Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0156%/8h= +17.1% APRpaid last 24h −0.003%

Price spread now: SunX against Coinbase International+0.071%7-day average +0.079% · you sell dearer than you buy

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$75as in the Price arb table

costs, in and out, $10k−$740.745% of the position

Long on Coinbase International Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.105%+$11 on $10k

Price spread, last 4 days (all we have)−0.050%−$5 · spread now +0.071%, 7d avg +0.079%

Together, before fees+0.055%+$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.079%, so right now this pair is about funding alone: +$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International HYPE-PERP-INTX	95.140	−0.0056	get 0.0007% / 1h	51m 04s	$4.7M	$5.5M	50x
Short	SunX HYPE-USDT	95.208	0.0100	get 0.0050% / 4h	1h 51m	$33K	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Coinbase International. 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 Coinbase InternationalbpFee SunXbpOrdersPrice spread, now +0.071%Rate

Funding earned: $32.76
Price spread: +0.071% → +0.079%: −$0.73
Slippage, 4 orders: −$56.49
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$42.46
Costs to cover: 0.745%
Break-even: 16.1 days

Slippage from Coinbase International: live order book, 1 min ago; SunX: live order book, 7 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 Coinbase International live order book, 1 min ago	3.15 bp	8.9 bp −$9	13.7 bp −$137	36.4 bp −$3,639	doesn't fit
Sell SunX live order book, 7 min ago	19.05 bp	32.9 bp −$33	doesn't fit	doesn't fit	doesn't fit

HYPE on 54 exchanges

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	−0.1128%	1h	95.252	+0.117%	$215K	$263K	7x	as long as short
Phemex HYPEUSDT	−0.0275%	8h	95.200	+0.063%	$13.0M	$2.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0251%	1h	95.149	+0.010%	$18.5M	$35.2M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0183%	1h	95.090	−0.053%	$689K	$1.3M	10x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.142	+0.002%	$1.1M	$2.4M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0129%	1h	95.226	+0.090%	$22K	$17K	10x	as long as short
Lighter HYPE	−0.0120%	1h	95.131	−0.009%	$16.3M	$57.5M	20x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	95.163	+0.024%	$95K	$339K	20x	as long as short
Gate HYPE_USDT	−0.0086%	4h	95.148	+0.008%	$54.7M	$53.1M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.191	+0.054%	$3K	$331	25x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International HYPE-PERP-INTXlong	−0.0056%	1h	95.140	long leg	$4.7M	$5.5M	50x
Bullet HYPE-USD	−0.0056%	1h	95.160	+0.021%	$114K	$581K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0044%	4h	95.095	−0.047%	$148K	$643K	20x	as long as short
Aster HYPEUSDT	−0.0040%	4h	95.139	−0.001%	$9.0M	$32.8M	300x	as long as short
Popdex HYPEUSDT	−0.0024%	1h	95.173	+0.035%	$274K	$1.0M	50x	as long as short
OKX HYPE-USDT-SWAP	−0.0013%	8h	95.147	+0.007%	$119.2M	$302.8M	50x	as long as short
Phoenix HYPE	−0.0008%	1h	95.326	+0.196%	$199K	$1.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	95.169	+0.030%	$129K	$94K	5x	as long as short
Perpl HYPE	0.0000%	43m	95.139	−0.001%	$24K	$251K	10x	as long as short
Deribit HYPE_USDC-PERPETUAL	0.0000%	1h	95.228	+0.092%	$7.5M	$4.3M	50x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.192	+0.054%	$100K	—	150x	as long as short
Bitget HYPEUSDT	+0.0018%	4h	95.157	+0.018%	$228.7M	$86.8M	75x	as long as short
SoDEX HYPE-USD	+0.0023%	1h	95.132	−0.008%	$2.1M	$372K	10x	as long as short
Bybit HYPEUSDT	+0.0024%	8h	95.145	+0.005%	$320.5M	$265.7M	75x	as long as short
Bulk HYPE-USD	+0.0074%	1h	95.269	+0.135%	$232K	$12K	10x	as long as short
Paradex HYPE-USD-PERP	+0.0075%	8h	95.125	−0.016%	$339K	$35K	20x	as long as short
edgeX HYPEUSDC	+0.0078%	4h	95.131	−0.009%	$5.1M	$29.2M	30x	as long as short
Bluefin HYPE-PERP	+0.0084%	1h	95.149	+0.009%	$79K	$135K	20x	as long as short
MEXC HYPE_USDT	+0.0086%	4h	95.142	+0.002%	$90.2M	$83.1M	100x	as long as short
Binance HYPEUSDT	+0.0086%	4h	95.140	0.000%	$382.5M	$852.4M	75x	as long as short
StandX HYPE-USD	+0.0091%	1h	95.125	−0.016%	$692K	$2.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.159	+0.020%	$3.3M	$10.0M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.110	−0.032%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.105	−0.037%	$7.4M	$51.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.256	+0.122%	$2.11B	$645.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.158	+0.019%	$10.3M	$13.3M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.140	0.000%	$48.1M	$17.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	95.153	+0.014%	—	$49.3M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.195	+0.058%	$7.8M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.251	+0.116%	$30.0M	$53.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.192	+0.055%	$7.7M	$39.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.135	−0.005%	$347K	$882K	50x	as long as short
Vest HYPE-PERP	+0.0100%	1h	95.200	+0.063%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.189	+0.052%	$504K	$2.5M	20x	as long as short
SunX HYPE-USDTshort	+0.0100%	4h	95.208	+0.071%	$33K	$1.4M	20x
HTX HYPE-USDT	+0.0100%	4h	95.277	+0.144%	$1.4M	$5.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.103	−0.039%	$18.4M	$39.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.114	−0.027%	$402K	$130K	20x	as long as short
Kalshi KXHYPEPERP	+0.0124%	8h	95.235	+0.100%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.199	+0.062%	$3.2M	$5.5M	20x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	95.108	−0.034%	$85K	$96K	15x	as long as short
BloFin HYPE-USDT	+0.0326%	4h	95.132	−0.008%	$17.3M	$11.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.199	+0.062%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.500	+0.378%	$31K	$334K	12x	as long as short