Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0171%/8h= −18.7% APRpaid last 24h −0.040%

Price spread now: SunX against Reya−0.068%50s7-day average +0.086% · you buy dearer than you sell

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

Long on Reya Short on SunX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.008%−$1 on $10k

Price spread, last 4 days (all we have)+0.009%+$1 · spread now −0.068%, 7d avg +0.086%

Together, before fees0.000%+ Points / potential airdropReya: Active · farm board$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and SunX is 0.154% cheaper against Reya than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of +0.086%). Swap the legs. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya HYPERUSDPERP	94.979	0.0271	pay 0.0034% / 1h	21m 22s	$83K	$105K	15x
Short	SunX HYPE-USDT	94.914	0.0100	get 0.0050% / 4h	3h 21m	$33K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Reya. 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 ReyabpFee SunXbpOrdersPrice spread, now −0.068%Rate

Funding earned: −$35.93
Price spread: −0.068% → +0.086%: −$15.4
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee SunX: 4 bp × 2 orders: −$8
Net: −$65.34
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; SunX: live order book, 4 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 Reya no order-book sample	—	—	—	—	—
Sell SunX live order book, 4 min ago	19.36 bp	32.7 bp −$33	doesn't fit	doesn't fit	doesn't fit

Reya: 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 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-P	−0.0816%	1h	94.834	−0.153%	$211K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0556%	1h	95.007	+0.029%	$79K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0295%	1h	94.654	−0.342%	$22K	$20K	10x	as long as short
Phemex HYPEUSDT	−0.0259%	8h	94.872	−0.113%	$12.9M	$2.9M	50x	as long as short
Bullet HYPE-USD	−0.0237%	1h	95.015	+0.038%	$113K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0150%	1h	94.920	−0.062%	$705K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	95.009	+0.032%	$90K	$355K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.985	+0.006%	$1.0M	$3.3M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.963	−0.017%	$3K	$331	25x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.900	−0.083%	$18.9M	$35.6M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0010%	8h	95.010	+0.033%	$319.6M	$293.9M	75x	as long as short
dYdX HYPE-USD	−0.0008%	1h	95.006	+0.028%	$130K	$92K	5x	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	95.002	+0.024%	$147K	$676K	20x	as long as short
Gate HYPE_USDT	−0.0004%	4h	95.008	+0.031%	$52.0M	$55.6M	75x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.983	+0.004%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.996	+0.018%	$19K	$275K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.947	−0.034%	$85K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.372	−0.639%	$209K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0010%	1h	94.160	−0.862%	$16.3M	$7.5M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.900	−0.083%	$4.7M	$5.9M	50x	as long as short
Bitget HYPEUSDT	+0.0034%	4h	94.995	+0.017%	$228.3M	$96.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0039%	1h	94.905	−0.078%	$7.6M	$10.4M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0040%	8h	95.000	+0.022%	$118.4M	$326.5M	50x	as long as short
Vest HYPE-PERP	+0.0043%	1h	95.048	+0.073%	—	$190K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0044%	8h	95.000	+0.022%	$339K	$39K	20x	as long as short
SoDEX HYPE-USD	+0.0058%	1h	94.922	−0.060%	$2.1M	$2.0M	10x	as long as short
edgeX HYPEUSDC	+0.0088%	4h	94.719	−0.274%	$5.0M	$30.9M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.959	−0.021%	$16.3M	$63.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.969	−0.011%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.985	+0.006%	$150K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.970	−0.009%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.965	−0.014%	$7.3M	$51.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.116	+0.144%	$2.09B	$673.5M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.994	+0.016%	$9.0M	$38.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.990	+0.012%	$10.2M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	95.018	+0.041%	$382.0M	$931.5M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.213	−0.806%	$219K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.034	+0.058%	$96.8M	$88.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.000	+0.022%	$47.4M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.999	+0.021%	—	$52.7M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	94.267	−0.750%	$29.8M	$56.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.860	−0.125%	$7.7M	$44.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.780	−0.210%	$355K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.917	−0.065%	$696K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.055	+0.080%	$500K	$2.7M	20x	as long as short
SunX HYPE-USDTshort	+0.0100%	4h	94.914	−0.068%	$33K	$1.6M	20x
HTX HYPE-USDT	+0.0100%	4h	95.001	+0.023%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.925	−0.057%	$18.3M	$42.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.051	+0.075%	$402K	$148K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.927	−0.055%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.201%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0161%	1h	95.009	+0.032%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERPlong	+0.0271%	1h	94.979	long leg	$83K	$105K	15x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	94.895	−0.089%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.864	−0.121%	$17.4M	$12.5M	75x	as long as short