Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0459%/8h= −50.3% APRpaid last 24h −0.062%

Price spread now: SunX against RISEx−0.011%7-day average +0.039% · 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−$70as in the Price arb table

costs, in and out, $10k−$650.650% of the position

Long on RISEx Short on SunX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.139%−$14 on $10k

Price spread, last 4 days (all we have)+0.077%+$8 · spread now −0.011%, 7d avg +0.039%

Together, before fees−0.062%−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and SunX is 0.051% cheaper against RISEx than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.039%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.139% in total (about -13.8% 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	RISEx HYPE/USDC	93.935	0.0559	pay 0.0070% / 1h	26m 10s	$3.2M	$6.3M	20x
Short	SunX HYPE-USDT	93.925	0.0100	get 0.0050% / 4h	1h 26m	$32K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against RISEx. 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 RISExbpFee SunXbpOrdersPrice spread, now −0.011%Rate

Funding earned: −$96.4
Price spread: −0.011% → +0.039%: −$5.06
Slippage, 4 orders: −$50.99
Fee RISEx: 3 bp × 2 orders: −$6
Fee SunX: 4 bp × 2 orders: −$8
Net: −$166.44
Costs to cover: 0.650%
Break-even: never at this rate

Slippage from RISEx: live order book, 3 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 RISEx live order book, 3 min ago	0.91 bp	3.9 bp −$4	5.4 bp −$54	doesn't fit	doesn't fit
Sell SunX live order book, 9 min ago	19.38 bp	33.1 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
Hibachi HYPE/USDT-P	−0.0992%	1h	93.495	−0.469%	$198K	$238K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0191%	1h	93.590	−0.368%	$22K	$21K	10x	as long as short
BingX HYPE-USDT	−0.0100%	4h	94.240	+0.324%	—	$53.5M	—	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.665	−0.288%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0066%	1h	93.879	−0.060%	$111K	$579K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0062%	1h	93.650	−0.304%	$705K	$1.2M	10x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.899	−0.039%	$86K	$368K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0017%	4h	94.032	+0.103%	$146K	$683K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.880	−0.059%	$129K	$26K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.907	−0.030%	$20K	$290K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0002%	8h	94.277	+0.364%	$318.5M	$288.2M	75x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.048	+0.120%	$83K	—	150x	as long as short
Bluefin HYPE-PERP	+0.0006%	1h	94.072	+0.145%	$79K	$155K	20x	as long as short
Derive HYPE-PERP	+0.0007%	1h	93.302	−0.674%	$16.2M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0017%	1h	93.623	−0.333%	$208K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0050%	4h	94.229	+0.313%	$227.1M	$99.6M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0078%	8h	93.823	−0.120%	$335K	$161K	20x	as long as short
Phemex HYPEUSDT	+0.0081%	8h	94.187	+0.268%	$12.9M	$2.8M	50x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.785	−0.160%	$1.0M	$4.0M	10x	as long as short
edgeX HYPEUSDC	+0.0093%	4h	93.551	−0.409%	$5.0M	$30.5M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.222	+0.305%	$16.2M	$64.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.210	+0.292%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.865	−0.075%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.770	−0.176%	$21K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.855	−0.086%	$7.5M	$50.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.395	+0.489%	$2.07B	$689.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.168	+0.248%	$8.9M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.773	−0.173%	$10.1M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.292	+0.380%	$377.3M	$930.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.263	+0.349%	$116.3M	$317.4M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.290	+0.378%	$49.0M	$55.8M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.311	+0.400%	$89.9M	$84.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.119	+0.195%	$46.6M	$18.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.311	+0.400%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.449	−0.518%	$28.7M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.492	−0.472%	$7.5M	$48.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.566	−0.393%	$354K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.643	−0.311%	$678K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.879	−0.060%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.895	−0.043%	$471K	$2.8M	20x	as long as short
SunX HYPE-USDTshort	+0.0100%	4h	93.925	−0.011%	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	94.141	+0.219%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.352	+0.444%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.438	−0.529%	$216K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.136	+0.213%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.104	+0.179%	$398K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0105%	8h	94.131	+0.208%	$1.8M	$5.6M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.190	+0.271%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	93.681	−0.271%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.540	−0.421%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	93.879	−0.060%	$77K	$129K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.642	−0.312%	$16.9M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0413%	1h	94.262	+0.348%	$21.0M	$29.5M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0462%	1h	94.187	+0.268%	$7.5M	$4.2M	50x	as long as short
RISEx HYPE/USDClong	+0.0559%	1h	93.935	long leg	$3.2M	$6.3M	20x