Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h −0.001%

Price spread now: SoDEX against Bulk−0.110%7-day average −0.045% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$230.226% of the position

Long on Bulk Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.001%$0 on $10k

Price spread, last 4 days (all we have)+0.156%+$16 · spread now −0.110%, 7d avg −0.045%

Together, before fees+0.155%+$16 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: SoDEX is 0.065% cheaper against Bulk than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.045%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk HYPE-USD	93.731	0.0100	pay 0.0013% / 1h	46m 55s	$216K	$15K	10x
Short	SoDEX HYPE-USD	93.628	0.0100	get 0.0013% / 1h	46m 55s	$2.0M	$1.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX against Bulk. 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 BulkbpFee SoDEXbpOrdersPrice spread, now −0.110%Rate

Funding earned: $0
Price spread: −0.110% → −0.045%: −$6.5
Slippage, 4 orders: −$7.63
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$29.13
Costs to cover: 0.226%
Break-even: never at this rate

Slippage from Bulk: live order book, 62 min ago; SoDEX: 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 Bulk live order book, 62 min ago	0.53 bp	4.5 bp −$5	7.4 bp −$74	14.9 bp −$1,485	35.2 bp −$17.6K
Sell SoDEX live order book, 2 min ago	0.59 bp	6.9 bp −$7	13.6 bp −$136	101.4 bp −$10.1K	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	−0.1104%	1h	93.558	−0.184%	$198K	$242K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0245%	1h	93.775	+0.046%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0128%	1h	93.610	−0.129%	$706K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.621	−0.117%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0068%	1h	93.624	−0.114%	$111K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.678	−0.057%	$86K	$370K	20x	as long as short
Bluefin HYPE-PERP	−0.0028%	1h	93.625	−0.113%	$79K	$156K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0020%	4h	93.597	−0.143%	$145K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.698	−0.036%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.671	−0.064%	$21K	$287K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.654	−0.083%	$63K	—	150x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.623	−0.115%	—	$53.7M	—	as long as short
Bybit HYPEUSDT	+0.0009%	8h	93.607	−0.132%	$316.2M	$288.0M	75x	as long as short
Phoenix HYPE	+0.0017%	1h	93.687	−0.047%	$209K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	93.623	−0.115%	$225.5M	$99.5M	75x	as long as short
Phemex HYPEUSDT	+0.0072%	8h	93.666	−0.069%	$12.8M	$2.8M	50x	as long as short
edgeX HYPEUSDC	+0.0082%	4h	93.648	−0.089%	$5.0M	$30.6M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0083%	8h	93.705	−0.027%	$335K	$161K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.609	−0.130%	$1.0M	$4.0M	10x	as long as short
Derive HYPE-PERP	+0.0092%	1h	93.579	−0.162%	$16.3M	$7.4M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.630	−0.108%	$16.1M	$63.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.640	−0.097%	$3.1M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.654	−0.082%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.660	−0.076%	$22K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.606	−0.134%	$7.4M	$50.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.729	−0.002%	$2.05B	$682.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.631	−0.107%	$8.9M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.690	−0.044%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.617	−0.121%	$375.2M	$930.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.615	−0.124%	$115.7M	$316.1M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.623	−0.115%	$48.4M	$55.0M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.629	−0.109%	$89.9M	$83.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.625	−0.113%	$46.3M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.657	−0.079%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.670	−0.066%	$28.6M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.726	−0.005%	$7.6M	$48.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.674	−0.061%	$347K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.679	−0.056%	$679K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.710	−0.023%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.667	−0.068%	$470K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.741	+0.011%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USDshort	+0.0100%	1h	93.628	−0.110%	$2.0M	$1.9M	10x
HTX HYPE-USDT	+0.0100%	4h	93.791	+0.064%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USDlong	+0.0100%	1h	93.731	long leg	$216K	$15K	10x
Kalshi KXHYPEPERP	+0.0104%	8h	93.729	−0.002%	$1.8M	$5.6M	2.3x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.601	−0.139%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.623	−0.115%	$396K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.680	−0.054%	$4.7M	$6.1M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.640	−0.097%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.621	−0.117%	$77K	$130K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0305%	1h	93.727	−0.004%	$7.4M	$4.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	93.662	−0.074%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.653	−0.083%	$17.0M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0415%	1h	93.717	−0.015%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.702	−0.031%	$3.2M	$6.4M	20x	as long as short