Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0145%/8h= +15.9% APRpaid last 24h +0.100%

Price spread now: SunX against Arcus+0.053%7-day average +0.100% · 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−$67as in the Price arb table

costs, in and out, $10k−$630.628% of the position

Long on Arcus Short on SunX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.129%+$13 on $10k

Price spread, last 4 days (all we have)+0.031%+$3 · spread now +0.053%, 7d avg +0.100%

Together, before fees+0.160%+$16 on $10k · with fees, hour by hour

Funding pays, the price is against you. SunX is 0.047% cheaper against Arcus than usual: you would sell low and buy high (spread +0.053% now, against its 7-day average of +0.100%). If the spread goes back, that is −$5 on $10k: about 26 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus HYPE-USD	94.450	−0.0045	get 0.0006% / 1h	17m 19s	$1.0M	$3.6M	10x
Short	SunX HYPE-USDT	94.500	0.0100	get 0.0050% / 4h	17m 19s	$33K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Arcus. 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 ArcusbpFee SunXbpOrdersPrice spread, now +0.053%Rate

Funding earned: $30.46
Price spread: +0.053% → +0.100%: −$4.69
Slippage, 4 orders: −$50.26
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee SunX: 4 bp × 2 orders: −$8
Net: −$36.99
Costs to cover: 0.628%
Break-even: 15.5 days

Slippage from Arcus: live order book, 2 min ago; SunX: live order book, 8 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 Arcus live order book, 2 min ago	0.11 bp	3.5 bp −$3	4.3 bp −$43	18.3 bp −$1,832	doesn't fit
Sell SunX live order book, 8 min ago	19.14 bp	32.7 bp −$33	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	−0.1720%	1h	94.369	−0.085%	$202K	$255K	7x	as long as short
Bluefin HYPE-PERP	−0.0393%	1h	94.426	−0.025%	$80K	$152K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0215%	1h	94.390	−0.064%	$710K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0199%	1h	94.473	+0.024%	$111K	$576K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0153%	1h	94.288	−0.171%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.489	+0.041%	$88K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.433	−0.018%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0061%	1h	94.393	−0.061%	$16.4M	$7.5M	10x	as long as short
Arcus HYPE-USDlong	−0.0045%	1h	94.450	long leg	$1.0M	$3.6M	10x
Lighter HYPE	−0.0032%	1h	94.453	+0.003%	$16.4M	$64.5M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0019%	8h	94.441	−0.010%	$317.5M	$289.3M	75x	as long as short
BingX HYPE-USDT	−0.0018%	4h	94.456	+0.006%	—	$52.8M	—	as long as short
Orderly PERP_HYPE_USDC	−0.0009%	4h	94.431	−0.020%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.464	+0.015%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.530	+0.085%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.117	−0.353%	$208K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.481	+0.033%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.480	+0.032%	$124K	—	150x	as long as short
Polymarket Perps HYPE-USD	+0.0011%	1h	94.480	+0.032%	$498K	$2.8M	20x	as long as short
Bitget HYPEUSDT	+0.0028%	4h	94.434	−0.017%	$226.9M	$100.1M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0034%	8h	94.488	+0.040%	$338K	$154K	20x	as long as short
Phemex HYPEUSDT	+0.0035%	8h	94.457	+0.007%	$12.9M	$2.9M	50x	as long as short
Vest HYPE-PERP	+0.0040%	1h	94.506	+0.060%	—	$190K	5x	as long as short
SoDEX HYPE-USD	+0.0052%	1h	94.456	+0.006%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.440	−0.011%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	94.459	+0.010%	$117.9M	$325.4M	50x	as long as short
edgeX HYPEUSDC	+0.0091%	4h	94.281	−0.179%	$5.0M	$30.7M	30x	as long as short
Gate HYPE_USDT	+0.0094%	4h	94.446	−0.004%	$50.2M	$56.8M	75x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.458	+0.008%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.448	−0.002%	$81K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.440	−0.011%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.465	+0.016%	$7.2M	$53.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.545	+0.101%	$2.08B	$687.9M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.462	+0.013%	$8.9M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.488	+0.040%	$10.2M	$15.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.460	+0.011%	$378.7M	$934.0M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.307	−0.152%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.473	+0.024%	$89.0M	$84.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.455	+0.005%	$46.9M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.400	−0.053%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.079	−0.393%	$29.4M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.361	−0.094%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.316	−0.142%	$370K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.453	+0.003%	$683K	$2.6M	20x	as long as short
SunX HYPE-USDTshort	+0.0100%	4h	94.500	+0.053%	$33K	$1.6M	20x
HTX HYPE-USDT	+0.0100%	4h	94.543	+0.098%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.431	−0.020%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.420	−0.032%	$399K	$154K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.497	+0.050%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.307%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0194%	1h	94.543	+0.098%	$7.5M	$4.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.495	+0.048%	$20.2M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.490	+0.042%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.437	−0.014%	$85K	$120K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.465	+0.016%	$17.1M	$12.4M	75x	as long as short