Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0120%/8h= −13.1% APRpaid last 24h −0.020%

Price spread now: Bybit against SoDEX+0.005%7-day average −0.025% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$280.276% of the position

Long on SoDEX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.027%−$3 on $10k

Price spread, last 3 days (all we have)−0.002%$0 · spread now +0.005%, 7d avg −0.025%

Together, before fees−0.029%−$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.030% dearer against SoDEX than usual: you sell high and buy low (spread +0.005% now, against its 7-day average of −0.025%): +$3 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 20 hours. At the pace of the last 3 days (−0.027% in total) that is about 3.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX HYPE-USD	94.125	0.0100	pay 0.0013% / 1h	26m 56s	$2.0M	$2.0M	10x
Short	Bybit HYPEUSDT	94.130	−0.0020	pay 0.0020% / 8h	7h 26m	$323.3M	$280.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against SoDEX. 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 SoDEXbpFee BybitbpOrdersPrice spread, now +0.005%Rate

Funding earned: −$25.1
Price spread: +0.005% → −0.025%: $3
Slippage, 4 orders: −$8.6
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$49.71
Costs to cover: 0.276%
Break-even: never at this rate

Slippage from SoDEX: live order book, 2 min ago; Bybit: live order book, 2 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 SoDEX live order book, 2 min ago	0.05 bp	7.6 bp −$8	11.8 bp −$118	102.5 bp −$10.3K	doesn't fit
Sell Bybit live order book, 2 min ago	0.53 bp	6.0 bp −$6	6.9 bp −$69	16.8 bp −$1,684	43.3 bp −$21.7K

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	−0.1376%	1h	94.105	−0.021%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	94.011	−0.121%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0224%	1h	94.142	+0.018%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0153%	1h	94.040	−0.090%	$706K	$959K	10x	as long as short
dYdX HYPE-USD	−0.0139%	1h	94.123	−0.002%	$129K	$31K	5x	as long as short
Bullet HYPE-USD	−0.0099%	1h	94.128	+0.003%	$113K	$580K	20x	as long as short
Phemex HYPEUSDT	−0.0097%	8h	94.105	−0.021%	$12.8M	$2.6M	50x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.142	+0.018%	$86K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.124	−0.001%	$3K	$331	25x	as long as short
Bybit HYPEUSDTshort	−0.0020%	8h	94.130	+0.005%	$323.3M	$280.6M	75x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0019%	4h	94.096	−0.031%	$160K	$645K	20x	as long as short
Gate HYPE_USDT	−0.0010%	4h	94.117	−0.008%	$44.5M	$59.8M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.139	+0.014%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.157	+0.034%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0020%	4h	94.110	−0.016%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	94.121	−0.004%	$219K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0040%	1h	94.081	−0.047%	$16.4M	$7.3M	10x	as long as short
MEXC HYPE_USDT	+0.0046%	4h	94.130	+0.005%	$89.3M	$82.7M	100x	as long as short
Binance HYPEUSDT	+0.0049%	4h	94.135	+0.011%	$383.9M	$893.2M	75x	as long as short
edgeX HYPEUSDC	+0.0059%	4h	94.004	−0.128%	$5.1M	$29.9M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0079%	8h	94.135	+0.011%	$116.1M	$318.8M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.158	+0.035%	$19.2M	$59.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.148	+0.024%	$3.0M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.137	+0.013%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.114	−0.012%	$400K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.123	−0.002%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.100	−0.027%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.084	−0.044%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.227	+0.108%	$2.05B	$677.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.113	−0.013%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.139	+0.015%	$46.6M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.129	+0.004%	$228.2M	$100.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.126	+0.001%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.143	+0.019%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.030	−0.100%	$31.5M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.088	−0.039%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.057	−0.072%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.137	+0.013%	$681K	$2.6M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.146	+0.022%	$480K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.119	−0.006%	$76K	$170K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.216	+0.097%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USDlong	+0.0100%	1h	94.125	long leg	$2.0M	$2.0M	10x
Bulk HYPE-USD	+0.0100%	1h	94.151	+0.027%	$205K	$2K	10x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.158	+0.035%	—	$243K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.113	−0.013%	$18.8M	$44.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.030	−0.101%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0198%	4h	94.138	+0.014%	$17.0M	$12.2M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.388%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.147	+0.024%	$2.8M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0224%	8h	94.187	+0.066%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.130	+0.005%	$79K	$142K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0155%	1h	94.159	+0.036%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0417%	4h	94.294	+0.180%	$1.5M	$6.3M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0440%	1h	94.221	+0.102%	$7.5M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0670%	1h	94.225	+0.106%	$21.0M	$29.7M	50x	as long as short