Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.1108%/8hpaid last 24h +0.202%

Price spread now: SunX against Hibachi+0.062%7-day average +0.146% · you sell dearer than you buy

Net, funding: paid 7d − costs+$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$125as in the Price arb table

costs, in and out, $10k−$1171.167% of the position

Long on Hibachi Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+1.592%+$159 on $10k

Price spread, last 3 days (all we have)+0.135%+$14 · spread now +0.062%, 7d avg +0.146%

Together, before fees+1.727%+ Points / potential airdropHibachi: Active · farm board+$173 on $10k · with fees, hour by hour

Funding pays, the price is against you. SunX is 0.084% cheaper against Hibachi than usual: you would sell low and buy high (spread +0.062% now, against its 7-day average of +0.146%). If the spread goes back, that is −$8 on $10k: about 6 hours of funding at the current rate (+$33 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi HYPE/USDT-P	93.236	−0.1008	get 0.0126% / 1h	23m 18s	$196K	$245K	7x
Short	SunX HYPE-USDT	93.294	0.0100	get 0.0050% / 4h	23m 18s	$32K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Hibachi. 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 HibachibpFee SunXbpOrdersPrice spread, now +0.062%Rate

Funding earned: $232.68
Price spread: +0.062% → +0.146%: −$8.36
Slippage, 4 orders: −$99.72
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee SunX: 4 bp × 2 orders: −$8
Net: $107.6
Costs to cover: 1.167%
Break-even: 3.8 days

Slippage from Hibachi: live order book, 10 min ago; SunX: live order book, 6 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 Hibachi live order book, 10 min ago	22.78 bp	31.6 bp −$32	50.9 bp −$509	doesn't fit	doesn't fit
Sell SunX live order book, 6 min ago	19.37 bp	33.7 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-Plong	−0.1008%	1h	93.236	long leg	$196K	$245K	7x
Hotstuff HYPE-PERP	−0.0080%	1h	93.258	+0.023%	$3K	$331	25x	as long as short
Injective HYPE/USDC PERP	−0.0004%	1h	93.440	+0.219%	$30K	$177K	12x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.286	+0.053%	$127K	$28K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.400	+0.176%	$2.0M	$5.5M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.268	+0.034%	$25K	$396K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0006%	1h	93.339	+0.111%	$43K	—	150x	as long as short
Aftermath Perps HYPEUSD	+0.0026%	1h	93.197	−0.042%	$22K	$22K	10x	as long as short
Aster HYPEUSDT	+0.0029%	4h	93.291	+0.059%	$9.0M	$36.2M	300x	as long as short
01 Exchange HYPEUSD	+0.0048%	1h	93.253	+0.018%	$90K	$322K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus HYPE-USD	+0.0082%	1h	93.238	+0.002%	$1.2M	$4.0M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.316	+0.086%	$18.8M	$58.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.289	+0.057%	$3.2M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.259	+0.024%	$56K	$1.3M	50x	as long as short
Gate HYPE_USDT	+0.0096%	4h	93.276	+0.043%	$44.1M	$55.8M	75x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.260	+0.026%	$21K	$1.8M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.239	+0.002%	$6.3M	$43.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.250	+0.015%	$10.0M	$14.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.318	+0.088%	$390.1M	$870.9M	75x	as long as short
Bybit HYPEUSDT	+0.0100%	8h	93.280	+0.047%	$325.4M	$288.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.278	+0.045%	$114.4M	$313.4M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0100%	1h	93.260	+0.026%	$700K	$1.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.008	−0.245%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.280	+0.047%	$90.9M	$82.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.216	−0.022%	$46.4M	$19.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.274	+0.041%	$226.2M	$103.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.287	+0.054%	—	$54.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.275	+0.042%	$8.0M	$11.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.155	−0.088%	$28.9M	$48.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.334	+0.105%	$7.5M	$46.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.263	+0.029%	$459K	$967K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.346	+0.118%	$676K	$2.3M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.282	+0.049%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.264	+0.030%	$468K	$2.6M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.297	+0.065%	$112K	$572K	20x	as long as short
Orderly PERP_HYPE_USDC	+0.0100%	4h	93.288	+0.056%	$184K	$502K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.306	+0.075%	$76K	$172K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.285	+0.053%	$16.4M	$7.0M	10x	as long as short
SunX HYPE-USDTshort	+0.0100%	4h	93.294	+0.062%	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	93.260	+0.026%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.259	+0.024%	$12.6M	$2.5M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0102%	8h	93.296	+0.065%	$341K	$173K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.266	+0.032%	$18.1M	$40.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.308	+0.077%	$397K	$321K	20x	as long as short
edgeX HYPEUSDC	+0.0107%	4h	93.261	+0.026%	$5.1M	$29.0M	30x	as long as short
Hyperliquid HYPE	+0.0138%	1h	93.320	+0.090%	$2.02B	$657.1M	10x	as long as short
Kraken Futures PF_HYPEUSD	+0.0151%	1h	93.345	+0.117%	$16.2M	$21.0M	50x	as long as short
Phoenix HYPE	+0.0172%	1h	93.271	+0.037%	$207K	$954K	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0200%	1h	93.390	+0.165%	$4.9M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0241%	1h	93.276	+0.043%	$77K	$157K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.293	+0.061%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.333	+0.104%	$17.4M	$12.1M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0404%	1h	93.387	+0.162%	$7.4M	$4.6M	50x	as long as short
HTX HYPE-USDT	+0.0416%	4h	93.450	+0.229%	$1.5M	$7.5M	75x	as long as short
RISEx HYPE/USDC	+0.0516%	1h	93.307	+0.076%	$2.7M	$6.4M	20x	as long as short