Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0146%/8h= −16.0% APRpaid last 24h −0.010%

Price spread now: OKX against SoDEX+0.005%46s7-day average −0.015% · 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—prices read too far apart to compare

costs, in and out, $10k−$260.257% of the position

Long on SoDEX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.027%−$3 on $10k

Price spread, last 4 days (all we have)+0.028%+$3 · spread now +0.005%, 7d avg −0.015%

Together, before fees+0.001%$0 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.020% dearer against SoDEX than usual: you sell high and buy low (spread +0.005% now, against its 7-day average of −0.015%): +$2 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 11 hours. At the pace of the last 4 days (−0.027% in total) that is about 2.7 days. The two prices were read 46 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	SoDEX HYPE-USD	94.960	0.0100	pay 0.0013% / 1h	44m 33s	$2.1M	$335K	10x
Short	OKX HYPE-USDT-SWAP	94.965	−0.0046	pay 0.0046% / 8h	4h 44m	$118.5M	$305.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.005%Rate

Funding earned: −$30.68
Price spread: +0.005% → −0.015%: $2.04
Slippage, 4 orders: −$7.67
Fee SoDEX: 4 bp × 2 orders: −$8
Fee OKX: 5 bp × 2 orders: −$10
Net: −$54.31
Costs to cover: 0.257%
Break-even: never at this rate

Slippage from SoDEX: live order book, 3 min ago; OKX: live order book, 3 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, 3 min ago	0.05 bp	6.6 bp −$7	11.7 bp −$117	101.6 bp −$10.2K	doesn't fit
Sell OKX live order book, 3 min ago	0.05 bp	5.8 bp −$6	8.5 bp −$85	17.2 bp −$1,722	doesn't fit

HYPE on 55 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
Kraken Futures PF_HYPEUSD	−0.0281%	1h	94.990	+0.032%	$18.3M	$32.1M	50x	as long as short
ApeX Omni HYPEUSDT	−0.0262%	1h	94.636	−0.341%	$322K	$924K	50x	as long as short
Phemex HYPEUSDT	−0.0239%	8h	94.969	+0.009%	$13.0M	$2.2M	50x	as long as short
Bluefin HYPE-PERP	−0.0219%	1h	94.945	−0.016%	$79K	$131K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0184%	1h	94.960	0.000%	$676K	$1.3M	10x	as long as short
Aster HYPEUSDT	−0.0103%	4h	94.991	+0.033%	$9.0M	$34.6M	300x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	95.028	+0.072%	$102K	$352K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.894	−0.070%	$3K	$421	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0077%	4h	94.926	−0.036%	$148K	$643K	20x	as long as short
Gate HYPE_USDT	−0.0070%	4h	94.985	+0.026%	$56.1M	$52.8M	75x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter HYPE	−0.0064%	1h	94.968	+0.008%	$16.5M	$55.4M	20x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0064%	1h	94.950	−0.011%	$4.8M	$5.4M	50x	as long as short
OKX HYPE-USDT-SWAPshort	−0.0046%	8h	94.965	+0.005%	$118.5M	$305.4M	50x
Aftermath Perps HYPEUSD	−0.0031%	1h	94.908	−0.055%	$22K	$17K	10x	as long as short
Bitget HYPEUSDT	−0.0030%	4h	94.999	+0.041%	$230.2M	$86.0M	75x	as long as short
Phoenix HYPE	−0.0017%	1h	95.001	+0.043%	$200K	$1.1M	10x	as long as short
Derive HYPE-PERP	−0.0014%	1h	94.890	−0.073%	$16.4M	$7.0M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.969	+0.009%	$128K	$96K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.961	+0.001%	$24K	$250K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.990	+0.032%	$99K	—	150x	as long as short
Bullet HYPE-USD	+0.0005%	1h	94.967	+0.007%	$113K	$585K	20x	as long as short
edgeX HYPEUSDC	+0.0027%	4h	94.624	−0.354%	$5.0M	$28.1M	30x	as long as short
MEXC HYPE_USDT	+0.0028%	4h	94.982	+0.023%	$88.7M	$82.9M	100x	as long as short
BingX HYPE-USDT	+0.0029%	4h	94.955	−0.005%	—	$50.3M	—	as long as short
Bybit HYPEUSDT	+0.0029%	8h	95.000	+0.042%	$320.8M	$263.1M	75x	as long as short
Binance HYPEUSDT	+0.0031%	4h	94.998	+0.040%	$382.6M	$852.4M	75x	as long as short
Lighter RH HYPE	+0.0040%	1h	94.990	+0.032%	$3.2M	$9.9M	20x	as long as short
Backpack HYPE_USDC_PERP	+0.0041%	1h	94.958	−0.002%	$6.8M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	94.982	+0.023%	$273K	$1.0M	50x	as long as short
KuCoin HYPEUSDTM	+0.0080%	4h	94.990	+0.032%	$47.4M	$17.8M	75x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	94.927	−0.035%	$401K	$125K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0092%	8h	94.997	+0.039%	$339K	$31K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	94.930	−0.032%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.990	+0.032%	$7.3M	$50.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.009	+0.051%	$10.2M	$12.8M	20x	as long as short
Arcus HYPE-USD	+0.0100%	1h	95.007	+0.049%	$1.0M	$2.8M	10x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.751	−0.220%	$30.0M	$52.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.952	−0.008%	$7.7M	$41.3M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.917	−0.045%	$690K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	95.041	+0.086%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.010	+0.053%	$491K	$2.4M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.026	+0.070%	$33K	$1.4M	20x	as long as short
SoDEX HYPE-USDlong	+0.0100%	1h	94.960	long leg	$2.1M	$335K	10x
HTX HYPE-USDT	+0.0100%	4h	95.000	+0.042%	$1.4M	$5.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.959	−0.001%	$228K	$20K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.924	−0.038%	$18.1M	$37.6M	50x	as long as short
Hyperliquid HYPE	+0.0108%	1h	95.092	+0.139%	$2.11B	$643.8M	10x	as long as short
BloFin HYPE-USDT	+0.0117%	4h	94.958	−0.002%	$17.6M	$11.6M	75x	as long as short
Kalshi KXHYPEPERP	+0.0119%	8h	94.930	−0.032%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0138%	1h	95.015	+0.058%	$3.1M	$5.2M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0139%	1h	95.042	+0.086%	$7.5M	$4.2M	50x	as long as short
Reya HYPERUSDPERP	+0.0268%	1h	94.967	+0.007%	$85K	$90K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	94.986	+0.027%	$1.4M	—	100x	as long as short
Hibachi HYPE/USDT-P	+0.1048%	1h	95.056	+0.101%	$216K	$292K	7x	as long as short
Injective HYPE/USDC PERP	+0.1234%	1h	95.420	+0.484%	$31K	$334K	12x	as long as short