664	+0.091%	$7.5M	$48.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.589	+0.011%	$347K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.638	+0.063%	$678K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.633	+0.058%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.590	+0.012%	$470K	$2.8M	20x	as long as short
SunX HYPE-USDTshort	+0.0100%	4h	93.612	+0.036%	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	93.517	−0.066%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.650	+0.076%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.731	+0.163%	$216K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.482	−0.103%	$18.2M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.524	−0.059%	$395K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.600	+0.023%	$4.7M	$6.1M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.450	−0.137%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.557	−0.023%	$77K	$130K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0284%	1h	93.619	+0.043%	$7.4M	$4.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.612	+0.035%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.516	−0.067%	$16.9M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0415%	1h	93.603	+0.026%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.623	+0.047%	$3.2M	$6.4M	20x	as long as short