Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0171%/8h= +18.7% APRpaid last 24h +0.029%

Price spread now: SunX against Ondo Perps+0.187%7-day average +0.144% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Ondo Perps Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.136%+$14 on $10k

Price spread, last 3 days (all we have)−0.028%−$3 · spread now +0.187%, 7d avg +0.144%

Together, before fees+0.108%+ Points / potential airdropOndo Perps: Active · farm board+$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and SunX is 0.043% dearer against Ondo Perps than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.144%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps HYPE-USD.P	93.650	−0.0071	get 0.0009% / 1h	15m 23s	$701K	$921K	10x
Short	SunX HYPE-USDT	93.825	0.0100	get 0.0050% / 4h	2h 15m	$32K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Ondo Perps. 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 Ondo PerpsbpFee SunXbpOrdersPrice spread, now +0.187%Rate

Funding earned: $35.95
Price spread: +0.187% → +0.144%: $4.31
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee SunX: 4 bp × 2 orders: −$8
Net: $27.26
Costs to cover: 0.130%
Break-even: 1.7 days

Slippage unknown: Ondo Perps: no order-book sample; SunX: live order book, 10 min ago. Net counts fees only.

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 Ondo Perps no order-book sample	—	—	—	—	—
Sell SunX live order book, 10 min ago	19.38 bp	32.8 bp −$33	doesn't fit	doesn't fit	doesn't fit

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

HYPE on 54 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	−0.1056%	1h	93.599	−0.054%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.612	−0.041%	$1.2M	$3.8M	10x	as long as short
Phemex HYPEUSDT	−0.0124%	8h	93.726	+0.081%	$12.7M	$2.7M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.733	+0.089%	$3K	$331	25x	as long as short
Aftermath Perps HYPEUSD	−0.0076%	1h	93.771	+0.129%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.Plong	−0.0071%	1h	93.650	long leg	$701K	$921K	10x
Orderly PERP_HYPE_USDC	−0.0057%	4h	93.694	+0.047%	$156K	$646K	20x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.708	+0.062%	$85K	$349K	20x	as long as short
Backpack HYPE_USDC_PERP	−0.0028%	1h	93.714	+0.068%	$7.7M	$10.3M	20x	as long as short
Gate HYPE_USDT	−0.0008%	4h	93.716	+0.070%	$44.4M	$55.2M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0002%	4h	93.742	+0.098%	$8.9M	$35.8M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.751	+0.108%	$129K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.707	+0.061%	$22K	$325K	10x	as long as short
BingX HYPE-USDT	+0.0002%	4h	93.722	+0.077%	—	$53.6M	—	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.742	+0.099%	$26K	—	150x	as long as short
Bybit HYPEUSDT	+0.0010%	8h	93.710	+0.064%	$321.7M	$279.9M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.766	+0.124%	$213K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0068%	4h	93.721	+0.076%	$89.0M	$83.3M	100x	as long as short
Binance HYPEUSDT	+0.0070%	4h	93.722	+0.077%	$381.5M	$889.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0071%	8h	93.730	+0.085%	$115.3M	$307.6M	50x	as long as short
Bullet HYPE-USD	+0.0071%	1h	93.722	+0.077%	$111K	$577K	20x	as long as short
edgeX HYPEUSDC	+0.0085%	4h	93.690	+0.043%	$5.1M	$30.0M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.755	+0.112%	$16.4M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.737	+0.093%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.692	+0.045%	$67K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.717	+0.072%	$399K	$175K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	93.846	+0.209%	$341K	$164K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.710	+0.064%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.724	+0.079%	$5.7M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.819	+0.180%	$2.05B	$666.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.750	+0.107%	$10.1M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.760	+0.117%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.741	+0.097%	$46.4M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.726	+0.081%	$227.0M	$98.2M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.718	+0.072%	$31.2M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.737	+0.093%	$7.6M	$47.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.706	+0.060%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.802	+0.162%	$669K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.769	+0.127%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.758	+0.115%	$476K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.692	+0.045%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.699	+0.052%	$16.3M	$7.7M	10x	as long as short
SunX HYPE-USDTshort	+0.0100%	4h	93.825	+0.187%	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	93.722	+0.077%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.702	+0.055%	$18.3M	$44.0M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.800	+0.160%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.670	+0.021%	$30K	$339K	12x	as long as short
HTX HYPE-USDT	+0.0191%	4h	93.900	+0.267%	$1.4M	$5.9M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.794	+0.154%	$3.2M	$7.0M	20x	as long as short
Reya HYPERUSDPERP	+0.0255%	1h	93.724	+0.079%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0280%	8h	93.796	+0.156%	$1.9M	$4.9M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0156%	1h	93.745	+0.101%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0358%	1h	93.816	+0.177%	$7.4M	$4.4M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0680%	1h	93.817	+0.179%	$21.0M	$29.8M	50x	as long as short