Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0111%/8h= −12.1% APRpaid last 24h +0.006%

Price spread now: SoDEX against KuCoin−0.040%7-day average +0.002% · 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−$38as in the Price arb table

costs, in and out, $10k−$340.340% of the position

Long on KuCoin Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.007%+$1 on $10k

Price spread, last 4 days (all we have)−0.022%−$2 · spread now −0.040%, 7d avg +0.002%

Together, before fees−0.014%−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and SoDEX is 0.042% cheaper against KuCoin than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.002%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin HYPEUSDTM	94.972	0.0100	pay 0.0050% / 4h	2h 16m	$48.1M	$17.8M	75x
Short	SoDEX HYPE-USD	94.934	−0.0011	pay 0.0001% / 1h	16m 15s	$2.1M	$378K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX against KuCoin. 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 KuCoinbpFee SoDEXbpOrdersPrice spread, now −0.040%Rate

Funding earned: −$23.29
Price spread: −0.040% → +0.002%: −$4.22
Slippage, 4 orders: −$13.97
Fee KuCoin: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$61.47
Costs to cover: 0.340%
Break-even: never at this rate

Slippage from KuCoin: live order book, 6 min ago; SoDEX: live order book, 1 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 KuCoin live order book, 6 min ago	0.68 bp	8.2 bp −$8	13.3 bp −$133	doesn't fit	doesn't fit
Sell SoDEX live order book, 1 min ago	0.05 bp	6.8 bp −$7	12.0 bp −$120	95.7 bp −$9,569	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	−0.1432%	1h	94.904	−0.071%	$211K	$261K	7x	as long as short
Bluefin HYPE-PERP	−0.0530%	1h	94.938	−0.036%	$79K	$137K	20x	as long as short
Kraken Futures PF_HYPEUSD	−0.0377%	1h	94.949	−0.024%	$18.6M	$35.4M	50x	as long as short
Bullet HYPE-USD	−0.0325%	1h	94.983	+0.011%	$114K	$581K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0237%	1h	94.910	−0.065%	$691K	$1.3M	10x	as long as short
Phemex HYPEUSDT	−0.0194%	8h	94.907	−0.068%	$13.0M	$2.8M	50x	as long as short
Arcus HYPE-USD	−0.0159%	1h	94.940	−0.034%	$1.1M	$2.5M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0152%	1h	94.993	+0.022%	$22K	$17K	10x	as long as short
01 Exchange HYPEUSD	−0.0144%	1h	94.989	+0.018%	$92K	$348K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.000	+0.029%	$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
Vest HYPE-PERP	−0.0077%	1h	95.040	+0.072%	—	$80K	5x	as long as short
Gate HYPE_USDT	−0.0070%	4h	94.969	−0.003%	$54.2M	$54.7M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0026%	4h	94.915	−0.060%	$147K	$646K	20x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0024%	1h	94.980	+0.008%	$4.7M	$5.6M	50x	as long as short
SoDEX HYPE-USDshort	−0.0011%	1h	94.934	−0.040%	$2.1M	$378K	10x
Bulk HYPE-USD	−0.0008%	1h	95.000	+0.029%	$231K	$12K	10x	as long as short
Aster HYPEUSDT	−0.0005%	4h	94.938	−0.036%	$9.0M	$34.1M	300x	as long as short
OKX HYPE-USDT-SWAP	−0.0001%	8h	94.925	−0.049%	$118.8M	$311.3M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	95.014	+0.044%	$130K	$92K	5x	as long as short
BingX HYPE-USDT	0.0000%	4h	94.965	−0.007%	—	$49.2M	—	as long as short
Perpl HYPE	0.0000%	43m	94.966	−0.006%	$23K	$263K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.990	+0.019%	$99K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	94.881	−0.096%	$200K	$1.0M	10x	as long as short
Lighter HYPE	+0.0024%	1h	94.932	−0.042%	$16.2M	$61.1M	20x	as long as short
Bitget HYPEUSDT	+0.0030%	4h	94.949	−0.024%	$228.1M	$89.3M	75x	as long as short
Bybit HYPEUSDT	+0.0039%	8h	94.957	−0.016%	$320.5M	$272.0M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0063%	8h	94.946	−0.027%	$339K	$36K	20x	as long as short
edgeX HYPEUSDC	+0.0090%	4h	94.908	−0.067%	$5.0M	$29.9M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.953	−0.020%	$3.2M	$10.0M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.965	−0.007%	$270K	$1.1M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0097%	1h	95.031	+0.062%	$7.5M	$4.3M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	94.910	−0.065%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.930	−0.044%	$7.3M	$53.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.086	+0.120%	$2.11B	$657.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.971	−0.001%	$10.2M	$13.6M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.946	−0.027%	$381.5M	$874.5M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.975	+0.003%	$89.2M	$87.6M	100x	as long as short
KuCoin HYPEUSDTMlong	+0.0100%	4h	94.972	long leg	$48.1M	$17.8M	75x
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.091	+0.125%	$7.8M	$10.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.906	−0.070%	$29.8M	$54.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.989	+0.018%	$7.7M	$41.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.974	+0.002%	$348K	$965K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.073	+0.106%	$692K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.012	+0.042%	$499K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.016	+0.046%	$32K	$1.4M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.096	+0.131%	$1.4M	$6.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.900	−0.076%	$18.2M	$40.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.946	−0.027%	$401K	$130K	20x	as long as short
Kalshi KXHYPEPERP	+0.0110%	8h	95.080	+0.114%	$1.8M	$5.2M	2.3x	as long as short
RISEx HYPE/USDC	+0.0166%	1h	94.986	+0.015%	$3.2M	$5.5M	20x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.951	−0.022%	$85K	$99K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.011	+0.041%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	95.018	+0.048%	$17.3M	$11.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0850%	1h	95.480	+0.535%	$31K	$335K	12x	as long as short