Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0303%/8h= −33.2% APRpaid last 24h −0.010%

Price spread now: SunX against Deribit−0.066%7-day average +0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs−$80as in the Price arb table

costs, in and out, $10k−$710.713% of the position

Long on Deribit Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.054%+$5 on $10k

Price spread, last 3 days (all we have)+0.098%+$10 · spread now −0.066%, 7d avg +0.021%

Together, before fees+0.151%+$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and SunX is 0.087% cheaper against Deribit than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.021%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.054%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.054% in total (about 2.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit HYPE_USDC-PERPETUAL	93.537	0.0403	pay 0.0050% / 1h	5m 09s	$7.4M	$4.5M	50x
Short	SunX HYPE-USDT	93.475	0.0100	get 0.0050% / 4h	1h 05m	$32K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Deribit. 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 DeribitbpFee SunXbpOrdersPrice spread, now −0.066%Rate

Funding earned: −$63.63
Price spread: −0.066% → +0.021%: −$8.72
Slippage, 4 orders: −$56.26
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$143.6
Costs to cover: 0.713%
Break-even: never at this rate

Slippage from Deribit: live order book, 4 min ago; SunX: live order book, 9 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 Deribit live order book, 4 min ago	1.82 bp	5.6 bp −$6	8.9 bp −$89	doesn't fit	doesn't fit
Sell SunX live order book, 9 min ago	19.34 bp	33.3 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
Aftermath Perps HYPEUSD	−0.0477%	1h	93.324	−0.228%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0416%	1h	93.238	−0.320%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.366	−0.183%	$1.2M	$3.9M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0129%	1h	93.380	−0.168%	$699K	$896K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.431	−0.113%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.465	−0.077%	$91K	$358K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.390	−0.157%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.408	−0.137%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.463	−0.079%	$27K	—	150x	as long as short
Popdex HYPEUSDT	+0.0008%	1h	93.435	−0.109%	$58K	$1.2M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0008%	4h	93.451	−0.092%	$8.9M	$35.7M	300x	as long as short
Orderly PERP_HYPE_USDC	+0.0016%	4h	93.446	−0.097%	$176K	$524K	20x	as long as short
Bybit HYPEUSDT	+0.0020%	8h	93.430	−0.114%	$323.6M	$281.5M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.456	−0.087%	$214K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0056%	1h	93.432	−0.113%	$112K	$577K	20x	as long as short
Derive HYPE-PERP	+0.0059%	1h	93.404	−0.142%	$16.3M	$7.0M	10x	as long as short
MEXC HYPE_USDT	+0.0060%	4h	93.441	−0.103%	$90.3M	$82.4M	100x	as long as short
Binance HYPEUSDT	+0.0061%	4h	93.438	−0.105%	$383.5M	$885.9M	75x	as long as short
Gate HYPE_USDT	+0.0062%	4h	93.434	−0.110%	$44.1M	$58.9M	75x	as long as short
edgeX HYPEUSDC	+0.0063%	4h	93.210	−0.350%	$5.1M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.493	−0.047%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.479	−0.062%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.459	−0.083%	$398K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.443	−0.101%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.440	−0.104%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.434	−0.110%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.464	−0.078%	$2.03B	$661.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.466	−0.075%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.428	−0.117%	$114.2M	$312.6M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.454	−0.089%	$47.1M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.444	−0.099%	$226.7M	$102.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.437	−0.107%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.462	−0.080%	$7.9M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.352	−0.197%	$30.8M	$51.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.317	−0.235%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.209	−0.351%	$415K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.230	−0.328%	$674K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.454	−0.088%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.463	−0.079%	$494K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.434	−0.110%	$76K	$166K	20x	as long as short
SunX HYPE-USDTshort	+0.0100%	4h	93.475	−0.066%	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	93.435	−0.109%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.399	−0.148%	$12.7M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.280	−0.275%	$204K	$8K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.417	−0.129%	$18.2M	$41.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0120%	8h	93.500	−0.040%	$1.9M	$5.2M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.490	−0.050%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0219%	4h	93.585	+0.051%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.350	−0.200%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0242%	4h	93.400	−0.146%	$16.9M	$12.4M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	93.436	−0.108%	$77K	$159K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.485	−0.055%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	93.464	−0.078%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0403%	1h	93.537	long leg	$7.4M	$4.5M	50x
Kraken Futures PF_HYPEUSD	+0.0464%	1h	93.551	+0.015%	$20.9M	$28.9M	50x	as long as short